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6-K 1 tm2521083d1_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 July 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 Second Quarter 2025 Results
for Production and Volume Sold per Metal

 

Lima, Peru, July 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 2Q25 results for production and volume sold.

 

Production per Metal

 

          Three Months Ended
June 30, 2025
    Six Months Ended
June 30, 2025
    2025 Updated
Guidance (1)
 
Gold ounces produced                                
El Brocal     61.43 %     5,581       10,208       18.0k - 20.0k  
Orcopampa     100 %     12,270       26,565       48.0k - 52.0k  
Tambomayo     100 %     2,985       6,019       12.5k - 15.5k  
Julcani     100 %     2,084       3,964       7.5k - 9.5k  
La Zanja     100 %     4,423       8,505       18.0k - 21.0k  
San Gabriel (4)     100 %     0       0       10.0k - 15.0k  
Total Direct Operations (2)             27,344       55,261       114.0k - 133.0k  
Coimolache     40.094 %     13,149       26,492       50.0k - 55.0k  
Total incl. Associated Companies (3)             30,463       61,946       127.1k - 147.3k  
                                 
Silver ounces produced                                
El Brocal     61.43 %     390,486       828,219       1.4M - 1.6M  
Uchucchacua     100 %     511,615       963,791       2.7M - 3.2M  
Yumpag     100 %     2,154,792       4,430,591       8.0M - 8.2M  
Orcopampa     100 %     6,526       11,635       -  
Tambomayo     100 %     191,181       352,574       1.2M - 1.5M  
Julcani     100 %     299,697       639,442       1.5M - 1.8M  
La Zanja     100 %     9,198       15,880       -  
Total Direct Operations (2)             3,563,496       7,242,132       14.8M - 16.3M  
Coimolache     40.094 %     78,921       168,489       0.2M - 0.3M  
Total incl. Associated Companies (3)             3,444,528       6,990,242       14.3M - 15.8M  
                                 
Lead metric tons produced                                
Uchucchacua     100 %     3,569       6,696       16.0k - 18.0k  
Tambomayo     100 %     767       1,270       1.7k - 2.2k  
Julcani     100 %     154       281       0.8k - 1.0k  
Total Direct Operations (2)             4,490       8,247       18.5k - 21.2k  
                                 
Zinc metric tons produced                                
Uchucchacua     100 %     6,872       12,144       23.0k - 26.0k  
Tambomayo     100 %     878       1,405       2.0k - 2.5k  
Total Direct Operations (2)             7,750       13,549       25.0k - 28.5k  
                                 
Copper metric tons produced                                
El Brocal     61.43 %     13,079       25,142       55.0k - 60.0k  
Julcani     100 %     102       222       -  
Tambomayo     100 %     12       29       -  
Total Direct Operations (2)             13,194       25,392       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 July 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
June 30, 2025
    Six Months Ended
June 30, 2025
 
Gold ounces sold                
El Brocal     3,244       5,912  
Orcopampa     12,158       26,904  
Tambomayo     2,594       5,284  
Julcani     1,882       3,556  
La Zanja     4,333       8,967  
Total Direct Operations (1)     24,212       50,623  
Coimolache     13,440       24,870  
Total incl. Associated Companies (2)     28,349       58,314  
                 
Silver ounces sold                
El Brocal     309,222       669,143  
Uchucchacua     560,680       1,057,479  
Yumpag     2,056,853       4,244,210  
Orcopampa     6,925       13,408  
Tambomayo     170,144       315,845  
Julcani     282,420       602,698  
La Zanja     21,538       46,402  
Buenaventura Trading (3)     39,451       39,451  
Total Direct Operations (1)     3,447,233       6,988,636  
Coimolache     83,064       161,790  
Total incl. Associated Companies (2)     3,361,270       6,795,416  
                 
Lead metric tons sold                
Uchucchacua     3,482       6,418  
Yumpag     31       69  
Tambomayo     634       1,020  
Julcani     138       247  
Total Direct Operations (1)     4,284       7,754  
                 
Zinc metric tons sold                
Uchucchacua     5,829       10,191  
Tambomayo     671       1,103  
Total Direct Operations (1)     6,499       11,294  
                 
Copper metric tons sold                
El Brocal     12,439       23,763  
Tambomayo     112       179  
Julcani     12       21  
Buenaventura Trading (3)     4,295       4,295  
Total Direct Operations (1)     16,859       28,258  

 

1. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 100% of Buenaventura Trading.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of Buenaventura Trading, 61.43% of El Brocal and 40.094% of Coimolache.
3. Buenaventura Trading is the vehicle through which Buenaventura purchases copper concentrate from Freeport, produced at Cerro Verde — a company in which Buenaventura holds a 19.58% stake. The concentrate is then sold by Buenaventura Trading on the spot market.

 

2


 

 

Average realized prices(1)(2)

 

    Three Months Ended
June 30, 2024
    Six Months Ended
June 30, 2024
 
Gold (US$/Oz)     3,306       3,116  
Silver (US$/Oz)     34.39       33.29  
Lead (US$/MT)     1,880       1,886  
Zinc (US$/MT)     2,541       2,656  
Copper (US$/MT)     9,560       9,452  

 

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

 

Commentary on Operations

 

Tambomayo:

 

· 2Q25 gold and silver production was below expectations due to delayed processing of high-grade oxide ore from the mine’s upper zones. High-grade oxide ore processing began in late June after flowsheet revisions were completed to optimize the mine processing plant, enabling an increase metallurgical gold and silver recovery.
· 2025 gold and silver guidance remains unchanged. Zinc and lead guidance has been revised.

 

Orcopampa:

 

· Gold production was below projections, as slower than anticipated mine development due to poor ground conditions during the quarter required high-grade stope mining planned for 2Q25 to be deferred to 2H25. This was partially offset by increased gold grades mined during 2Q25. 2025 guidance has been revised to reflect increased grade and tonnage for those areas under development.
· 2Q25 silver production was in line with expectations. 2025 guidance therefore remains unchanged.

 

Coimolache:

 

· 2Q25 gold and silver were in line with expectations.
· Coimolache’s leach pad expansion construction permit was granted in 2Q25. The operating permit to resume mine and pad production at full capacity is expected to be issued in late 3Q25.
· 2025 guidance remains unchanged.

 

Julcani:

 

· Gold and silver production was in line with expectations.
· 2025 guidance remains unchanged.

 

3


 

 

Uchucchacua:

 

· 2Q25 silver production was below expectations due to a decrease in silver grades mined during the quarter. This was primarily attributable to modifications made to the initial mining plan as was required to accommodate additional water pumping and ancillary works, which shifted targeted mining to polymetallic stopes during the quarter, from the prior target of mining bottom-level stopes with higher silver content.
· 2025 guidance remains unchanged.
· Uchucchacua daily throughput increased to an average of 1,800 TPD during 2Q25, aligned with the Company’s targeted 2,000 TPD by year end 2025.

 

Yumpag:

 

· Silver production exceeded 2Q25 projections due to higher grades mined during the quarter. This resulted from the Company implementing the Over-Drift-Fill (ODF) mining method, a more selective mining method, rather than the sublevel stoping approach used previously. ODF has proven to be more suitable for the highly irregular Camila orebody, with improved ore extraction with a decreased waste.
· 2025 guidance has been updated accordingly.

 

El Brocal:

 

· Silver and gold outperformed expectations due to higher than anticipated ore grades, reflecting the Company’s short-term plan of prioritizing those mining blocks with high precious metals content. Copper production was slightly below expectations for 2Q25.
· 2025 copper guidance remains unchanged; gold and silver guidance has been revised.

 

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: July 16, 2025 By: /s/ DANIEL DOMÍNGUEZ VERA  
  Name: Daniel Domínguez Vera
  Title: Market Relations Officer