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Buenaventura's Stellar Q1 Performance: A New Era of Growth and Expansion

Serena Bexley

— 2 min read
Buenaventura's Stellar Q1 Performance: A New Era of Growth and Expansion

Buenaventura, a leading mining company in Peru, has announced its outstanding first quarter 2026 earnings results, marking a significant milestone in the company's growth journey. According to CEO Leandro García, the company's operational performance has been impressive, with key highlights including an 80% year-over-year increase in gold production and a 6% rise in silver production.

Gold production for the quarter reached 30,000 ounces, driven primarily by the ramp-up operations at San Gabriel, which is expected to begin recording sales in the second quarter of 2026. Silver production also showed significant growth, reaching 3.9 million ounces, a 6% increase from the same period last year.

The company's copper production, however, declined by 11% year-over-year, due to lower production at El Brocal as it prioritized processing silver ore. Despite this, Buenaventura remains optimistic about its copper production prospects, citing ongoing efforts to optimize operations and improve efficiency.

In terms of permitting milestones, the company has achieved significant progress during the quarter, with key highlights including:

  • The receipt of stage 1 operating permit for San Gabriel, which authorizes the start of operations to process and commercialize mine ore;
  • The water use license for San Gabriel, allowing the storage and use of water at the Agani Dam;
  • The second ITS (Integrated Technical Study) approval at Yumpag, increasing ore extraction capacity to 12,000 tons per day; and
  • The environmental impact assessment approval for Trapiche, providing environmental certification for construction and operation.


These permitting milestones are expected to unlock capacity, support ramp-up, and increase operational certainty across the company's portfolio. With these developments, Buenaventura is well-positioned to capitalize on growth opportunities and expand its operations in a sustainable manner.

The company's financial performance was equally impressive, with total revenues more than doubling year-over-year to reach $625 million in the first quarter. EBITDA from direct operations also saw significant growth, rising by 3 times year-over-year to $386 million, with margins improving from 41% to 62%. This strong financial performance is expected to underpin further growth and expansion at Buenaventura.

In conclusion, Buenaventura's Q1 2026 earnings results demonstrate the company's commitment to delivering outstanding operational and financial performance. With a robust pipeline of permitting milestones and continued investment in efficiency and optimization initiatives, Buenaventura is poised for sustained growth and success in the years ahead.

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