Buenaventura at Mining Forum Americas 2026: copper-led growth plan

On September 28, 2026, Buenaventura (BUENAVC1) utilized Mining Forum Americas 2026 to unveil a major strategic realignment, positioning itself as a more robust and diversified miner following years of restructuring. The Peruvian company showcased substantial improvements in profitability and leverage, while simultaneously recognizing execution challenges as it expands its San Gabriel project and advances a copper-centric growth pipeline.

Management stated that Buenaventura has transitioned from recovery to expansion mode, with the ultimate goal of joining the top 50 most valuable mining companies in the world. To achieve this, the company must focus on increased production, enhanced asset performance, and a more balanced mix of gold, silver, and copper. EBITDA has soared from $173 million in 2022 to approximately $1.2 billion in the 12 months leading up to June 2024, marking a staggering 594% growth.

Net leverage has improved from 6.0x to a near-net cash position, bolstering the company's financial flexibility.

San Gabriel is the primary catalyst for near-term growth, while Trapiche and Coimolache are expected to bolster a larger copper business over time. Management aims for a 50-50 revenue split between base metals and precious metals, viewing copper as a key long-term theme. The company will adhere to a disciplined capital allocation strategy, including dividends, reserve growth, and selective portfolio adjustments.

Buenaventura highlighted the positive impact of its financial profile, bolstered by stronger operations and favorable commodity prices. EBITDA more than doubled from $173 million in 2022 to about $1.2 billion in the 12 months ending June 2024. Net leverage improved from 6.0x to nearly a net cash position, reflecting both higher efficiency and a stronger operating base.

The firm currently distributes 40% of net profits as dividends, targeting a payout range of 20% to 40% of net profit, contingent on market conditions and cash requirements. The company's dividend yield stands at 3.28%, and it has consistently paid dividends for five consecutive years, with a 198% dividend growth rate over the past year.

San Gabriel, situated at 4,800 meters in Moquegua, southern Peru, remains the company's most critical short-term project. The mine is transitioning from construction to operational execution, with a target extraction capacity of 3,000 tons per day. The processing plant is projected to stabilize at 1,700 tons per day by year-end 2024, with metallurgical recovery aiming for 70% by the end of 2024.

Primary mine ventilation infrastructure has been completed, and undercut mining below cement fill commenced in the current quarter. Filter tailings compaction began in the third quarter of 2026, with the tailings facility expected to handle 1.5 million tons by the fourth quarter of 2026, subject to expansions.