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6-K 1 tm2512502d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of April 2025

 

Commission File Number: 001-14370

 

 

COMPANIA DE MINAS BUENAVENTURA S.A.A.

(Exact name of registrant as specified in its charter)

 

BUENAVENTURA MINING COMPANY INC.

(Translation of registrant’s name into English)

 

 

AV. BEGONIAS NO. 415, 19TH FLOOR,

SAN ISIDRO, LIMA, PERU

(Address of principal executive office)  

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F  x            Form 40-F  ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes  ¨            No  x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes  ¨            No  x

 

 

 

 


 

 

Buenaventura Announces First Quarter 2025 Results for
Production and Volume Sold per Metal

 

Lima, Peru, April 16, 2025 – Compañía 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, today announced 1Q25 results for production and volume sold.

 

Production per Metal

 

    Three Months Ended
March 31, 2025
    2025
Guidance (1)
 
Gold ounces produced                
El Brocal     4,627       15.5k - 18.5k  
Orcopampa     14,295       45.0k - 50.0k  
Tambomayo     3,034       12.5k - 15.5k  
Julcani     1,880       7.5k - 9.5k  
La Zanja     4,082       18.0k - 21.0k  
San Gabriel (4)     -       10.0k - 15.0k  
Total Direct Operations (2)     27,918       108.5k - 129.5k  
Coimolache     13,343       50.0k - 55.0k  
Total incl. Associated (3)     31,483       122.6k - 144.4k  
                 
Silver ounces produced                
El Brocal     437,733       1.1M - 1.4M  
Uchucchacua     452,176       2.7M - 3.2M  
Yumpag     2,275,799       7.3M - 7.8M  
Orcopampa     5,109       -  
Tambomayo     161,393       1.2M - 1.5M  
Julcani     339,744       1.5M - 1.8M  
La Zanja     6,682       -  
Total Direct Operations (2)     3,678,636       13.8M - 15.7M  
Coimolache     89,568       0.2M - 0.3M  
Total incl. Associated (3)     3,545,714       13.5M - 15.3M  
                 
Lead metric tons produced                
Uchucchacua     3,127       16.0k - 18.0k  
Tambomayo     503       -  
Julcani     127       0.8k - 1.0k  
Total Direct Operations (2)     3,757       16.8k - 19.0k  
                 
Zinc metric tons produced                
Uchucchacua     5,272       23.0k - 26.0k  
Tambomayo     527       1.0k - 1.3k  
Total Direct Operations (2)     5,799       24.0k - 27.3k  
                 
Copper metric tons produced                
El Brocal     12,063       55.0k - 60.0k  
Julcani     119       -  
Tambomayo     16       -  
Total Direct Operations (2)     12,198       55.0k - 60.0k  

 

1. 2025 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of April 2025.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
3. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
4. 4Q25 targeted production initiation remains unchanged, subject to final permitting and required approvals

1


 

 

Volume Sold per Metal

 

    Three Months Ended
March 31, 2025
 
Gold ounces sold        
El Brocal     2,668  
Orcopampa     14,746  
Tambomayo     2,691  
Julcani     1,674  
La Zanja     4,633  
Total Direct Operations (1)     26,412  
Coimolache     11,430  
Total incl. Associated (2)     29,965  
         
Silver ounces sold        
El Brocal     359,921  
Uchucchacua     496,799  
Yumpag     2,187,357  
Orcopampa     6,483  
Tambomayo     145,701  
Julcani     320,277  
La Zanja     24,865  
Total Direct Operations (1)     3,541,403  
Coimolache     78,726  
Total incl. Associated (2)     3,434,146  
         
Lead metric tons sold        
Uchucchacua     2,936  
Yumpag     39  
Tambomayo     386  
Julcani     109  
Total Direct Operations (1)     3,470  
         
Zinc metric tons sold        
Uchucchacua     4,362  
Tambomayo     432  
Total Direct Operations (1)     4,794  
         
Copper metric tons sold        
El Brocal     11,324  
Tambomayo     66  
Julcani     9  
Total Direct Operations (1)     11,400  

 

1. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.

 

2


 

 

Average realized prices(1)(2)

 

    Three Months Ended
March 31, 2025
 
Gold (US$/Oz)     2,943  
Silver (US$/Oz)     32.22  
Lead (US$/MT)     1,893  
Zinc (US$/MT)     2,812  
Copper (US$/MT)     9,292  

 

1. Considers Buenaventura consolidated figures.
2. Realized prices include both provisional sales and final adjustments for price changes.

 

Commentary on Operations

 

Tambomayo:

 

· Gold and silver production slightly exceeded projections for the first quarter 2025, primarily due to higher than expected ore volumes processed.
· Zinc and lead production also exceeded expectations due to increased processed ore volumes and higher-than-anticipated ore grades from stopes in the bottom section of the mine.

 

Orcopampa:

 

· 1Q25 gold and silver were in line with expectations.

 

La Zanja:

 

· 1Q25 gold production was in line with expectations.
· Silver production exceeded 1Q25 projections due to higher than anticipated solubility.

 

Coimolache:

 

· 1Q25 gold production was in line with expectations.
· Silver production exceeded 1Q25 projections due to higher than anticipated silver grades.

 

Julcani:

 

· Silver output for 1Q25 was below estimates, primarily due to lower processed volumes from the Achilla area, as well as reduced grades from the Estela area as a result of increased dilution resulting from softer ground in the majority of the new stopes.
· Gold production was in line with expectations.

 

3


 

 

Uchucchacua:

 

· Silver production was in line with 1Q25 expectations.
· Lead and zinc output did not meet guidance due to lower-than-expected grades, attributable to changes in the mining sequence and softer ground that resulted in higher dilution.

 

Yumpag:

 

· Silver production exceeded 1Q25 projections, driven by higher grades from early access to high-grade stopes.

 

El Brocal:

 

· Copper and gold production was in line with expectations for 1Q25.
· Silver production outperformed guidance, due to higher than budgeted silver grades as part of a short-term plan prioritizing mining blocks with high silver content.

 

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).

 

(*) 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.

 

4


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.
     
Date: April 16, 2025 By: /s/ DANIEL DOMÍNGUEZ VERA  
  Name: Daniel Domínguez Vera
  Title: Market Relations Officer