1. Buenaventura's San Gabriel produced its first dore bar, marking a key milestone. 2. The operation is on track to achieve 2,000 TPD by 2026. 3. Expected production for 2026 is 70,000 to 80,000 ounces of gold. 4. San Gabriel will help replace production from depleting mines. 5. This marks a strategic move for long-term value through sustainable operations.
FAQ
Why Bullish?
The successful start at San Gabriel creates positive expectations for future production. Historically, new operational milestones often lead to stock price increases due to investor confidence.
How important is it?
The initiation of San Gabriel's operations significantly enhances Buenaventura's production capabilities, directly impacting its financial outlook.
Why Long Term?
The full-scale production and its contribution to growth will materialize over several years, echoing patterns from past expansions in mining operations.
Related Companies
Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE:BVN, Lima Stock Exchange: BUE.LM)), Peru's largest publicly-traded precious metals mining company, announced today that San Gabriel, its new gold operation located in Moquegua, has produced its first dore bar as part of the commissioning tests. This milestone was achieved in line with the planned timeline. The Company is progressing toward concluding the necessary arrangements with the Ministry of Energy and Mines to initiate full-scale production and commercialization.
As previously announced, San Gabriel is on track to reach a processing rate of 2,000 tons per day (TPD) in 2026, within a nameplate capacity of 3,000 TPD. Production guidance for 2026 is estimated at 70,000 to 80,000 ounces of gold. The start-up of operations at San Gabriel, Buenaventura's new flagship, will enable the Company to replace production from depleting mines and position Buenaventura for significant growth in the coming years, creating long-term value through sustainable operations.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company's 2023 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company's web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251223321551/en/
Contacts in Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540
Sebastián Valencia, Head of Investor Relations
(511) 419 2591 / sebastian.valencia@buenaventura.pe
Contacts in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com
Company Website: www.buenaventura.com/en/inversionista/