Buenaventura(US:BVN) Xin Lang Cai Jing·2026-02-19 12:11Core Viewpoint - Buenaventura (BVN) has demonstrated strong performance in its annual report, with significant price increases in precious metals reflecting robust market support amid high inflation, setting a solid financial foundation for capital expenditures and business expansion in 2026 [1][2]. Production Data - The total gold output for 2025 is projected to be 138,919 ounces, while copper production is expected to reach 52,445 tons [3]. - Although the silver guidance for 2026 is slightly narrowed (estimated between 12,900,000 to 14,500,000 ounces), the anticipated growth in gold production (up to 186,500 ounces) is expected to effectively offset the risks associated with base metal fluctuations [3]. Operational Efficiency - The Orcopampa and Coimolache mines have exceeded expectations, demonstrating the positive impact of technological improvements on production capacity [4]. - The San Gabriel project has faced delays due to external permitting issues, but the introduction of the first gold-silver alloy ingot has sent positive signals to the market [4]. Market Outlook - The long-term support for gold and silver prices due to global risk aversion is expected to enhance Buenaventura's performance guidance for 2026 [4]. - The average gold price achieved in Q4 2025 was $4,214, indicating that if this high level is maintained, the profitability transparency of the mining sector will further improve [4].