Mining: Peru
Volcan Compañía Minera, a Lima-listed Peruvian producer of zinc, silver and lead, has finished the first full quarter at its new Romina mine. In July to September 2026 the mine processed 120,000 tonnes of ore, according to Volcan’s third-quarter management report.
Romina is the company’s newest mine, and it arrives as Volcan’s profits swing on silver and zinc prices. Volcan reports in US dollars and sells its metals at dollar prices, so the mine feeds straight into a dollar earnings story.
Key Facts
- Mine. Romina, a zinc, lead and silver mine in Huaral province, started production after May 2026 commissioning.
- Output. Romina treated 120,000 tonnes of ore and made 6,200 tonnes of zinc in July to September.
- Spending. Volcan invested US$56.6 million in Romina during the first nine months of 2026.
- Lifespan. Volcan plans to operate Romina until 2038, with US$115 million of initial capital spending.
- Profit. Volcan’s third-quarter net income rose 30.1% to US$54.9 million on sales of US$408.3 million.
- Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 53.9 points (November 2026 edition).
Volcan, whose controlling shares passed in 2024 from Glencore to an Argentine-owned company, is ramping up a high-altitude mine to lift its zinc and silver output.
What Happened
Romina sits in Huaral province, in Peru’s Lima region, at more than 4,000 metres above sea level. Its ore travels through a finished tunnel to the Alpamarca concentrator, a plant that separates metals from rock, in the Junín region (Reporte Minero, 16 September 2026).
Volcan’s report says commissioning began in May 2026, and Romina treated 35,000 tonnes of ore in the second quarter. In the third quarter that rose to 120,000 tonnes, yielding 6,200 tonnes of zinc, 3,800 tonnes of lead and 0.2 million ounces of silver.
Over nine months the mine treated 156,000 tonnes and produced 7,700 tonnes of zinc. Volcan says the mine “continues its ramp-up toward design capacity”, and that recoveries and concentrate quality match its reserve model.
Why It Matters
Volcan’s sales rose 39.6% to US$408.3 million, mainly because the average silver price it received jumped from US$37.4 to US$65.8 per ounce. Zinc rose from US$2,841 to US$3,686 per tonne, and adjusted EBITDA, a measure of operating profit, grew 52.0% to US$176.7 million.
The counter-view comes from Volcan’s own report, which warns of higher costs across Peruvian mining. Its group unit cost climbed 28.5% to US$70.0 per tonne, and hedging contracts, which lock in prices and cost money when prices rise, cut third-quarter sales by US$31.7 million.
The balance sheet is steadier than a year ago. Net debt stood at US$508.7 million, or 0.8 times adjusted EBITDA, down from 1.1 times, while Moody’s, a credit-rating agency, kept its B1 rating and Fitch, another agency, rated its notes B+, both below investment grade.
Who Owns Volcan
Older coverage often calls Volcan a Glencore company. Glencore, the Swiss mining and commodity trading group, agreed in May 2024 to sell its controlling block of Class A voting shares to Transition Metals AG, a subsidiary of Argentina’s Integra Capital, an investment firm.
According to Infobae, citing filings to Peru’s securities regulator SMV, the block was 55.028% of Class A shares and the price was US$20 million. A later public offer for more Class A shares was launched in December 2024, but its final outcome is not confirmed here.
What Happens Next
Alpamarca’s expanded capacity is due in February 2027, up from 2,500 tonnes per day installed today, as the plant is reworked to take Romina’s ore. The expansion target in tonnes was not disclosed.
Volcan told an industry breakfast held by Peru’s mining engineers’ institute, Reporte Minero reported on 16 September 2026, that Romina should run until 2038, about 12 years of mine life. Quarterly ore volumes and unit cost will show whether the ramp-up is on track.
More on this topic: Peru Flags 58 Mine Waste Sites for El Niño and Peru Growth May Fall to 2% If El Nino Lasts. For the wider picture, see our country coverage.
What It Means for You
If you follow Volcan or Peruvian miners, Romina adds zinc and lead volumes at a time when silver is lifting margins. Watch unit cost and hedging losses, because they decide how much of the price gain reaches shareholders.
What Is Not Known
Volcan’s report does not give Romina’s design capacity in tonnes per day, and we could not confirm a share-price move from the Lima Stock Exchange. We also could not reconcile the US$115 million initial spending figure with larger project totals quoted elsewhere.
Frequently Asked Questions
What is Romina?
Romina is a zinc, lead and silver mine in Huaral province, Peru, owned by Volcan Compañía Minera. It began production after commissioning in May 2026.
Does Glencore still control Volcan?
No. Glencore sold its controlling block of Class A voting shares to Transition Metals AG, a subsidiary of Argentina’s Integra Capital, in 2024.
How long will Romina operate?
Volcan plans to run Romina until 2038, according to a company executive quoted on 16 September 2026. Initial capital spending was put at US$115 million.
Sources
Volcan Compañía Minera, Management Discussion & Analysis 3Q26 · Reporte Minero, 16 September 2026 · Infobae, 1 June 2024
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