Q2 2025 Compania de Minas Buenaventura SAA Earnings Call Transcript

Jul 25, 2025 / 03:00PM GMT

Release Date Price: $17.28 (-1.37%)

Transcript

Key Points

Positve

Compania De Minas Buenaventura SAA (BVN) reported a strong EBITDA of $130 million for Q2 2025, up from $107 million in Q2 2024.
Net income increased to $91 million in Q2 2025, compared to $71 million in the same quarter of the previous year.
Copper production saw a significant increase of 28% year-over-year, primarily due to resumed operations at El Brocal.
The San Gabriel project is progressing well, with 88% overall completion and expected first gold production by Q4 2025.
The company maintains a solid cash position of $589 million and has successfully redeemed the remaining $149 million of its 2026 bond, indicating strong financial management.

Negative

Silver production decreased by 11% year-over-year, primarily due to lower production at Yumpag, Tambomayo, and Julcani.
Gold production also declined, with 27,345 ounces produced in Q2 2025 compared to 33,819 ounces in Q2 2024.
The all-in sustaining cost for copper increased by 63% year-over-year, driven by lower by-product credits.
The company's free cash flow decreased due to net cash outflows from investing activities and dividends paid to shareholders.
There are pending permits for the San Gabriel project, which could potentially delay the production timeline if not resolved promptly.

Operator

Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura second-quarter 2025 earnings results conference call. (Operator Instructions) And please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Sebastian Valencia, Head of Investor Relations. Mr. Valencia, you may begin.

Sebastian Valencia

Compania de Minas Buenaventura SAA - IR Contact Officer

Good morning, everyone, and thank you for joining us today to discuss our second-quarter 2025 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Vice President of Geology and Explorations; and Mr. Raul Benavides, Director.

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