Buenaventura Mines Shines in Q3 2026: Strong Financials and Operational Growth
The third quarter of 2026 was a remarkable period for Compañía de Minas Buenaventura, as the company demonstrated its operational strength and resilience despite facing some challenges. In a recent conference call, Mr. Leandro García, Chief Executive Officer, presented the company's Q3 2026 earnings results, highlighting key highlights from the quarter.
Consolidated gold production reached approximately 29,000 ounces, 6% lower than in the same period last year, while consolidated silver production was 3.4 million ounces, a decrease of 21%. However, copper production increased 7% to 13.6 thousand tons, supported by higher ore grade throughput at El Brocal.
From a financial perspective, total revenues increased 27% year-over-year to $545 million, driven mainly by higher realized prices and higher copper sales volumes from El Brocal. EBITDA from direct operations increased 34% to $261 million, and the EBITDA margin expanded to 48%. Net income also saw a significant jump of 50% to $268 million.
The company's balance sheet continued to strengthen, with approximately $1 billion in cash and a net cash position of $307 million. As a result, the leverage ratio improved to negative 0.25 times. This strong financial position allowed the board of directors to approve an interim dividend of $0.5508 per share or ADS.
In terms of operational costs, the C1 Cash Cost across key operations showed some increases. At Uchucchacua and Yumpag, silver cash cost reached $11 per ounce, mainly due to factors such as the use of more selective ODF mining method at Yumpag and additional ground support requirements. However, this was partly offset by stronger byproduct grades and lower commercial deductions.
At El Brocal, copper cash cost increased to $5,474 per metric ton, driven primarily by higher cement consumption for tailings management and scheduled maintenance. Despite these costs, copper production still saw a 7% year-over-year increase, with operation reaching a processing rate of 13,500 tons per day by the quarter end.
On a positive note, cash cost declined to $1,103 per ounce at Coimolache, supported by higher payable gold production and stronger byproducts credits. This demonstrates the company's focus on cost discipline, productivity improvement, and stable operating performance across its portfolio.
The progress of San Gabriel during the quarter was also significant. Mining activities continued throughout the quarter, with the mining rate stabilizing at 1. However, more information is needed to fully understand the project's advancement and potential.
