Compania de Minas Buenaventura S.A.A. Q1 2026 Earnings Recap

Shares of Compañía de Minas Buenaventura S.A.A. advanced 8.1% following first quarter earnings, as investors responded positively to a step-change in profitability and substantial operational improvements—driven by gold production ramp-up at San Gabriel and expanded silver output.

Key Takeaways

• Gold production surged 80% year over year to 30 thousand ounces, propelled by the ramp-up at San Gabriel, with sales set to begin in Q2.
• Silver output rose 6% to 3.9 million ounces, benefiting from processing higher-grade ore at several sites.
• Copper production declined 11% year over year, due to a strategic shift at El Brocal to favor silver over copper processing this quarter.
• Total revenues exceeded $625 million, more than doubling year over year; EBITDA from direct operations soared to $386 million (margin up from 41% to 62%), supporting a 142% increase in net income to $355 million.
• Permitting milestones were secured across multiple projects, boosting growth visibility; quarter-end net cash position stood at $760 million following robust operating cash flow and strong dividend receipts from affiliates.