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Highlights:

  • 1Q25 EBITDA reached US$126.3M, up from US$94.5M in 1Q24
  • Net income for the quarter totaled US$147M, more than doubling year-over-year
  • Silver production rose, while copper, gold, zinc, and lead volumes declined

Compañia de Minas Buenaventura S.A.A. (NYSE: BVN; BUE.LM), a Peru-based precious metals mining company, reported its financial and operational results for the first quarter of 2025. The company recorded EBITDA of US$126.3 million from direct operations, up from US$94.5 million in the same quarter last year. Net income for the period was US$147.0 million, compared to US$67.1 million in 1Q24. Buenaventura’s cash position at quarter-end stood at US$648.0 million, with net debt of US$213.9 million and a leverage ratio of 0.46x.

Production Volume Varied Across Metals

Silver production increased by 0.6 million ounces year-over-year, largely due to sustained activity at the Yumpag mine. However, the full processing of El Brocal’s open pit inventories by 1Q24 contributed to a 21% year-over-year decline in consolidated copper output. Gold production fell by 24%, primarily due to lower yields at the Tambomayo and Orcopampa operations, partially offset by improved results from La Zanja. Zinc and lead production also saw declines of 34% and 28% respectively, compared to the same period last year.

Project Development and Reserves Update

Capital expenditures during the quarter were focused on the San Gabriel project, particularly in the processing plant, tailings storage facility, and mine development. As of March 31, 2025, the project reported 79% completion. The company also updated its consolidated reserves for gold, silver, and copper as disclosed in its 2024 Form 20-F filing. Notable increases included 482 Koz of gold, 61 Moz of silver, and 253K tonnes of copper.

In April 2025, Buenaventura received US$49 million in dividends related to its equity interest in Cerro Verde.