PERU · MINING
Key Facts
- The country Peru is a South American country where mining of gold, silver and copper is a major export industry.
- What happened On Thursday 15 October, Buenaventura cut its 2026 gold forecast for the San Gabriel mine to 15,000 to 20,000 ounces.
- The change The July forecast was 25,000 to 30,000 ounces, so the range fell by 10,000 ounces at both ends.
- The cause Processing at the mine was held back for most of the third quarter while its waste-filtration system was reinforced.
- Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
- Why it matters US holders of Buenaventura’s New York shares face a slower ramp-up at the company’s new mine.
Peru gold miner Buenaventura cut its 2026 output forecast for the new San Gabriel mine on Thursday 15 October. The new range is 15,000 to 20,000 ounces of gold, down from 25,000 to 30,000 ounces in July.
Buenaventura, formally Compañía de Minas Buenaventura, is a Lima-based gold and silver producer whose shares trade in New York. The cut matters to US investors because San Gabriel is a new mine whose processing plant stalled for most of the third quarter.
What the Company Reported
The Peru gold miner published its third-quarter production results on Thursday 15 October in a filing with the US Securities and Exchange Commission. The same report went to Peru’s securities regulator, the SMV, according to Gestión, a Lima business daily.
San Gabriel produced 599 ounces of gold in the third quarter and 5,059 ounces in the first nine months of 2026. Reaching even the low end of the new range would take almost 10,000 ounces in the final three months.
The new range is 10,000 ounces lower than July’s at both ends, a cut of about 36% at the midpoint. At the third-quarter average realized price of US$4,216 an ounce, 10,000 ounces of gold is worth about US$42 million.
Why San Gabriel Fell Short
The Peru gold miner said output was below projections because of lower ore throughput during the ramp-up phase. That means the plant processed less rock than planned while it was still being tuned, and processing was held back for most of the quarter.
Tailings are the waste slurry left after gold is extracted, and the filtration system separates water from it. The first phase of reinforcing that system was finished in the quarter.
The company said the new range reflects an updated ramp-up schedule. It also cited temporary limits on tailings filtration.
Processing restarted in the last week of September and reached about 1,300 tons per day by the end of the quarter. Mining kept running at 1,700 tons per day, leaving a stockpile of about 100,000 metric tons.
More reinforcement work will follow one filter at a time over the next six months. The company expects to resolve the processing constraint in the first half of 2027.
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|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
How the Cut Affects Buenaventura’s Total
For the whole company, Buenaventura now expects 142,300 to 164,500 ounces of gold in 2026 when its stakes in affiliated companies are included. In July the range was 150,300 to 172,500 ounces.
Direct operations, the mines Buenaventura runs itself, are now guided at 112,000 to 131,000 ounces, down from 120,000 to 139,000 ounces in July. Those mines produced 89,556 ounces through the first nine months.
Buenaventura also revised guidance for its Julcani mine, to 11,000 to 13,000 ounces of gold and 1.0 million to 1.2 million ounces of silver. Gold at Julcani, Orcopampa and Tambomayo came in above or slightly above projections in the third quarter.
The Quarter in Numbers
Including affiliated companies, Buenaventura produced 37,375 ounces of gold and 3,255,320 ounces of silver in the third quarter. Its own mines produced 13,602 metric tons of copper in the same period.
The company’s average realized prices were US$4,216 per ounce of gold, US$57.82 per ounce of silver and US$15,190 per metric ton of copper. Earlier coverage by The Rio Times traced the mine’s first gold pour and its contribution to Peru’s gold output.
What It Means for You
For investors in the Peru gold miner’s New York shares, the update shows a new mine running behind plan. The company’s other gold mines in Arequipa and Huancavelica came in at or above projections.
The cause is a plant bottleneck at one mine in southern Peru’s Moquegua region, not a strike, a road blockade or an accident. Readers who want the wider picture can read The Rio Times guide to Peru’s natural resources.
What Is Not Known
How much gold San Gabriel will produce in 2027 and when the plant will reach full capacity remain open. The cost of the filtration upgrade has not been made public.
It is also open whether the Peru gold miner can reach 15,000 ounces, since that needs almost 10,000 in the final quarter. The next quarterly update will show how fast processing rises from 1,300 tons per day.
More: Peru news in English, every day from The Rio Times.
Frequently Asked Questions
What did Buenaventura announce on 15 October?
The Peru gold miner cut its 2026 gold forecast for the San Gabriel mine to 15,000 to 20,000 ounces. The July forecast was 25,000 to 30,000 ounces.
Why is San Gabriel producing less gold than planned?
The plant could process only limited ore for most of the third quarter while the tailings filtration system was reinforced. Processing restarted in the last week of September.
Does the cut change Buenaventura’s company-wide forecast?
Yes, the Peru gold miner’s company-wide range including affiliates is now 142,300 to 164,500 ounces of gold for 2026. In July it was 150,300 to 172,500 ounces.
Where is the San Gabriel mine?
San Gabriel is in the Moquegua region of southern Peru. Buenaventura owns the mine outright.
Sources: Buenaventura, third-quarter 2026 production release (Form 6-K, US Securities and Exchange Commission), 15 October 2026; Buenaventura, second-quarter 2026 production release, 16 July 2026; Gestión, 15 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief