Buenaventura Earnings Double as Peru’s Gold Miner Rides the Rally
Buenaventura earnings more than doubled in Q2 2026 with EBITDA reaching US$277.1M, driven by a 12% gold output jump and surging metal prices.
Markets · Peru
Key Facts
—Q2 2026 EBITDA US$277.1 million, more than double the US$130.1 million a year earlier
—Q2 2026 Net Profit US$260.6 million, up from US$98.2 million in Q2 2025
—Gold Production Consolidated output rose 12% year-on-year, led by the San Gabriel operation
—Silver Guidance The company raised its 2026 silver-production forecast to 16.1 million ounces
—H1 2026 EBITDA US$663.4 million versus US$256.4 million in the first half of 2025
Buenaventura earnings more than doubled in the second quarter of 2026, as Peru’s largest publicly traded precious-metals miner capitalized on a 12 percent rise in gold output and a sustained rally in metal prices.
Profit Surge on Operational Gains
Compañía de Minas Buenaventura, listed on the New York Stock Exchange, posted an EBITDA of US$277.1 million for the April-to-June period.
That figure compares with US$130.1 million in the same quarter a year earlier.
Net profit reached US$260.6 million, a sharp increase from the US$98.2 million recorded in the second quarter of 2025.
For the first half of 2026, cumulative EBITDA stood at US$663.4 million.
This was a significant jump from the US$256.4 million reported during the first six months of the prior year.
The results reflect both higher output and a favorable price environment for precious metals.
What Powered the Buenaventura Earnings
For foreign investors, Buenaventura is a cornerstone of Peru’s mining sector and a major player in Latin American precious metals.
The Lima-based company holds direct stakes in several large mines and is a long-standing partner of global gold giant Newmont Corporation.
Its assets range from wholly owned operations to strategic joint ventures across the Andean nation.
The firm’s NYSE listing provides international shareholders direct exposure to Peruvian gold and silver production.
Buenaventura focuses primarily on high-altitude underground and open-pit mines in one of the world’s richest mineral belts.
The company has increasingly targeted operational efficiency and project ramp-ups to drive growth.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,104 | +0.08% | +24.61% | 4,100 | 4,171 | 4,076 | 91,914 |
| SILVER | 57.80 | -1.73% | +58.13% | 58.81 | 59.41 | 57.22 | 23,772 |
| BRENT | 90.01 | +1.10% | +24.10% | 89.03 | 90.58 | 87.00 | 975 |
| WTI | 84.77 | +1.41% | +22.39% | 83.59 | 86.45 | 81.06 | 190,455 |
| COPPER | 6.48 | +0.51% | +49.58% | 6.44 | 6.53 | 6.43 | 32,146 |
| LITHIUM | 69.42 | -0.56% | +69.40% | 69.81 | 69.97 | 68.82 | 121,713 |
| IRON ORE | 161.91 | — | +63.35% | 161.91 | 161.91 | 1 | |
| SOY | 1,181 | +0.34% | +22.82% | 1,177 | 1,196 | 1,181 | 84,521 |
| CORN | 462.00 | +3.65% | +17.26% | 445.75 | 470.00 | 461.00 | 135,241 |
| WHEAT | 634.75 | -4.33% | +21.31% | 663.50 | 665.00 | 634.50 | 71,570 |
| COFFEE | 314.50 | -2.65% | +6.32% | 323.05 | 316.85 | 305.05 | 12,004 |
| SUGAR | 14.65 | +1.52% | -10.40% | 14.43 | 14.78 | 14.38 | 69,242 |
| COCOA | 5,390 | +5.44% | -36.63% | 5,112 | 5,510 | 5,138 | 18,833 |
| ORANGE JUICE | 152.75 | +4.62% | -41.28% | 146.00 | 152.85 | 143.20 | 1,037 |
| COTTON | 81.20 | +2.25% | +23.76% | 79.41 | 80.85 | 79.87 | 14,000 |
| BEEF | 227.83 | -1.47% | +0.02% | 231.23 | 228.55 | 227.18 | 15,344 |
| CATTLE | 343.93 | -0.74% | +3.79% | 346.48 | 345.35 | 342.10 | 4,679 |
| USD/BRL | 5.07 | +0.25% | -9.03% | 5.06 | 5.09 | 5.06 | — |
Gold and Silver Price Backdrop
The second quarter of 2026 saw gold prices sustain historically elevated levels amid global economic uncertainty.
Central bank buying and geopolitical tensions continued to support bullion’s appeal as a safe-haven asset.
Silver also benefited from its dual role as a monetary metal and an industrial commodity.
The favorable price climate directly amplified the impact of Buenaventura’s production increases on its bottom line.
Higher realized prices per ounce allowed the company to convert volume growth into outsized profit gains.
This macro tailwind was a critical factor behind the more-than-doubled EBITDA figure.
San Gabriel Ramp-Up Drives Gold
The 12 percent year-on-year increase in consolidated gold production was primarily driven by the new San Gabriel operation.
San Gabriel, a significant gold project in southern Peru, has been steadily ramping up toward commercial production.
Its growing contribution added meaningful ounces to Buenaventura’s portfolio during the quarter.
The mine is one of the company’s key growth engines and is expected to further strengthen output in the coming periods.
A successful ramp-up at San Gabriel is central to Buenaventura’s strategy of organic production growth.
The asset’s progress reduces the company’s reliance on older, mature mines for its gold profile.
Yumpag Silver and Raised Guidance
Silver production also grew during the quarter, with the Yumpag mine playing a key role.
Yumpag, a high-grade silver asset, contributed to the company’s improved performance in the white metal.
Reflecting this strength, Buenaventura raised its 2026 silver-production guidance to 16.1 million ounces.
The upward revision signals management’s confidence in the operational momentum at its silver operations.
Higher silver output, combined with strong prices, is set to diversify the company’s revenue streams.
This move provides investors with greater clarity on the near-term production trajectory.
What It Means for Investors
The second-quarter results position Buenaventura to potentially deliver a record full-year financial performance.
Strong cash generation from high metal prices could accelerate debt reduction or fund higher shareholder returns.
Investors will watch closely for any updates on capital allocation, including potential dividend increases.
The successful ramp-up of San Gabriel de-risks the company’s growth narrative significantly.
However, foreign shareholders should remain mindful of Peru’s evolving regulatory and political landscape.
Operational execution and metal price trends remain the two most critical variables for the stock’s performance.
The raised silver guidance offers an additional catalyst beyond the dominant gold story.
Buenaventura’s leverage to precious metals makes it a direct proxy for the ongoing rally in gold and silver.
Frequently Asked Questions
Why did Buenaventura’s EBITDA more than double in Q2 2026?
The surge was driven by a 12 percent rise in consolidated gold production, mainly from the San Gabriel mine, coupled with sustained high gold and silver prices.
What is Buenaventura’s new silver production guidance for 2026?
The company raised its 2026 silver-production forecast to 16.1 million ounces, reflecting strong output from the Yumpag mine.
Where is Buenaventura listed?
Compañía de Minas Buenaventura is listed on the New York Stock Exchange, offering foreign investors direct access to Peruvian precious-metals mining.
Connected Coverage
Sources: Compañía de Minas Buenaventura.