Is silver more precious in 2024 as gold loses luster?
Buenaventura Mining (NYSE:BVN) reported higher second-quarter 2026 production, revenue and earnings, supported by the ramp-up of its San Gabriel gold project, increased output at Yumpag and favorable metal prices
Chief Executive Officer Leandro García said consolidated gold production rose 12% year over year to 30,500 ounces in the quarter. Silver production increased 2% to 3.6 million ounces, primarily reflecting higher production at Yumpag, while copper production increased 2% to 13,500 tons as El Brocal maintained stable output. San Gabriel produced 2,800 ounces of gold during the quarter and began commercial sales, marking its first contribution to Buenaventura’s sales volumes.
The operation remains in its ramp-up phase, with management targeting a stable and sustainable operation by the middle of 2027. Financial Results and Balance Sheet Total revenue increased 43% from a year earlier to $529 million. EBITDA from direct operations more than doubled, rising 113% to $277 million, while the EBITDA margin expanded to 52% from 35% in the prior-year period.