Buenaventura is Peru's largest publicly traded precious metals mining company, exploring, mining, and processing gold, silver, and copper entirely within Peru. Buenaventura sells metal concentrates and doré bars to smelters and commodity traders — including Trafigura, Glencore, and IXM — under one- to five-year contracts priced off spot markets (LBMA for gold and silver, LME for copper), net of refining and treatment charges. Revenue is roughly 59% precious metals and 41% base metals, with no hedging, meaning Buenaventura is fully exposed to commodity price movements. Directly operated mines include Uchucchacua/Yumpag (Buenaventura's largest silver source), El Brocal's Marcapunta (a copper-gold-silver mine with life-of-mine through 2040), and several near-depleted gold/silver mines. Buenaventura also holds a 19.58% stake in Cerro Verde, a large open-pit copper mine operated by Freeport-McMoRan, which generates substantial dividend income — roughly $200M expected in 2026. The flagship growth project is San Gabriel, an underground gold/silver mine that poured its first gold bar in late 2025 and is targeting commercial production in Q2 2026, eventually becoming Buenaventura's primary gold asset with reserves of ~1.83M oz. Looking further out, Buenaventura owns Trapiche, a large copper porphyry project in Apurimac, though a development decision has not yet been made. Buenaventura targets operating near the second quartile of the global cost curve and has reduced leverage from 3.60x net debt/EBITDA in 2021 to 0.22x by end of 2025.