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. |
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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.
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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 | |