Peru’s largest publicly traded precious metals miner posted higher revenue, operating income and EBITDA, while reporting a net cash position and approval to raise the mining rate at Yumpag after quarter-end.
Compañía de Minas Buenaventura reported stronger second-quarter 2026 results, with higher gold, silver and copper output, a sharp increase in revenue and profitability, and a strengthened cash position as San Gabriel continued its ramp-up. Total revenue rose 43% year over year to $529.0 million, operating income climbed 153% to $222.2 million and EBITDA from direct operations more than doubled to $277.1 million from $130.1 million a year earlier. EBITDA including affiliates reached $492.8 million. Gold production increased 12% from a year earlier, mainly because of the ramp-up at San Gabriel, while consolidated silver production rose 2% as higher output at Yumpag offset weaker performance elsewhere. Copper production increased 2% on stable production at El Brocal, while lead and zinc output fell 19% and 5%, respectively, primarily because of lower grades at Tambomayo. Buenaventura said San Gabriel began reporting sales volumes in the second quarter, though processed tonnage was constrained by tailings-management challenges, particularly at the tailings filtration plant. Net income attributable to owners of the parent rose to $237.4 million in the quarter from $91.3 million a year earlier, while earnings per share increased to $0.93 from $0.36. For the first six months of 2026, revenue rose 70% to $1.15 billion, operating income increased 203% to $551.5 million, EBITDA from direct operations reached $663.4 million and EBITDA including affiliates totaled $1.07 billion. First-half net income attributable to owners of the parent was $514.0 million, with EPS of $2.02. Buenaventura ended June with $758.9 million in cash and net debt of negative $66.6 million, equivalent to a net cash position and leverage ratio of -0.05x. The company also reduced the financial lease balance at Huanza, its power generation subsidiary, to $50.0 million from $63.0 million, with amortization running through 2031. After quarter-end, Buenaventura received approval on July 10 to raise the mining rate at Yumpag to 1,200 tonnes per day from 1,000, and on July 24 it received $117.5 million in dividends from Cerro Verde, bringing 2026 year-to-date dividends from the affiliate to $274.1 million.