Q1 2026 Compania de Minas Buenaventura SAA Earnings Call Transcript
Key Points
- Gold production increased by 80% year-over-year, reaching 30,000 ounces, primarily due to ramp-up operations at San Gabriel.
- Silver production rose by 6% year-over-year, driven by higher production at El Brocal and contributions from Uchucchacua and Tambomayo.
- Total revenues more than doubled year-over-year to $625 million, reflecting stronger operating performance and a favorable market environment.
- EBITDA from direct operations increased over three times year-over-year, with margins improving from 41% to 62%.
- The company ended the quarter with a strong cash position of $760 million and a net cash positive position, indicating financial stability.
- Copper production decreased by 11% year-over-year, mainly due to a focus on processing silver ore at El Brocal.
- Higher personnel costs and foreign exchange impacts increased costs, particularly at El Brocal.
- Challenges in the ramp-up phase at San Gabriel, including issues with high moisture in ore affecting conveyor belts, were noted.
- The company faces potential cost increases due to the need for additional equipment to manage clay content in ore at San Gabriel.
- Diesel prices have increased by 50%, impacting operational costs, although supply chain issues are not currently a major concern.
Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura first quarter 2026 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.
Good morning, everyone, and thank you for joining us today to discuss our first quarter 2026 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 Exploration; Mr. Roque Benavides, Chairman; and Mr. Raul Benavides,
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