Buenaventura
Buenaventura
Integrated Annual Report 2024
1
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Integrated
Annual Report
Buenaventura
Buenaventura
Integrated Annual Report 2024
2
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
STATEMENT OF
LIABILITY /03
ABOUT THE ANNUAL
REPORT /04
MESSAGE FROM OUR
CHAIRMAN /05
WE ARE
BUENAVENTURA /10
FINANCIAL
STATEMENTS /114
SOCIAL
MANAGEMENT /82
PERFORMANCE /62
OPERATIONS,
PROJECTS AND NEW
BUSINESSES /25
CORPORATE
GOVERNANCE /15
ANNEXES /124
ENVIRONMENTAL
MANAGEMENT /93
HUMAN CAPITAL /69
SUSTAINABILITY /56
Corporate Profile
Mission and Vision
General Data
Values
History 2024
Initiatives and Memberships
Economic and financial
report
Financial Statements
Management Discussion
and Analysis
Outreach and
communications
Boosting of the local
economy
Infrastructure
Human Development
Contributions and
donations
Buenaventura Integrated
System (SIB)
Risk Management
Cybersecurity
Supplier and contractor
management
Innovation
Business Strategy
Operations
Projects
Other Businesses
Shareholding Structure
and Economic Group
Board of Directors
Senior Management
Ethical Conduct: Policies
and Regulations
Compliance
Legal actions
Summary of Operations
Performance of shares and
ADRs
Board of Directors
Members of the
Management
Environmental Management
Instruments
Water Management
Climate Change and Emissions
Biodiversity
Waste
Tailings
Environmental Innovation
Mine Closure
Energy
Other environmental
indicators
Welfare and Benefits
Work Environment and
Engagement
Training and Development
Health and safety
Sustainability Strategy
Our Materiality
Shared Social Responsibility
Human Rights
Security Forces
Acknowledgements
CONTENT
01
09
07
05
03
02
10
08
06
04
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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This document provides accurate and adequate information
regarding the activities of Compañía de Minas Buenaventura
S.A.A. during 2024.
Notwithstanding the liability of the issuer, the undersigned is
responsible for its content, in accordance with the applicable
legal provisions.
Leandro García Raggio
General Manager
Buenaventura
Friday, March 28, 2025.
STATEMENT OF
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Buenaventura
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Integrated Annual Report 2024
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STATEMENT OF
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SUSTAINABILITY
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Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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SUSTAINABILITY
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Our Integrated Annual Report 2024 adheres to the
guidelines established by the Peruvian Securities and
Exchange Commission (SMV), in accordance with the
Regulations for the Preparation and Presentation of
Annual Reports (CONASEV Resolution 141-98-EF/94.10,
as amended), as well as the Manual for the Preparation
of Annual Reports and Common Standards (CONASEV
General Management Resolution 211-98-EF/94.11, as
amended). This Annual Report discloses information
about Compañía de Minas Buenaventura S.A.A.
(hereinafter Buenaventura).
This detailed edition covers both financial and non-
financial aspects related to the environmental, social
and governance aspects of our operations for the period
from January 1 to December 31, 2024. Also, it has been
prepared in line with the Corporate Sustainability
Assessment (CSA) of the Dow Jones Sustainability
Indices (DJSI).
It is worth mentioning that, throughout this document,
various conversion factors will be presented and
reported in each relevant instance. These factors will
provide a clear and accurate guide to facilitate the
proper understanding of the data and measurements
presented.
About the annual
report
This detailed edition covers both
financial and non-financial aspects
related to the environmental, social and
governance aspects of our operations
for the period from January 1 to
December 31, 2024.
Buenaventura
Buenaventura
Integrated Annual Report 2024
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In 2024, Peru experienced a modest but
resilient economic performance, better
than in 2023, in the midst of a crisis of
institutionality and a dangerous growth
of illegal economies which, together with
organized crime and corruption, have
a negative impact on the daily lives of
citizens and on the environment for doing
business and entrepreneurship.
According to the main opinion pollsters,
there is a perception that the legislative
branch has greater power and supports the
executive branch, both of which have high
disapproval ratings. This lack of support
from the citizens also extends to the
judicial branch and to political parties.
However, despite this complex domestic
climate, the country continued to move
forward in the development of important
infrastructures such as the port of
Chancay, the new Jorge Chávez airport, the
promotion of road concessions, and the
promotion, though to a lesser extent, of
projects in the mining and energy industry.
2024 was notable for a series of events,
such as the death of former president
Alberto Fujimori, who promoted key
structural reforms in the 1990s that drove
Peru’s economic success in recent decades.
We also witnessed the consolidation of
China as Peru’s main trading partner
and the development of the Asia-Pacific
Economic Cooperation Forum (APEC) in
our country, which made it possible for the
leaders of the world’s major economies to
visit, the signing of a free trade agreement
(FTA) with Hong Kong, progress in
negotiations to sign an FTA with Indonesia
and the Philippines, as well as the signing
of a defense agreement with South Korea.
Furthermore, initial steps were taken
towards the construction of a future space
station in cooperation with the United
States.
At the international level, the
economy began to show signs of
stabilization after several years
of disruptions caused by the
pandemic, geopolitical conflicts
and climatic phenomena. Despite
initial discouraging projections,
the world managed to avoid a
global recession in 2024. The
most developed economies have
largely recovered, but developing
countries have not yet fully
managed to do so.
According to the World Bank,
global growth remained stable
at 2.6% for most of 2024, with a
gradual increase to an average
of 2.8% forecast for 2025. This
number is encouraging, but it is
still below the average of 3.2% for
the decade prior to the Covid-19
pandemic. Therefore, the
countries that jointly represent
more than 80% of the world’s
gross domestic product will
continue to grow, but at a slower
pace.
Message from our
chairman
Buenaventura
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For 2025, the World Bank
projects that the economy of East
Asia and the Pacific will grow by
4.2%, Europe and Central Asia
by 2.9%, Latin America and the
Caribbean by 2.7%, the Middle
East and North Africa by 4.2%,
South Asia by 6.2%, and sub-
Saharan Africa by 3.9%.
Locally, the Ministry of Economy
and Finance (MEF) reports
that, in 2024, the Peruvian
economy performed better than
in 2023, recording a growth of
3.2%. Meanwhile, the Central
Reserve Bank figures indicate
that inflation closed at 2.1%
last December, there was a 5%
growth in formal employment,
private investment in mining
increased by 1%, and non-mining
investment by 2.5%. The dollar
exchange rate remained stable,
with the Peruvian currency
depreciating by only 0.4%.
For 2025, the MEF projects that
Peru’s GDP will grow by 3% and
public investment by 4.5%, in a
pre-election year context and
Peru
The Pacific
The Pacific
Latin America
y the Caribbean
Europe
Middle East
Sub-Saharan
Africa
North Africa
East Asia
South Asia
Central Asia
%
%
%
%
%
%
%
%
%
%
%
3.2
4.2
4.2
2.7
2.9
4.2
3.9
4.2
4.2
6.2
2.9
Raura, Reposición Tantahuatay, Chalcobamba Stage I,
Ampliación Huancapetí, Romina, Tía María, Zafranal,
Pampa de Pongo, and Trapiche, which together
represent an investment of more than USD 8 billion.
This list of projects does not include San Gabriel, since
it is about to start operations, as we will detail later.
The government is expected to
unlock exploration investments
to find new mining resources
for a global market where
the demand for minerals is
high –especially copper– due
with the risk of populist measures and speeches.
In the mining sector, the Ministry of Energy and
Mines indicates that, between 2025 and 2026, the
construction stage of 11 mining projects is expected to
begin, such as Reposición Antamina, Corani, Reposición
Buenaventura
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to advances in technology and the
transition from fossil fuels to more
environmentally-friendly energies.
Meanwhile, the formal mining
activity will have to continue facing
significant challenges such as social
conflict and the growing threat of
illegal mining, which, together with
drug trafficking, has become one
of the biggest concerns in terms
of security and stability in various
areas of the country. In this context,
it is worth highlighting the situation
of Minera Poderosa, in Pataz, a
victim of constant attacks on the lives of its
employees and infrastructure by illegal miners
for several years now.
At the end of 2024, the price per ounce of
gold was US$ 2,625, while silver closed at US$
28.90 per ounce, according to Bloomberg. The
prices of gold and silver are expected to remain
high this year due to geopolitical conflicts and
expectations about the political and economic
measures that Donald Trump’s administration
will implement in the United States and the
measures it will adopt with regard to China and
Russia.
On the other hand, the London Metal Exchange
reported that the price of a ton of copper
closed the year 2024 at US$ 8,706. Although
the price of copper was cut in its estimates
for 2025, a significant drop is not expected,
despite a slower growth in China.
The London Metal Exchange reported that the
price of zinc stood at US$ 2,974 per ton, while
lead was US$ 1,922 per ton in 2024.
In brief, for Peru, 2024 was a year of political
uncertainty, but with better economic
performance. Considering that 2025 is a pre-
election year, stronger policies will be needed
to give a greater boost to private investment,
a key driver of internal growth and job
creation, the basis for a better quality of
life for Peruvians. The country also expects
more robust measures in the fight against
growing citizen insecurity.
As for Buenaventura, the share price closed
at US$ 11.52 in 2024, compared to US$
15.24 in 2023.
In the year under review, our
company had a net profit of US$
416.3 million, compared to the US$
32.7 million obtained in 2023. The
2024 profit includes the sale of
Chaupiloma for US$ 210.0 million.
The net debt/EBITDA ratio in 2024
decreased from 2.4x to 0.3x. The
cash position at the end of 2024
increased from US$ 219.8 million
to US$ 478.4 million and CAPEX
was US$ 378.3 million.
In terms of Occupational Safety, it is with
great sadness that we report that, on July 28
of 2024, an unfortunate accident occurred at
our San Gabriel Project, in Moquegua, where
an employee of Mas Errázuriz was injured
and, unfortunately, died days later, after
being admitted to a medical center where he
received all the necessary care. As a result,
we have strengthened control measures for
activities involving the interaction between
floor personnel and mobile equipment. These
events require us to deploy greater efforts and
to effectively implement resources to transfer
and monitor compliance with our safety
policy and standards among suppliers and
contractors.
On the other hand, on Sunday, January 21, 2024,
after more than 30 hours of uninterrupted
work, a team of specialists from our Julcani Unit
rescued unharmed a worker from the Cobriza
mine, in Huancavelica, who was trapped by
falling rocks at said mining operation. We would
like to congratulate the Julcani team, led by
Heider Montoya, General Superintendent of
the unit, for this rescue, which is an example
of the solidarity and professionalism of our
employees.
11.52
USD
At Buenaventura,
the share price
closed at
in 2024
Buenaventura
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In terms of Sustainability, our Social
Management continues to focus on promoting
projects and initiatives that contribute to the
sustainable development of the regions where
we operate and of the country as a whole.
These actions, detailed in this report, seek
to promote decentralization and to actively
include the populations of the regions where
we operate.
Our Environmental Management continues to
prioritize the implementation of operational
and preventive controls aimed at minimizing
any impact on the environment of our
operations. We also promote sustainable
practices, managing water as an essential
resource through its recirculation, reuse and
preservation of its quality in all processes.
In terms of People Management, we ended
2024 with a total workforce of 15,984
employees, including the personnel of
contractor companies. Of this number, 64%
corresponds to contracted labor from the
regions and communities in our areas of
influence.
The operating performance of our production
units was as projected.
Tambomayo, in Caylloma
(Arequipa) produced 33,896
ounces of gold and 1,412,092
ounces of silver in 2024, compared
to 41,675 ounces of gold and
1,590,784 ounces of silver in the
previous year.
The Orcopampa Unit, in the
Castilla province (Arequipa),
produced 70,892 ounces of gold,
compared to 83,239 ounces in
2023.
La Zanja and Coimolache,
open-pit mines operating in
Cajamarca, produced 15,746 and
48,120 ounces of gold in 2024,
respectively, compared to 9,080
ounces of gold produced by La
Zanja and 67,140 ounces of gold
produced by Coimolache in 2023.
Operations at La Zanja were
limited to leaching the pad
during 2024, while we continued
with explorations related to the
underground copper and gold
sulfides project.
15,984
64%
employees
correspond
to contracted
labor
from the
regions and
communities
Uchucchacua, in Oyón, produced
2,364,035 ounces of silver, and
Yumpag produced 8,123,445
ounces of silver in 2024, while,
in 2023, Uchucchacua produced
278,538 ounces of silver and
Yumpag produced 2,316,499
ounces of silver (from the pilot pit
alone).
The Julcani Unit, our alma mater in
Huancavelica, produced 1,402,786
ounces of silver compared to
1,670,679 ounces of silver in the
previous year. Also, in 2024, 4,504
ounces of gold from the Rosario
area were produced.
Sociedad Minera El Brocal (61.43%
BVN), a subsidiary company of
Buenaventura operating the
Colquijirca Unit, in Cerro de Pasco,
produced 56,525 metric tons of
copper. In comparison, in 2023,
it produced 57,707 metric tons of
copper.
Sociedad Minera Cerro Verde
(19.58% BVN), an affiliated
company operating in Arequipa,
produced 430,669 metric tons of
copper, compared to 447,034 metric
tons the previous year.
The effort dedicated to exploration
work is part of Buenaventura’s
culture that ensures the continuity
of our business. In the Orcopampa,
Tambomayo, Julcani, Uchucchacua,
Yumpag, La Zanja, Coimolache, and
El Brocal operating units, 10,539
meters of exploration tunneling
and 282,661 meters of diamond
drilling were completed. The meters
of diamond drilling include 30,595
meters in Yumpag.
Finally, in the exploration projects
outside mining units, 4326 meters
in diamond drilling were recorded.
As for our projects, at San Gabriel,
a future gold mine in Moquegua, at
the end of 2024 we reached 100%
progress in engineering, 100% in
procurement, 63% in construction
and 3% in commissioning, which
brings us to a total project
progress of 71%. Our goal is to
start commercial production by the
second half of 2025.
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concluded agreements with the communities
for 75% of the easement of the high-voltage
power line. Finally, we reached 70% progress
in the design of the final access road to the
project.
At the Coimolache Sulfuros Project, in
Cajamarca, underlying the currently
exploited gold ore, we had favorable results
following the drilling of 23 thousand meters.
In 2025, we will continue with new drilling
campaigns and will assess the start of the
pre-feasibility assessment.
We would like to highlight that, January
2024 marked the 10th anniversary of our
Huanza Hydroelectric Power Plant generating
renewable energy for our units and projects,
reflecting our ongoing commitment to a
sustainable and energy-efficient future.
Likewise, two changes in our company
management came into effect on March 1,
2024:
Juan Carlos Salazar becomes Vice-
President of Geology and Exploration at
Buenaventura, taking on the challenge of
leading the exploration efforts in the search
for new deposits to develop our portfolio
of operations. Prior to this appointment,
he was in charge of the Geology and
Exploration Management. Juan Carlos
joined Buenaventura in 1999 and is a
Geological Engineer from the Universidad
Nacional de Ingeniería and has a Master’s
Degree in Geology from the University of
Western Australia.
For his part, Carlos Claux was appointed
Manager of Institutional Relations and
Sustainability, with the responsibility
of strengthening the corporate
management of sustainability and
leading the relationship with public and
private institutions in support of the
social and environmental management
of the company. He is also in charge of
the Communications department, as
well as the management of ESG criteria
aligned with the company’s strategic
objectives. Carlos holds a degree in
Communication for Development from
the Pontificia Universidad Catolica del
Peru, a Master’s in Social Investment
Management from the Universidad del
Pacifico, and a certification in Business
Sustainability from the University of
Cambridge, United Kingdom. He joined
Buenaventura in 2010 and, prior to this
new responsibility, he served as Director
of Social Responsibility and Development.
Finally, we reiterate our commitment
to all the stakeholders that form part of
our company. On behalf of the Board of
Directors, we would like to extend our
sincere gratitude to the Management,
the shareholders, our suppliers and, in
particular, the workers at our production
units, projects and offices located in
eight regions of Peru. Their effort and
dedication are fundamental to the
progress of our company and the country.
We invite you to explore this Integrated
Report in depth to find a detailed analysis
of the challenges and achievements
throughout the year. This document
reflects our commitment to the
sustainability and decentralization of the
country, key aspects for the development
of the regions where we operate and of
Peru as a whole.
Roque Benavides
Chairman of the Board
Lima, March 28, 2025
In 2024, we achieved an important milestone
at Trapiche, our copper project in Apurímac,
with the presentation of the detailed
Environmental Impact Assessment and
the conclusion of the citizen participation
process. We also started the second set
of variability tests, which will enable us to
advance in the engineering development
with a view to updating the Technical Report
Summary (TRS) by 2026. In addition, we
At San Gabriel,
we have achieved
100% progress in
engineering, 100%
in procurement, 63% in
construction, and 3%
in commissioning,
bringing the overall
project progress to 71%.
Our goal is to begin
commercial production
in the second half of
2025.
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Integrated Annual Report 2024
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WE ARE
BUENAVENTURA
01
Buenaventura
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Seventy-two years ago, we began our history with
the acquisition of the Julcani mine in Huancavelica,
and, since then, we have evolved to become one
of the main mining companies in Peru. We are
dedicated to the extraction of gold, silver, copper
and other base metals, managing all stages of
the mining process: Exploration, development,
construction, operation, and ore processing.
Our business philosophy is focused on creating
the greatest possible value for the company.
To achieve this, we adopt best practices that
prioritize the health and safety of our employees,
the protection of the environment, and the
promotion of responsible investments that
benefit communities. Furthermore, we act
with responsibility and commitment to our
shareholders.
Corporate
Profile
Our business philosophy is
focused on create the greatest
possible value for the company
GENERAL INFORMATION
Name:
Objective:
Incorporation:
Registration:
ISIC*:
Headquarters:
Telephone number:
Website:
Compañía de Minas Buenaventura S.A.A.
Private company engaged in mining and
metallurgical activities in Peru.
September 07, 1953
Item 02136988 of the Registry of Legal Entities of the
Lima Registry Office, the term of the Company being
indefinite.
1320 Mining of non-ferrous metal ores, except uranium
and thorium.
Calle Las Begonias 415 – piso 19, San Isidro, Lima, Perú
(511) 419-2500
www.buenaventura.com
* International Standard Industrial Classification
VISION
To extract mineral resources
while creating the highest
possible value for society.
MISSION
To be the mining company of
choice and the most widely
accepted by the communities,
authorities and general public.
To make the company as highly
valued as possible by all of its
stakeholders.
Buenaventura
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Integrated Annual Report 2024
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Safety:
Promoting respect for the
lives of our employees in all
our processes, operations
and activities.
Loyalty:
Committing ourselves
to our company, its
mission, vision, and
values. We are all part of
the same team.
Respect:
Being considerate and
courteous to people, their
ideas, their culture, and their
rights.
Transparency:
Managing
communications and
actions that are truthful,
clear, timely and
unambiguous.
Honestly:
Acting in an upright
and honest manner,
never lying, deceiving,
or omitting the truth.
Industriousness:
Being passionate
about our work, giving
our best and acting
efficiently, safely, and
responsibly.
VALUES
Buenaventura
Buenaventura
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ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
1967
1953
1971
1975
1979
2011
2013
2014
2016
1993
1994
1996
2010
Foundation of Buenaventura
Acquisition of Julcani mine in
Huancavelica
BVN lists on the
Lima Stock Exchange
Privatization of Cerro Verde
(together with Cyprus)
JV₃:
(1994: 30K → 2017: 450-500K Cu MT) 15 x
La Zanja (1M Au Oz
extracted to date)
JV₄:
Inauguration of
Río Seco Chemical
Plant
The first doré bar
is obtained from
Tambomayo
2023
Yumpag starts production
BNV sold its entire stake in
Contacto (Insurance Broker)
BVN acquires 11% of El
Brocal. As of 2017, BVN
owns 61%
JV1:
SILVER
COPPER
COPPER
Mn
GOLD
GOLD
Orcopampa
(1967: 75 → 2017: 1.5K TPD) 20x
Uchucchacua
(1975: 150 → 2017:~4K TDP) 25x
First doré bar obtained at
Yanacocha (more than 36
M Au Oz extracted to
date)
JV2:
First Latin American
company to list on New
York Stock Exchange
Coimolache: The first doré
bar is obtained (1 M Au Oz
extracted to date)
JV₅:
Huanza: Hydroelectric
Power Plant started
business operations
(100 MW)
2022
BVN sold all its stake
in Yanacocha to
Newmont and
purchased 100%
ownership of La Zanja
2024
BVN sold all its stake
in Chaupiloma
(royalties from
Yanacocha mine)
SILVER
GOLD
GOLD
GOLD
GOBERNMENTS OF PERU
ODRÍA
(1948-1956)
PRADO UGARTECHE
(1956-1962)
MORALES BERMÚDEZ
(1975-1980)
BELAÚNDE
(1980-1985)
GARCÍA
(1985-1990)
GARCÍA
(2006-2011)
HUMALA
(2011-2016)
KUCZYNSKI
(2016-2018)
VIZCARRA
(2018-2020)
FUJIMORI
(1990-2000)
TOLEDO
(2001-2006)
BELAÚNDE
(1963-1968)
VELASCO
(1968-1975)
MERINO
(2020-2020)
SAGASTI
(2020-2021)
CASTILLO
(2021-2022)
BOLUARTE
(2022-To date)
Since 1953, driving the development of our country
History 2024
Buenaventura
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
THE EXTRACTIVE INDUSTRY TRANSPARENCY
INITIATIVE
(EITI) is a global alliance of 52 countries that brings
together governments, companies in the extractive
industry (mining, oil and gas) and civil society
organizations. Its main objective is to guarantee
transparency in payments made by companies to
governments, promoting effective accountability and
ensuring that the income generated by extractive activities
contributes to the development of the participating
countries. Buenaventura joined this initiative in 2011,
seeking to promote public awareness regarding the
government management of mining resources and
to support significant advances driving the country’s
development.
Initiatives and
Memberships
UNITED NATIONS GLOBAL COMPACT
Buenaventura has been a member of the Global
Compact since 2004, being the first Peruvian
mining company to do so. This encourages our firm
commitment to respect human rights, to work on
the basis of labor standards, to have policies and
procedures for environmental care, and to promote
the fight against corruption in all sectors.
Buenaventura has been part of
the Global Compact since 2004
and of the initiative since 2011.
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
CORPORATE
GOVERNANCE
02
Buenaventura
Buenaventura
Integrated Annual Report 2024
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WE ARE
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0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
CORPORATE
GOVERNANCE
Buenaventura
Buenaventura
Integrated Annual Report 2024
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WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
As of December 31, 2024 Buenaventura’s capital stock
is S/ 2,748,899,240 (two billion seven hundred forty-
eight million eight hundred ninety-nine thousand two
hundred forty and 00/100 soles), fully subscribed and
paid. This capital stock is represented by 274,889,924 (two
hundred seventy-four million eight hundred eighty-nine
thousand nine hundred twenty-four) common shares with
a par value of S/ 10.00 (ten and 00/100 soles) each, and
744,640 (seven hundred forty-four thousand six hundred
forty and 00/100 soles) investment shares, also with a par
value of S/ 10.00.
In addition, the company holds a portfolio of 21,174,734
(twenty-one million one hundred seventy-four thousand
seven hundred thirty-four) common shares and 472,963
(four hundred seventy-two thousand nine hundred sixty-
three) investment shares.
In terms of shareholding structure, at the end of 2024, we
had 932 common shareholders, of which 17.929% were
domiciled in the country and 82.071% were non-domiciled,
in addition to 883 investment shareholders.
Our structure of our Corporate Governance is
based on principles and regulations that rule
the functioning of our management bodies
and guide our operating practices. With total
transparency, every year we publish our
standards through the report on compliance
with the Code of Good Corporate Governance
for Peruvian companies, which has been
approved by the Board of Directors.
Shareholding Structure
and Economic Group
Shareholders
932
883
common
shareholders
17.929%
domiciled
82.071%
non-domiciled
investment
shareholders
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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ANNUAL
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FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Shareholding structure
Name
Shareholding
Shareholding
Shareholding
percentage
Number of
shareholders
Number of
shareholders
Nacionality
Shareholding
percentage
Shareholding
percentage
Common Voting Shares as of December 31
(*) THE BANK OF NEW YORK MELLON DR. Depository Bank, ADR holders
(**) Includes some members of the Benavides family
(**) Includes share of Grupo Antofagasta Plc
(***) Usufruct in favor of Benavides Ganoza, Roque Eduardo.
The Bank of New York Mellon Dr. (*)(**)
Compañía Minera Condesa S.A.
Benavides Harten, Alberto Martín (***)
TOTAL
Under 1%
1% – 5%
5% – 10%
Above 10%
TOTAL
Under 1%
1% – 5%
5% – 10%
Above 10%
TOTAL
80.80
7.69
5.03
93.52
925
4
2
1
932
878
3
1
1
883
USA
Peruvian
Peruvian
1.46
5.03
12.71
80.80
100%
27.70%
3.50%
5.45%
63.35%
100%
Buenaventura currently operates nine (9) mining projects and operations, two (2)
activities related to electricity generation and transmission, and one (1) operation
dedicated to the production of high-quality manganese sulfate monohydrate, along
with other by-products derived from minerals.
Shareholding Structure and Nationality
Shareholding
structure
Total, Common Shares
Total Investment Shares
Shareholding over 5% as of
December 31, 2024
Investment Shares
as of December 31,
2024
274,889,924
744,640
93.52%
Total
participation as
of December 31
is
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Shareholding structure
per type of investor as of
December 31, 2024
SHARE: PEP612001003
Holding by type of shareholder or equity securities of the shareholding composing
the S&P Peru Selective Index (at year end)
Number of
shareholders
Shareholding %(3)
Members of the Board of Directors and the Senior Management, including family members (1).
Corporation employees, not included in item 1.
Individuals, not included in items 1 and 2.
Pension funds managed by Pension Fund Administrators under the supervision of the
Superintendence of Banking, Insurance and Pension Fund Administrators
Pension fund administered by the Peruvian Social Security Administration (ONP, in Spanish)
Peruvian State entities, except for the case mentioned in item 5.
Banks, financial institutions, municipal savings banks, small and micro enterprise
development agencies (edpymes, in Spanish), rural banks and credit unions under the
supervision of the Superintendence of Banking, Insurance and Pension Fund Administrators.
Insurance companies under the supervision of the Superintendence of Banking, Insurance and
Pension Fund Administrators.
Brokerage agents, under the supervision of the SMV.
Investment funds, mutual funds and equity trusts under the Securities Market Law and the
Investment Funds and Banking Trusts Law under the General Law of the Financial System.
Autonomous assets and foreign bank trusts, to the extent that they can be identified.
Foreign depositories listed as shareholders under ADR or ADS programs.
Foreign depositories listed as shareholders not included in item 12.
Foreign custodians listed as shareholders.
Entities not included in the preceding items (2).
Shares belonging to the S&P/BVL Peru Select Index or to the equity securities of these shares,
in the portfolio of the company.
TOTAL
17
0
880
1
0
1
0
0
1
0
0
1
0
0
29
2
932
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
10.09%
0.00%
1.40%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
80.80%
0.00%
0.00%
0.01%
7.69%
100.00%
100%
Attendance to
board meetings
in 2024 was
Buenaventura
Buenaventura
Integrated Annual Report 2024
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Our Board of Directors is made up of nine members,
five of whom are independent. Every year an impartial
evaluation is carried out of the performance of the
board as a whole and of each of its members. The
average length of service of its members is five years.
Attendance to board meetings in 2024 was 100%.
The duties of these committees
are defined in the Board of
Directors Regulations.
Through their chairperson, each
committee will regularly inform
the Board of Directors in full
about the activities carried out.
You can read about the Board
members’ careers in the Annexes.
Holding by shareholders or the equity securities
of the shares composing the S&P/BVL Peru
Select Index, by residence (at year end)
Full name
Independent Year of board
membership
Number of
shareholders
% of meetings
called and
attended in
2024
Shareholding
% (3)
Number of other
boards in listed
companies
Domiciled
Non-Domiciled
TOTAL
Roque Eduardo Benavides Ganoza
Raúl Eduardo Pedro Benavides Ganoza
Iván Dagoberto Arriagada Herrera
Andrónico Guillermo Luksic Lederer
Nicole Edel Laure Marie Bernex Weiss
De Fallen
Jorge Francisco Betzhold Henzi
William Henry Champion
Diego Eduardo de la Torre de la Piedra
Marco Antonio Zaldívar García
890
42
932
100%
100%
100%
100%
100%
100%
100%
100%
100%
2004
2021
2024
2024
2018
2023
2016
2017
2023
No
No
No
No
Yes
Yes
Yes
Yes
Yes
17.93%
82.07%
100.00%
3
3
0
1
0
0
1
0
0
(1) Term “Relatives” according to the Indirect Ownership, Linkage and Economic Groups Regulations.
(2) Term “Entities” according to the Indirect Ownership, Linkage and Economic Groups Regulations.
(3) Two decimal places.
See the performance of shares and ADRs in annexes.
The Board of Directors has
the following committees:
Audit
Corporate Governance
Nominations and
Compensations
Sustainability and
Innovation
Operations
Board of Directors
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Clear responsibilities and reporting lines
The Compliance Management organizes duties, defines
responsibilities and ensures a coordinated and effective
implementation across all divisions of the group.
Accessible and secure reporting channels
The BVN Ethics Hotline, which is anonymously accessible
to all employees and stakeholders, allows for the
confidential reporting of irregularities, for transparent
management.
Strict disciplinary measures
Depending on the severity of the offense, penalties can
include warnings, dismissal and a zero-tolerance policy
for serious misconduct.
Training and continuous improvement
Mandatory periodic training sessions strengthen the
knowledge of ethics and compliance, along with audits
to ensure continuous improvement and regulatory
compliance.
Zero-tolerance policy
Commitment to the prevention, identification and
penalization of irregularities, backed up by internal
controls and a rigorous regulatory framework.
Senior Management
The Senior Management has autonomy to fulfill their
duties in continuous alignment with the policies and
guidelines defined by the Board of Directors. They
are also responsible for carrying out an efficient,
sound, responsible and transparent management.
Their performance is evaluated annually by the
Compensation Committee of the Board of Directors
under the Balance Score Card methodology.
You can read about the Vice-Presidents’ and General Managers’
careers in the Annexes.
We are proud to point out that our company operates
under high ethics and integrity standards set forth in
Buenaventura’s Code of Ethics and Good Conduct. EThis
code guides our decisions and behavior at all levels of our
organization, and it also defines the corporate principles
and values that make up our organizational culture. Its
purpose is to encourage an environment of integrity,
transparency, respect, inclusion, responsibility, and
sustainability both inside and outside the organization.
Furthermore, in 2024 a significant milestone was reached
in our organizational culture with the implementation and
dissemination of the Comprehensive Corporate Compliance
Policy, which reaffirms our commitment to regulatory and
ethical compliance in all our operations and relationships
with stakeholders, generating a safer and more responsible
environment. Through the aforementioned robust
mechanisms to prevent, detect and address inappropriate
behavior, we also guarantee the strengthening of the
culture of compliance in the company, with:
ETHICAL CONDUCT: POLICIES AND REGULATIONS
100%
Attendance at
board meetings in
2024 was
Buenaventura
Buenaventura
Integrated Annual Report 2024
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WE ARE
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Corruption or bribery
Discrimination or
harassment
Customer privacy data
Conflicts of interest
Money laundering
and traffic of insider
information
COMPLAINTS BY LOCATION
11
11
0
0
0
The Comprehensive Compliance Policy
summarizes the main corporate compliance
commitments contained in the policies and
procedures deployed by the company, among
which we highlight the following:
We are also affiliated to the Code of Conduct of
the National Society of Mining, Petroleum and
Energy (SNMPE) and subject to its audit.
Conflict of Interest Management Policy
Anticorruption Policy
Handbook and Code of Conduct for the
Prevention and Management of Money
Laundering and Terrorist Financing Risks
Code of Conduct of Business Partners
Code of Conduct for Suppliers
Gift Policy
Human Rights Policy
Prevention Model Handbook
In 2024, following international best practices on reporting
channels, we updated elements and tools required by the
national and foreign regulatory framework, ensuring the
implementation of an effective channel that guarantees the
protection of the whistleblower and reinforcing the company’s
commitment to transparency and integrity. This involved
changing the company that manages the whistleblowing
channel, guaranteeing a more accessible and efficient
mechanism for our employees to present their complaints
anonymously and securely, without reprisals. We reaffirm
our commitment to a culture of “speaking up” throughout the
organization, given that each complaint is an opportunity to
improve and strengthen our company.
Through the BVN Ethics Line, we received 91 complaints related
to possible violations of our Code of Ethics and Good Conduct,
our policies, regulations and procedures, which were submitted
thanks to the wide dissemination of the reporting channels or
mechanisms we have. It is important to emphasize that each
of these complaints was dealt with diligently, resulting in the
implementation of corrective actions and penalties proportional
to the seriousness of the offense.
These measures were established after thorough investigations
carried out by the Incidents Committee, and were applied in
strict compliance with our Internal Labor Regulations.
BUENAVENTURA NEW ETHICS HOTLINE – TYPE OF COMPLAINTS ADDRESSED
Brocal
0
5
10
15
20
Oyón
San Gabriel
Arequipa Cajamarca
Lima
Otros
18
17
12
13
10
10
11
Buenaventura
Buenaventura
Integrated Annual Report 2024
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
As part of our Corporate Compliance Program (PCC,
in Spanish), Buenaventura has been implementing
improvements in our policies and procedures,
following applicable –national and foreign– legal
regulations as well as the best practices in governance
and compliance that allow us to reinforce and guide
our actions towards operational excellence and
integrity.
The PCC implementation across the organization,
with the support of the Integrity Ambassadors,
demonstrates our strong commitment to cultivating a
culture of compliance at all levels of our company.
The goal of training more than nine hundred (900)
employees throughout the organization in compliance
issues, through sessions focused on each of the
operations and corporate management, was for
employees to adopt ethics and transparency as the
pillars of their daily actions.
The PCC has also been strengthened through the
review and updating of our policies, procedures
and manuals, such as the Personal Data Protection
Policy (PDPP), the Supplier Code of Conduct and
the Anti-Money Laundering and Counter-Terrorism
Financing Manual (SPLAFT). These initiatives, in
addition to guaranteeing regulatory compliance,
also reflect the company’s commitment to best
practices in the industry, as well as the protection
of our employees and business partners, and the
care for corporate reputation.
At the same time, we have strengthened and
consolidated the corporate mechanism for
dealing with and managing requests for social
support, charitable contributions, donations and
sponsorships, promoting a culture of transparency
and continuous improvement and preventing any
act of corruption, fraud and conflict of interest.
Compliance
LEVEL OF ATTENTION TO COMPLAINTS IN 2024
Were closed–substantiated, with the
corresponding sanctions applied.
37%
2%
18%
2%
41%
Were complaints that, based on the
investigation carried out, were
unfounded.
Are under investigation.
Are under preliminary
investigation.
Were declared inadmissible due to
lack of evidence or because they did
not fall within the powers of the
Committee.
By 2024, we managed to
train 100% of the company’s
employees on the Code of
Ethics and Good Conduct.
Furthermore, with the support
of the Integrity Ambassadors,
posters containing the
mechanisms for filing
complaints were displayed
throughout the organization,
units, projects and operations.
It is important to point out
that all our contracts and
service orders with our
suppliers contain information
about our Code of Ethics
and Good Conduct and
Comprehensive Corporate
Compliance Policy, as well as
the mechanisms for reporting
any violation to our code.
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
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ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Legal actions
As a result of the auditing processes
of the annual tax returns for fiscal
years 2007 and 2008 of Compañía de
Minas Buenaventura S.A.A., the Tax
Administration does not recognize
the commercial contracts for physical
deliveries and the contractual payments
made by the company in those years,
and considers that those payments
correspond to an early financial
settlement of Derivative Financial
Instrument Contracts, and that the
Company did not confirm the hedging
purpose and the covered risks. Likewise,
the Tax Administration does not recognize
the offset of tax losses realized during
fiscal years 2009, 2009, 2010, 2013, 2014,
2017, and 2018, originating in fiscal years
2007 and 2008.
Pursuant to the legal framework, on July
30 of 2021, the company paid said tax
debt related to the processes of years
2007 to 2010. Notwithstanding the foregoing,
the Company will continue to exercise its
legitimate right of defense in the corresponding
administrative and judicial courts, where it
expects to obtain a favorable result
in line with the opinion of the lawyers
responsible for the tax proceedings.
Tax administration
EL Brocal
At Sociedad Minera El Brocal S.A.A., the
Tax Administration does not recognize the
loss on derivative financial instruments and
royalty expense for 2011 and is currently
in court pending a final result. Also, the
Tax Administration does not recognize the
depreciation of two tailings dams in 2014, 2015,
2016 and the deduction for the investment in
development costs in 2016. Currently, we are
exercising the right of defense in administrative
and judicial courts and, as per the attorneys’
opinion, a favorable outcome is expected.
In addition, as a result of the auditing
process of fiscal year 2017, the Tax
Administration questions the loss
on Derivative Financial Instruments
because the specific risks would not
have been accredited and they would
not have been held in recognized
markets. At the same time, the Tax
Administration also questions the
depreciation of the tailings dams, the
cost of development and operating
expenses and that the company,
together with its tax advisors, is
exercising its right to claim and appeal.
Also, in accordance with the Comprehensive
Compliance Policy, we have internal reporting
channels in place to guarantee transparency
in our interactions with third parties, thus
promoting this vital value in the interactions of
the company and ensuring that our actions are
consistent with the organizational values.
Via Mobile App
App EthicsGlobal/Buenaventura
Via Web Assistant
App EthicsGlobal/Buenaventura
Via Email
lineaeticabuenaventura@
ethicglobal.com
Finally, achieving the transformation towards
a culture of compliance will require effort and
commitment from everyone. To this end, it is
necessary to continue consolidating continuous
training, transparent communication and the
reinforcement of corporate values.
Buenaventura
Buenaventura
Integrated Annual Report 2024
24
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Finally, as a result of the auditing process
of fiscal year 2021, the Tax Administration
also questions the depreciation of the
tailings dams and the deduction of part
of the development costs and that the
company, with the support of its tax
advisors, is exercising its right to claim.
Zanja
As for subsidiary Zanja S.R.L., the Tax
Administration does not recognize the
foreign exchange loss from the provision for
mine closure for the years 2013 and 2015.
Currently, the controversy is in court and
the ruling will also influence the tax results
of the following years in the carryforward
of tax credits and tax losses that the Tax
Administration has also questioned. Likewise,
as a result of the audit of fiscal year 2021,
the Tax Administration has questioned the
depreciation rate of the leach pads and,
in the opinion of the tax advisors, this is
unsubstantiated, for which reason the claim
and appeal process has been initiated.
Huanza
In the case of subsidiary Huanza S.A., the Tax
Administration does not recognize part of
the depreciation of the fixed assets acquired
through a leasing contract. This, in the
attorneys’ opinion, is not substantiated and is
being addressed in judicial courts, the ruling
of which will influence the tax results of fiscal
year 2020 that the Tax Administration has
audited and questioned regarding the tax loss
carryforward.
Río Seco
As for subsidiary Río Seco SA, the
Customs Division has indicated an
alleged omission in the payment of sales
tax on an importation of machinery
and equipment made in 2012 for the
construction of plants. That, in the
attorneys’ opinion, is not substantiated;
therefore, we are exercising our right
of defense in court. Also, as a result of
the audit of fiscal years 2020 and 2021,
the Tax Administration has disregarded
part of the depreciation of the fixed
assets, which the company, with the
support of its tax advisors, is discussing
in administrative courts to enforce its
rights.
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OPERATIONS,
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03
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SILVER
Safety
Environment
San Gabriel
Uchucchacua
Julcani
El Brocal
Cerro Verde (JV)
Yumpag
Tambomayo
Orcopampa
Coimolache (JV)
La Zanja (JV)
Río Seco (Planta Química)
La Zanja Sulfuros
Coimolache Sulfuros (JV)
Trapiche
VALUE
Social Relations
GOLD
SILVER
GOLD
BASE
METALS
BASE
METALS
Business Strategy
OPERATIONS
PROJECTS
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During 2024, 575,960 DMT were processed with grades of 2.17 g/t
gold (Au), 2.79 oz/t silver (Ag), 0.83 % lead (Pb), and 1.21 % zinc (Zn),
recovering in fines: 33,896 ounces of gold, 1’412,092 ounces of silver,
4,058 FMT of lead, and 5,262 FMT of zinc. The annual budget was
met, which included 30,232 ounces of gold, 2,596 FMT of lead and
4,177 FMT of zinc. The metallurgical recovery achieved for gold was
84.17%. The cost applied to average annual sales (CAS) was US$ 1,346
per ounce of gold (Au).
In 2024, Tambomayo developed an extensive list of projects aimed
at the continuous improvement of its operations, including increased
tunneling progress through an optimized fleet, the implementation
of horizontal dump trucks to improve extraction efficiency, dilution
control in mining operations, and maximization of metallurgical
recovery. These actions made it possible to optimize the unit’s
operating costs, reaching levels comparable to those of previous
years, despite processing ore with lower metal contents.
The mineral reserves as of December 31, 2024 amounted to 390,817
DMT with 0.058 oz/t of gold (1.80 g/t), 6.37 oz/t of silver, 0.44% of
lead, and 0.66% of zinc, representing a total of 22,653 ounces of gold,
2,489,566 ounces of silver, 1,707 MT of lead, and 2,588 MT of zinc.
On the other hand, the measured and indicated resources, excluding
reserves, amount to 455,051 DMT with grades of 0.079 oz/t of gold
(2.47 g/t), 4.46 oz/t of silver, 0. 76% lead, and 1.25% zinc, equivalent
to 36,099 ounces of gold, 2,030,318 ounces of silver, 3,480 MT of lead
and 5,709 MT of zinc.
OPERATIONS
Tambomayo
District
Province
Altitude
Ownership
Tapay
Caylloma, Arequipa
4,800 m.a.s.l.
100% BVN
Operation
Extracts
Discovered By
Start Date
Underground
Gold and silver
Buenaventura
2016
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The geology department executed 11,319
meters of diamond drilling aimed at
completing the recognition of structures
within the operation, recategorizing and
extending the resources (infill drilling).
The deepening objective was explored,
focusing on the continuity of the Camila
vein, with the aim of opening up new
exploration fronts around the current
operational area, between 4,250 m and
4,100 m.
During 2025, exploration will continue
in this area with a greater emphasis on
deepening, looking for structures similar
to the Camila, Erika, Talía, and Dalila veins,
which are located within a fault-controlled
corridor.
Approval was obtained to start and continue
activities to develop surface and underground
exploration within the framework of the
3rd Amendment to the Semi-Detailed
Environmental Impact Assessment (MEIA-sd).
Likewise, the 1st Supporting Technical Report
(STR) of the 3rd MEIA-sd was approved,
having as main objective waste disposal down
the mine.
The 4th MEIA-sd of the Tambomayo
Exploration Project was submitted to the
General Directorate of Environmental Affairs
(DGAAM, in Spanish), which will allow the
exploration area to be extended to the
southern area.
On the other hand, remarks and persistences
in the MEIA-d were remedied, and it is
expected to be approved by the first quarter
of 2025. This will allow for the deepening of
mining workings up to Level 4040. Likewise,
in April 2024, the 3rd Amendment to the Mine
Closure Plan was approved, extending the
progressive closure until December 2025.
The main structure is the Mirtha vein,
running from northwest to southeast
(NW-SE). The Paola and Paola Norte
veins are in its southeast (SE) end,
while the Camila, Talía and Erika Techo
veins have been identified at lower
levels. The Camila vein has a main
strike of N50°E and a dip of 72° to the
southeast. Its ore shoot extends 70
meters horizontally and 240 meters
vertically. To the north, the vein is
limited by the Carmen Techo fault, while
to the south, by the Carmen Piso fault.
Its thickness varies between 1 meter
and 8 meters.
Among the diamond drill holes carried
out, the most relevant is TMB24-0024,
which reported a width of 4.90 meters
with grades of 9.47 g/t gold, 8.00 oz/t
silver, 3.72% lead, 6.65% zinc, and 3.41%
copper.
The mining department carried
out 14,740 meters of mining work,
distributed in 1,285 meters of
development, 13,104 meters of
preparation and 351 meters of
exploration.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
It is projected that, by 2025, the 1st
STR of the MEIA-d will be delivered to
the National Service of Environmental
Certification for Sustainable Investments
(SENACE), the main objective of the
amendment being the construction of the
buttress of the Plant - Phase 1. Likewise,
the Detailed Environmental Plan (DEP)
will be submitted for the regularization
of the 10 kV and 22 kV transmission-line
sections.
Finally, it is worth mentioning that, in
November, the Regional Environmental
Health Management (GERESA) of
Arequipa approved the Drinking Water
Treatment Plants Supply System Registry.
14,740
meters
was carried out of
mining work
The mining department
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We acquired assets to improve controls in mine
operations, such as the Wintergreen Gas System, the
High-Pressure Resin and Cement Pumps, the Stationary
Gas Monitoring System and the Standard-Lidar Drone,
with an investment of US$ 0.19M. The Overhaul of the
Scoop No.05 and the Jumbo T1D3 was also completed
with an investment of US$ 0.76M.
The Water Reservoir was stabilized to reduce
deformations in the main dam. Its height was reduced by
5m.
No fatalities were recorded during the safety review of
2024. The number of high-potential events was reduced
compared to 2023, down from 4 to 2 events. Likewise,
the number of disabling accidents decreased from 17 to 7
during the same period of time.
As part of the safety review, preventive shutdowns were
carried out in all operating areas, where all personnel
were made aware of the importance of complying with
the controls established in corporate procedures.
The accident rate was 0.09, with 7 disabling accidents
and 0 deaths.
In terms of fulfilling commitments, the work to install the Huaruro
emergency water supply was completed, replacing the Technical
File of the Secondary Networks (expansion of the Huaruro Project
for the construction of reservoirs and trunk lines), due to the
impact on the intake and the collapse of two bridges in section II
of the canal (Isllirca and Fure), as a result of the damage caused by
the rainy season at the beginning of the year.
As for the final repair of the Huaruro canal, it was agreed to carry
out the work in two stages. It was not possible to complete this
work during 2024 due to the weather conditions, and all the
works have been postponed until 2025, when the new bridges
in Isllirca and Fure will be completed, as well as the repair of the
water intake. On the other hand, commitments were fulfilled in
accordance with the agreement with the Municipality of Tapay
for the financing of the Technical File of the Health Center for
Tapay, the remedies to the remarks to the Technical File of the
Cabanaconde - Tapay road, and the Technical File of the Basic
Health Units (UBS, in Spanish) in rural areas of the district of
Tapay.
In the Chaska Project, the participatory workshop of the 4th
MEIAsd was held on July 20, 2024, by the Regional Energy and
Mines Management (GREM) of Arequipa, with the participation of
authorities and residents of our area of influence. Moreover, the
authorizations for the piezometers (1 and 2) were obtained. By
the end of the year, the installation work of Pz.2 was completed,
leaving the completion of the installation of Pz. 3 and Pz.1 for
2025.
SAFETY
SOCIAL MATTERS
EXPLORATIONS
The following two drilling campaigns were
performed in 2024: Chaska (1,850 m) and
Soledad (1,500 m), both to be completed
between January and February of 2025.
In the Chaska project, the assessment of the
Tambomayo 4th MEIA-sd was completed and
the file was submitted in November. Also,
in November, the drilling campaign (1,850m
@ 05 DDH) of piezometers to update the
hydrogeological model began. The drilling
campaign is expected to be completed by the
end of January 2025.
In the Soledad project, we obtained approval
to start the 3rd MEIA-sd activities. The
drilling program (1,500m @ 04 DDH) began in
December and is expected to be completed by
mid-February 2025.
There has been no significant progress in
the social management of the Gaby and
Mayra projects. We will not continue with the
development of the Gaby project, and, in the
case of Mayra, we hope to set up a round table
discussion with the Madrigal authorities by
January 2025.
INVESTMENTS
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During 2024, the plant processed 339,572.5 tons of ore with a grade
of 0.22 oz/t of gold (6.92 g/t) and 0.14 oz/t of silver, achieving a
recovery in fines of 70,891.97 ounces of gold and 29,493.13 ounces
of silver, compared to a forecast of 72,628 ounces of gold. The
metallurgical recovery achieved was 93.83% for gold and 62.12% for
silver. The cost applied to average annual sales was US$ 1,242 per
ounce of gold.
The underground operation focused on the Ocoruro, María Isabel
and Pucará veins, and, to a lesser extent, on the remaining blocks
of the Prometida and Nazareno veins. Approximately 60% of the
production was carried out directly by company crews, while
the remainder came from exploration and development by the
contractor Incimmet.
The mineral reserves as of December 31, 2024, amount to 223,669
DMT with grades of 0.266 oz/t of gold (8.27 g/t) and 0.16 oz/t of
silver, representing 59,466 ounces of gold and 35,037 ounces of
silver. On the other hand, the measured and indicated mineral
resources, excluding reserves, add up to 350,690 DMT with grades
of 0.22 oz/t of gold (6.89 g/t) and 0.96 oz/t of silver, equivalent to
77,650 ounces of gold and 336,510 ounces of silver.
The mining department carried out 14,266 meters of mining works,
distributed as follows: 1,477 meters of development, 12,442 meters
of preparation and 141 meters of exploration OPEX, in addition to
205 meters CAPEX.
OPERATIONS
Orcopampa
District
Province
Altitude
Ownership
Orcopampa
Castilla, Arequipa
3,800 m.a.s.l.
100% BVN
Operation
Extracts
Discovered By
Start date
Underground
Gold and silver
Buenaventura
1967
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The geology department
developed a 30,828-meter
diamond drilling program,
divided into exploration holes
(5,169 m) on the Ocoruro,
Prometida SW, Melissa Este
and Pucarina Este veins;
and recategorization and
confirmation drill holes (25,722
m) on the Nazareno, Prometida,
Ocoruro and Pucará systems,
drilled between levels 3,840
and 3,290.
For 2025, exploration will focus
on the Ocoruro Jaspe, Ocoruro
zona alta and San Santiago
sectors.
The RB of lvl. 3790 - lvl. 3540 with
a length of 206 meters was carried
out to inject clean air into the upper
workings of Ocoruro/María Isabel
lvl. 3790, with an investment of
US$ 652K. This project is due to be
completed by February 2025 due to
major ground support works.
With regard to equipment
management, the following overhauls
have been completed: SCOOP 152
($162K); Dumper 113 ($381K); Scaler
102 ($231K); locomotives 15 and
17 ($193K); Jumbo Muky ($281K).
Similarly, the following pieces of
equipment were procured for mine
operations: Two 630KVA and 500KVA
transformers ($53K), six water pumps
for works at the María Isabel vein
($38K), seismic monitoring equipment
($12K), equipment for the monitoring
of closure components ($40K),
automatic sampler and electronic
scales for the chemical laboratory
($40K).
No fatalities were recorded
during the safety review of 2024.
Four high-potential events were
reported, two of which were
associated with a critical risk to
the stability of the rock mass. In
these cases, action plans focusing
on engineering controls were
implemented with the aim of
preventing their recurrence. In
addition, 1 event related to blasting
protocol control and 1 event
related to materials handling were
recorded.
Likewise, the accident rate was
0.74, with 11 disabling accidents and
zero deaths.
APPROVAL OF
ENVIRONMENTAL
INSTRUMENTS AND PERMITS
For operational reasons, the 2nd Amendment to the
Environmental Impact Assessment was halted in order
to begin with the 6th STR of the Orcopampa Mining
Unit. This Environmental Management Instrument
(IGA) was successfully submitted and approved, with
the objectives of extending the schedule of activities
(LOM) for a further 3 years (2028), as well as the
regrowth of the R2 sterile material deposit with co-
disposal of sludge and an increase in the ore stockpiles
up to 4 meters in the ore collection areas (Chipmo
industrial area and Manto industrial area). We plan to
continue the 2nd MEIAd works in 2025.
In 2024, the physical schedule for progressive closure
was implemented, and the closure of Desmonteras,
Bocaminas and Chimeneas was achieved. In December
2024, the 9th Update of the Mine Closure Plan was
submitted, extending the progressive closure of the
Orcopampa Mine Unit for a further 3 years (until
2028), mitigating legal risks.
In addition, the renewals of the industrial water
discharge (PC-1/EM-2) and domestic water discharge
(PC-2) permits were obtained, managing to extend
the authorizations with the National Water Authority
(ANA) for a further 3 years.
INVESTMENTS
SAFETY
30,828
meter
divided into exploration
holes (5,169 m)
Developed a
diamond drilling
program
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Throughout the year, important agreements were reached with the
peasant communities of Tintaymarca, Umachulco, Chilcaymarca
and Orcopampa, including their annexes of Calera, Huimpillca and
Allhuire. The main achievements include:
Agreement with the Chilcaymarca community for the use of land
to install an antenna of communications company Entel.
Agreement with the community of Umachulco to move forward
with the construction of mining components.
Collaboration with Tintaymarca and the annexes of Calera,
Allhuire and Huimpillca to guarantee the use of land related to
mining components in the closure process.
Agreement with the Huimpillca annex to make the passage of an
electrical transmission line viable.
There were no scheduled activities for
2024.
SOCIAL MATTERS
DISTRICT
EXPLORATIONS
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Mining took place in the Tantahuatay 2 NW Expansion, Tantahuatay 2
and Mirador Norte pits, between banks 3956 to 3860, 3948 to 3844,
and 3948 to 3824, respectively. A total of 4,263,536 DMT of oxide ore
with grades of 0.34 g/t of gold and 0.38 oz/t of silver were sent to
the leach pads.
As of December 31, 2024, the proven and probable reserves of oxide
ore amount to 50,747,961 DMT with grades of 0.009 oz/t of gold
(0.266 g/t) and 0.351 oz/t of silver (10.932 g/t), representing 433,576
ounces of gold and 17,836,658 ounces of silver.
The measured and indicated oxide ore resources, excluding reserves,
add up to 22,877,783 DMT with grades of 0.007 oz/t of gold (0.228
g/t) and 0.3652 oz/t of silver (11.360 g/t), equivalent to 167,900
ounces of gold and 8,355,541 ounces of silver.
The extraction plan was limited by the capacity of the leach pads due
to the lack of approval of the 3rd Amendment to the Environmental
Impact Assessment. This limitation, however, was compensated
through the variable cut-off grade strategy, optimizing the grade of
processed ore.
During 2024, the ore extraction in the leach pads was 102.9%
in the case of gold and of 14.7% in the case of silver. Likewise,
the extractions accumulated from the start of the operations to
December 31 of 2024 added up to 76% for gold and 11% for silver.
The extraction of fine metals reached 48,120 ounces of gold and
236,082 ounces of silver.
OPERATIONS
Coimolache
District
Province
Altitude
Ownership
Hualgayoc
Hualgayoc
3,800 m.a.s.l.
40% BVN, 44% SPCC
and 16% ESPRO
Operation
Extracts
Discovered By
Start Date
Open Pit
Gold
Buenaventura
2011
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The cost applied to average
annual sales was US$ 1,238.89
per ounce of gold.
Regarding the Mine Closure
Plan, physical, geochemical,
hydrological, and biological
maintenance works were carried
out in Waste Dump 2 and the
Unsuitable Material Dump.
It should be noted that the 4th
Amendment to the Mine Closure
Plan is under preparation and will
include the components of the 3rd
Amendment to the Environmental
Impact Assessment and the First
STR.
The 3rd Amendment to the Environmental
Impact Assessment (MEIA) –an
environmental permit that will allow for
the expansion of the operating pits and
pads– was approved in May. We expect
to obtain the construction permit during
the first quarter of 2025. In December, the
1st STR of the 3rd MEIA was approved,
which will allow for the expansion from the
Tantahuatay pad to unloading pad 21.
The executed CAPEX was US$ 7.2
millions, mainly allocated to the
reinforcement of the perimeter
berm at the Tantahuatay PAD. The
expansion and relocation of the
PAD power lines was also carried
out. Likewise, investments were
made in water management at the
Tantahuatay 2 NW Expansion pit,
including the construction of ponds
and their respective automation.
In addition, the E-1C discharge
point and a cyanide solution
pumping line were implemented,
strengthening the infrastructure to
optimize operations and guarantee
compliance with established
environmental standards.
APPROVAL OF
ENVIRONMENTAL
INSTRUMENTS AND
PERMITS
INVESTMENTS
1,238.89
per ounce
of gold
USD
The cost applied to average
annual sales was
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SOCIAL MATTERS
EXPLORATIONS
With regard to the
Stabilization Plan for
the Waste Material
Dump (WMD) in
Ciénaga –submitted to
Osinergmin– with the
approval of the 3rd MEIA,
the construction of the
PS 103A sedimentation
pond, located at the foot
of the WMD, was also
authorized. In order to
guarantee the stability of
the component, monthly
monitoring is carried out
under the supervision
of a qualified external
consultant.
In the Chugur district, the implementation
of the Health Center –with the telemedicine
service– was completed, and it was
inaugurated on April 9 and formally
transferred to the Regional Health
Directorate of Cajamarca. In the village of
Chencho, the first stage of the sports center
was completed. Additionally, a livestock
development project was executed in the
villages of Chugur, Chencho, and Ramírez.
Likewise, a pedestrian suspension bridge
was built in the Trancucho sector and the
road access between Chencho - Ramírez and
Sinchao - Chugur was rehabilitated.
In the community of El Tingo, Hualgayoc
district, a livestock development project
was carried out, the community’s main road
was maintained, and 10 micro-reservoirs
were built in agreement with the Community
Board.
During 2024, explorations were
carried out at the Sulfuros Project,
with a total of 22,839 meters of infill
diamond drilling in the Tantahuatay
2 pit sector. The purpose of these
works was to upgrade the resources
from inferred to indicated.
22,839
meters
of infill diamont drilling
Explorations were
carried out at
The Sulfuros
Project
with a total of
115%
100%
151%
116%
Chemical
agents
Biological
agents
Physical
agents
Ergonomic
evaluations
During 2024, 1,232 reports of Substandard Acts
and Conditions (AYCs, in Spanish) were managed
as a preventive tool. No high-potential events
were recorded. The accident rate was 0.01, with
one disabling accident and zero deaths. The
preventive indicator, Basic Involvement Index
(IBI), reached 93.81%. The program of Critical
Risks, associated with critical activities in the
unit, was 90.4% complied with.
The occupational hygiene monitoring program
projected 118 samples for 2024, managing to
exceed the goal for all evaluated agents:
SAFETY
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SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
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ANNEXES
None of the unit pits were mined during 2024. The operating activity
of the plant focused on the rehandling and releaching of the San Pedro
Sur PAD, with the aim of recovering the remaining ounces of gold in the
component.
Since June, 2.9 million tons of PAD cuttings have been rehandled, and 73
hectares have been releached, covering leaching pads 3 to 9.
The extraction of fine metals reached 15,746 ounces of gold and 23,637
ounces of silver. The extractions accumulated in the leach pad from the
start of the operations to December 31 of 2024 were 70% for gold and
15% for silver.
The cost applied to average annual sales was US$ 1,682.14 per ounce of
gold.
As for progressive closure, during 2024, works were carried out on
2.4 hectares around the Pampa Verde pit. Also, 11.70 hectares of
geosynthetic plastic cover were installed in the Pampa Verde sector,
with the aim of reducing the area generating contact water for
treatment.
OPERATIONS
La Zanja
District
Province
Altitude
Ownership
Pulán
Santa Cruz, Cajamarca
3,500 m.a.s.l.
100% BVN1
Operation
Extracts
Discovered By
Start Date
Open Pit
Gold
Buenaventura*
2010
1On February 08 of
2022, the acquisition by
Buenaventura of 100% of
the stake of Minera La Zanja
as part of the agreement
between Buenaventura
and Newmont for Minera
Yanacocha, was announced.
15,746
23,637
ounces of gold ounces of silver
The extractions of
fine metals
reached
Buenaventura
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SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
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ANNEXES
In 2024, the Hydrological and
Hydrogeological Study was updated
and will serve as the basis for projects
under development. Also, the updated
Integrated Plan for the Adaptation
to Environmental Quality Standards
and Maximum Permissible Limits was
submitted.
The payment for the last piece of
equipment received in December 2023
–a filter press agitator intended for the
second press filter of the San Pedro
Sur Acid Water Treatment Plant– was
regularized. With this, we completed
the work that will make it possible to
centralize the treatment of contact water
in a single plant, thereby optimizing
operational efficiency and reducing costs.
During 2024, 750 reports of Substandard Acts
and Conditions (AYCs, in Spanish) were managed
as a preventive tool. No high-potential events
were recorded.
The accident rate was 1.04 (3 disabling accidents
and 0 deaths).
The Basic Involvement Index (IBI) reached 96.36%.
The program of Critical Risks, associated with
critical activities in the unit, was 98.7% complied
with.
The occupational hygiene monitoring program
projected 90 samples, managing to exceed the
goal for all evaluated agents:
The approval of the technical file for the
project “Trafficability Improvement of the
San Miguel, Santa Rosa, El Agrario, La Colpa,
Gordillos, El Empalme Minor Roads, in the
Districts of San Miguel, Calquis, Catilluc,
Llapa, Province of San Miguel, Cajamarca”
was funded and managed. As a result of
this undertaking, works began on January 9,
2024, achieving a progress of 27%, with an
executed investment of 19 million soles at
the end of the year.
The Enseña Perú [Teach Peru] educational
project was funded, allowing for the
appointment of two teachers in the area
of direct social influence, thus benefiting
approximately 80 students in kindergarten
and primary schools in the areas of social
influence of MLZ.
Furthermore, the Livestock Project was
implemented in the areas of influence of
MLZ, with the financing of two veterinary
technicians, the installation of two veterinary
first aid kits and the provision of chicken
poultry litter.
During 2024, 23 diamond-
drilling holes were drilled,
totaling 13,364 meters
within the Emperatriz
Corridor Project, assessing
breccias associated with Cu-
Au porphyry systems and
structures linked to high-
sulfidation systems (Mariela,
Amanda, and Lucero).
Moreover, 26 boreholes
were drilled in the SPS
pit to reevaluate oxide
mineralization, with a total of
1,541 meters drilled.
APPROVAL OF
ENVIRONMENTAL
INSTRUMENTS AND
PERMITS
INVESTMENTS
SAFETY
DISTRICT
EXPLORATIONS
SOCIAL MATTERS
102%
100%
103%
100%
Chemical
agents
Biological
agents
Physical
agents
Ergonomic
evaluations
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ENVIRONMENTAL
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In Uchucchacua, during 2024, the plant processed 500,498 tons of
ore with grades of 5.70 oz/t of silver, 3.01% of lead, and 4.99% of zinc,
recovering 2,364,035 oz of silver, 13,751 FMT of lead and 21,205 FMT of
zinc in fines. The metallurgical recovery achieved was 82.9% of silver,
91.2% of lead and 84.8% of zinc. The exploration, preparation and
extraction work also continued. The exploration results were quite
favorable, especially in the sectors of the Cachipampa, Vanessa, and
Sonia Norte polymetallic veins, where extraction was centralized.
In Yumpag, during 2024, the exploration and construction works
continued. As of 03/15/2024, through of D.R. No. 0185-2024-MINEM-
DGM, the General Directorate of Mining of the Ministry of Energy
and Mines AUTHORIZES the start of the exploitation activities of the
“YUMPAG” project.
During 2024, 318,388 tons of ore were processed with grades of 27.32
oz/t of silver, 0.79% of lead, 1.38% of zinc, and 16.88% of manganese,
recovering 8,123,445 oz of silver in fines. The metallurgical recovery
was 93.4% of silver.
As of December 31, 2024, the ore reserves between Uchucchacua and
Yumpag, are 7’322,191 DMT with 15.80 oz/t of silver, 1.11% of lead,
1.88 % of zinc, and 7.90% of manganese, representing a content of
115’725,605 ounces of silver, 81,146 MT of lead, and 137,708 MT of
Zinc. (Uchucchacua: 2’983,406 DMT with 7.33 oz/t of silver, 1.92% of
lead, 3.43% of zinc, and 4.30% of manganese, representing 21,870,208
ounces of silver, 57,140 MT of lead, and 102,293 MT of zinc; and
OPERATIONS
Uchucchacua
and Yumpag
District
Province
Altitude
Ownership
Oyón
Oyón, Lima
4,500 m.a.s.l.
100% BVN
Operation
Extracts
Discovered By
Start Date
Underground
Silver, lead and zinc
Buenaventura
1975
Buenaventura
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ENVIRONMENTAL
MANAGEMENT
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Yumpag contributes 4,338,785 DMT with
21.63 oz/t of silver, 0.55% of lead, 0.82% of
zinc, and 10.37% of manganese, representing
contents of 93’855,397 ounces of silver,
24,007 MT of lead, and 35,415 MT of zinc).
At Uchucchacua, 58,653 meters of diamond
drilling were performed, divided into
exploration drill holes (26,316 m) in the
following targets: Huantajalla E (skarns with
Zn-Pb-Ag mineralization) and Luz Norte
(veins with Zn-Pb-Ag mineralization); and
recategorization/confirmation drill holes
(32,336.8 m) on the Cachipampa, Cachipampa
5, Vanessa, Sonia Norte veins, between
levels 3990 and 3780. By 2025, exploration
will be prioritized in the Luz Norte, Cluster
Polimetalico, Bonnie, Cachipampa E,
Huantajalla E sectors. Also, 1,896 meters of
exploration tunnels and 10,148 meters of
preparation works were also drilled.
At Yumpag, 15,032 meters of diamond drilling
were performed, divided into exploration
drill holes (4,912 m) in the following targets:
Candela, and 10,120 m of confirmation holes
in the Camila target.
In Uchucchacua, on January 12, 2024,
through Directorial Resolution, SENACE
approves the use of the shared baseline
in the Environmental Impact Assessment
of the Yumpag Mining Unit, allowing the
use of data from the matrices of surface
water, groundwater, air, noise, soil,
flora and fauna of the villages of Sanjo,
Leoncocha, and Cachipampa belonging
to the San Juan de Yanacocha Rural
Community, flora and fauna of the villages
of Sanjo, Leoncocha and Cachipampa
belonging to the San Juan de Yanacocha
Peasant Community, which allowed the
completion of the physical and chemical
part of the baseline of the “Second
Amendment to the Environmental Impact
Assessment of the Uchucchacua Economic
Administrative Unit (E.A.U.) Uchuc. E.A.)”.
The main objectives of the EMI are to
extend the useful life of the Unit for 10
years and the regrowth of tailings deposit
3 at level 4427.
On March 27, 2024 the file of the Second
Amendment to the Mine Closure Plan
was submitted –including the extension
of the schedule approved in the Fourth
Substantial Technical Report for 02 years
and 08 months– and is currently under
evaluation.
On August 8, 2024, through D.R. No.
0134-2024-MINEM-DGAAE, the file of
the Detailed Environmental Plan of the
“138 kV Transmission Line SE Paragsha
II - SE Uchucchacua (L - 1123)” was
approved, which allowed to adapt the
three components described below:
138 kV transmission lines, Uchucchacua
Substation and Paragsha II Substation.
On November 06, 2024, the request to
extend the schedule of the Amendment to
the Integrated Plan for the Adjustment of
Maximum Permissible Limits and Water
Quality Standards of the Uchucchacua
Unit was submitted, including the
development of an alternative that allows
to control the levels of manganese that
are compromised in the aforementioned
EMI.
APPROVAL OF ENVIRONMENTAL INSTRUMENTS AND PERMITS
In Yumpag, through of D.R. No.
0185-2024-MINEM-DGM, the General
Directorate of Mining of the Ministry
of Energy and Mines AUTHORIZED the
start of the exploitation activities of the
“YUMPAG” project.
Likewise, through D.R. No.
00089-2024-SENACE-PE/DEAR -
06/27/2024, SENACE APPROVED the
“Technical Report Supporting the Detailed
Environmental Impact Assessment of
the Yumpag Carama Project”, the main
objective of which is to advance the
exploitation schedule to 1,000 MT/day
from the 1st year.
On 09/20/2024, through R.D. No.
0253-2024-MINEM/DGAAM, the General
Directorate of Environmental and Mining
Affairs approved the Mine Closure Plan for
the Yumpag-Carama mining unit.
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In 2024, in Uchuchacua, works were carried out in two
areas of the R3 dam. The first area corresponds to the
auxiliary dam where the buttress was 100% built for
level 4413, using 74,800 m3 of common material up to
level 4385.60. In the main dam area, the foundation was
excavated (118,900 m3) and backfill material for the
buttress was placed (23,800 m3) up to level 4358.80.
Lining of the tailing line contingency channel.
As for energy, in Yumpag, works were completed in the
Yumpag substation, pending powering of Paragsha with
138kVA TL.
Regarding water, civil works were built for the IWWTP,
such as: 02 desilters, 01 desander, a siphon, a pump
room, 02 drying chambers, main EESS, pumping EESS,
CCM and canals, as well as structures, piping and partial
electromechanical works.
As for infrastructure, temporary canals of DME, DMO,
DMC, an acoustic wall for electric generators, module 01
of the triage center, and the Pampa Salera community
school were built.
In Uchucchacua, no fatalities were recorded,
and there was one high-potential event,
achieving an accident rate of 0.13 (09
disabling accidents, 0 deaths) at the end of
the 2024.
In Yumpag, there were neither fatalities nor
high-potential events, achieving an accident
rate of 0.25 (09 disabling accidents, 0 deaths)
at the end of 2024.
INVESTMENTS
In 2024, Uchucchacua was an operation
free from social conflicts. The work of the
social team was to build a relationship
based on trust with the community
and its governing board, strategically
managing the expectation regarding
local employment and strengthening
the community agenda regarding other
topics of interest for the community
(Pampacocha stable, forestry project,
ecotourism project and UNMSM
headquarters in Oyón).
In the case of the Yumpag extraction
unit, the start of operations caused
great expectations for greater
benefits (employment, services, more
commitments, among others) among the
communities, which led to the installation
of dialogue tables with the communities
of Rabí, San Juan de Yanacocha, and the
village of Sanjo, and the facilitation of
MINEM.
SAFETY
SOCIAL MATTERS
4413
level
The firts area correspond
to the auxiliary dam
where the buttress was
100% built for
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During 2024, in the Tomasa corridor, the mineral resource
was increased from 2.76 MT @ 22.0 oz/t Ag, (60.7 Moz Ag)
to a new total resource of 3.01 MT @ 24.3 oz/t Ag, (73.35
Moz Ag), for which 17 holes were drilled, which together
totaled 7,059 m. The best ore strike in this campaign was
69.55 m @ 15.6 oz/t Ag.
In addition to the resource increase at Tomasa, 03 potential
structures were identified parallel and mineralogically similar
to Tomasa (Pyrite, Ag Sulfosalts, Red Plates, Rhodonite-
Rhodochrosite +- Galena-Sphalerite). These 03 structures are
called Adriela, Zarela and Cachipampa. These structures are
at a distance of 180 m, 270 m, and 320 m, respectively, from
Tomasa. These new structures in the area have approximately
300 m of recognized length and, at the moment, their
mineralization impacts with great mineralization potential
have been recognized in the Gasteropod horizon. The best
impacts on the structures are: Adriela, with 5.50 m @ 41.1 oz/t;
Zarela, with 3.00 m @ 32.3 oz/t; and Cachipampa, with 1.40 m
@ 21.8 oz/t.
In the Camila zone, we were able to expand the recognized
extension by 110 m more, totaling almost 2 km of identified
structure. In this area, there were significant ore impacts, the
best being 22.55 m @ 23.1 oz/t Ag.
EXPLORATIONS
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During 2024, we processed 68,789 DMT of ore from the Acchilla
mine, with a head grade of 15.85 oz/t of silver, and 1.11% of lead,
recovering 1’058,217 oz of silver and 727 MT of lead. In addition, we
processed 43,406 DMT of ore from the Rosario sector of the Estela
mine, with a head grade of 8.24 oz/t of silver, 3.35 g/t of gold, and
0.62% of copper, recovering 344,570 oz of silver, 4,173 oz of gold,
and 264 MT of copper. The cost applied to average annual sales in
2024 was US$ 22.91/oz of Ag.
In 2024, the production of the Acchilla mine represents 61%.
Consequently, throughout the year, exploration and development
works were intensified towards the new areas of the Estela mine.
As part of this strategy, we also increased the pace of exploration
and development in the new Rosario area of the Estela mine, where
gold, silver and high concentration copper mineralization has been
recorded, representing 39% of the annual production for 2024.
As of December 31, 2024, the mineral reserves of the Acchilla,
Estela and Rosario mines together totaled 204,897 DMT with 16.06
oz/t of silver, 1.47 g/t of gold, 2.43% of lead, and 0.62% of copper,
representing 3,290,239 oz of silver, 9,695 oz of gold, 4,984 MT of
lead and 1,266 MT of copper; of the total of these reserves, 53%
belong to the Acchilla Mine, 27% to the Estela Mine and 20% to the
Rosario Mine.
OPERATIONS
Julcani
District
Province
Altitude
Ownership
Ccochaccasa
Angaraes, Huancavelica
4,200 m.a.s.l.
100% BVN
Operation
Extracts
Discovered By
Start Date
Underground
Silver
Buenaventura
1953
Buenaventura
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SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
During 2024, 17,722 meters of underground
mining works were performed, of which 224
meters correspond to development works and
5,905 meters to mine preparation works.
Regarding exploration, 27,703 meters of
diamond drilling and 6,005 meters of infill
drilling were carried out.
In 2024, due to the closure activities of the R8
tailings dam, 14,672 m3 of tailings were moved
to the Herminia Pit. A 68 m contingency
dam was built and 7,400 m3 of top soil was
stockpiled. At the same time, the feasibility
engineering for the closure of the Herminia
Pit was completed, and two 15,000-gallon
fuel tanks were dismantled and demolished.
For the R6 remediation work, 2,300 m3 of
improved soil and 650 m3 of topsoil were
placed for pilot revegetation work. Infiltration
trenches were also built to minimize erosion
on the rehabilitated surface.
At the closure of the Torre de Babel waste
disposal site, (EH-12, EH-13 and EH-14), 93,472
m3 of waste material were relocated to the
Herminia pit, leaving approximately 35,000
m3 to be relocated as of May 2025. The
Herminia pit was refilled with 120,486 m3
from various sectors, such as Torre de Babel,
Tentadora 2, R8 tailings dam, among others.
During 2024, we continued with the preparation of
the MEIA-d in order to expand the R9 tailings dam to
level 4142 m.a.s.l., as well as to expand underground
workings. Also, we submitted supplementary
information to the Integrated Plan for Adaptation
to MPLs and EQS that centralizes the unit’s water
treatment at the Achilla Acid Water Treatment Plant in
the operation stage, and in Julcani in the closure stage.
The 5th Julcani STR was submitted for evaluation,
proposing the expansion of the R9 tailings dam up to
level 4138, the optimization of the concentrator plant
(phase 2) and the sale of ore to third parties, which
will provide continuity to the operation. On the other
hand, the 9th Amendment to the Mine Closure Plan is
still under preparation by the DGAAM-MINEM so as to
extend the schedule for the unit closure.
With respect to operation permits, approval was
obtained for the management notice authorizing
the construction of the access to the EJ-16 discharge
point and the MCdB ITM of the 4 STR approving the
construction and operation of the projects: Improvement
of the Chunochina temporary ore deposit, new Py-Au
circuit, and use of tailings retreatment infrastructure for
the classification of advance ore.
“Cu-Au Circuit” optimization project. For the treatment of this
mineral, and to obtain the highest economic value possible, 01
FALCON concentrator model SB750 and minor components
were acquired and installed; also, the repair, habilitation and
instrumentation of the Agitair cells that will be used as scavenger
flotation was carried out, acquiring –at the same time– pumps for
pulp and reagent dosing.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
INVESTMENTS
Mine Sustainability Project:
As part of the continuous
improvement plan, we
purchased stationary gas
meters for stacks, fans and
the construction of the
mining shelter.
We also maintained and
overhauled locomotives
and pneumatic shovels.
-We implemented 4
thunderstorm shelters.
Plant Sustainability Project:
The Symons 3FT crusher
was overhauled. -
We implemented the
concentrator plant hoisting
system.
The plant cover (roof)
was replaced and the
Chunochina temporary ore
deposit was improved.
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SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
In 2024, there were 03 high-potential events related
to operation and mobile equipment, explosives and
electric power. The most relevant incidents were
related to the critical risk of explosives, for which
improvement actions are being considered to prevent
recurrence.
The preventive indicator, Basic Involvement Index (IBI),
was 93.48%.
During 2024, the relationship with the
communities was marked by dialogue
and follow-up on commitments. The
citizen participation process for the MEIA
was also an important milestone, as it
raised expectations for negotiations in
the AISD communities and generated
requests to be included as affected by
the mining activity, involving entities
such as SENACE and congressional
representatives.
Continued regional exploration is
planned for the 2026 period.
SAFETY
SOCIAL MATTERS
DISTRICT
EXPLORATIONS
Waste Dump Sustainability
Project:
The tailings contingency canal
was implemented, in addition
to initiating the stage 1 of the
R9 tailings dam expansion
(material stockpile/dam
expansion) and the acquisition
of accelerographs.
Infrastructure Sustainability
Project:
Access to discharge point
EJ-16 was achieved.
The level 580 Pumping
System was relocated.
We also modernized the
Main Substation, acquired
Hotblock and reinforced
the Herminia Substation
protection fence.
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SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
During 2024, 84,369 DMT of lead and zinc from Tajo Norte were
processed, recovering 91,190 ounces of silver and 1,985 MT of zinc.
Likewise, 209,668 DMT of copper from Tajo Norte were processed,
recovering 379,333 ounces of silver and 3,006 tons of copper. Likewise,
4,111,108 DMT of copper from Marcapunta Norte were processed,
recovering 1,652,220 ounces of silver, 23,482 ounces of gold, and
53,518 MT of copper.
The operation achieved a total processing volume of 4´405,145
DMT, representing an average daily processing of 12,069 DMT. The
accumulated production of fines during 2024 was 2’122,742 ounces
of silver, 23,482 ounces of gold, 1,985 MT of zinc, and 56,525 MT of
copper.
As of December 31, 2024, the proven-probable mineral reserves at Tajo
Norte - Smelter, (Cu-Ag) are 4’935,461 DMT, with 1.86 oz/t of silver and
2.13% of copper, representing 9’203,888 ounces of silver and 105,282
MT of copper. The proven-probable mineral reserves as of December
31, 2024 for Tajo Norte, (Zn-Pb-Ag area) are 1’766,329 DMT, with
4.06% Zn, 1.96% Pb and 4.04 oz/t silver, which means 71,801 MT of
zinc, 34,541 MT of lead and 7’143,826 ounces of silver; and the proven-
probable mineral reserves as of December 31, 2024 for Marcapunta
Norte are 74’650,886 DMT, with 0.02 oz/t gold, 1.22 % copper, 0.63
oz/t silver, which means 1’423,639 oz gold, 912,361 MT copper, and
47’038,166 ounces of silver.
OPERATIONS
El Brocal
District
Province
Altitude
Ownership
Tinyahuarco
Cerro de Pasco
4,300 m.a.s.l.
61.43% BVN
Operation
Extracts
Discovered By
Start Date
Tajo Norte –
Marcapunta Norte
Underground Mine
Zinc, lead, silver,
copper, and gold
SMEB
1956
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Additionally, as part of the infrastructure
for the ventilation system, 06 RB stacks
(522 m) were built in the southwest area
(03 for air intake), in the southwest 2 area
(01 for air intake) and in the southeast
area (02 for stale air extraction to replace
the Rb21).
Fourteen 60 kcfm fans were purchased
(as part of the improvements in the front
coverage) for secondary and auxiliary
ventilation, providing support for the
southeast and southwest areas.
In order to optimize post-blasting
ventilation time, reinforced sleeves have
been implemented, achieving a 60%
improvement in the extraction of stale air
after blasting.
With the implementation of these
projects, the overall coverage of the mine
was 120%.
Likewise, in order to reduce personnel
travel times, a canteen was built at level
4072 and, in order to maintain a better
air coverage in the new infrastructure,
02 RB stacks were built as part of the
improvement of the ventilation circuit.
On the other hand, to extend the useful life
of the Huachuacaja dam, the operation of
the hydraulic fill plant began in early 2024.
A Ramp Up was carried out for the supply
of materials, which started at 900 m3/
month and reached 41,327 m3/month,
managing to fill 325,337 m3 of hydraulic
fill by the end of the year.
Also, in accordance with the strategic
plan, the assembly and start-up of the
CHF (Cemented Hydraulic Fill) plant
was completed, its objective being to fill
primary pits that have already been mined
and move on to secondary mining in order
to recover pillars that cover the cost of
mining. As part of the testing process,
31,107 m3 were filled by the end of the year.
Mining continued towards the north and
south yards. Towards the south yard, the
average mining rate was 6,671 DMT/day,
with ore going directly to the industrial
area of Plant 01. Meanwhile, towards the
north pit, the average mining reached
4,932 DMT/day, sent to the mobile Trio
crusher.
As part of the explorations, 08 diamond
drilling rigs were used: 02 in the Colquijirca
pit, drilling 10,304 m (corresponding to
exploration), and 06 in the Marcapunta
Mine, drilling 54,975 m (21,929 m for
exploration and 33,056 m for confirmation
and recategorization) in the following
areas: Center, southwest 2 and southeast,
obtaining positive results.
Regarding the operations in Tajo Norte, in
March, the treatment of the balance of ore
extracted the previous year was completed.
Since 2010, in the underground mine, the
exploitation of the Marcapunta Norte deposit
(arsenical copper mantles) is carried out
with the sub level stoping method, leaving
pillars in place to ensure the stability of the
roof of the mined pits. This approach allows
for large-scale mechanized production at
reduced costs.
Similarly, its expansion plan continues
successfully, reaching peaks close to 12.5
ktspd by the end of 2024 and is preparing to
reach 13.0 ktspd by the end of 2025.
In the first quarter of 2024, the RP538S
connection to the Esperanza 2 Ramp
was completed, generating a second
connection between the southeast and
southwest. This allowed to separate
the inbound and outbound traffic lines
for dump trucks in the southwest and
southeast areas.
Midway through the second quarter, the
transportation of ore from the Marcapunta
mine to the south mine site was affected
(social issues) –without affecting
extraction– and was redirected to the
north yard, which did not affect the annual
balance.
294,037
tons of copper
The %Res. Zn and %Res. Cu
and zinc were
processed.
More copper fines and less zinc fines
were produced because the ore
performed better metallurgically as
copper concentrate.
Cu were affected by the presence
of excessive illite and kaolinite clays
(15%), as well as oxidized ore due to
being in the transitional phase.
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Regarding the Amendment to the Environmental Impact
Assessment for the expansion of the Silver Concentrator
Operations to 25,000 MT/DAY (MEIA 25K) 25K, during
May, the remediation report for the remarks to the
file was submitted and, in December, we finished
responding to the persistence of the remarks that
SENACE indicated as not absolved. It is expected that
this instrument will be approved by February 2025.
As for the Third Update of the Mine Closure Plan,
the report in response to the remarks to the file was
submitted. It is expected that it will be approved by
March 2025. Its main objective is to update the closure
schedule and free the contingency unit from closure
commitments.
Also, since 06.03.23 the Soil Decontamination Plan is
being evaluated by the DGAAM with an affected area of
173 ha and an estimated affected volume of 586,463 m3
(no response from the authority has been received yet).
On 11.02.2023 the proof of the payment made to DIGESA
was formally submitted to DGAAM. It is known that the
DGAAM has not yet appointed an evaluator and, in turn,
DIGESA has approved the document.
The enabling permits processed in 2024
are:
On August 19, 2024, the discharge
permit for the industrial wastewater
treatment plant (IWWTP) was obtained
with a flow rate of 710 l/s, approved
through D.R. 0125-2024-ANA-DCERH.
On July 12, 2024, the authorization to
discharge treated domestic wastewater
from the Huaraucaca DWWTP, with a
flow of 0.54 l/s, was renewed through
D.R. 0098-2024-ANA-DCERH.
On October 10, 2024, the Registry of
Water Sources for Human Consumption
of the Angascancha Lagoon’s surface
water for the water supply of the SMEB-
UM Colquijirca, Smelter and Huaraucaca
population centers was obtained
through D.R. 649-2024-GRP-GGR-
GRDS/DRS-DG.
On October 10, 2024, the Registry
of Water Sources for Human
Consumption for the Surface
Waters of the Turbined Waters
of the Jupayragra Hydroelectric
Plant for the water supply of the
SMEB-UM Colquijirca, Smelter
and Huaraucaca population
centers was obtained through D.R.
650-2024-GRP-GGR-GRDS/DRS-
DG.
On July 04, 2024, the authorization
to discharge treated domestic
wastewater from the Huaraucaca
DWWTP, with a flow of 0.54
l/s, was renewed through D.R.
0098-2024-ANA-DCERH.
APPROVAL OF ENVIRONMENTAL INSTRUMENTS AND PERMITS
Increased use and efficiency of
production equipment in the
mine, thanks to greater visibility
and reduced downtime, which
contributes to cost reduction.
Real-time decision-making.
In the annual balance sheet,
the increase in the level of
extraction went from 10.85 ktspd
(annual program) to 11.60 ktspd
(executed), using the same fleet.
Improved reliability, automatic
reporting and data analysis.
Main milestones
25,000
MT/DAY
(MEIA 25K)
during May
The expasion of the Silver
Concentrator Operations to
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No fatal accidents were recorded throughout the year,
and preventive controls were reviewed to minimize
the occurrence of accidents and incidents, achieving
an accident rate of 0.25 at the end of the year.
The following safety measures were implemented:
a) Critical-risk auditing activities.
b) Follow-up upon closure of corrective actions.
c) Development of recreational workshops for
supervisors and employees so as to reinforce safe
work.
We were able to improve the reporting of acts
and conditions with the “Chatbot” app, in order to
involve our employees in the reporting of dangerous
situations or unsafe behavior immediately.
As part of the visible leadership, weekly management
inspections were carried out with the participation
of management, superintendents and workers’
representatives, both from the company and
contractor companies, with the aim of making quality
remarks that contribute to the prevention of accidents
and incidents.
SAFETY
On 1Q 2024, the file for the Huaraucaca domestic
wastewater treatment plant (DWWTP) discharge, with
a flow of 1.08 l/s, was submitted. On October 10, 2024,
the remediations were submitted to the authority.
Approval is expected by the end of January 2025.
On December 17, 2024, the file for the Colquijirca
domestic wastewater treatment plant (DWWTP)
discharge was submitted. Approval is expected for
Augusto 2025.
Archaeological rescue project with excavations in the
Marcapunta archaeological site:
Directorial Resolution No. 406-2021-DGPA/MC,
dated November 3, 2022, authorized the amendment
to the execution schedule of the “Archaeological
Rescue Project with Excavations in the Marcapunta
Archaeological Site”, approved by Directorial
Resolution No. 220-2020-DGPA/MC, dated August 25,
2020, in the modality of archaeological rescue project
with archaeological excavations, located in the district
of Tinyahuarco, province and department of Pasco,
to be carried out in the Marcapunta Archaeological
Site, over a total area of 881,206.61 m2 (88.12 ha) and
a perimeter of 3,606.44 m, for a period of 16 months,
corresponding to 10 months of field work and 6
months of clerical work.
To date, this archaeological rescue has been carried out
in accordance with the development of the work plan of
field activities authorized by the Ministry of Culture, and
in compliance with the provisions of the aforementioned
Directorial Resolutions and the recommendations made by
the Supervision of the Decentralized Directorate of Culture of
Pasco. On January 26, 2024, the Ministry of Culture approved
the 1st suspension period: The suspension period ends on
April 30, 2024, and resumes on May 1, 2024, recognizing
4 months for field works and 6 months for clerical work
through D.R. 000230-2024-DCIA-DGPA-VMPCIC/MC dated
November 30, 2024.
On May 20, 2024, a second suspension period is requested,
which was approved through D.R. 000230-2024-DCIA-DGPA-
VMPCIC/MC dated November 30, 2024. As of this D.R., the
suspension period ends on November, 2024, resuming the
process on December 1, 2024 (4 months of field work and 6
months of clerical work).
Through an unnumbered letter sent to the Ministry of
Culture on December 2, 2024, (File 2024-0000178056), a 3rd
suspension of the PRA deadline was requested due to the
rainy season, considering April 1, 2025 as restart date. The
authority as given no response to date.
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During 2024, 64,370 m of diamond drilling were
executed, both on the surface and down the mine. At the
Marcapunta mine (UG), 37,940 meters of confirmation
and recategorization drillings were performed with the
purpose of replenishing resources mined throughout
the year and ensuring the certainty of the mineral
programmed in the pits of the Marcapunta Norte,
Marcapunta SW, and Marcapunta SE (underground)
areas. Regarding the exploration drilling, 16,126 meters
(103%) were drilled with the purpose of generating
new inferred resources in the areas of geological
potential such as: Marcapunta SE (longitudinal fault),
Unish, and CX Esperanza 3 (Bohorquez anomaly). In
the Colquijirca pit (OP), 5,476 m (68%) of confirmation
and recategorization holes were drilled from the
underground mine, with the purpose of carrying out
metallurgical surveys in stages 2 and 3, respectively.
Regarding the exploration holes, 4,828 m (107%) have
been drilled, oriented towards stage 1 of the Colquijirca
pit south expansion plan.
On May 14, the Huaraucaca community began a work
stoppage due to claims related to demands for greater
service opportunities, the main issue being the access to
work inside the mine through Marca Punta Sur. As these
demands were not accepted, the work stoppage was
lifted on June 6 and a dialogue table was installed. The
community representatives refused to sign the minutes,
closing the negotiation process and leaving this issue
pending for the next 2025-2026 administration.
With the exception of the Huaraucaca CC stoppage, the
social climate at SMEB operations, in 2024, has been
favorable with the communities directly and indirectly
influenced, which has facilitated the execution of
workshops and programmed activities without setbacks.
Likewise, we obtained community permits for the execution
of scheduled environmental monitoring, compliance with
mandatory commitments, and for the management of the
MEIA 25K.
We also acquired 2 houses in Old Smelter. Additionally, we
acquired 4 houses in the Lourdes neighborhood, in HCCA, in
the buffer zone of our process plant operations.
SOCIAL MATTERS
EXPLORATIONS
In 2024, the handover of the Smelter Health Center
to DIRESA Pasco was formalized.
Closure and remediation of the San Gregorio –
Vicco Peasant Community project: Agreements
were concluded with the Vicco community,
achieving the authorization for the execution of the
remediation works and closure of the pads of the
San Gregorio Project, which was formalized in the
communal assembly of July 21. The execution of the
works started in 2025.
In 2024, the land negotiation
process was resumed with the Santa
Rosa de Colquijirca community
for 545 hectares. On October 20,
the communal assembly approved
resuming negotiations with SMEB.
These agreements are expected to be
signed in 2025.
LAND PROCUREMENT
64,370
meters
of diamond drilling were
executed, both on the
surface and down the mine
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During 2024, the final cost estimate for
the project was completed, marking a key
milestone in its development. At the same
time, significant progress was made in
several essential areas that are essential for
its execution.
In terms of engineering, all works were
completed, consolidating the technical basis
of the project. The procurement process was
also completed, with 80% of the equipment
already on site, thus ensuring the timely
supply of essential components. Construction
reached an overall progress of 63%, with all
contractors operating on site. Particularly,
the transmission line reached a 62% progress,
advancing in line with the established plans.
SAN GABRIEL
At the same time, the operational
readiness experienced a significant
progress, the operations team being
formed and initiating the process of
transferring command. Likewise, the
commissioning team was formed and its
plan was completed, allowing the start
of the first tests in the first quarter of
2025. Thus, in 2025, efforts will be aimed
at completing commissioning during the
second quarter of the year, a fundamental
step to advance to the next stage: the
project start-up. With these milestones,
the commercial operation is projected
to begin by the end of the year, thus
consolidating the successful completion of
this key stage of the development.
The San Gabriel Project is characterized as an intermediate sulphidation
epithermal deposit, with significant concentrations of gold and lower values
copper and silver. This project is located in the province of General Sánchez
Cerro, in the Moquegua region.
Projects
Reserves
Excluding resources
14.9Mt with 4.04 g/t
of Au and 6.43 g/t Ag
representing
24.86Mt with 2.10 g/t
of Au and 8.46 g/t Ag
representing
1.94
1.7
MOz
of Au
MOz
of Au
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In 2024, we achieved the following progress:
Field works: All the field works were completed.
Laboratory: The second and final set of variability
tests was initiated.
Permits: The EIAd was submitted and the citizen
participation process was completed in two public
hearings.
Engineering: A 70% progress was made in the
design of the final access road to the project.
Land: We concluded agreements with the
communities for 75% of the easement of the high-
voltage transmission line.
In 2025, the second set of variability tests will be
completed and the engineering development will
begin with a view to updating the TRS in 2Q26.
Likewise, the file to obtain the operation permits
(CoB - PdM), which includes the start of the Prior
Consultation, will be submitted and the agreements
for the total transmission line easement will be
concluded.
By 2025, diamond drilling is scheduled to continue at the
infill drilling level, as well as to evaluate the initiation of the
pre-feasibility study.
TRAPICHE
COIMOLACHE
SULFUROS
The Trapiche Project is an oligocene porphyry
copper-molybdenum deposit located on the
southwest bank of the Andahuaylas-Yauri belt,
Antabamba province, Apurímac region.
The Coimolache Sulfuros Project consists of
a flotation plant for the treatment of copper
sulfides lying under the oxide ore of the
deposit.
In 2024, exploratory drilling continued at the
infill drilling level to increase the certainty
of the 10K underground case, with a total of
22,839 m of diamond drilling executed.
Also, the public registry of the purchase of the
60 hectares of land in the Tacamache area,
destined for the tailings dam, was carried out.
Reserves
Excluding resources
283.2Mt with 0.51%
Cu, representing
653.8Mt with 0.32 de
Cu, representing
1.4
2.1
Mt
leachable
Cu
Mt (float)
Cu
Mineral resources
8.08 gt/ Ag
735Mt
with 0.43% Cu, ,
0.19 g/t Au,
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CONENHUA is a company that belongs to
the Buenaventura Group (BVN). It has more
than 40 years of experience, specializing in
hydroelectric power generation and electric
transmission activities through authorizations
and concessions granted by the Ministry of
Energy and Mines. It also plays a key role in the
management of pre-feasibility and feasibility
studies and accompaniment in the execution
of electrical transmission system projects,
especially designed for BVN mining operations.
CONENHUA also provides operation and
maintenance services for BVN Electric
Transmission Systems, guaranteeing their
optimal operation and contributing to the
efficient development of BVN mining activities.
Currently, CONENHUA maintains several lines
of business that strengthen its position in the
energy sector, as well as its commitment to
sustainability and innovation.
1. ) Projects
and
Engineering
Yumpag
(EPCM)
San Gabriel
(Feasibility and BOOT Support)
Trapiche
(Feasibility)
Centralitas Huapa e Ingenio
(Hvca)
Huanza HEPP
Cajamarca
North-GoldMill
Tantahuatay
La Zanja
Tambomayo
Brocal
Uchucchacua
Río Seco
2 .O&M
Transmission
3. O&M
Generation
4.
Transmission
CONENHUA
Other Businesses
CONSORCIO ENERGÉTICO DE HUANCAVELICA
S.A.– CONENHUA (100% BVN)
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During 2024, CONENHUA continued with the execution of the following services:
Feasibility Study and EPCM of the “Paragsha II -
Uchucchacua (L-1123) to Yumpag Substation LT 138kV
Derivation” Project (contract in progress):
a. During 2024, the Project construction was partially
completed, achieving the implementation of the Yumpag
substation and making progress in the installation of the
towers in the BVN area. COES approved the Operational
Study of the aforementioned Project.
b. As a contingency plan, a feasibility study was prepared
taking into consideration the change in the route of the
138 kV transmission line from the Pomayaros Peasant
Community.
Feasibility study for the “220 kV transmission line from
the Chilota Substation to the San Gabriel Substation”
(completed):
During 2024, the activities foreseen in the execution
schedule of the service were concluded, achieving
the approval of the Semi-Detailed Environmental
Impact Assessment (EIA-sd) that allowed starting the
construction of the Project in mention.
Social and environmental accompaniment to the
Buenaventura BOOT (contract in progress):
a. During 2024, construction began for the L.T. 220 kV
Chilota Substation - San Gabriel Substation, CONENHUA
being in charge of project management, as well as social
and environmental accompaniment, with the purpose of
maintaining a social climate that allows for construction
in compliance with BVN principles.
b. The electricity project is owned by Consorcio
Transmantaro S.A. under the Electricity Transmission
Service Provision Contract –which has been developing
the construction– and CONENHUA participates as
specialized support in electricity for BVN under the BOOT
contract.
Feasibility study for the 220 kV transmission line from
the Cotaruse Substation to the Trapiche Substation”
(contract in progress):
Social management and closing of negotiations with
six peasant communities were completed in 2024,
in accordance with the defined roadmap. Likewise, a
feasibility study was prepared taking into consideration
the change in the route of the transmission line.
Within this sector and during 2024, CONENHUA
continued providing operating and maintenance
services of the transmission systems serving the
La Zanja, Coimolache, Uchucchacua, Procesadora
Industrial Río Seco, El Brocal, Julcani and
Tambomayo mining units.
PROJECTS AND ENGINEERING LINE OF BUSINESS.
OPERATION AND MAINTENANCE
BUSINESS LINE – TRANSMISSION.
1
2
6 peasant
communities
Social management and
closing of negotiations with
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In 2024, CONENHUA continued to prove its
commitment to sustainability by rigorously complying
with the environmental responsibilities established
in its certifications, both in power generation and
transmission. In the systems where it provides
operation services, it ensures compliance with
the environmental management instruments and
regulations in force. In addition, it maintains a solid
outreach with the communities and private owners in
the areas where it develops its activities, strengthening
trust and mutual collaboration.
In the context of the negotiation of the re-profiling of
the loan granted by Banco de Crédito del Perú (BCP)
for the Huanza Hydroelectric Power Plant, Pacific
Corporate Sustainability (PCS) prepared the first
Report for the qualification of the Green Loan. This
financial instrument is intended exclusively for projects
with clear environmental benefits and must be aligned
with the four principles of the Loan Market Association
(LMA): Use of resources, project evaluation and
selection process, fund management, and reporting.
PCS validated that the only project category eligible
under this initiative is “Renewable Energy – including
production, transmission, devices, and products”,
generating a positive impact on Sustainable
Development Objectives (SDO) 9: Industry, Innovation
and Infrastructure, and SDO 13: Climate Action.
This validation highlights the role of the Huanza
Hydroelectric Power Plant as a pioneer in the
energy sector through the use of innovative financial
instruments such as the Green Loan.
Also, by generating energy from renewable sources,
the Huanza Hydroelectric Power Plant received the
Renewable Energy Origin Verification Report issued
by AENOR. This report certifies that, from January
1 to December 31, 2023, 319,697 MWh of electricity
were generated from water sources.
This certification allowed Huanza to grant certificates
to the following Mining Units of the BVN Group.
In this industry, CONENHUA owns the generation
authorizations corresponding to the Huapa and
Ingenio hydroelectric power plants, located in the
Huancavelica region, with a total power generation
capacity of 11.25 GWh. This generation capacity
serves de Julcani Mining Unit exclusively.
CONENHUA also owns 100% of the shares of
Empresa de Generación Huanza S.A. (EMGHUANZA),
owner of the Huanza Hydroelectric Power Plant (100
MW), which generated 462.67 GWh during 2024.
During 2024, EMGHUANZA held supply contracts
with BVN. As for SOCIEDAD MINERA EL BROCAL, it
was its supplier until June 2024.
OPERATION AND MAINTENANCE
BUSINESS LINE – GENERATION.
SOCIAL AND ENVIRONMENTAL ASPECTS
3
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ENVIRONMENTAL
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FINANCIAL
STATEMENTS
ANNEXES
This achievement reinforces Buenaventura’s commitment to
sustainability and energy transition.
PCS congratulated CONENHUA for innovating in the energy sector
and advancing in projects that contribute directly to climate change
mitigation and sustainable development.
Furthermore, committed to the efficient use of water resources,
we have measured the water footprint at the Huanza Hydroelectric
Power Plant and have been implementing innovative projects to
reduce it.
We have implemented the reduction project called: “Energy
efficiency improvement of the Huanza Hydroelectric Power Plant
lighting network”, achieving energy savings of 169,670.11 kWh per
year, which is equivalent to a water consumption reduction of
2,840.59 m³ per year. In addition, the shared-value project: “Huantay
Agricultural and Livestock Project: Stage II – Planting alfalfa with
a sprinkler irrigation system” was implemented over 5 hectares of
the peasant community of Huanza, where a mechanized irrigation
system was implemented, optimizing the use of water and achieving
savings of 43,104.76 m³ per year.
Thanks to these efforts, in August 2024, we were awarded the
Blue Certificate, an important recognition granted by the National
Water Authority (ANA) that endorses our commitment to water
sustainability.
The economic outturn of CONENHUA, in
consolidated terms, has reported a total
operating income of US$ 53.03 M, an
operating profit of US$ 6.15 M, and a net
income after income tax of US$ 2.63 M.
ECONOMIC OUTTURN:
53.03 M
USD
In consolidated
terms, has reported
a total operating
income of
Soc. Minera el Brocal – Carhuamayo
138 kV
Minería La Zanja – Guadalupe 60 Kv
Procesadora Industrial Río Seco
Cia. de Minas Buenaventura –
Paragsha II 138 kV
El Brocal
La Zanja
Rio Seco
Uchucchacua
241,265
17,674
1,884
58,861
Certified energy
(MWh)
319,684 - 63%
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C
04
SUSTAINABILITY
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Our sustainability strategy is fully
integrated into our business strategy,
adding value to our company, to the
market, and to our stakeholders. This
strategy is based on the management
of Environmental, Social and
Corporate Governance (ESG) aspects,
which are not simply a trend, but
an essential part of our corporate
identity and culture. They represent
our essence and purpose.
At Buenaventura, we structure our
information based on our materiality
update, carried out in 2024. This
process was carried out with the active
participation of our internal and external
stakeholders and the support of the
consulting firm Responde, reaffirming
our commitment to transparency and
sustainable management.
This new assessment allowed
us to identify and prioritize ESG
(environmental, social and governance)
issues that have a substantial impact
on our operations and long-term value
creation. Thanks to this analysis, we were
able to strengthen strategic planning,
proactively manage risks, and report key
performance indicators aligned with our
stakeholders’ expectations and global
sustainability frameworks.
Compared to the previous assessment,
carried out in 2021, the 2024 materiality
update reaffirms our vision of a sustainable
and strategic business vision. The results
of this assessment identified 11 highly-
material topics: Four related to governance,
four social topics, and three related to
the environment, which are critical to
our sector and our company in particular.
For each of these topics, we have defined
goals, objectives, and action plans both
annual and medium-term, thus ensuring an
effective and timely management.
This process was validated by the
Sustainability Committee of the Board
of Directors, ensuring that the identified
priorities respond to the needs of
the business, the expectations of
our stakeholders, and global trends.
Updating our materiality is a key step in
reaffirming Buenaventura’s commitment to
sustainability and responsible development.
Sustainability
Strategy
OUR MATERIALITY
We manage sustainability based on clearly
defined ESG parameters, starting with our
corporate vision and in alignment with our
mission to generate maximum value for society,
the company and all our stakeholders.
We implement specific policies and actions in
key areas such as climate change adaptation,
the use of renewable energies, the promotion of
diversity and inclusion, as well as transparency
and corporate responsibility.
These initiatives allow us:
Be more efficient
Give visibility to our best sustainability
practices
Consolidate our market reputation.
Work under the shared social
responsibility approach.
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At Buenaventura, we consider Shared Social
Responsibility as a strategic approach to effectively
address social and environmental challenges, both
locally and globally. Our sustainability strategy is
based on the active collaboration with State and
society in order to promote sustainable and inclusive
development that benefits both the surrounding
communities and the country as a whole.
This commitment is reflected in specific policies and
actions in areas such as education, employment
generation, health, and environmental care. We work
together with local communities and the government
authorities to identify their needs and to contribute
to the improvement of their living conditions.
Our ESG approach goes beyond internal operations,
also involving suppliers and strategic allies in
this shared mission. We collaborate with clients,
suppliers and employees to consolidate an ESG
culture throughout the industry and to advance
towards the fulfillment of the UN Sustainable
Development Objectives (SDO).
Medium
High
High
FINANCIAL MATERIALITY (INTERNAL) (FROM OUTSIDE TO BVN)
IMPACT MATERIALITY (EXTERNAL FROM BVN TO THE STAKEHOLDERS)
A5. PProtection of Biodiversity
A7. Mine closure
A8. Adaptation and mitigation in
the face of climate change
SC2. Respect for Human Rights
SC1. Contribution to territorial and
local development
A3. Waste management
A6. Air quality
G9. Property security
SP4. Diversity, equity and inclusion
SP1. Health and safety
G4. Generation of economic value
G8. Permit planning and management
A1. Water management
SC4. Community outreach
SC3. Local services and employment
SP3. Well-being and working conditions
G3. Risk management
G1. Ethics and Business Conduct
A2. Tailings management
A4. Energy management
G2. Legal and regulatory compliance
G5. Corporate governance
G6. Supplier management
G7. Innovation and digital transformation*
SP2. Talent management
Likewise, we are firmly
committed to personal
development and the economic
progress of the country through
the generation of value.
Therefore, we work actively to
contribute to the fulfillment of
the United Nations 17 Sustainable
Development Objectives and their
goals for 2030. Our initiatives
are aligned with these goals,
contributing significantly to their
achievement whenever possible.
SHARED SOCIAL RESPONSIBILITY
A: Environmental
SP: Social-People
SC: Social-Communities
G: Governance
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In 2024, we reaffirmed our commitment to
respect and promote human rights, guided
by internationally accepted standards and
reflecting this commitment in our policies
and practices. We have a Code of Ethics and
Good Conduct, a Community Outreach Policy
and a Human Rights Policy, which express
our determination to respect and protect
fundamental rights.
We pay special attention to the right
of vulnerable populations, such as
indigenous peoples, women, and
children.
At the same time, our policy
addresses specific requirements
for our operations –including
employees, direct activities,
products and services– as well as for
our suppliers and business partners.
The purpose of this framework is
to identify, prevent, mitigate and
respond to the possible negative
consequences of our activities.
1
Understanding the
company dynamics and
the context of its main
operations.
Identification of
due diligence
gaps
4
Systematization of the
advances and action
plans for continuous
improvement.
Feedback and final
report
2
Prioritizing actions and resources based on a
social and human-rights risk map with field
evidence.
Risk
assessment
3
Participation
During 2023, we started our Human Rights Due
Diligence Process in order to identify gaps and
risks related to safety and health, labor conditions,
impacts on communities and the environment.
Based on the findings of this process, we will
continue to strengthen our performance in 2024,
aligning our actions with our Human Rights Policy
and Code of Ethics, and ensuring
that they are applied at all levels of
the company, including subsidiaries,
business partners, contractors and
suppliers.
Human Rights
Our declaration of commitment includes prevention and respect for
fundamental rights, such as:
The fight against human trafficking.
The eradication of forced labor and child labor.
The guarantee of freedom of association and the right to collective bargaining.
The promotion of equal pay and non-discrimination.
The protection of other fundamental rights.
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To ensure an integrated approach, we selected
one mining unit in each region that is key to
our country (north, south and center) in order
to develop a pilot of our due diligence process.
The units involved were El Brocal, Coimolache,
and Tambomayo, including stakeholders, such
as strategic suppliers, communities, civil society,
unions and local governments.
Although the initial scope did not include all
our suppliers, we promote good practices
among them. We require them to comply with
our comprehensive Supplier Code of Conduct,
which establishes the fundamental principles
that guide the conduct of those who collaborate
with us. In this way, we continue to strengthen
our responsible and sustainable management,
aligned with international standards and our
commitment to human rights.
We also strengthen our commitment to
sustainability and human rights by ensuring
that our supplier selection process
prioritizes those suppliers that
implement practices aligned with the
guidelines of our Code of Conduct. We
rigorously evaluate suppliers, urging
them to adhere to all established
guidelines and to show a genuine
commitment to these standards.
This commitment includes the
active promotion of Human Rights,
establishing specific requirements
based on the Universal Declaration of
Human Rights and the Conventions of
the International Labor Organization
(ILO). We seek to ensure that our
supply chains reflect the fundamental
values of respect, equity and
responsibility, thus contributing to
sustainable and ethical management
at all levels of our operation.
At the same time, we continue to strengthen
our Supplier Master to ensure their operational
and financial capacity, applying procedures to
terminate those that represent a risk. We also
conduct periodic performance appraisals that
include criteria such as safety, environment, social
responsibility, and labor relations. We report
these results to the suppliers and, if necessary,
we request improvement plans to ensure optimal
standards. These actions ensure compliance
with our rules of conduct and respect for the
communities in our areas of influence.
In 2024, we completed the review and
validation of our Due Diligence, aligning
it with the new Human Rights guidelines
published by the National Society of
Mining, Oil, and Energy in October of
the year under review. In 2025, we will
publish the first results of our guide.
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SUSTAINABILITY
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ENVIRONMENTAL
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FINANCIAL
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We are part of the S&P/BVL Peru General ESG Index, the first
sustainability index of the Peruvian stock market, which brings
together 17 companies with the best environmental, social and
corporate governance indicators, using the Dow Jones Sustainability
Index methodology.
Being included in this index reinforces our commitment to
promoting a responsible mining industry, oriented to the sustainable
development of the country, and to generating wellbeing and
opportunities for Peruvians.
An essential pillar of our human rights management is the comprehensive
approach we apply to the interaction, supervision and evaluation of both
public and private security forces. This approach is supported by clear
guidelines that ensure performance aligned with our values and respect for
the communities in our areas of influence:
We work with private security as an internal control mechanism in our
operations.
We engage with public security only when they are acting within the
framework of their legal responsibilities as an authority.
We supervise our security providers to ensure that they operate in
accordance with our rules of conduct, respecting local communities and
populations.
We have internal channels and an ethical whistleblower hotline to deal
with complaints related to security forces.
We conduct periodic audits and evaluations of our security providers,
verifying that their performance is consistent with our policies of
conduct towards the communities.
This approach allows us to guarantee responsible management committed
to human rights and the safety of all parties involved.
SECURITY FORCES
Acknowledgements
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PERFORMANCE
05
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SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
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The organization currently maintains
the Buenaventura Integrated System,
a tool that allows us to manage both
operational and support processes
from a Quality, Environmental and
Occupational Health and Safety
perspective, with the objective
of improving the efficiency of our
operations, ensuring product quality,
maximizing customer satisfaction and
managing our activities by preventing
environmental impacts and minimizing
risks to the health and safety of our
workers.
The SIB includes essential aspects, such
as our organizational structure, activity
planning, responsibilities, processes,
standards, procedures and resources
necessary to develop, implement,
evaluate and continuously improve
the performance of the Management
System.
The organization is committed to
proactively identifying and managing
risks in order to minimize negative
impacts and take advantage of
opportunities for improvement.
Effective risk management will support
the objectives of the organization,
improve decision making, and ensure
business continuity. In 2024, progress
was made in expanding the scope of
the risk management system and the
related policy was defined and approved
by the Board of Directors, including the
definition of risk appetite. Additionally,
we established the Risk Management
Committee formed by Buenaventura’s
senior management and chaired by
its General Manager. This Committee
meets monthly to review progresses in
risk management. Risk management is
also supervised by the Audit Committee
–composed of three independent
directors– to which relevant issues are
submitted periodically.
Buenaventura
Integrated System
(SIB)
We rely on international
standards such as ISO 9001
(Quality Management), ISO 14001
(Environmental Management)
and ISO 45001 (Occupational
Health and Safety Management).
These standards provide us
with a systematic framework
to ensure that our practices are
consistent with the best global
standards, enabling us to assess our
performance against internationally
accepted criteria.
RISK MANAGEMENT
We rely on international
standards such as ISO 9001
(Quality Management),
ISO 14001 (Environmental
Management) and ISO 45001
(Occupational Health and
Safety Management)
N
in
90
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SUSTAINABILITY
PERFORMANCE
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SOCIAL
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ENVIRONMENTAL
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In our supply-chain strategy we consider
environmental, social and governance
(ESG) criteria. Therefore, we focus on
identifying, selecting, evaluating, developing
and monitoring the performance of the
companies that are part of our supply
chain under compliance with applicable
regulations, transparent and honest business
management, preservation of health
and safety, respect for human rights, the
environment and communities through our
Supplier Code of Conduct.
We mainly conducted an analysis of our
supply chain expenses, linked to the
transportation of cargo to the mining units,
contracted directly by Buenaventura. The
table below shows the most representative
destinations:
2024
*Currency conversion factor: 1USD=S/3.7
Weight
(t)
Total Cost
(U$)
S/ / t
S/ / t-km
Tambomayo
Tantahuatay
Julcani
Orcopampa
Uchucchacua
Colqujirca
TOTAL
1,716
724
760
1,677
1,698
4,128
10,703
303,389
113,748
63,249
307,674
99,587
160,717
1,048,362
663
589
312
688
220
146
367
0.52
0.68
0,61
0.54
0.82
0.45
0.55
At Buenaventura, information security
is a fundamental pillar in our operations.
To ensure they are protected, we have
an Information and Communications
Technology (ICT) area that operates under an
integrated model focused on identification,
detection, protection, response and recovery
in the case of security incidents. Our team
proactively manages cyber risks and
prevents potential threats to our information
systems.
This team is led by the ICT Manager
and the ICT Infrastructure and Security
Department, who lead a specialized
team of internal analysts and technology
partners. Together, we work to guarantee
the availability, confidentiality and integrity
of the information and communications
infrastructure services we offer, ensuring
that our operations remain secure and
reliable at all times.
CYBERSECURITY
Supplier and contractor
management
1,048,362
USD
The total cost of our
supply-chain in 2024 is
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Document evaluation:
The documents submitted by our
suppliers are reviewed in detail to
analyze their accuracy and ensure a
fair selection of suppliers.
Score from 90.1%
to 100%
25.1% to 50%
A score below
25% is not
recommended
Score from
75.1% to 90%
Score from 50.1%
to 75%
The logistics area evaluates
supplier's continuity.
TYPE
A
TYPE
B
TYPE
C
TYPE
D
TYPE
E
By 2024, we had a total of 2,004 Tier 1 suppliers, of
which 116 were classified as critical, representing
80% of the total expenditure associated with
suppliers of this level.
At the same time, the company’s procurement
process for goods and services seeks to
continuously promote the best possible
practices provided by our suppliers; therefore,
we implemented various mechanisms to
ensure that our partners apply Environmental,
Social and Governance (ESG) criteria.
Also, we define critical suppliers as those that
supply us with inputs or services that are highly
necessary for the continuity of our operations
and the achievement of our objectives. And
we segment our suppliers of materials based
on the type of input they supply us with, as
follows: critical, strategic, regular and non-
regular.
We believe that the homologation process is
essential for the selection of suitable suppliers;
therefore, the logistics department prioritizes
those who have been properly approved
through the application of a homologation
questionnaire with ESG (environmental,
social and governance) questions carried out
by the certification company Bureau Veritas
based on ISO 9001:2015, ISO 14001:2015
and 45001:2018 standards. The steps of the
aforementioned process are:
Analysis of operating capacities:
We identify those suppliers that have
the appropriate operating, safety,
occupational health, environmental,
social responsibility and financial
support capabilities to work with our
company.
Planning
Improvement plans are implemented
with those suppliers with high
sustainability risk and we monitor
them periodically.
Evaluation
Our suppliers’ performance
is evaluated on an
annual basis, and the
grade obtained by each
supplier as a result of their
evaluation falls within the
following levels:
The supplier performance appraisal is done annually,
pursuant to the established procedure. The 2024
process will be completed during the first semester of
2025.
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Water PILLAR
Bioremediation Project: Mine closure covers using
native microorganisms - La Zanja
This project seeks to develop coverings from
mining and agro-industrial waste combined with
microorganisms to reduce infiltration and minimize
post-closure water treatment. Tests have shown
that vegetation and microorganisms can reduce
infiltration by 20% and improve the quality of surface
runoff.
In 2024, new pilot tests were initiated with coverings
that include sludge inoculated with sulfate-reducing
bacteria (SRB) to mitigate high sulfate concentrations
in infiltrations. In addition, tests were initiated
on geosynthetics to evaluate their long-term
effectiveness and determine if they require additional
drainage systems.
In 2025, the SRB and geosynthetic coverings will
continue to be evaluated, with results expected
by the end of the year. These studies will allow to
optimize the design of coverings and define effective
strategies to reduce the environmental impact in the
post-closure stage.
Reactive wetlands
As part of the sustainable closure objectives, we have
developed a passive acid water treatment project to
reduce reliance on long-term active treatments. The
lab-scale tests seek to identify the key variables for the
design and operation of these systems, considering both
the use of specialized microorganisms, such as sulfate-
reducing bacteria (SRB), and alternative solutions
without their application.
During 2024, tests were conducted in the biotechnology
laboratory of the La Zanja mining unit, where
microorganisms capable of reducing SRB acidity
and improving the quality of drainage from the DMI-
Turmalina were evaluated. The results obtained will
allow to define the parameters or variables for lab tests.
By 2025, a passive treatment system will be
implemented at the laboratory level to validate its
effectiveness. With the results obtained, the technology
will be adapted for its application in the already-built
Turmalina wetland, in order to consolidate a sustainable
solution for the treatment of acid waters by the mine
closure.
In 2024, we continued to promote
innovation in our company through
the Vice-Presidency of Projects
and Innovation, created in 2023, so
as to continue to drive innovative
projects within the organization.
We went ahead with our
Innovaventura program, which
promotes the participation of all our
employees to generate initiatives
that strengthen both our operations
and projects, while fostering the
development of a creative cutting-
edge culture. During 2024, the
portfolio of Innovaventura was
formed by 143 initiatives.
On the other hand, we
continued to develop a
culture of innovation:
In 2024, 24 innovation
articles were published
in PICSA, 350 employees
attended the different
spaces of the Mining
Innovation Hub of
Peru (of which we are
founding partners), and 22
employees participated in
the innovation workshop
held in Uchucchacua and
Yumpag.
As part of the Innovation
and Continuous
Improvement projects we
worked on throughout the
year, we can highlight the
following:
Innovation
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Digital Transformation PILLAR
Data Entry of the “Digital Data Collection” Geological
Mapping.
As part of the optimization of the geological mapping
process and the consolidation of the database,
the use of tablets equipped with advanced digital
tools was implemented, thus allowing for real-time
mapping, collection, storage and management of
geological information.
This project was implemented at the El Brocal and
Uchucchacua operations during 2024, obtaining
a robust and accessible database that allowed for
better decision making and increased productivity.
It is currently being implemented in the San Gabriel
mine.
This implementation at San Gabriel is expected to be
completed by 2025.
GIS Web Portal “Storing Structured Data”
This project is a corporate GIS platform that
standardizes and centralizes geological information
from operations and explorations, optimizing
workflows and improving decision-making.
It was started in 2020. During the first years,
work was done to define procedures and
workflows. In 2023, the first version of the
system was launched, initiating the testing
and improvement stage. In 2024, testing of the
GIS Web Portal continued, consolidating the
operation of the platform, which led to win the
Special Achievement in GIS (SAG) Award.
By 2025, the testing stages will be completed
and training will begin.
Yupay “Data Science Assisted Modeling”
Yupay –meaning “to count” in Quechua– is
a software developed in Python language
to automate the processes of modeling and
estimation of mineral resources. It works as an
application for automating tasks at different
stages of resource estimation, providing a
user-friendly interface that makes all resource
estimation processes repeatable, transparent,
and traceable.
During 2024, we worked
on developing the module
for automating the drilling
mesh simulation process,
pending the geometric
sensitivity analysis. In
addition, the copyright
registration was obtained
from Indecopi under item
00430-2024 for the Yupay
Estimation Module.
In 2025, artificial
intelligence technologies
–such as Deep Learning,
Data Mining, Machine
Learning, etc.– will
be implemented in
Geology and Exploration
information, which will
be available in the new
module called YupAI.
New Products PILLAR
Battery-Grade Manganese Sulfate Pilot Plant
– Río Seco
The objective is to develop high-quality
manganese sulfate (battery grade)
from the silver and lead concentrate
of the Uchucchacua mine through the
implementation of a 100 kg/day pilot plant.
During 2024, the process of obtaining
battery-grade manganese sulfate was
consolidated at the laboratory level, obtaining
a final product within the required technical
specifications. Pilot tests were initiated to
validate the scale-up of the results and to
supplement the information required for the
engineering development necessary for the
industrial implementation of the process,
which is projected to reach a production level
of 3,000 MT/year.
By 2025, we will complete the pilot stage
and will evaluate the need to move on to the
execution stage.
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CONTINUOUS IMPROVEMENT
EL BROCAL
Increase in Metallurgical Recovery of Copper
for Plant 01 and Plant 02.
In January of 2024, as part of the optimization
of this process, alternatives were evaluated on
the potential changes to the plant to increase
recovery. In April, industrial tests were carried
out with the new plant circuit configuration
and, since May, we were able to increase copper
recovery in a more sustained manner, reaching
an annual average between 85% and 87%. This
achievement allows us to set a target of 90%
for 2025.
Based on the results obtained at Plant 01, in
June of 2024, the copper recovery project
began at Plant 02. After months of tests and
adjustments, in December, a better copper
recovery was stabilized, achieving a recovery of
87.5% (Sep = 86.5%; Oct = 84.4%; Nov = 81.8%).
The target for 2025 is expected to be 90%.
COIMOLACHE
Upgrading dump trucks from 15 m3
to 26 m3
As part of the “Dump Truck
Capacity Upgrade” project, hauling
costs are expected to be reduced
by increasing productivity through
operating with a higher load
capacity This decision was based
on the fact that transportation
costs represent 40% of the total
cost at Coimolache and because of
a projected 35% reduction in ore
value (from 0.43 to 0.28 g/t Au).
Between August and December,
a pilot was carried out with six
26 m3 dump trucks. The $/t-km
indicator was reduced from 0.26 to
0.18 during the 2024 period, which
meant savings of $835,000 and
projected savings of $18.9 MM for
LOM 2025-2028.
LA ZANJA
Rehandling of Sector 3
The Sector 3 of the PAD was rehandled in order
to obtain 1,854 additional ounces of gold. As
a result of the plan extraction and releaching
process, 3681 ounces of gold were recovered
due to higher tonnage and grade.
This is equivalent to 198.5% more ounces of
gold.
ORCOPAMPA
Treatment of ore with grades of 2 to 3.3 gr/t of
Au
The Chipmo mine, producing 800 DMT/
day, faced the challenge of increasing sales,
improving efficiency or reducing costs in 2024.
An opportunity was identified to process low-
grade ore (<5 g/t of Au) from workings and
stockpiles.
After evaluation and metallurgical tests,
60,000 DMT were processed between July and
December of 2024, with an average grade of
3.07 g/t of gold. The result was an increase in
sales of USD 11.9 million and a cash flow of USD
7.8 million.
TAMBOMAYO
Pilots for new mining methods
The feasibility of a new mining method
(used in Nevada, USA) is examined:
Underhand Cut and Fill (UFC), due to the
poor quality of the type IVB-V rock in the
upper Tambomayo area.
At the same time, the project enabled the
development of a horizontal discharge
dump truck to unload the backfill directly
without the need for additional equipment
for backfill transportation, increasing
productivity and reducing costs. This
increased reserves by 62,000 MT with an
NSR of 275 USD/t.
Finally, given the type of soil, the support
method using spilling bars was introduced.
This method consists of injecting resin and/
or cement along with the installation of
self-drilling bolts (bolts with an internal
hole), improving self-support quality and
facilitating works executions.
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At Buenaventura, our human talent is key to the success and
sustainable growth of our operations. We value the effort,
knowledge, and innovation of our 15,984 team members,
including employees, subsidiaries, and contractors, who mainly
come from the regions where we operate. We also reaffirm
our commitment to their development, safety, and well-being,
strengthening both our organization and the communities to
which they belong.
Thus, our team is structured as follows:
2021
2021
Company
employees
Company
employees
Company
employees
2022
2022
2023
2023
Contractor-
company
employees
Contractor-
company
employees
Contractor-
company
employees
2024
2024
TOTAL
TOTAL
TOTAL
Officials
Employees
Workers
Executives
Employees
Workers
Tambomayo
Orcopampa
Coimolache
La Zanja
El Brocal
Uchucchacua
Yumpag
Julcani
Conenhua
Rio Seco
Lima
Others
San Gabriel
Molle Verde
536
496
736
18
18
3
306
386
191
73
668
426
109
188
76
77
256
44
136
22
521
438
661
25
11
6
532
430
689
32
18
44
645
823
961
342
2920
960
410
1018
69
189
104
144
4303
138
553
411
719
67
51
50
951
1209
1152
415
3588
1386
519
1206
145
266
360
188
4439
160
Permanent personnel:
Fixed-term personnel:
Composition of employees in mining operations:
Composition of employees in other type of operations:
Composition of employees in projects:
Composition of
our talent
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Diversity and inclusion are fundamental
pillars for Buenaventura; therefore, we strive
to implement practices that promote equal
opportunities, both in terms of gender and
nationality, ensuring an equitable environment
for men, women and people from different
backgrounds. Our current workforce is 99.9%
made up of Peruvians. We also promote gender
diversity, with women holding key positions
distributed as follows:
Indicator
Definition
% in 2024
1.Ratio of women to total workforce (as a % of total
workforce)
2. Percentage of women in all management positions,
including junior, middle and senior management (as a
% of total management positions).
3. Proportion of women in junior management
positions, i.e. first level of management (as a % of
total junior management positions).
4. Percentage of women in senior management
positions, i.e., at most two levels below the CEO
or comparable positions (as a % of total senior
management positions).
5. Percentage of women in STEM-related positions
(as a % of total STEM positions).
Ratio of women to total workforce, calculated as a
percentage of the total number of employees in the
organization.
Percentage of women in all management levels,
including junior, middle and senior management,
in relation to total management positions in the
organization.
Percentage of women in junior management
positions, which include first-line managers and the
lowest level within the management hierarchy, as a
% of total junior management positions.
Percentage of women in senior management
positions, defined as positions with a reporting line
at most two levels below the CEO, in relation to total
senior management positions.
Percentage of women in STEM (Science, Technology,
Engineering and Mathematics) related positions,
calculated as a percentage of total STEM positions
in the organization. Including positions such as
programmer, web developer, engineer, scientist,
physicist, among others.
8.6%
40%
21.1%
8.3%
17.2%
99.9%
made up of
Peruvians
Our current workforce is
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The compensation of our
employees is based on their
performance, experience
and level of responsibility.
We present the average of
our female-to-male pay ratio
indicators by job category for
2024*.
Salario por nivel - expresado en US$
Total number of new employees hired
Women
150k
100k
50k
0
200k
250k
300k
Men
Ratio (W vs M)
Executive Level
(Basic Salary)
Management Level
(Basic + others)
Management Level
(Basic Salary)
Management Level
(Basic + others)
Management Level
(Basic Salary)
Executive Level
(Basic + others)
148,453.33
147,573.33
88,533.33
60,053.33
36,026.67
247,413.33
157,466.67
0.94
0.94
0.92
0.92
0.85
0.85
160,000.00
96,000.00
70,533.33
42,320.00
262,453.33
*Currency conversion factor: 1USD=S/3.75
*Currency conversion factor: 1USD=S/3.75
2021
Indicator / Year
2022
2023
2024
Total number of new employees hired
Number of open positions filled by internal
candidates (internal hires)
Average hiring cost (US$)*
257
57
607
222
94
278
357
82
880
287
75
850
253
63
20
34
204
By gender
By age
Men
Under
30 years
of age
Older than
50 years
of age
Women
30-50
years old
NEW HIRES
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At Buenaventura, the well-being of
employees is essential to contribute to a
healthy work environment and is key to
strengthening the sustainability of the
company.
In 2024, significant efforts were made to
respond to the demands and needs that
arise in our reality, driven by generational
change, technological advances and new
challenges in physical, mental and social
well-being.
Welfare and
Benefits
TURNOVER RATE
2021
Indicator / Year
2022
2023
2024
Total employee turnover rate
Total employee voluntary turnover
rate
12.2
4.7
12.8
5
10.7
4.3
7.5
3.2
Total employee turnover rate
It is important to
note that there are 12
unions at Buenaventura
operations and
its subsidiaries,
representing 46% of
the workforce. Also,
the employees of
contractor companies
are represented by six
unions.
Older than 50 years of age
Under 30 years of age
30-50 years old
13.2%
86.8%
Men
Women
20%
4.1%
75.9%
In 2024, the new ABQ Recognition Program was
created to recognize and value the achievements and
contributions of employees within the company. The
program has been named in honor of our founder,
Alberto Benavides de la Quintana, who promoted
constant learning (A, for Aprendizaje in Spanish), a
commitment to the well-being (B, for Bienestar, in
Spanish) of our employees and our environment,
and the highest quality (Q) in our work and in all the
activities we undertake.
The ABQ Program will also recognize extra work,
overcoming challenges, a positive attitude and a
willingness to help others. These are qualities that we
value and admire in the company.
The recognition system is based on different vectors
aligned with the company strategy and culture.
Vector analysis has made it possible to identify
the first employees –approximately 50 people–
who will be recognized for their achievements and
contributions in 2024.
RECOGNITION OF
MANAGEMENT
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Work
Environment
and
Engagement
MEASUREMENT AND
MANAGEMENT OF THE WORK
ENVIRONMENT AND ENGAGEMENT
From October 1 to 30, the Work Environment and
Engagement survey was conducted, both in person and
virtually, among 5,538 employees of Buenaventura and
contractor companies, with a response rate of 98%.
Results were as follows:
WORK CONDITIONS AND WELLBEING
In 2024, we continued to improve working
and living conditions, carrying out two
quality assessments of the food services,
changing rooms, housing, recreational
areas, and toilets in terms of infrastructure,
comfort, cleanliness, safety and equipment
to identify opportunities for improvement
that will enable us to draw up an action
plan for each unit and service, as well as
guaranteeing a high standard of quality of
services and the living conditions provided
to our workers.
This year, a new technological service-
quality tool was implemented to automate
the process of collecting information,
generating reports on working conditions
in real time, following up on the
improvement opportunities detected,
and comparing current values with those
obtained previously.
Throughout the year, the
implementation of the medical center
in the San Gabriel unit was completed
and construction of one in Yumpag
began.
The health service has improved
significantly in El Brocal with the
launch of the clinical laboratory area,
as well as in all the Units with the
telemedicine service, which in 2024
responded to a total of 699 work
and non-work-related emergencies,
ensuring the quality of care with the
participation of medical specialists.
Likewise, in 2024, the physiotherapy
service in Julcani started operating,
and, together with those already
implemented in Uchucchacua,
Orcopampa and El Brocal, added up to
a total of 7,878 sessions, contributing
to a 20.6% reduction in absenteeism
rates for health reasons.
Lima
Company
65%
71%
86%
Mining Units
64%
69%
Contractors
61%
Lima
91%
Mining Units
70%
76%
66%
Response ratio
98%
Company
Contractors
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MENTAL HEALTH MANAGEMENT
MANAGEMENT
OF INTEGRATION,
RECREATION AND
CULTURE
In 2024, we continued
to promote positive
mental health with our
Cuenta Conmigo [Count
on Me] program, which
offers ongoing, unlimited,
free, and confidential
counseling and
psychological support.
This program is aimed
at employees of our
company, subsidiaries,
and contractors, as well as
their family members.
We have a staff of clinical
psychologists who carry
out in-person and virtual
activities.
We carried events for integration,
recreation, sports (championships),
culture, and festive activities.
We also celebrated birthdays,
Mother’s Day, Father’s Day, Labor
Day, Independence Day, Miners’ Day,
Christmas, New Year’s Day, customs
and traditions, among others. Our
employees were given special
lunches in the camp dining rooms,
accompanied by sports, cultural and
religious activities.
As in previous years, nine Christmas
chocolate parties were held in
December for more than 5400
children of employees under the
age of 12 in the cities of Arequipa,
Huancayo, Moquegua, Cajamarca and
in the communities of Ccochaccasa,
Orcopampa, Yanacancha (Pasco),
Colquijirca, and Oyón.
In 2024, we
strengthened our
mental health network
by implementing the
BVN Psychological
First Aid Manual
and expanding
our Buenaventura
Psychological First Aid
Brigade to more than
80 brigade members,
volunteer workers,
who were trained in
psychological first
aid with a focus on
prevention and timely
assistance.
In 2024, we achieved the following:
More than 980 personalized
psychological consultations were
provided, the main reasons for
consultation being stress, anxiety, and
personal, family and work problems.
In order to fulfill the preventive
educational work in the aspects that
most affect our employees and their
families, more than 300 educational
workshops were held with a participation
of 5533 people in face-to-face and virtual
workshops such as:
Prevention of alcoholism. Zero
tolerance (April)
Strategies to deal with financial stress
(June)
Dealing with work stress (August)
Life project and happiness (October)
Eight workshops aimed at raising
awareness regarding the value of the of
women at work
On the other hand,
occupancy and
infrastructure
conditions were
improved as follows:
Uchuchacua/Yumpag
– recreational areas
were implemented in
both units, and a gym
was implemented in
Yumpag.
El Brocal – a new
down-the-mine-
canteen was
inaugurated in
October, improving
infrastructure and
accessibility conditions
for workers, since it
has the capacity to
provide transported
lunch for 220 people.
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MANAGEMENT OF BENEFITS
HEALTH PROMOTION
AND PREVENTION
In 2024, we managed and strengthened our
corporate benefits, both those established
by law and the additional ones offered by the
company, with the aim of improving the well-
being and quality of life of our employees in
Lima and in the mining units.
We offer employment benefits and good
working conditions, as well as agreements/
alliances with institutions that provide access
to programs and preferential rates in health,
education, family recreation (theatre, hotels),
insurance plans, fuel, among others.
Our flexible benefits for city-office employees
include: flexible hours, remote working, a
day-off on birthdays, time-off to celebrate
children’s birthdays, team-building
afternoons and summer hours, a bonus for
the national holidays and Christmas a week
earlier than usual, among others. With regard
to our employees in the operations, we grant
leave for health reasons, exclusive hours
for birthday celebrations, leave for medical
In the operating units, we renewed our
strategic alliances with ESSALUD and the
Ministry of Health to carry out vaccination
campaigns aimed at employees of the company,
subsidiaries and contractors. Vaccines were
administered according to age groups, such as
pneumococcal, influenza, and tetanus, among
others.
Preventive educational sessions were held on
health issues such as the prevention of prostate
and colon cancer, obesity, respiratory diseases,
the importance of vaccination, and preventive
medical check-ups, among others.
Information on the EPS programs Cuídate (Take
Care of Yourself), Cuidado de la Columna (Spine
Care), and Enfermedades Crónicas (Chronic
Diseases) was also reinforced.
therapies, time to access free psychological
counseling offices, payment of National
Holidays and Christmas bonuses one week
before the usual date, time-off to attend
health campaigns (vaccinations, screenings,
check-ups) and other additional flexible
benefits included in the union agreements for
employees and workers (leave for medical
appointments with no discount and with per
diem expenses), personal loans. Our women-
focused approach supports pregnant and
breastfeeding mothers, allowing flexibility for
remote working or paid leave if the health of
the child or mother so requires.
We publicize the agreements through
corporate releases and informative talks
for our employees, which, in 2024, were
attended by more than 600 people,
addressing key issues such as:
Mandatory Life Insurance
and Supplementary
Insurance for Hazardous
Work – SCTR (October).
EPS (healthcare service
provider) policy renewal
(November).
In-person activation and
press release from the
EPS virtual medical center
(April).
Press releases about EPS
programs: Cuídate (Take
Care of Yourself), Cuidado
de la Columna (Spine Care),
and Enfermedades Crónicas
(Chronic Diseases).
Insurance for parents:
AUNA and Clínica Ricardo
Palma (July)
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INFORMATION AND ADVICE TO
EMPLOYEES
In 2024, we continued to provide comprehensive care and guidance through:
New regulations on
withdrawals from
pension funds (AFP)
(May).
AFP in your current
fund, pension
contribution gaps (July).
Law on the
Modernization of the
Peruvian Pension Fund
System.
Support for health cases nationwide
for employees, former employees,
third parties (communities) aimed
at self-care and empowerment.
Timely social assistance to
employees on personal, family, work,
insurance, and leave issues, among
others.
As part of the Pon tu Mirada en el
futuro (Look to the Future) Program,
personalized retirement and pension
advice was provided and educational
workshops were held to meet the needs
of our people, reaching more than 800
workers:
Training and
Development
The training and development of our employees
is fundamental for the sustainable growth of the
company and the strengthening of our human
capital. During 2024, we provided a total of
approximately 882,500 hours of training, focused
on key topics such as occupational health and
safety, basic induction, technical skills development,
leadership, sustainability, and business
management.
Average man-
hours
Programs
Number of
people
US$/
person
Management Competency
Programs
Technical Competency
Programs
Training programs –
Operators
Mandatory training programs
91
22
88
53
69
340
36
15,984
1,757$
260$
3,716$
41$
882,500
hours
of training
We provided a total
of approximately
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Through employee development programs, we promote the continuous improvement of
their skills, aligning their competencies with the strategic needs of the organization.
Programs
Programs
Training
Description
Target Group
Frequency
Management
Competency
Programs
Technical
Competency
Programs
Training
programs –
Operators
Mandatory
training
programs
Management by
objectives
Evaluation of
competencies
Feedback
process
Two specialization programs, where
60 employees were trained, were
conducted. Furthermore, 12 coaching
programs for officials and executives
of the company were conducted.
There were 49 external training
sessions, including specialization
courses, symposiums, conferences,
and competency development
workshops.
Three training and mandatory
certification programs were
conducted for the operators of the
Uchucchacua and Yumpag units.
A total of 853,606 hours of
mandatory training were provided to
the employees of our company and
contractor companies affiliated with
our units.
We implemented performance
appraisal processes that help us
identify opportunities for individual and
organizational growth, recognizing the
effort and excellency of our talent.
This is the process of appraising the
fulfillment of cross-company objectives
and functional objectives for the
employee, and it applies to all the
executives of the company.
This is the process of evaluating the
competencies of operating personnel
when carrying out their duties. This
process applies to workers and
employees of the company.
It is the process of providing feedback
on the development of competencies
by employees. This applies to all BVN
personnel.
Employees at the executive level
and officials in key positions of the
company.
Open to the executive employees
of the company. Participants were
chosen based on the impact of
their roles in the company and the
workforce per unit, totaling 334
people including employees and
executives.
Open to technical employees and
workers of the company.
Thirty-six people able to
handle heavy equipment in the
Uchuchacua and Yumpag units
were selected.
Open to all company employees,
from management level to labor
personnel.
Once a year
Once a year
Once a year
PERFORMANCE APPRAISAL
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Health and
safety
Safety is part of core the values of Cia. de Minas
Buenaventura as a company and, therefore, a fundamental
pillar in the goal of maintaining a safe and sustainable
production culture.
During 2024, we strengthened our actions based on
a preventive approach within safety management,
implementing innovative strategies and systematic
processes based on two lines of action:
Critical Risk Management
Pact for Life
which ensure a safe, healthy and efficient work
environment.
The first course of action, “Critical
Risk Management”, is intended for
corporate managers from operating
and administrative areas, who know
the technical side of the processes best.
A course of action for engineering-type
controls is defined for each risk.
The second course of action, “Pact
for Life”, focuses on promoting a safe
behavior at work through experiential
interventions, conveying the message
of arriving home safe and sound while
thinking of your family waiting for you.
These two courses of action are
based on the following four actions:
Participatory Safety, Safety as part of
the operational process, Engineering-
Psychology Balance and Efficient
Operational Controls.
COURSE OF ACTION 1: Critical Risk Management
SAFETY AS PART OF THE OPERATIONAL PROCESS
EFFICIENT OPERATIONAL CONTROLS
PARTICIPATORY SAFETY
ENGINEERING–PSYCHOLOGY BALANCE
COURSE OF ACTION 2: Pact for Life
The main initiatives include:
Control of Low-Severity
High-Frequency (BSAF, in
Spanish) events, through
action plans focused on
the main occupational
exposures.
Critical Risk Management
Committees, which have
been defined for the 11
identified risks and are led
by corporate operating
officers.
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The following tables provide specific information
on health and safety management in our units:
Uchucchacua, Julcani, Orcopampa, Tambomayo,
Brocal, La Zanja, Tantahuatay, Yumpag, Trapiche,
and San Gabriel, reaffirming our commitment to the
comprehensive care of our equipment and continuous
improvement in all our operations.
It is with great sadness that we report that, on July 28, an
unfortunate accident occurred at our San Gabriel Project,
where an employee of Mas Errázuriz was injured and,
unfortunately, died days later, after being admitted to a
medical center where he received all the necessary care.
As a result, we strengthened our control measures
for activities involving the interaction between floor
personnel and mobile equipment.
These events require us to deploy greater efforts and to
effectively implement resources to transfer and monitor
compliance with our safety policy and standards among
suppliers and contractors.
The Lost Time Injury Frequency Rate (LTIFR) indicator for employees
shows a significant reduction between 2023 and 2024, going from
8.4 in 2023 to 4.3 in 2024, which means that the lost time injury
rate decreased by almost 49%.
The Lost Time Injury Frequency Rate (LTIFR) indicator for
contractors shows a significant reduction between 2023 and 2024,
going from 2.8 in 2023 to 2.3 in 2024, which means that the lost
time injury rate decreased by almost 18%.
This decrease reflects a positive improvement and progress
towards a safer working environment, and we are committed to
continuing to improve safety strategies with a focus on accident
prevention and control.
2021
Fatalities
Lost Time Injury Frequency Rate (LTIFR)
Total Recordable Injury Frequency Rate (TRIFR)
2022
2023
2024
Employees
Contractors
14.8
10.7
12.8
9.9
18.64
8.26
13.2
7.0
2021
2023
2024
2022
1
1
3
2021
2023
2022
2024
2.8
2.7
2.3
3.1
8.4
4.8
4.3
5.7
49%
injury rate
decreased
by almost
The lost time
Contractors
Contractors
Employees
Employees
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The Total Recordable Injury Frequency Rate
(TRIFR) indicator for employees has decreased
significantly between 2023 and 2024, going from
18.64 to 13.20. This reflects a reduction of 29.2%.
For contractors, the Total Recordable Injury
Frequency Rate (TRIFR) indicator has decreased
from 8.26 in 2023 to 7 in 2024, reflecting an
improvement in workplace safety performance.
This means that the TRIFR decreased by
approximately 15.26%.
This decrease reflects a positive improvement and
progress towards a safer working environment,
and we are committed to continuing to improve
safety strategies with a focus on accident
prevention and control.
During 2024, we had 18 high-potential
events, the same as in 2023, which
reinforces our commitment to improve
our strategy based on a preventive
approach.
Finally, it is important to emphasize that the value of Security has a very noble objective:
to protect the integrity of our people and the well-being of their families. In this sense, the
ultimate goal is not statistics, operational controls, rules or procedures; but Human Life. It is
this higher purpose that drives us as a company to strive every day to achieve it.
Level 1 Process Safety Events(*)
(*) High-potential Events
Improvements in the health service of the following
mining units and projects:
It is worth pointing out that the new
projects will include:
The classification of injuries based
on the concept of incident as
defined in Peruvian legislation and
applying the ICMM criteria.
Critical risk management will be
enhanced through the concept of
layered risk management.
Full deployment of the
consequence management
approach to reinforce positive
behaviors and modify negative
behaviors.
Orcopampa Mining Unit
Update of the digital
infrastructure:
replacement of 8 desktop
computers and 1 laptop.
Implementation of
ophthalmology, dentistry
and pediatrics campaigns.
Uchucchacua Mining Unit
Reactivation of the dentistry
service.
Implementation of
health campaigns in
gastroenterology,
ophthalmology, and urology.
Remodeling of the
laboratory area and
women’s restroom.
San Gabriel Project
Increase in personnel:
addition of 2 nurses and 1
paramedic.
Purchase of
medical equipment:
electrocardiograph and
renovation of computer
equipment.
1100
370
170
Benefiting:
Benefiting:
Benefiting:
employees
employees
employees
2021
2023
2024
2022
5
4
10
8
13
14
24
10
Employees
Contractors
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07
SOCIAL
MANAGEMENT
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At Buenaventura, we focus our efforts on
creating shared value and contributing to
the development of the communities where
we operate. This is because we recognize
the social impact of our activities and firmly
believe in the importance of promoting
sustainable local development. In this sense,
our management is structured around four
pillars:
Identification of affected
communities and stakeholders:
We made sure to identify the
communities and stakeholders that
could be positively or negatively
impacted by our operations.
This process includes a detailed
mapping of stakeholders and an
assessment of social relations in
the area of influence to establish
direct and effective communication
with all those involved.
At Buenaventura, we maintain a policy of open
doors and constant communication to inform
and clarify doubts about our operations and
performance. We actively participate in the
sociocultural expressions of local communities,
fostering trust and ensuring the effectiveness
of social investment projects dedicated to local
development.
At Buenaventura, we are deeply committed to transparency, respect
and constant dialogue with the communities in our areas of influence.
We recognize the importance of building relationships based on
mutual trust and respect for the rights of all stakeholders. Based on
our community relations policy, the Social Incidents Procedure and
the information included in the Environmental Impact Assessments,
we cover the following aspects:
Outreach and
communications
COMMUNITY CONSULTATION FRAMEWORK
Stakeholder engagement
plan: We implemented a
structured engagement plan
that promotes constant
dialogue. This plan includes
regular meetings, workshops
and participatory activities that
strengthen the relationship
with the communities. We
also adapted our strategies to
ensure that they are culturally
relevant and understandable to
all.
1
2
Outreach and
communications
Infrastructure
Boosting of the
local economy
Human
Development
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Access to relevant information:
We provide clear and accessible
information about our operations,
projects and potential impacts. This is
done through various channels such
as our Permanent Information Offices,
workshops, banners, local radio stations,
and newsletters (Willaspa and Conexión
Social), through which our social activities
and, in some cases, mitigating actions
are disseminated in the appropriate
languages and formats for each
community.
We also maintain regular communication
with communities and other
stakeholders, informing them about
the progress of projects, the measures
implemented in response to their
concerns and the results achieved. These
reports are tailored to the local context
and seek to strengthen mutual trust and
relationships with stakeholders.
Voicing opinions and concerns:
We provide spaces for communities
to voice their concerns regarding
operational risks, environmental
impact, cultural heritage
preservation, and mitigation
measures. These consultations are
documented in visitor logs at our
Permanent Information Offices and
are used to improve our operations
and management plans.
Grievance mechanisms:
At our Permanent Information
Offices, open Monday through
Friday from 8 a.m. to 5 p.m., we
provide information and receive any
concerns, complaints, or grievances
from the community. Our Social
Incidents Procedure establishes
an internal mechanism to ensure a
timely and effective response to such
complaints or grievances.
It is important to emphasize that this
framework for consultation is applied
at all times, even when we work with
indigenous communities. We make sure to
understand the local context, promote their
participation based on the principles of free,
prior, and informed consent, protect their
cultural heritage from potential negative
impacts, and provide accessible mechanisms
for them to express their concerns, thus
fostering mutual trust and sustainable
development.
3
4
5
Identification of
affected communities
and stakeholders
Stakeholder
engagement plan
Access to relevant
information
Voicing opinions and
concerns
Grievance
mechanisms
1
2
3
4
5
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APPROACH TO SOCIAL IMPACT
We recognize that our mining activities
transform finite natural capital into other
forms of capital. Therefore, we implement
strategies that promote sustainable
development in the remote communities
where we operate, ensuring that, after a mine
closes, local populations have viable and long-
lasting economic alternatives.
Social baseline studies:
As part of our environmental impact
assessments, we conduct detailed studies
to understand the social and economic
conditions of communities before initiating
any project.
Mine closure planning before project
development: From the early stages of
project design, we incorporate closure
plans aligned with local regulations and
international best practices. This proactive
approach ensures that the affected areas are
remediated and sustainably repurposed.
Local capacity building during mining
operations: We promote programs
that strengthen the technical, non-
mining productive, and organizational
capacities of communities, fostering
entrepreneurship and employability
through productive development
initiatives such as the PRA Buenaventura,
strategic alliances, and specialized
technical training.
Assessment of social closure impact in
the pre-closure stage: As we approach
the closure phase, we carefully evaluate
potential social impacts, adjusting our
plans to mitigate risks and ensure a
smooth transition for communities.
Social closure plan: In our social closure
plans, we focus on guaranteeing a
responsible and harmonious transition
from operation to closure, always
prioritizing sustainable development
and the well-being of the communities.
During the operations, we implement
training programs that not only enhance
skills in mining activities but also promote
diversification into non-mining activities,
expanding future opportunities. In the
closure phase, we ensure the continuity
of key initiatives, such as promoting
local employment, maintaining open and
constant communication, and procuring
goods and services according to the needs
of closure activities. With these actions,
we reaffirm our commitment to leaving
a positive legacy that goes beyond the
end of our operations, strengthening
the capacities and the social fabric of
communities for sustainable development.
This approach reflects our dedication
to sustainability and the creation
of shared value, ensuring that our
operations serve as a driver of positive
development in the regions where we
operate.
During the operations,
we implement training
programs that not only
enhance skills in mining
activities but also promote
diversification into non-
mining activities, expanding
future opportunities.
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IMPLEMENTATION OF MINE CLOSURE PLANS
At Buenaventura, we implement mine
closure plans from the feasibility stage,
ensuring environmental rehabilitation and
the sustainable use of land. This planning
is essential to minimize environmental
and social impacts, promote sustainability,
and strengthen relationships with local
communities.
Incorporating successful closure from the
feasibility stage: We integrate clear closure
objectives from the early design stages of
new mining projects. This includes planning
for physical, geochemical, and hydrological
stability, as well as designing land for
sustainable future uses.
Closure plan reviews with local
stakeholders: We maintain an ongoing
consultation process with stakeholders,
including local communities and authorities,
whenever events such as permit changes,
mining expansions, or environmental
impact assessment (EIA) reviews make it
necessary to update the closure plan. This
process is documented in the modified closure
plans, ensuring that the expectations of key
stakeholders are included.
Measurable performance goals developed
with relevant stakeholders: Our closure
plans include specific and measurable
objectives in key areas such as mine design,
labor relations, socioeconomic development,
land rehabilitation and subsequent use,
and biodiversity. These goals are defined
in collaboration with communities, local
governments, and other stakeholders,
ensuring a sustainable positive impact.
Integration of concurrent rehabilitation
during operations: During mining operations,
we implement concurrent rehabilitation
measures to reduce long-term closure
liabilities. Examples include organic
material management and the progressive
revegetation of impacted areas, actions that
are detailed in their respective environmental
management and closure plans.
It is worth noting that, during
2024, two administrative
measures were applied to
operating units that went
through the first two stages of
the prior consultation process:
Identification of the measure
and identification of indigenous
peoples. In both cases, the
competent authority determined
the absence of indigenous or
native peoples in the areas of
influence, representing 0% of the
total units subject to consultation.
We remain committed to dialogue
and transparency with the
communities where we operate,
ensuring that, if consultation
processes are required in the
future, they will be conducted in
an open, participatory manner,
fully complying with all applicable
regulations.
Some examples of initiatives
implemented in 2024 include:
at the Permanent Information
Offices (OIP, in Spanish) in the areas
of influence of our mining units.
to households.
to our operations.
of the Willaspa (“to communicate”
in Quechua) newsletter, published
in both print and digital formats.
5,373
1,331
34
52
consultations
door-to-door
visits
guided visits
editions
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The generation of formal employment and the
hiring of local businesses are key drivers for
stimulating the local economy, fostering knowledge,
and strengthening production, so as to empower
communities to take an active role in their own
development.
In line with this commitment, in 2024, 64% of our
workforce came from the regions and communities
within our area of influence. Additionally, we have
procured goods and services from local companies
for more than US$ 239,879,621.45 million across all
the regions where we operate.
Through our Local Employment System (SEL,
in Spanish), we actively promote the hiring of
personnel from nearby communities, ensuring
a fair process coordinated with local authorities
and our contractors. We also provide training
programs designed to teach unemployed individuals
the necessary skills to competently and safely
participate in our operations. This approach
reinforces our commitment to sustainable
development and the empowerment of our
surrounding communities.
Our productive development and commercial integration program seek
to improve the quality of life for families in the communities near our
operations. Through this initiative, we promote sustainable economic
opportunities in six regions of the country, by means of Economic Service
Centers (CSE, in Spanish), which, in 2024, benefited 1009 producers from
communities located between 2,800 and 4,600 meters above sea level.
The program is structured around four key courses of action:
1
2
Boosting of the
local economy
PRA Buenaventura:
Capacity building:
We trained the producers
in productive management,
business management
and associativity in order
to generate competitive
and sustainable
entrepreneurships.
Market-oriented
approach:
We identify productive
activities with market
potential, tailored to the
characteristics of each
community.
64%
regions and
communities
of our workforce
came from the
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Between 2014 and 2024, the key
results include:
in sales
generated
in leveraged funds and
accumulated credits
Benefit ratio (sales to direct
program cost) of 4.84. This means
that, for every dollar invested by
Buenaventura, we have generated
a profit of
98
4.84
projects
dollars
24,149,118
6,331,652
USD
USD
1,454,407 workdays
These achievements
reflect our commitment
to sustainable economic
development by boosting
productivity and promoting
the commercial integration
of the communities within
our area of influence.
accumulated
3
Commercial integration:
We facilitated
integration to more
and better markets,
creating bonds of trust
between producers and
companies.
UCHUCCHACUA
LIMA AND PASCO
Districts: Oyón and
Yanahuarca.
SAN GABRIEL
MOQUEGUA
District: Ichuña.
TRAPICHE
APURÍMAC
District: Juan Espinoza
Medrano.
JULCANI
HUANCAVELICA
Districts: Ccachaccasa
and Lincay.
ORCOPAMPA
AREQUIPA
Districts: Orcopampa
and Chilcaymarca.
TAMBOMAYO
AREQUIPA
Districts: Tapay,
Caylloma and Lari.
4
Complementary financing:
We promote access to
reimbursable and non-
reimbursable funds that
contribute to business
improvement.
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Infrastructure
We recognize the State efforts to
reduce infrastructure gaps across the
country. Therefore, we collaborate with
local and regional governments in our
areas of influence through the financing
of studies, project execution, and using
the works for taxes mechanism.
In 2024, we completed the execution of
two irrigation projects directly carried
out by Buenaventura – San Gabriel
Project to support water resource
development in the communities of
Centro Ichuña and Miraflores, with a
total investment of US$ 65,000.
Additionally, we began the physical
execution stage of three key projects
under the works for taxes mechanism:
On the other hand, we have completed
the technical dossiers for two riverbank
protection projects to safeguard the
communities of Yunga, Exchaje, and La
Pampilla in the district of Yunga. We have
initiated negotiations with the central
government, in coordination with the
Municipality of Yunga, to secure funding for
these projects, with a total investment of
US$ 3.5 million. These projects will protect
314 hectares of farmland and benefit
a population of 280 residents in these
communities.
In 2024, through collaboration agreements
with various municipalities, we have also
started to draw up additional technical
dossiers, including:
Construction of roads and
sidewalks on 21 streets in
Antabamba, with a total
investment of US$ 8.7 million. This
project will pave 6.6 kilometers of
roads and benefit
Construction of the water and
sanitation system for the Tahona
Alta community in Hualgayoc, with
an investment of US$ 1.2 million,
benefiting
Construction of the Chugur
Educational Institution, with
an investment of US$ 1 million,
benefiting
This project is set to begin
construction in 2025.
3164
320
1600
residents.
residents.
residents.
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It should be noted that, in 2024, the San
Gabriel Project began managing a significant
portfolio of 24 social projects, with an
estimated investment of US$ 2.6 million in
areas such as irrigation, roads, sanitation,
productive initiatives, and cultural projects.
These projects aim to benefit communities in
the Ichuña district as well as the districts of
Yunga, Lloque, and Chojata, with the majority
expected to be implemented in 2025.
Education is one of the fundamental
pillars for human development.
We understand that a single class session
is not enough to develop educational
skills. Therefore, our strategy includes:
Human
Development
Road from Mollebamba to
Chunchumayo, in the district of
Juan Espinoza Medrano. This is a
project highly anticipated by the
local population and will involve
the construction of a 55 km road,
connecting the province of Antabamba
with regional roads in Apurímac and
Arequipa. It will also provide necessary
access for the future Trapiche mine,
serving as an example of shared-value
investment that will benefit over
1,700
396
16,500
residents.
residents
Improvement of the Oyón
Health Center, which will
benefit over
of this province and the Oyón
health micro-network.
Improvement of the water and
sanitation system in Tapay,
benefiting
of this locality.
Additionally, we have supported the
maintenance and improvement of over
430 kilometers of access roads in our
areas of influence, positively impacting
an estimated 27,000 residents.
Teacher-training
workshops
Workshops with
parents
Personalized
mentoring
Demonstration
and group
sessions
Activities adapted to
the specific needs of
each context
residents
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In 2024, we had a positive impact in four regions
(Lima, Pasco, Huancavelica, and Arequipa) as
follows:
Impact in 4 regions
161
03
1621
04
36
10
08
teachers
trained
sessions
students
impacted
workshops
schools
benefited
workshops
training
seminars
per teacher
pedagogical
support
mentoring
with parents
on information
and
communication
technology (ICT)
support
Additionally, we continued
managing our technical and
university scholarship funding
program for young people from the
communities of Oyo Oyo, Corire,
Huachus, and Rabí, supporting
72 scholarship recipients in 2024
through the following components:
Furthermore, we continue funding
scholarships for 39 additional
young students from our areas of
influence in Coimolache and the
Trapiche Project, bringing the total
number of scholarship recipients
supported by Buenaventura to 111.
These actions reflect our
commitment to strengthening
education, ensuring a lasting
impact on the skills of teachers,
students, and families in our areas
of influence.
As a result, in 2024 we achieved the
following outcomes:
ranked in the top third of their class.
requiring pre-professional
internships successfully entered the
workforce.
of scholars remained in the
program, preventing involuntary
withdrawals or dropouts.
47
96
100
%
%
%
111
students
Bringing the total
number of scholarship
recipients supported by
Buenaventura to
Academic fund
administration
Academic
support
Psychological
counseling
Employment
insertion support
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Contributions
and donations
During 2024, Buenaventura reaffirmed
its commitment to the development of its
areas of influence through donations and
strategic social investments, focusing on
health, education, and infrastructure.
Of the 32 projects managed in 2024: 02
projects were completed, 07 projects
entered the execution stage, 10 projects
completed technical files,
04 projects began studies, and 09
projects are in preliminary stages before
the start of studies or execution.
This portfolio of projects will benefit over
50,000 people.
The total value of these initiatives
amounts to US$ 67.7 million, of
which: US$ 9 million corresponds to a
contribution from Buenaventura, and US$
8.3 million to an investment reimbursable
through works for taxes credits.
These projects are distributed across
nine sectors (education, health, irrigation,
roads and sidewalks, sanitation,
protection, production, cultural, and road
infrastructure). Among them, 24% focus
on irrigation and sanitation, highlighting
our priority in supporting local water
management.
In addition to these projects, we have
continued to promote the three corporate
programs for productive development (PRA
Buenaventura), teacher training programs
for schools in our areas of influence,
scholarship funding for technical and
higher education for young people in our
communities.
24%
irrigation and
sanitation
These projects are
distributed across nine
sectors, Among them,
focus on
Areas of influence
32
50,000
03
projects
people
corporate
programs
67.7 million
USD
The total value of
these iniciatives
amounts to
for productive
development (PRA
Buenaventura
managed in 2024
This portfolio
of projects will
benefit over
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ENVIRONMENTAL
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08
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TAll our operations are carried
out in strict compliance with the
Environmental Management
Instruments (EMI) and Operational
Permits (OP) approved by the
competent authority. These permits
ensure the implementation of
environmental management plans
and the appropriate construction
and operation of our mining units,
ensuring the sustainability of our
activities.
Environmental
Management Instruments
During 2024, we managed a total of 39 EMI
and 57 OP, distributed as follows:
Instruments
47
28
21
approved
in progress
under
evaluation
Key Achievements:
Among the most important
milestones, we achieved the
approval of the following permits:
Third MEIAd and first STR for the
Tantahuatay Mining Unit.
Mining plan and first STR for the
Yumpag Project.
Authorization to operate the
Tambomayo DRF – Stage 2A of
level 4470.
Start of exploration activities for
the third MEIAsd Tambomayo
Stage 3 and fifth MEIAsd Trapiche.
Modification to the Benefit
Concession for the expansion
of the DRH to level 4223, in
Colquijirca.
Industrial discharges: E-5
-Tantahuatay, COLQ-EF-03 –
Colquijirca, SG1 – San Gabriel.
Closure plans for the Yumpag and
San Gabriel Projects.
The management of key permits include:
Under evaluation: MEIA 25K Colquijirca,
EIAd Trapiche, MEIAd Tambomayo,
Modification of the Benefit Concession
for Tantahuatay, Industrial Discharge
E-1C Tantahuatay, 9th Amendment
to the Orcopampa Closure Plan, 2nd
Update of the Colquijirca Closure Plan,
and Modification of the Uchucchacua
Closure Plan.
In progress: 1st STR MEIAd 25K
Colquijirca, MEIAd + 6th STR San
Gabriel, 2nd STR and MEIAd Yumpag,
MEIAd Uchucchacua, MEIAd Julcani,
Operational Authorization for the San
Gabriel Project, Amendment of the
Benefit Concession for the expansion
of DRH to level 4225 in Colquijirca,
and the 9th Amendment to the Julcani
Closure Plan.
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The double materiality assessment approved by
the Board of Directors this year highlights water
management as a highly material issue, aligning
with our corporate environmental management
policy, which prioritizes the sustainable use
of water across all our facilities and in shared
management with other users within the
watersheds where our operations are located.
An important tool in our strategy has
been the measurement of our water
footprint under ISO 14046, which has
enabled our operating units not only
to commit to reducing this footprint
but also to implement shared value
water management plans benefiting
the communities within our areas of
influence.
As a result, the National Water Authority
recognized the Tantahuatay Mining
Unit as a water-responsible company
for its fourth renewal of the Blue
Certificate, based on its implemented
water footprint reduction and shared
value plans. Additionally, El Brocal and
Julcani Units have accredited their
respective plans before the Authority,
while Orcopampa, Tambomayo, and
Uchucchacua Units have completed the
measurement of their respective water
footprints.
Water efficiency in mining and
metallurgical processes is managed
through annual recirculation targets in
processing plants, which have led to a
reduction in freshwater consumption
from natural sources.
Our efficient water use is reflected in the
following indicators:
Water
Management
Additionally, we have implemented
an integrated management model
for EMI and OP, allowing for more
efficient planning and a strategic
vision for obtaining future permits for
the company.
On the other hand, the Environmental
Performance Index (EPI), which
measures compliance with key
performance indicators (KPIs) in
our areas of responsibility, had a
target of 90% in 2024, achieving
a performance of 93.6%. This
result reflects the proactivity of
our employees and contractors in
environmental management, as well
as compliance with commitments,
action plans, and recommendations
derived from inspections, audits,
supervisions, and training. However,
this indicator also shows areas for
improvement that we must address
alongside our operational and
environmental teams to continue
strengthening our performance.
WATER FOOTPRINT
RECIRCULATION
Process recirculation rates in 2024 (%)
Target for 2024
Results in 2024
90%
79%
99%
88%
Units with
flotation
processes
(underground)
Units with
a leaching
process (open
pit)
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It worth pointing out that, due to
the hydrographic location of our
operations and the availability
of water in the basins where we
operate, we do not face exposure to
areas of water stress.
We recognize that water
resource management requires
a collaborative approach,
which is why we prioritize the
involvement and participation
of communities in our areas of
influence or the watersheds
where our operations are
located.
We continue to promote
participatory water-
quality monitoring led
by local stakeholders or
our own operations, with
the participation of local
authorities and community
representatives. This initiative
has strengthened transparency
and trust, contributing to the
development of solid water
governance both around our
operations and at the local
level.
WATER CONSUMPTION
PARTICIPATORY MONITORING
The participatory monitoring included a
series of key activities:
Creation of a monitoring committee,
composed of local authorities, community
representatives, and mining unit
representatives.
Training of committee members, with
technical and regulatory support from the
decentralized offices of the National Water
Authority (ANA).
Preparation of the monitoring plan, which
defines the monitoring network and the
selection of a laboratory accredited by the
National Quality Institute (INACAL).
Water sampling in accordance with current
protocol.
Sample analysis carried out by the
accredited laboratory.
Interpretation of the results in accordance
with current regulations and their
dissemination among the participants and
the competent environmental authorities at
the local or regional level.
2021
2022
2023
2024
A. Water extraction
(excluding salt water)
B. Water discharge
(excluding salt water)
Total net freshwater
consumption (A-B)
Data coverage
(% of operations)
7.26
24.3
-17.12
100
8.85
22.5
-13.99
100
6.65
14
-7.35
100
7.41
13.47
-6.06
100
Water consumption (in millions of cubic meters) for
100% of our operations:
Water consumption rate per
amount of process ore in 2024
(m3/MT)
0.01
0.63
Units with
flotation processes
(underground)
Units with a leaching
process (open pit)
Water enabling permits
During 2024, we obtained 21 enabling titles,
including 12 discharge authorizations, 3 water use
authorizations, 1 authorization for the execution of
minor works, 2 authorizations for water use studies,
and 3 sanitary authorizations for drinking water
treatment plants (PTAP, in Spanish).
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These activities ensured the transparency and rigorousness of
the process, strengthening trust between the communities and
the mining operations.
Thus, the process of implementing participatory water quality
monitoring consisted of the following steps:
During 2024, a total of 14 participatory monitoring activities
were conducted, considering both the dry and wet seasons,
with the active participation of local authorities, community
representatives, and operating units. At the Trapiche
exploration project, two participatory monitoring activities were
implemented.
At Buenaventura, we have developed a comprehensive
approach to analyzing and managing risks, including
water resources associated with our mining operations,
in line with our commitment to sustainability and water
governance. This analysis is based on the water risk
assessment report, prepared in 2023, which evaluates
seven of our mining units located within six hydrographic
units in Peru. The primary objective is to identify water risk
levels in our operations and propose strategies to ensure
the sustainability of our activities and the preservation
of water resources. It should be noted that the water
risk assessment is linked to the physical risk assessment
conducted based on the Task Force on Climate-Related
Financial Disclosure (TCFD).
The water risk assessment addresses dependency on water
resources through indicators that evaluate the relationship
between water allocations for mining use and other sectors
in the basins where our operations are located. This allows
us to understand our position relative to other users and
make decisions that minimize conflicts over access to the
resource. Likewise, we manage risks related to the impact
on water sources by analyzing the pressure exerted on
them, considering factors such as water scarcity and the
environmental quality of surface water.
WATER RISK MANAGEMENT
We project future scenarios by evaluating available
water quantities through trend analysis of flow rates
and precipitation. We also monitor water quality
using tools such as the Environmental Quality Index,
which helps us identify potential risks associated
with water-related emergencies. Moreover, we
work closely with local communities to assess and
mitigate impacts, promote access to drinking water,
and strengthen trust through participation in water
resource management.
Finally, we remain vigilant about regulatory changes
by continuously monitoring current regulations,
ensuring compliance with water quality standards,
and adapting our operations to guarantee
sustainability. This risk approach reinforces our
policy of efficient use and protection of water,
ensuring the availability and quality of this resource
for our operations and the communities in the basins
where we operate.
Monitoring
Committee
Training
Preparation of
monitoring
plan
Sample
collection based
on protocol
Sample
analysis by
accredited
laboratory
Dissemination
of monitoring
results
Monitoring
Committee
Organization
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Buenaventura has included climate change as a
key component of its corporate environmental
management policy, considering adaptation
actions through integrated water management,
as well as measures to mitigate greenhouse gas
emissions, mainly through the use of renewable
energy. These priorities were ratified in the double
materiality assessment.
In terms of governance, it is important to highlight
that our Board of Directors has a Sustainability
and Innovation Committee, composed of four
(4) members, which serves as the primary
oversight body for sustainability, innovation, and
environmental management. Also, this committee
ensures that climate-related issues are part of the
agenda of the Board. It oversees sustainability and
innovation practices, proposing improvements in
key areas such as environmental management,
Climate Change
and Emissions
SCOPE 1
Direct
emissions
from fossil fuel
consumption.
Corporate carbon
footprint 2021
Corporate carbon
footprint 2022
Corporate carbon
footprint 2023
SCOPE 2
Indirect
emissions
from
electricity
consumption.
SCOPE 3
Indirect
emissions
from other
related
activities.
efficient water use, and climate change adaptation.
During 2024, the Board of Directors met three (3) times,
addressing and approving information related to corporate
objectives in climate adaptation, water management, and the
environment, which were subsequently disclosed.
Furthermore, the implementation and monitoring of climate
change-related actions fall under the responsibility of the
new Institutional Relations and Sustainability Management,
which reports directly to the Vice-Presidency of Sustainability,
ensuring a strategic approach to the execution of these
initiatives.
Among the priority objectives for addressing climate
challenges, comprehensive water management stands out as
a key adaptation strategy. This includes the efficient use of
water resources and the promotion of projects that increase
water availability in the areas surrounding operations,
benefiting other essential uses such as residential and
agricultural uses. At the same time, investments in renewable
energy are being promoted to significantly reduce the carbon
footprint of operations.
To systematize and evaluate these initiatives, Buenaventura
has begun a process of measuring its carbon footprint across
its seven (7) mining units, covering the periods 2021, 2022,
2023, and 2024.
This analysis considers three defined scopes:
The accumulated results of these analyses provide a solid
foundation for continuous improvement in emissions management
and the design of more effective strategies to address climate
change.
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30k
90k
40k
100k
300k
50k
200k
400k
20k
80k
10k
70k
0
60k
In 2024, we consolidated our policy for reducing and controlling GHG
emissions in mining operations through the use of renewable energy
supplied by the Huanza Hydroelectric Power Plant, including the purchase
of energy for El Brocal. Approximately 76% of the total energy used will be
certified as renewable. This provision of renewable energy was carried out
under specific criteria designed to optimize energy efficiency:
Finally, a strategic plan has been drawn up to take advantage of and certify
the use of renewable electricity in mining operations until 2027. As part of
this plan, we are committed to contracting energy from renewable sources
such as hydroelectric, solar, or wind, with the objective of reducing Scope
2 emissions, minimizing dependence on fossil fuels, and contributing to
sustainability and the fight against climate change.
Currently, the
measurement of GHG
emissions from operating
units for 2024 is in
progress for scopes 1, 2,
and 3.
1
Maximizing the
impact on carbon
footprint
reduction and
control.
4
Having the
greatest amount
of certified
energy.
2
Supplying the
majority of
mining
operations.
3
Having the
highest number
of certified units.
87,701.00
110,191.00
73,265.12
24,814.08
31,015.26
42,328.29
315,958.41
258,027.76
234,366.50
2021
2022
2023
2024
Emissions
Scope 1
Scope 2
(market-
based)
Scope 3
In the process being inventoried
The total results corresponding to these scopes are as follows:
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As part of this effort, an analysis was conducted to optimize
the evaluation processes of the Red Flag Screening for
Climate Risks, integrating long-term climate scenarios and
assessing the associated financial impacts and opportunities.
The climate change scenarios analyzed were SSP1-2.6
and SSP5-8.5, for baseline, 2030, and 2050 time horizons.
This analysis strengthens our ability to strategically
manage climate change challenges in line with TCFD
recommendations.
Furthermore, we manage climate risks through a
comprehensive procedure of business risks and
opportunities. This procedure identifies, evaluates,
controls, and monitors risks and opportunities from a
multidimensional perspective, including safety, occupational
health, environment, quality, and social responsibility. This
ensures the sustainability of our operations and strengthens
our climate governance.
In 2024, Buenaventura began a progressive
alignment process with the recommendations
of the Task Force on Climate-Related Financial
Disclosures (TCFD), starting with a gap
assessment and the design of a four-phase
roadmap: gap assessment, implementation,
reporting, and knowledge transfer.
This approach is based on the four fundamental
pillars of the TCFD: governance, strategy, risk
management, and metrics & targets. These pillars
enable the identification and assessment of
climate-related risks and opportunities within the
financial context.
Additionally, the assessment includes our own
operations in the short, medium, and long term.
The types of climate-related risks considered in
our risk assessment are as follows:
CLIMATE CHANGE AND TCFD DISCLOSURE
Current regulation
Emerging regulation
Technological risk
Legal risk
Market risk
Reputational risk
Acute physical risk
Finally, we manage climate-related incentives as part of our
commitment to sustainability and environmental performance.
These incentives are directed at our CEO and other key
groups, including designated executive officers, business unit
managers, and employees. These rewards are based on our
environmental performance measurement procedure, which
allows us to objectively assess our climate actions and promote
a culture of responsibility and continuous improvement across
the organization.
An analysis was conducted to
optimize the evaluation processes
of the Red Flag Screening for
Climate Risks, integrating long-
term climate scenarios and
assessing the associated financial
impacts and opportunities
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In 2024, Buenaventura managed its activities
with a proactive approach to assessing risks
and potential impacts on biodiversity. The
company remains committed to not conducting
mining activities in protected natural areas
and applies the mitigation hierarchy to avoid
net biodiversity loss, in accordance with our
Commitment to Biodiversity Protection and
No Deforestation. Following the AR3T action
framework, in line with the International
Finance Corporation (IFC) Performance
Standard 6, we prioritize preventive, reduction,
regeneration, restoration, and ecosystem
transformation measures. Additionally, we
identify and assess biodiversity risks in our
mining operations, covering aspects ranging
from changes in vegetation cover to impacts on
fauna and flora.
Biodiversity
This year, the Yumpag Carama Operating
Unit was added, with 715.50 ha, and the
Tantahuatay Operating Unit increased by 69.33
ha compared to 2023, reaching 2,304 ha used
for operating activities. In total, 15,583.19 ha
have been assessed.
We have implemented mitigation measures,
such as: Informational tools to prevent the
introduction of exotic species, the installation
of BirdXPeller devices to protect wildlife
species, the construction of bridges to prevent
the isolation of fauna in operating areas. We
have also carried out regeneration actions,
including the closure of mine component
with improved soils and environmental
assessments of water bodies. Additionally,
we promote transformation by training our
employees on biodiversity and we have
established institutional agreements to
encourage sustainable production practices in
715.50
69.33
15,583.19
Ha.
Yumpag Carama
Tantahuatay
Total
have been assessed
Ha.
Ha.
Operating units
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communities near our operations. Through these actions,
we continue to make progress toward our biodiversity
protection commitments, aiming for zero net loss and
promoting sustainability across all our operations. For
further details, please refer to the following reports:
Total number of sites and total area used for
operating activities.
Biodiversity impact assessments conducted
at sites used for operational activities during
the last five years.
Of the sites assessed in the last five years,
those sites that are very close to critical
biodiversity and total area are listed.
Of those sites that are very close to critical
biodiversity, the sites with a biodiversity
management plan and the area covered by
these biodiversity management plans are
listed.
Biodiversity exposure and assessment
8
15,583.19
1
62.08
1
62.08
8
15,583.19
Number of
sites
Total
Exposure
Assessment
Biodiversity risk
assessment 2024
Biodiversity exposure
and assessment 2024
Mitigation actions for
biodiversity 2024
Management
Plans
Hectares
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In 2024, we remained committed to biodiversity and have implemented various mitigation measures to reduce our impact on ecosystems.
Description of action
Description of action
Description of implemented
measures
Description of implemented
measures
Preventive measures that stop
impact or dependence from
occurring in the first place.
Eliminate impact altogether.
Informational and dissemination tools have been
established regarding the prohibition of introducing
foreign or exotic species; logging, extraction, or
burning of vegetation; collection or commercialization
of wild flora and fauna specimens; hunting, fishing,
or other disturbances to wildlife. Additionally,
BirdXPeller devices have been installed to restrict the
access of birds and other species to ponds containing
cyanide solutions at the Tantahuatay and La Zanja
operating units. An Internal Traffic Regulation
(RIT, in Spanish) has also been adopted to regulate
speed limits and prevent the runover of wild and/or
domestic animals at the Colquijirca operating unit.
AVOID
REDUCE
Mitigation measures that
minimize impacts, but do not
necessarily eliminate them.
Bridges were built instead of speed bumps to avoid
isolation of low-mobility terrestrial fauna, in order to
preserve aquatic flora and fauna (Tambomayo P.U.). Rescue
activities for low-mobility flora and fauna have been
carried out in construction areas at the Tambomayo P.U.
and Yumpag Carama P.U., as well as controlled disturbance
of small terrestrial mammals. High-risk mining operation
areas in the mining operations were fenced off to prevent
the entry of wild animals at the Colquijirca P.U. and
Orcopampa P.U. Also, silencers were installed on vehicle
exhaust pipes (La Zanja P.U.) and on ventilation systems
(Orcopampa P.U.) to minimize noise pollution; unpaved
access roads were watered and check dams were built to
ensure ecological connectivity for wildlife (Tantahuatay
P.U.).
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Description of action
Description of action
Description of implemented
measures
Description of implemented
measures
REGENERATE
RESTORE
Regeneration measures that improve
the biophysical function of existing
processes and the productivity of an
ecosystem or its components.
The closure of mining component DME No. 2
(Tantahuatay P.U.) and the conceptual design for the
closure of the Tailings Deposit 8 (R8) component
(La Zanja P.U.) were completed, both with improved
soils.
A diagnostic study of the environmental quality
of the Añilcocha and Colquicocha lagoons
(Uchucchacua P.U.) was carried out in order to
define the rehabilitation and recovery activities for
the aquatic habitat. The study includes biological
characterization (flora, fauna, hydrobiological),
water quality, sediment analysis.
Restoration measures that start or
accelerate the recovery of an ecosystem
with respect to its health, integrity and
sustainability, focusing on permanent
changes in shape.
Compensatory measures were implemented to
prevent biodiversity loss, as part of the actions aimed
at restoring the ecosystems, among which we can
mention the implementation of the environmental
compensation plan for the BO-19 wetland located
on the construction footprint of the reservoir
(Tambomayo P.U.), the compensation of La Huaca
lagoon, the compensation of Pajonal (marginal strips)
in the riparian area adjacent to the “Tres Amigos”
and “Hueco Dos” streams, and the second stage of
the compensation of hydromorphic vegetation in the
Los Gentiles area (Tantahuatay P.U.). Environmental
follow-up or surveillance (monitoring) activities have
been implemented in all of them.
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Description of action
Description of implemented
measures
TRANSFORM
Transformation measures that take actions that contribute
to system-wide change, in particular to alter the driving
factors of nature loss, e.g., through technological, economic,
institutional, and social factors and changes in underlying
values and behaviors.
Training programs on the importance and protection of
biodiversity were promoted as an action aimed at transforming
employees’ awareness. In this sense, training has been
developed about the importance of preserving habitats,
ecosystems and the biodiversity of wild flora and fauna species
or species of economic and/or social interest (Orcopampa
P.U.). In addition, inter-institutional cooperation agreements
have been promoted and developed with Caritas del Peru
and Agrorural Huancavelica to carry out actions that promote
and strengthen productive livestock, agricultural and agro-
industrial activities among the populations of direct influence.
This is a transformation action that promotes all types of
Andean livestock farming in order to provide the population
with protein food resources and reduce or avoid hunting wild
animals (Julcani P.U.).
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Waste
Our Corporate Environmental Management Policy
highlights our commitment to the comprehensive
protection of the environment. This is reflected in our
goal to prevent, minimize, restore, and compensate
for the impacts resulting from our operations and
activities. We implement various practices aimed at
reducing and reusing waste, optimizing energy use
in our operations, making strategic investments to
meet our environmental objectives, and conserving
biodiversity in line with the commitments established
in our environmental management instruments.
At Buenaventura, we are also committed to an
integrated waste management approach that
minimizes our environmental impact and improves
our performance in this area, in line with the
expectations of the DJSI. To achieve this, we conduct
periodic audits to identify areas for improvement
and develop action plans focused on reducing waste
generation. Additionally, we set measurable targets
to minimize waste, invest in innovation and R&D to
optimize our management processes, and provide
employee training to ensure the implementation of
best practices in waste reduction and handling.
We have also integrated recycling programs
to reduce the amount of waste sent to
landfills, prioritizing certified waste diversion
by accredited independent entities. Through
the SIGERSOL platform of the Ministry of
the Environment (MINAM), we transparently
register and report our hazardous solid
waste manifests and the Annual Declaration
on Waste Minimization and Management of
Non-Municipal Waste, ensuring compliance
with current regulations and reinforcing our
commitment to sustainability.
For more information about our waste
management program and sustainability
initiatives, please visit our website here.
Similarly, we have a Corporate Procedure for
Solid Waste Management (P-COR-SIB-04.16),
which establishes guidelines and criteria for
the segregation, conditioning, temporary
storage, and final disposal of solid waste. This
process is carried out in collaboration with
specialized solid waste operators (EO-RS)
that efficiently manage waste. Each unit has
a Solid Waste (RRSS) Minimization Plan,
in accordance with Peruvian regulations.
This plan provides a detailed description
of waste management and is updated
whenever there is an opportunity for
process improvement.
To measure compliance with our waste
minimization objectives, we use the
Environmental Performance Index (EPI),
which evaluates the percentage of waste
reuse.
We conduct both planned and unplanned
environmental inspections to verify
compliance with legal requirements and the
commitments outlined in our environmental
management instruments.
Additionally, we have a training program
that includes waste management as a key
topic.
At Buenaventura, we
are also committed to
an integrated waste
management approach
that minimizes our
environmental impact
and improves our
performance in this area
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The final disposal of solid waste is carried out by a solid waste operating
company (EO-RS), ensuring that it is transported to infrastructures duly
authorized by the Ministry of the Environment.
2021
2021
2022
2022
2023
2023
2024
2024
Total recycled/reused waste
Total waste disposed of
Waste deposited in landfills
Incinerated waste with energy recovery
Incinerated waste without energy
recovery
Waste disposed of through a different
method.
Waste disposed of through unknown
method.
Total recycled/reused hazardous waste
Total hazardous waste disposed of
Hazardous waste deposited in landfills
Incinerated hazardous waste with energy
recovery
Incinerated hazardous waste without energy
recovery
Hazardous waste disposed of through a
different method.
Hazardous waste disposed of through
unknown method.
5,997.87
2,031.58
-
-
-
-
2,031.58
197.62
2,389.37
-
-
-
-
2,389.37
3,332.30
2,790.90
-
-
-
-
2,790.90
457.50
1,099.00
-
-
-
-
1,099.00
3,744.03
2,613.06
-
-
-
-
2,613.06
478.98
2,209.66
-
-
-
-
2209.66
6,002.50
2,621.38
-
-
-
-
1,622.65
724.81
2,165.22
-
-
-
-
2,165.22
Disposal of non-hazardous waste in metric tons
Disposal of hazardous waste in metric tons
Mineral waste in millions of metric tons
Target for total non-hazardous waste disposed of in 2024:
Data coverage (% of operations) 2021-2024:
Target for total hazardous waste disposed of in 2024:
Data coverage (% of operations) 2021-2024:
Target for total mineral waste disposed of in 2024:
100%
100
100%
100
7.45
A. Generated
mineral waste:
Waste rock
9
7
5
3
1
11
13
15
B. Generated
mineral waste:
Tailings
C. Reused
mineral waste
Total mineral
waste disposed of
(A+B+C)
2021
2024
2023
2022
6.56
4.54
5.17
5.52
9.07
14.39
11.39
11.37
7.45
7.26
7.42
2.50
1.24
0.42
1.21
0.56
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We take responsibility for minimizing the
impacts and risks associated with site
selection, design, and construction of our
tailings facilities. To achieve this, we rigorously
follow international standards and adopt
best practices in tailings management,
ensuring that our operations and those of
our partners meet the highest levels of safety
and sustainability. This commitment ensures
a uniform and responsible management
approach throughout our value chain,
promoting environmental protection and
boosting trust among our communities and
stakeholders. We manage our active tailings
facilities in accordance with international
standards and industry best practices.
Tailings
To ensure the stability and safety of these
infrastructures, we conduct regular audits
with both internal and external supervision,
as mentioned in all our tailings facilities. These
facilities keep complete engineering records on
design, construction, operation, maintenance,
and closure. Additionally, our operations
undergo periodic reviews by independent
experts, who assess the structural stability
and hazard classification using recognized
guidelines such as the CDA 2014. This
meticulous approach ensures that our facilities
are safe and responsibly managed.
Additionally, we implemented continuous
surveillance and monitoring systems to
identify and mitigate risks associated with
the lifecycle of our facilities. These systems
are designed to adapt to extreme weather
conditions, a crucial factor in our future
assessments. Although no significant stability
issues have been recorded in our facilities,
we remain committed to maintaining clear
procedures for their eventual closure and
decommissioning. This approach allows us
to protect nearby communities and local
ecosystems.
Total number of
facilities
Active facilities
Inactive facilities
(including facilities under
maintenance or closed)
Planned facilities
05
09
01
03
01
-
-
-
-
Our transparency in disclosing the number
of tailings facilities we manage and the
associated risk levels strengthens our
commitment to our stakeholders. Currently,
the figures are as follows:
Number of facilities
categorized as “high-risk
potential” (“extreme”
and “very high)
Percentage of
sites with “high
risk potential”
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Environmental
Innovation
As part of the innovation process,
we have started the digitalization
of environmental management
information. This includes the
automation of a large amount of data
related to various environmental
aspects, such as water, effluents, air,
and environmental commitments, using
software tools for the analysis and
measurement of the Environmental
Performance of each operating unit and
project of Buenaventura.
This project began in 2021 with laboratory-
scale testing and, in 2023, with the
implementation of pilot trials. These tests
included ten types of soils manufactured from
mining and agro-industrial waste, combined
with microbial consortia. The objective was
to evaluate vegetative growth, promote
evapotranspiration and runoff, and reduce
infiltration in covers to minimize water
treatment during the post-closure stage.
Preliminary results showed that the presence
of vegetation reduces infiltration by up to an
additional 15%, complementing the infiltration
capacity of the base soil. Additionally, the
incorporated microorganisms achieved a
further reduction of 5%. In particular, the use
of filtered sludge from acid water treatment
plants proved to be a viable alternative for
cover production.
BIOREMEDIATION PROJECT: COVERS FOR
INFILTRATION REDUCTION
The generated runoff met environmental
quality standards (ECA) for water. However,
the infiltrations from covers incorporating
sludge showed sulfate concentrations
exceeding established limits. This result
led to further research to mitigate these
concentrations. Laboratory tests have
shown that sulfate-reducing bacteria (SRB)
have the capacity to effectively reduce
sulfate levels. Therefore, in 2024 new pilot
tests were started with coverings that
include sludge inoculated with SRB, the
results of which will be available by the end
of 2025.
At the same time, pilot tests started with
coverings that use geosynthetics, with
the aim of evaluating their long-term
behavior. These tests seek to determine if
it is necessary to include drainage media in
all cases or if they can be omitted by using
exclusively treated topsoil.
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As part of the objectives for sustainable
closure of mining components, the
implementation of passive treatment
systems has been proposed to minimize
the need for long-term active treatments. It
is well known that, depending on the type
of cover, drainage flow decreases once the
mining component is closed.
In this context, a laboratory-scale testing
project was launched for the treatment of
acid water from DMI-Turmalina. The objective
of this project is to identify key design and
operational variables that will enable the
implementation of the system, first in pilot
stages and later on a larger scale.
PASSIVE TREATMENT OF ACID WATERS
The development of this technology
considers both the application of
specialized microorganisms, such
as sulfate-reducing bacteria (SRB),
and alternative solutions without
their use. These tests are being
conducted in the biotechnology
laboratory of the La Zanja mining unit,
where researchers are investigating
microorganisms capable of reducing
acidity and improving drainage
quality.
The implementation of a laboratory-
scale passive treatment system is
scheduled for 2025, the results of
which will allow the technology
to be adapted for its subsequent
application in the already constructed
Turmalina wetland. This approach
seeks to consolidate an effective and
sustainable system that contributes to
achieving the mine closure objectives.
Our corporate environmental management
policy reaffirms our commitment to the
responsible closure of operations and
projects, integrating practices that favor
a sustainable, balanced, and ecosystem-
friendly design.
This approach seeks to take advantage
of synergies during progressive closure,
promoting the creation of environmental
assets in coordination with and with the
active participation of authorities and
stakeholders.
In 2024, the budget allocated for mine
closure, including mining units, exploration
projects, and environmental liabilities,
reached a total of US$ 499.91 million.
Mine Closure
Rehabilitation and soil revegetation efforts
carried out during the year represented an
investment of US$ 13.54 million, resulting
in the remediation of 46.20 hectares and
the revegetation of 41.99 hectares in
projects and liabilities.
Additionally, US$ 8.09 million was
allocated to other closure-related efforts,
primarily focused on ensuring the
physical and geochemical stability of the
components.
499.91 million
USD
The budget allocated for mine
closure, reached a total of
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Energy
At Buenaventura, we reaffirm our
commitment to sustainability through
efficient and responsible energy
management. We have implemented periodic
energy audits to identify opportunities for
improvement, ensuring compliance with
international standards such as ISO 9001,
14001, and 45001. We also emphasized the
use of renewable energy sources through
the National Interconnected System (SEIN, in
Spanish), which accounted for more than 99%
of our energy consumption last year, leaving
only a minimal percentage of non-renewable
energy.
On the other hand, the Huanza Hydroelectric
Power Plant generated 457,531 MWh,
supplying Buenaventura’s mining operations,
and acquired renewable energy with an
I-REC certificate between July and December
of 2024, supplying El Brocal with 100%
renewable energy. At the corporate level,
the use of renewable energy reached 77% in
2024 and is currently in the process of being
certified.
These actions not only strengthen our
environmental policy but also solidify our
position as a leader in sustainable practices
in the mining sector.
This approach reflects our ongoing
commitment to the energy transition and
the responsible use of resources, in line
with our sustainability policies and carbon
footprint reduction goals.
Energy Consumption (MWh)
Use of renewable energy from HPP
Huanza*
Total consumption
of renewable
energy
*Includes the consumption of renewable energy I-REC from El
Brocal
400k
300k
200k
0
500k
600k
700k
Total consumption
of non-renewable
energy
Total
consumption
of energy
2021
2024
2024
2023
2023
2022
2022
107.66
268.54
310.13
625.84
620,221.82
565,662.29
54,918.98
508,359
620,329.48
565,930.83
548,229.11
508,984.84
68
63
77
%
%
%
99%
renewable energy
sources through the National
Interconnected System (SEIN),
which accounted for more than
The use of
of our energy consumption last
year
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Other
environmental
indicators
The increase in the number of fines is due to OEFA resolving a
higher number of cases compared to the previous year, 71% of
which originated from accumulated inspections prior to 2020.
It is important to note that, in several cases, we successfully
had the authority review and adjust its initial fine calculations,
proving that they did not correspond to the facts verified during
field inspections. Additionally, significant case dismissals were
achieved by proving the absence of liability in the alleged
processes.
ENVIRONMENTAL
INFRINGEMENTS:
¹ Number of fines paid in 2024, exceeding US$ 10,000, PAS matrix reference.
2 *Currency conversion factor: 1USD=S/3.9
3 There are no outstanding debts to OEFA.
2021
2022
2023
2024
Number of legal infringements
(legal/regulatory obligation)1
Number of fines/penalties related to
the number of legal infringements
(in US$)2
Environmental liabilities
accumulated by the end of the year3
10
640,814
0
10
385,567
0
10
1,485,776
0
13
2,176,509.20
0
Significant case dismissals were
achieved by proving the absence of
liability in the alleged processes
71%
accumulated
inspections
prior to 2020
of which originated from
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Our environmental management
system allows us to track financial
data related to environmental
projects and programs.
ENVIRONMENTAL
PROFITABILITY
Conversion factor
1US$=S/3.80
100M
40M
90M
30M
10M
80M
20M
1M
200M
50M
300M
60M
400M
70M
2021
2024
Savings, cost
reductions,
income, tax
incentives,
others.
Total expenses
(capital
expenditures
+ operating
expenses)
Operating
expenses
Capital
expenditures
2023
2022
53,925,723
60,263,477
71,193,949
30,524,154
3,151,755
16,901,581
39,728,563
58,608,688
369,901,801
321,969,120
262,796,471
250,032,719
315,976,078
261,705,643
191,602,521
219,508,565
FINANCIAL
STATEMENTS
09
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WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Compañía de Minas Buenaventura S.A.A.
Opinion
We have audited the consolidated financial statements of Compañía de Minas Buenaventura
S.A.A. and subsidiaries (the Group), which comprise the consolidated statement of financial
position as of December 31, 2024, and the consolidated statement of profit or loss, the
consolidated statement of other comprehensive income (loss), the consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and notes
to the consolidated financial statements, including a summary of material accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as of December 31, 2024 and its
consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with IFRS accounting standards.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs)
approved for its application in Peru by the Board of Deans of Peruvian Public Accounting
Associations. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the consolidated financial statements section of our report. We
are independent of the Group in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code) together with the ethical requirements that are relevant
to our audit of the consolidated financial statements in Peru, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the IESBA Code. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided in
that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit
of the consolidated financial statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated financial statements.
The results of our audit procedures, including the procedures performed to address the matters
below, provide the basis for our audit opinion on the accompanying consolidated financial
statements.
Economic and
financial report
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Impairment of Property, plant, equipment and development cost
As of December 31, 2024, the net book value of the Group’s property,
plant, equipment and development costs was US$1,889.78 million. Related
disclosures are included in Note 2.4(m) and Note 11(b) to the consolidated
financial statements. The Group reviews and evaluates its property, plant,
equipment and development cost for impairment, on each reporting date, or
when events or changes in circumstances indicate that the related carrying
value, at the cash generating unit (CGU) level, may not be recoverable.
When the Group determines the existence of impairment indicators,
management performs an evaluation to determine if there is impairment.
There is impairment when the carrying value of an asset or CGU exceeds its
recoverable amount, which is the higher of fair value less costs to sell and
value in use (VIU). The Group estimated the VIU of each CGU with impairment
indicators to assess the property, plant, equipment and development cost
for impairment. As a result of the impairment assessment, the Group did not
record an impairment of its property, plant, equipment and development
cost during the year ended December 31, 2024.
Auditing the Group’s impairment assessment of property, plant, equipment
and development cost was complex and judgmental due to the significant
estimation required to determine the VIU of each CGU. In particular, the
VIU estimates were sensitive to significant assumptions such as production
volumes, current life of mine plans, market-based commodity price
assumptions, residual value of assets and discount rates and risks specific
to the CGU, including estimated quantities of recoverable minerals.
The Group involved independent consultants and appraisers to validate the
estimated amount of recoverable mineral reserves and the residual value
of long-lived assets that were used as part of the impairment analyses,
respectively.
Description of
the Matter
We obtained an understanding of controls over the impairment assessment
process for property, plant, equipment and development cost, including
the process to identify and evaluate potential impairment indicators and
management’s review of the significant assumptions described above,
projected financial information and the methodologies used to develop the
estimated VIU.
To test the estimated VIU of CGUs with impairment indicators, we performed
audit procedures that included, among others, assessing the methodologies
and testing the significant assumptions described above and the completeness
and accuracy of the data used in the impairment assessment. We assessed
the projected financial information of CGUs with impairment indicators by
comparing commodity prices with available market information and internal
business plans. We also assessed future production levels used in impairment
analyses, which are based on life-of-mine plans, against historical estimates
and actual results. Additionally, we evaluate the Group’s estimated quantities
of recoverable minerals by comparing them with the historical operating
performance of each CGU. Additionally, we evaluate the Group’s estimated
quantities of recoverable minerals by comparing them with the historical
operating performance of each CGU.
We involved our valuation specialists to assist in comparing commodity price
assumptions with market data and analyst forecasts. Additionally, our
valuation specialists assessed the discount rates used by comparing them
to current industry and economic trends and evaluated the specific risk
premiums applied. Likewise, we involved a specialist to assist us in reviewing
the estimated residual value of long-lived assets for those CGUs with
impairment indicators in which a significant variation in this assumption
could potentially result in an impairment.
How We
Addressed the
Matter in Our
Audit
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We also performed sensitivity analyses over significant assumptions to
evaluate the change in the recoverable amount of the CGU that would result
from changes in the assumptions.
We also assessed the competence and objectivity of the independent
consultants and appraisers used by the Group as part of the impairment
assessment process.
In addition, we assess the disclosure of this matter in Note 2.4(m) and Note
11(b) to the consolidated financial statements.
Uncertain tax positions
As disclosed in the Notes 7(c) and Note 29 (d) to the consolidated financial
statements, the Group has identified certain contingencies related to income
taxes associated with fiscal years 2007 to 2010, 2013, 2014, 2017 and 2018.
In these years, relevant taxation authorities have challenged the tax
treatment applied by the Group under the income tax law in Peru. As of
December 31, 2023, the Group has recognized receivables ofUS$535.87
million related to payments made under protest to the taxation authorities
as part of the tax claim process in Peru but for which the Group is disputing
the validity of the taxation authorities’ assessment. As of December 31,
2023, management concluded that the probability of recovering a portion
of the payments made under protest to the Tax Administration related to
fiscal years 2009 and 2010 was less than 50%, and the Group recognized a
liability of US$113.14 million related to this uncertain tax position.
Uncertainty in a tax position may arise where there is an uncertainty as to
the meaning of the tax law, or the applicability of the tax law to a particular
transaction, or both. The Group uses significant judgment to determine
whether, based on technical merits, a tax position is more likely than not
to be sustained and in the determination of the recoverable amount of the
income tax payments made under protest.
Auditing the estimation of the outcome and measurement of the uncertain
tax positions and the related recoverability of the receivables for payments
made under protest, before the uncertain tax treatment is resolved, requires
a high degree of auditor judgment and significant audit effort due to the
complexity and judgment used by the Group in the assessment, which is
based on interpretations of income tax legislation and legal rulings in Peru.
We obtained an understanding of the design of the controls over the
process for determining the income tax, including assessing uncertain tax
positions and tax contingencies, including the management’s review of
the technical merits of tax positions, disputed tax assessments and the
determination of the recoverable amount of receivables for payments
made under protest.
Our audit procedures included, among others, evaluating the assumptions
used by the Group to assess its uncertain tax positions based on relevant
Peruvian income tax laws, including the inspection of the Group’s internal
and external counsel analysis of these matters. In addition, we involved
our tax subject matter professionals to assess the technical merits of the
Group’s tax positions and evaluate the application of relevant tax law in
assessing the recoverability of payments made under protest.
Furthermore, we evaluate the related disclosures included in Note 7(c)
and Note 31(d) to the consolidated financial statements.
Description of
the Matter
How We
Addressed the
Matter in Our
Audit
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Other information included in The Group’s 2024 Annual Report
Other information consists of the information included in the Annual Report, other than the
consolidated financial statements and our auditor’s report thereon. Management is responsible
for the other information.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of management for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with IFRS accounting standards as issued by the IASB, and
for such internal control as management determines is necessary to enable the preparation
of consolidated financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Group or to cease operations, or has no realistic alternative but to do
so.
Those charged with governance are responsible for overseeing the Group’s financial reporting
process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
•
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
•
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
•
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s
Buenaventura
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GOVERNANCE
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PROJECTS AND
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SUSTAINABILITY
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SOCIAL
MANAGEMENT
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FINANCIAL
STATEMENTS
ANNEXES
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
•
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
•
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance
of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Lima, Perú
February 20, 2025
Signed by:
Elizabeth Fontenla
C.P.C. Register N° 25063
Buenaventura
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WE ARE
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Consolidated statement of financial position
As of December 31, 2024, and 2023
Notes
2024
2023
US$(000)
US$(000)
Assets
Current assets
Cash and cash equivalents
6(a) and 2.4(c)
478,435
219,790
Trade and other receivables
7(a) and 2.4(b)(i)
256,602
240,319
Inventories
8(a) and 2.4(d)
79,594
76,527
Income tax assets
30(f) and 2.4(s)
4,257
15,150
Prepaid expenses
9(a) and 2.4(g)
19,474
25,976
838,362
577,762
Non-current assets
Trade and other receivables
7(a) and 2.4(b)(i)
597,947
612,880
Investments in associates and joint venture
10(a) and 2.4(f)
1,548,392
1,527,123
Property, plant, equipment and development cost
11(a) and 2.4(h)(i)(j)(k)
1,889,785
1,600,295
Deferred income tax asset
30(b) and 2.4(s)
91,677
131,863
Prepaid expenses
9(a) and 2.4(g)
21,262
22,148
Income tax assets
30(f) and 2.4(s)
1,643
1,909
Other non-financial assets
12(a) and 2.4(w)
58,835
59,819
4,209,541
3,956,037
Total assets
5,047,903
4,533,799
Liabilities and equity
Current liabilities
Trade and other payables
14(a) and 2.4(b)(ii)
367,204
293,621
Financial obligations
16(a) and 2.4(b)(ii)
9,169
34,219
Provisions
15(a) and 2.4(n)
53,900
107,491
Current Income tax payable
30(f) and 2.4(s)
49,465
6,274
479,738
441,605
Non-current liabilities
Trade and other payables
14(a) and 2.4(b)(ii)
13,116
5,385
Financial obligations
16(a) and 2.4(b)(ii)
617,613
672,361
Provisions
15(a) and 2.4(n)
306,400
193,209
Contingent consideration liability
29(c) and 2.4(g)
28,271
21,614
Deferred income tax liabilities
30(b) and 2.4(s)
43,064
30,414
1,008,464
922,983
Total liabilities
1,488,202
1,364,588
Equity
17 and 2.4(o)(y)
Capital stock
750,497
750,497
Investment shares
791
791
Additional paid-in capital
218,450
218,450
Legal reserve
163,539
163,372
Other reserves
31,897
31,897
Other reserves of equity
(96)
(96)
Retained earnings
2,225,611
1,841,549
Shareholders’ equity attributable to owners of the parent
3,390,689
3,006,460
Non-controlling interest
18(a)
169,012
162,751
Total equity
3,559,701
3,169,211
Total liabilities and equity
5,047,903
4,533,799
Consolidated statements of comprehensive income (loss)
For the years ended December 31, 2024, 2023 and 2022
2024
2023
2022
US$(000)
US$(000)
US$(000)
Net Profit
416,263
32,682
602,935
Other comprehensive income (loss) to be reclassified to profit
or loss, net of income tax
Net change in unrealized gain (loss) on copper and zinc prices
hedge, net of income tax, note 34(a)
-
(6,232)
10,696
Net change in unrealized gain (loss) on interest rate hedge, net of
income tax, note 34(b)
-
-
454
Share of other comprehensive income of associates accounted for
using equity method, net of income tax, note 10(d)
-
3
(101)
Total other comprehensive loss (income) that will be reclassified
to profit or loss, net of income tax
-
(6,229)
11,049
Total comprehensive income, net of income tax
416,263
26,453
613,984
Comprehensive income attributable to:
Owners of the parent
402,689
16,186
609,211
Non-controlling interest
13,574
10,267
4,773
Total comprehensive income
416,263
26,453
613,984
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Consolidated statements of profit or loss
For the years ended December 31, 2024, 2023 and 2022
Notes
2024
2023
2022
US$(000)
US$(000)
US$(000)
Continuing operations
Operating income
Sales of goods
20(b) and 2.4(p)
1,147,590
810,961
801,199
Sales of services
20(b) and 2.4(p)
7,015
12,884
22,222
Royalty income
20(b) and 2.4(p)
-
−
1,381
Total operating income
1,154,605
823,845
824,802
Cost of sales
Cost of sales of goods, excluding depreciation
and amortization
21(a) and 2.4(x)
(568,482)
(457,354)
(461,942)
Unabsorbed cost due to production stoppage
22 and 2.4(x)
(2,135)
(19,893)
(23,058)
Cost of sales of services, excluding depreciation
and amortization
2.4(x)
(3,050)
(6,243)
(3,163)
Depreciation and amortization
2.4(h)(w)
(150,821)
(181,039)
(176,781)
Exploration in operating units
23 and 2.4(k)
(50,884)
(49,229)
(80,796)
Mining royalties
24 and 2.4(s)
(19,946)
(18,839)
(17,733)
Total cost of sales
(795,318)
(732,597)
(763,473)
Gross profit
359,287
91,248
61,329
Operating income (expenses)
Administrative expenses
25 and 2.4(x)
(61,340)
(69,183)
(67,728)
Selling expenses
26 and 2.4(x)
(25,768)
(19,392)
(20,222)
Exploration in non-operating areas
27 and 2.4(k)(x)
(21,860)
(13,452)
(14,252)
Reversal (provision) of contingencies and others
15(a) and 2.4(aa)
(596)
6,927
(2,935)
Impairment recovery (loss) of long-lived assets
11(b) and 2.4(m)
-
-
19,874
Other, net
28(a) and 2.4(x)
195,932
24,973
(15,085)
Total operating income (expenses)
86,368
(70,127)
(100,348)
Operating Profit (loss)
445,655
21,121
(39,019)
Share in the results of associates and
joint venture
10(b) and 2.4(f)
189,847
152,225
176,270
Foreign currency exchange difference
5 and 2.4(a)
(9,184)
19,375
26,871
Finance income
29(a) and 2.4(p)
12,528
9,057
14,443
Finance costs
29(a) and 2.4(u)(p)
(65,397)
(119,254)
(54,136)
Profit before income tax
573,449
82,524
124,429
Current income tax
30(c) and 2.4(s)
(103,116)
(69,306)
(15,633)
Deferred income tax
30(c) and 2.4(s)
(53,048)
26,312
15,592
Total income tax
(156,164)
(42,994)
(41)
Profit from continuing operations
417,285
39,530
124,388
Discontinued operations
(Loss) profit from discontinued operations
1(e) and 2.4(v)
(1,022)
(6,848)
478,547
Net Profit
416,263
32,682
602,935
Profit attributable to:
Owners of the parent
402,689
19,855
602,550
Non-controlling interest
18(a) and 2.4(e)
13,574
12,827
385
Net Profit
416,263
32,682
602,935
Basic and diluted profit (loss) per share,
stated in U.S. dollars
Attributable to owners of parent
17(e) and 2.4(z)
1.59
0.08
2.372
Attributable to owners of the parent for
continuing operations
17(e) and 2.4(z)
1.64
0.16
0.49
Attributable to owners of the parent for
discontinued operations
17(e) and 2.4(z)
(0.00)
(0.03)
1.88
Buenaventura
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Consolidated statements of changes in equity
For the years ended December 31, 2024, 2023 and 2022
Shareholders ‘equity attributable to owners of the parent
Capital stock, net of
treasury shares
Other reserves of equity
Number of
shares
outstanding
Common
shares
Investment
shares
Additional
paid-in capital
Legal
reserve
Other
reserves
Share in ORI
of associates
Cash flow
hedge
instruments
Retained
earnings
Total
Non-controlling
interest
Total equity
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
US$(000)
As of January 1, 2022
253,715,190
750,497
791
218,450
163,270
269
(4,023)
(454)
1,239,526
2,368,326
170,205
2,538,531
Net profit (loss)
−
−
−
−
−
−
-
-
602,550
602,550
385
602,935
Other comprehensive income
−
−
−
−
−
−
6,207
454
-
6,661
4,388
11,049
Total comprehensive income
−
−
−
−
−
−
6,207
454
602,550
609,211
4,773
613,984
Dividends declared and paid, note 17(d)
-
-
-
-
-
-
-
-
(18,542)
(18,542)
(2,647)
(21,189)
Changes in subsidiaries’ shares, note 1(d)
-
-
-
-
-
31,628
-
-
18,240
49,868
(18,240)
31,628
Transfer and other changes in equity
-
-
-
-
-
-
-
-
(13)
(13)
-
(13)
As of December 31, 2022
253,715,190
750,497
791
218,450
163,270
31,897
2,184
-
1,841,761
3,008,850
154,091
3,162,941
Net profit
−
−
−
−
−
-
-
-
19,855
19,855
12,827
32,682
Other comprehensive loss
−
−
−
−
−
-
(3,669)
-
-
(3,669)
(2,560)
(6,229)
Total comprehensive income
−
−
−
−
−
-
(3,669)
-
19,855
16,186
10,267
26,453
Dividends declared and paid, note 17(d)
-
-
-
-
-
-
-
-
(18,542)
(18,542)
(1,607)
(20,149)
Expired dividends, note 17(c)
-
-
-
-
102
-
-
-
-
102
-
102
Transfer and other changes in equity
-
-
-
-
-
-
1,389
-
(1,525)
(136)
-
(136)
As of December 31, 2023
253,715,190
750,497
791
218,450
163,372
31,897
(96)
-
1,841,549
3,006,460
162,751
3,169,211
Net profit
−
−
−
−
−
-
-
-
402,689
402,689
13,574
416,263
Total comprehensive income
−
−
−
−
−
-
-
-
402,689
402,689
13,574
416,263
Dividends declared and paid, note 17(d)
-
-
-
-
-
-
-
-
(18,440)
(18,440)
(7,343)
(25,783)
Expired dividends, note 17(c)
-
-
-
-
167
-
-
-
-
167
30
197
Transfer and other changes in equity
-
-
-
-
-
-
-
-
(187)
(187)
-
(187)
As of December 31, 2024
253,715,190
750,497
791
218,450
163,539
31,897
(96)
-
2,225,611
3,390,689
169,012
3,559,701
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Consolidated statements of cash flows
For the years ended December 31, 2024, 2023 and 2022
2024
2023
2022
Notes
US$(000)
US$(000)
US$(000)
Cash flows of operating activities
Proceeds from sales of goods and services
1,142,569
782,421
809,668
Dividends received from associates
32(a)
168,890
147,286
79,140
Recovery of taxes
35,455
48,417
32,793
Interest received
5,210
5,123
2,915
Dividends received from other investments
1,150
150
-
Royalty received
-
-
5,183
Payments to suppliers and third parties, and other net
(550,203)
(484,903)
(580,468)
Payments to and for employees
(149,482)
(136,612)
(123,903)
Income tax and royalties paid to Peruvian State
(58,918)
(30,049)
(82,637)
Short-term and low value lease payments
(47,746)
(42,264)
(41,352)
Interest paid
(38,172)
(39,590)
(41,132)
Payments of royalties to third parties
24
(15,832)
(12,832)
(11,053)
Payments for tax litigation
(6,862)
(10,115)
(7,488)
Net cash flows generated from operating activities
486,059
227,032
41,666
Cash flows of investing activities
Proceeds from sale of investments in Contacto Corredores
de Seguro S.A.
1(d)
1,060
27,003
-
Proceeds from sale of property, plant and equipment
11,131
9,689
13,116
Proceeds from sale of investments in S.M.R.L. Chaupiloma
Dos de Cajamarca
1(d) and 28(a)
210,534
245
1,577
Collection for sale of participation in Yanacocha
1(e)
-
-
300,000
Collection for purchase of Minera La Zanja S.R.L. shares
-
-
45,000
Payments for acquisition of property, plant and equipment
(337,743)
(238,669)
(151,973)
Payments for acquisition of other assets
12(a)
(2,506)
(3,804)
(290)
Acquisition of investment in associate
-
-
(1,677)
Cash contribution in associate
10 (b)
(400)
-
-
Net cash flows from (used in) investing
activities
(117,924)
(205,536)
205,753
Cash flows of financing activities
Proceeds from bank loans
13
-
49,000
-
Decrease of restricted time deposits
7(d)
-
-
29,117
Senior notes bonds issued, net of issuance costs
16(g)
(79,602)
(31,034)
(323,057)
Payments of financial obligations
13
-
(49,000)
(50,000)
Dividends paid to controlling interest
17(d)
(18,440)
(18,542)
(18,542)
Lease payments
16(g)
(4,138)
(4,475)
(4,638)
Dividends paid to non-controlling interest
17(d)
(7,343)
(1,607)
(2,647)
Decrease (increase) of bank accounts in trust
7(d)
33
34
(733)
Net cash flows used in financing activities
(109,490)
(55,624)
(370,500)
Increase (decrease) in cash and cash equivalents for the
258,645
(34,128)
(123,081)
Cash and cash equivalents at beginning of year
6
219,790
253,918
376,999
Cash and cash equivalents at year-end
6
478,435
219,790
253,918
Financing and investing activities not
affecting cash flows:
Leases additions
16(g)
497
1,137
11,712
Due from for sales of properties and concessions
7(a)
100
2,744
2,119
Changes in estimates of mine closure plans
15(b)
65,397
11,879
(21,869)
Unrealized income (loss) in investments
10(d)
-
3
(101)
ANNEXES
10
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TABLE 1 -
SUMMARY OF
OPERATIONS
2024
DESCRIPTION
TAMBOMAYO
ORCOPAMPA
COIMOLACHE
LA ZANJA
UNIT
Treated head ore
Head ore Ag
Head ore Au
Head ore Cu
Head ore Pb
Head ore Zn
DMT
Oz. / DMT
g / DMT
%
%
%
575,960
2.79
2.17
0.13
0.83
1.21
339,573
0.14
6.92
-
-
-
4,263,536
0.38
0.34
-
-
-
-
-
-
-
-
-
Bulk Concentrate (Ag-pb-cu-au)
Gold-silver Concentrate
Lead-silver-gold Concentrate
Copper Concentrate
Zinc Concentrate
Py-gold Concentrate
DMT
DMT
DMT
DMT
DMT
DMT
591.08
-
16,013.72
-
13,038.86
-
-
2,646.65
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ounces Of Silver
Ounces Of Gold
Metallic Copper
Metallic Lead
Metallic Zinc
Oz.
Oz.
MT
MT
MT
1,412,092
33,896
132
4,058
5,262
29,493
70,892
-
-
-
236,082
48,120
-
-
-
23,637
15,746
-
-
-
Ag Recovery
Au Recovery
Cu Recovery
Pb Recovery
Zn Recovery
%
%
%
%
%
87.99
84.17
17.97
85.21
75.61
62.12
93.83
-
-
-
14.74
102.97
-
-
-
-
-
-
-
-
Summary of Operations
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DESCRIPTION
JULCANI
ROSARIO
CONSOLIDATE
UCHUCCHACUA
YUMPAG
MARCAPUNTA
ACCHILLA
EL BROCAL
UCHUCCHACUA
UNIT
Treated head ore
Head ore Ag
Head ore Au
Head ore Cu
Head ore Pb
Head ore Mn
Head ore Zn
DMT
Oz/ DMT
g / DMT
%
%
%
68,789
15.85
0.32
0.21
1.11
-
-
4,886
8.10
2.09
0.32
-
-
818,886
-
-
-
-
-
-
500,499
5.70
-
-
3.01
-
4.99
318,388
27.32
-
-
-
-
-
Lead-silver Concentrate
Copper Concentrate
Zinc Concentrate
Metallic Molybdenum
Leached Copper
DMT
DMT
DMT
DMT
DMT
2,780.62
-
-
-
-
-
-
-
688
-
42,934.28
-
45,997.59
-
-
42,934.28
-
45,997.59
-
-
-
-
-
-
-
Ounces Of Silver
Ounces Of Gold
Metallic Copper
Metallic Lead
Metallic Zinc
Oz.
Oz.
MT
MT
MT
1,058,217
331
136
727
-
35,138
237
14
-
-
10,487,480
-
-
13,751
21,205
2,364,035
-
-
13,751
21,205
8,123,445
-
-
-
-
Ag Recovery
Au Recovery
Cu Recovery
Pb Recovery
Zn Recovery
%
%
%
%
%
97.06
47.10
96.51
94.97
-
96.31
89.34
97.85
-
-
-
-
-
-
-
82.87
-
-
91.16
84.85
93.38
-
-
-
-
4,111,108
0.78
0.65
1.51
-
-
-
-
231,701.82
-
-
-
1,652,220
23,482
53,518
-
-
51.68
27.15
85.99
-
-
Tajo Norte - Cu
209,668
3.47
-
2.52
-
-
-
-
15,587.82
-
-
-
379,333
164
3,006
-
-
52.19
-
56.79
-
-
Tajo Norte - Zn
84,369
3.15
-
-
-
-
4.95
-
-
4,796.13
-
-
91,190
-
-
-
1,985
34.30
-
-
-
47.52
Treated Ore Total
4,405,145
-
-
-
-
-
-
-
247,289.64
4,796.13
-
-
2,122,742
23,646
56,525
-
1,985
-
-
-
-
-
TABLE 1 - SUMMARY OF OPERATIONS 2024
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GOLD
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Gold Reserves
Orcopampa
Julcani
Tambomayo
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
100.00
100.00
100.00
40.09
61.43
61.43
100.00
224
205
391
50,748
74,651
4,935
15,305
0.266
0.047
0.058
0.009
0.019
0.001
0.119
59
10
23
434
1,424
4
1,827
3,780
2,969
59
10
23
174
875
2
1,827
SILVER
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Silver Reserves
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Orcopampa
Tambomayo
Coimolache
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal Marcapunta
San Gabriel
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
100.00
7,322
205
224
391
50,748
4,935
1,766
74,651
15,305
15.80
16.06
0.16
6.37
0.35
1.86
4.04
0.63
0.20
115,726
3,290
35
2,490
17,837
9,204
7,144
47,038
3,107
205,870
170,737
115,726
3,290
35
2,490
7,151
5,654
4,388
28,896
3,107
TABLE 2 - RESERVES AS OF December 31, 2024
Proven and
probable reserves
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Prices used for the calculation of reserves: Gold 1,600 US$/oz; Silver 25.00 US$/oz; Zinc 2,385 US$/MT; Lead 2,286 US$/MT; and Copper 8000
US$/MT
ZINC
BVN% PARTICIPATION
DMT (000)
% Zn
FMT (000)
BVN FMT (000)
Total Zinc Reserves
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
100.00
100.00
61.43
7,322
391
1,766
1.88%
0.66%
4.06%
138
3
72
212
184
138
3
44
LEAD
BVN% PARTICIPATION
DMT (000)
% Pb
FMT (000)
BVN FMT (000)
Total Lead Reserves
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte - Smelter Zn-Pb-Ag )
100.00
100.00
100.00
61.43
7,322
205
391
1,766
1.11%
2.43%
0.44%
1.96%
81
5
2
35
122
109
81
5
2
21
COPPER
BVN% PARTICIPATION
DMT (000)
% Cu
FMT (000)
BVN FMT (000)
Total Copper Reserves
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Trapiche
100.00
61.43
61.43
100.00
205
74,651
4,935
283,200
0.62%
1.22%
2.13%
51.00%
1
912
105
1,444
2,463
2,071
1
560
65
1,444
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TABLE 3 RESERVES AS OF December 31, 2023
GOLD
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Gold Reserves
Orcopampa
Julcani
Tambomayo
La Zanja
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
100.00
100.00
100.00
100.00
40.09
61.43
61.43
100.00
222
219
573
43,692
28,281
22,245
14,934
0.314
0.030
0.073
0.009
0.021
0.008
0.130
70
7
42
396
592
171
1,940
3,218
2,686
70
7
42
-
159
364
105
1,940
SILVER
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Silver Reserves
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Julcani
Orcopampa
Tambomayo
La Zanja
Coimolache
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal Marcapunta
San Gabriel
100.00
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
100.00
5,322
219
222
573
43,692
22,245
2,077
28,281
14,934
14.32
18.39
0.16
5.72
0.31
0.69
3.61
0.67
0.21
76,239
4,020
36
3,277
13,500
15,398
7,505
19,079
3,087
142,141
117,861
76,239
4,020
36
3,277
-
5,413
9,459
4,610
11,720
3,087
Proven and
probable reserves
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ZINC
BVN% PARTICIPATION
DMT (000)
% Zn
DMT (000)
BVN DMT (000)
Total Zinc Reserves
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
100.00
100.00
61.43
5,322
573
2,077
2.20
1.04
3.67
117
6
76
119
170
117
6
47
LEAD
BVN% PARTICIPATION
DMT (000)
% Pb
DMT (000)
BVN DMT (000)
Total Lead Reserves
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte - Smelter Zn-Pb-Ag)
100.00
100.00
100.00
61.43
5,322
219
573
2,077
1.36
2.43
0.61
1.70
72
5
3
35
116
103
72
5
3
22
COPPER
BVN% PARTICIPATION
DMT (000)
% Cu
DMT (000)
BVN DMT (000)
Total Copper Reserves
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Trapiche
100.00
61.43
61.43
100.00
219
28,281
22,245
283,200
0.55
1.27
1.82
0.51
1
360
404
1,444
2,210
1,915
1
221
248
1,444
Prices used for the calculation of reserves: Gold 1,750 US$/oz; silver 23.00 US$/oz; lead 2,100 US$/MT; zinc 2,600 US$/MT; and Copper 8,800
US$/MT
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TABLE 4: MINERAL OUT OF
RESERVES AS OF December
31, 2024
ORE OUTSIDE
RESERVES (Measured +
Indicated Resources)
GOLD
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Gold Resources
Coimolache-Sulfuros
Orcopampa
Julcani
Tambomayo
La Zanja
Alejandra (La Zanja)
Coimolache - Oxides
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
Trapiche
40.09
100.00
100.00
100.00
100.00
100.00
40.09
61.43
61.43
100.00
100.00
133,589
351
74
455
11,267
123
22,878
32,909
839
7,763
617,200
0.009
0.22
0.04
0.08
0.01
0.70
0.01
0.014
0.001
0.08
0.00
1,148
78
3
36
132
86
168
464
1
588
562
3,266
2,299
460
78
3
36
132
86
67
285
0
588
562
SILVER
BVN% PARTICIPATION
DMT (000)
OZ DMT
OUNCES (000)
BVN OUNCES (000)
Total Silver Resources
Coimolache-Súlfuros
Orcopampa
Uchucchacua/Yumpaq (Silver-lead-zinc)
Julcani
Tambomayo
La Zanja
Alejandra (La Zanja)
Coimolache - Oxides
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal Marcapunta
El Brocal (San Gregorio)
San Gabriel
Trapiche
40.09
100.00
100.00
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
61.43
100.00
100.00
133,589
351
3,064
74
455
11,267
123
22,878
839
115
32,909
79,934
7,763
617,200
10.241
0.96
8.81
18.44
4.46
0.26
3.73
0.37
1.48
3.73
0.50
0.31
0.25
0.08
1,368,097
337
26,993
1,363
2,030
2,892
459
8,356
1,237
430
16,584
24,620
1,907
47,328
1,502,632
661,519
548,525
337
26,993
1,363
2,030
2,892
459
3,350
760
264
10,188
15,124
1,907
47,328
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ZINC
BVN% PARTICIPATION
DMT (000)
% Zn
DMT (000)
BVN DMT (000)
Total Zinc Resources
Uchucchacua/Yumpaq (Silver-lead-zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal (San Gregorio)
100.00
100.00
61.43
61.43
3,064
455
115
79,934
2.17%
1.25%
2.34%
5.22%
67
6
2.7
4,175
4,250
2,639
67
6
1.7
2,565
LEAD
BVN% PARTICIPATION
DMT (000)
% Pb
DMT (000)
BVN DMT (000)
Total Lead Resources
Uchucchacua/Yumpaq (Silver-lead-zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal (San Gregorio)
100.00
100.00
100.00
61.43
61.43
3,064
74
455
115
79,934
1.29%
0.81%
0.76%
0.79%
1.53%
39
1
3
2
1,221
1,267
795
39
1
3
1
750
COPPER
BVN% PARTICIPATION
DMT (000)
% Cu
DMT (000)
BVN DMT (000)
Total Copper Resources
Coimolache-Sulfuros
Julcani
Trapiche
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
40.09
100.00
100.00
61.43
61.43
133,589
74
617,200
32,909
839
0.59%
0.39%
0.32%
0.88%
1.44%
786
0
1971
290
12
3,060
2,472
315
0
1971
178
7
Prices used for the calculation of resources: Gold 1,900 US$/Oz, Silver 24.00 US$/Oz, Zinc 2,400 US$/MT, Lead 1,900 US$/MT, and Copper
8,800 US$/MT.
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Total content
Tambomayo
Orcopampa
Uchucchacua
Yumpag
Julcani
El Brocal
La Zanja
Coimolache
100%
100%
100%
100%
100%
61.43%
100.00%
40.09%
1,412,092
29,493
2,364,035
8,123,445
1,402,786
2,122,742
23,637
236,082
33,896
70,892
-
-
4,504
23,646
15,746
48,120
4,058
-
13,751
-
727
-
-
-
5,262
-
21,205
-
-
1,985
-
-
132
-
-
-
400
56,525
-
-
28,452
18,536
196,803
15,714,313
57,057
Ag Oz
Au Oz
Pb DMT
Zn DMT
Cu DMT
% Part
TOTAL PRODUCTION
Total content
Tambomayo
Orcopampa
Uchucchacua
Yumpag
Julcani
El Brocal
La Zanja
Coimolache
1,412,092
29,493
2,364,035
8,123,445
1,402,786
1,304,001
23,637
94,655
33,896
70,892
-
-
4,504
14,526
15,746
19,293
4,058
-
13,751
-
727
-
-
-
5,262
-
21,205
-
-
1,220
-
-
132
-
-
-
400
34,723
-
-
27,686
18,536
158,856
14,754,144
35,255
Ag Oz
Au Oz
Pb DMT
Zn DMT
Cu DMT
PRODUCTION ATTRIBUTABLE
TO BUENAVENTURA
TABLE 5: SUMMARY OF PRODUCTION 2024
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Performance of shares and ADRs
MONTH
January
February
March
April
May
June
July
August
September
October
November
December
14.70
15.54
14.87
15.50
16.66
17.80
16.68
15.50
12.35
13.90
12.84
12.07
54.58
59.18
56.24
57.68
62.51
66.59
64.00
57.69
46.31
51.62
48.47
45.20
15.34
15.03
15.95
17.36
17.76
16.85
15.60
12.71
13.77
13.01
12.10
11.95
58.49
57.07
59.45
64.82
66.65
64.45
58.38
47.57
51.25
49.13
45.48
45.05
15.80
15.86
17.73
17.82
18.75
17.80
17.57
15.54
14.20
14.24
12.85
13.41
59.82
60.39
65.19
66.93
70.05
66.59
65.59
57.84
53.07
53.64
48.50
49.91
14.18
14.80
14.87
15.29
16.43
16.50
15.39
12.45
11.69
12.75
11.65
11.92
52.72
57.26
56.24
56.96
61.65
63.06
58.14
46.66
44.05
48.09
43.91
44.64
15.26
15.36
16.56
16.25
17.74
16.96
16.47
13.54
15.99
13.40
12.19
12.72
58.19
58.32
61.72
60.68
66.56
64.87
61.63
50.68
59.51
50.60
45.82
47.95
US$
S/
US$
S/
US$
S/
US$
S/
US$
S/
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
TC
January
February
March
April
May
June
July
August
September
October
November
December
3.71
3.81
3.78
3.72
3.75
3.74
3.84
3.72
3.75
3.71
3.78
3.75
3.81
3.80
3.73
3.73
3.75
3.83
3.74
3.74
3.72
3.78
3.76
3.77
3.79
3.81
3.68
3.76
3.74
3.74
3.73
3.72
3.74
3.77
3.77
3.72
3.72
3.87
3.78
3.73
3.75
3.82
3.78
3.75
3.77
3.77
3.77
3.75
3.81
3.80
3.73
3.73
3.75
3.83
3.74
3.74
3.72
3.78
3.76
3.77
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
ADS QUOTE US$
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SHARE QUOTE
MONTH
January
February
March
April
May
June
July
August
September
October
November
December
52.80
54.00
56.02
58.10
58.50
58.50
--
--
52.80
--
47.00
46.50
54.00
55.62
62.50
58.50
58.50
58.50
--
--
58.50
--
47.00
51.00
54.38
55.62
63.80
61.00
58.50
58.50
--
--
63.80
--
47.00
51.00
52.80
54.00
56.02
58.10
58.50
58.50
--
--
52.80
--
47.00
46.50
53.51
55.59
62.24
58.28
58.62
58.50
--
--
59.38
--
47.50
47.58
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
MONTH
January
February
March
April
May
June
July
August
September
October
November
December
--
--
--
--
14.46
--
--
--
14.46
--
--
--
--
--
--
--
14.46
--
--
--
14.46
--
--
--
--
--
--
--
14.46
--
--
--
14.46
--
--
--
--
--
--
--
14.46
--
--
--
14.46
--
--
--
--
--
14.01
14.46
13.44
14.46
--
14.46
13.78
14.45
15.00
--
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
Buenaventura
Common (S/)
Buenaventura
Investment (S/)
ADRS
NEW YORK ADR PROGRAMS, 2024
During 2024, the ADR program of the New York Stock
Exchange (NYSE), recorded a trading volume of US$
5,067,113,008, equivalent to 332,251,958 ADS. Also, as
of December 31 of 2024, there were 222,120,864 ADS
outstanding, representing 80.80% of the company’s total
shares outstanding.
Lima, January of 2025.
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ROQUE BENAVIDES,
CHAIRMAN OF THE BOARD
JORGE FRANCISCO BETZHOLD
HENZI, INDEPENDENT DIRECTOR
RAÚL BENAVIDES,
DIRECTOR
Civil Engineer from Pontificia Universidad Católica del Perú
with a Master’s Degree in Business Administration from
Henley, University of Reading, United Kingdom. He completed
the Management Development Program at Harvard Business
School, United States, and the Advanced Management
Program at Templeton College, University of Oxford, United
Kingdom. He has worked at Buenaventura since 1977 and is
Director of Sociedad Minera El Brocal and Banco de Crédito
del Peru (BCP). He served as President of the National
Confederation of Private Business Institutions (CONFIEP, in
Spanish) for two periods, the last of which was completed in
February 2019. He has also been President of the National
Society of Mining, Petroleum and Energy (SNMPE). He was
Dean of the Lima Departmental Council of the Peruvian
Association of Engineers for the period 2022-2024. He is
Chairman of the Board of Trustees of Universidad Nacional
de Ingeniería (UNI, in Spanish) since 2020. He has also been
part of the Fullbright Commission in Peru since 2019. He is
a member of the Board of Directors of Buenaventura since
2004.
Member of the Australasian Institute of Mining and
Metallurgy (AusIMM). Member of the Geostatistical
Association of South Africa (GASA) with solid
knowledge of and experience in the mining business.
Mr. Betzhold has 36 years of practical experience
in South America (Chile, Brazil, Venezuela, Peru and
Argentina), Southern Africa (South Africa, Botswana,
Namibia, Zambia) and USA (Alaska). He studied
Geology at Universidad de Chile, Geostatistics at the
Fontainebleau Center, Ecole des Mines de Paris, France,
and Business Administration at the Graduate School
of Business, University of Stellenbosch, South Africa.
In recent years, Mr. Betzhold has served as Technical
Vice President at AngloAmerican (base metals), Vice
President of Development at Collahuasi, and Vice
President of Development and Planning at Minera
Escondida (BHP). He also joined the company’s Board
of Directors in 2023.
He holds a Bachelor’s Degree in Mining Engineering by the
Missouri-Rolla University. He holds a Master’s Degree in
Mining Administration by the Pennsylvania State University
and completed the Advanced Management Program at
Harvard Business School (AMP-160). He has been President
of the Institute of Mining Engineers of Peru (IIMP) and of
the Mining Convention (Perumin). Additionally, he is founder
and President of the Institute of Mining Safety (ISEM). He is
currently President of CETEMIN, technical mining school. He
has been working at Buenaventura since 1980 and is Director
of 11 related companies. He also joined the company’s Board of
Directors in 2021.
Board of Directors
Buenaventura
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DIEGO DE LA TORRE,
INDEPENDENT DIRECTOR
MARCO ANTONIO ZALDÍVAR GARCÍA,
INDEPENDENT DIRECTOR
WILLIAM CHAMPION,
INDEPENDENT DIRECTOR
He holds a Bachelor’s Degree in Business Administration
from Universidad del Pacífico in Lima, and an MBA from
the London Business School, England. He has taken part
of the leadership program at Georgetown University and
the immersion program in Silicon Valley at San Francisco
University. He is co-founder and Chairman of the Board
of Directors of La Viga, Quikrete Perú, Aleteia Capital, and
Bodega RAS. Member of the advisory board of the David
Rockefeller Center for Latin American Studies at Harvard
University, of the International Board of CEAPI (Madrid), as
well as Institute of American Studies of CEU-CEFAS (Spain).
He has been a professor at Universidad del Pacífico and
director of PPX Mining, La Casa de Barranco (Hotel B),
Endeavor Perú, IPAE, IPE, CAPECO, Museum of Art of Lima,
and Perú 2021. He was Chairman of the United Nations
Global Compact in Peru, from 2005 to 2021, and of the Lima
National Club from 2022 and 2024. Currently, he serves as
Chairman of the Board of Trustees of Naval Museum of Callao
and the Luis Enrique Tord Association. In 2013, he received
the “Integral Entrepreneur” award from the Latin American
Business Council (CEAL). Selected in the Top 100 Leaders by
AACSB International, among other awards. He is a member of
the Board of Directors of Buenaventura since 2017.
Chartered Public Accountant from Universidad de Lima,
graduate of the Management Development Program of the
PAD of Universidad de Piura, and MBA from Adolfo Ibáñez
School of Management, United States. He is Independent
Director of Empresa Editora El Comercio, Técnica Avícola,
and Core Capital SAF. He has been Independent Director
at Cementos Pacasmayo, UCP Backus & Johnston, Banco
Santander, among other companies. He has served as
Chairman of the Board of Directors of the Lima Stock
Exchange (BVL) and Second Vice-Chairman of CONFIEP,
among other positions. In addition, he is a member of the
Board of Directors of Buenaventura since 2020.
He holds a degree in Chemical Engineering and Biology
from the University of Arizona. He is a member of the
Board of Directors since January of 2016. Additionally, he is
Independent Director of the U.S. company Peabody Energy,
producer of steam and metallurgical coal. He has more
than 40 years of executive, managerial and operational
experience in the mining sector. He worked at Rio Tinto
PLC from 2002 to 2014, holding various positions: Director-
General of Rio Tinto Coal Australia, Director-General of Rio
Tinto Diamonds, and President and Managing Director of
Kennecott Utah Copper.
From 1995 to 2000, he was Senior Vice President and
Executive Vice President of Cyprus Climax Metals Company,
a subsidiary of Cyprus Amax Minerals Company. He also
worked at Phelps Dodge Mining Company from 1984 to
1995, where he held various positions (President of Phelps
Dodge Chile). In addition, he is a member of the Board of
Directors of Buenaventura since 2016.
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She holds a Ph.D. in Geography (1975) and a Master’s Degree
in Geography (1971) by the Université Paul-Valéry, Montpellier,
France. She has been a professor in the Department of
Humanities of Pontificia Universidad Católica del Perú (PUCP)
since 1984. She was founder and academic director of the Center
for Research in Applied Geography (CIGA-PUCP) from 1984 to
2018, and founder and director of the Institute of Environmental
Studies (IDEA-PUCP) from 1994 to 1998. She was a member of the
Technical Committee of Global Water Partnership (2014-2017).
She has been Emeritus President of Global Water Partnership
Peru and Emeritus President of the Lima Geographical Society
since July of 2022. She was Director for Latin America and the
Caribbean of the Scientific Committee of the United Nations
Convention to Combat Desertification, coordinator of various
research programs and consultant to different international
entities (SAP-BM, UNDP, FAO and others).
She is Director of BVN since January of 2018. She is currently a
member of the Board of Directors of AGROMIN and of Asociación
Los Andes de Cajamarca – ALAC. She is a full member and past
Vice-President of the National Academy of Sciences - ANC, and
focal point of the Water Program of Peru in the Inter-American
Network of Academies of Sciences (IANAS). Furthermore, she has
over 185 publications.
Iván Arriagada is the CEO of Antofagasta plc, one of the ten
largest copper mining companies in the world and the only
Chilean company listed on the London Stock Exchange. Mr.
Arriagada holds a degree in business engineering from the Adolfo
Ibáñez School of Management at the Federico Santa María
University and a master’s degree in science from the London
School of Economics. He has been the CEO of Antofagasta plc
since 2015 and previously held the position of Chief Financial
Officer of the Chilean state-owned copper mining company
Codelco. Previously, he worked at BHP Billiton as Vice President of
Base Metals Operations and, prior to that, he was Chief Financial
Officer of the Base Metals group, also at BHP Billiton. Before
entering the world of copper mining, Mr. Arriagada spent a large
part of his career in the oil and gas industry, at Royal Dutch Shell
International, holding senior positions in Chile, England, the USA
and Argentina Mr. Arriagada is also the Chairman of the Board
of the International Council on Mining and Metals (ICMM), which
brings together the CEOs of the world’s largest mining and metals
companies, representing approximately one third of the global
mining industry. He was also the President of the International
Copper Association (ICA).
Vice-President of Development at Antofagasta plc
and Board Member of Quiñenco S.A. He holds a
Bachelor of Science in Business Management from
Babson College. He has over 15 years of professional
experience working for Antofagasta plc, having
served in both Toronto and Chile. He has also h eld
various positions at Banco de Chile.
NICOLE BERNEX,
INDEPENDENT DIRECTOR
IVÁN ARRIAGADA HERRERA,
DIRECTOR
ANDRÓNICO LUKSIC LEDERER,
DIRECTOR
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GARCÍA RAGGIO, LEANDRO LUIS
GENERAL MANAGER GENERAL MANAGER
He holds a Bachelor’s Degree in Business Administration and Accounting
from Universidad del Pacífico and a Master’s Degree in Business
Administration from the University of Miami, Florida. He completed the
Advanced Management Program at Harvard Business School, in the United
States, in 2017. He worked at Buenaventura from 1990 to 1997 as Head of
Treasury and served as Financial Manager of Sociedad Minera El Brocal until
2000. In 2011, he rejoined the company as Comptroller General and, in 2017,
he became Vice-President of Finance and Administration. He was appointed
CEO-General Manager of Buenaventura in September of 2020. He is also
General Manager of Sociedad Minera El Brocal. He was General Manager of
Consorcio Energético Huancavelica (Conenhua) and Empresa de Generación
Huanza until 2020, as well as General Manager of Boticas BTL until 2005
and Boticas Inkafarma until 2011. He was Director of Química Suiza Retail,
a business that managed Boticas Mifarma pharmacy chain, from 2016 to
2018. Currently, he is Director of Compañía Minera Coimolache, Compañía
Minera Colquirrumi, Compañía Minera Condesa, Consorcio Energético de
Huancavelica (Conenhua), Empresa de Generación Huanza, Procesadora
Industrial Río Seco and Sociedad Minera El Brocal, as well as Alternate
Director of Sociedad Minera Cerro Verde.
ORTIZ ZEVALLOS, JUAN CARLOS
VICE PRESIDENT OF OPERATIONS
Graduated in Mining Engineering from the Pontificia
Universidad Católica del Perú and Master in
Engineering from Pennsylvania State University.
He has served as Central Technical Manager of
Volcán Compañía Minera; Corporate Operations
Manager at Compañía Minera Milpo (now part of
the Nexa Resources Group); Operations Manager
at the Condestable and Catalina Huanca mines, of
the Trafigura group; and Operations Manager at
the San Vicente mine, of Cia Minera San Ignacio de
Morococha. During his professional development
he has served in different operations and project
management positions in Latin America. He
is currently Director of the Institute of Mining
Engineers of Peru.
General Management and Vice-Presidency
HERMOZA MARAVÍ, ALEJANDRO
VICE PRESIDENT OF SUSTAINABILITY
Mechanical engineer from the University of
Maryland, he holds a Master’s Degree in Engineering
by the same university and a Master’s Degree in
Administration by Universidad Peruana de Ciencias
Aplicadas – UPC. He worked as Development
Manager at the National Confederation of Private
Business Institutions (CONFIEP) and works at
Buenaventura since 2003, where he has held the
positions of Community Relations Manager, from
2008 to 2011, Assistant Manager of Administration
and Human Resources, from 2003 to 2008. In 2011,
he graduated from the Advanced Management
Program at Harvard Business School (AMP).
Buenaventura
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ABOUT THE
ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
DOMÍNGUEZ VERA, DANIEL
MASSA PESCHIERA, ALDO
MACHER CARMELINO, RENZO
SALAZAR CÁCERES, JUAN
CARLOS
VICE PRESIDENT OF FINANCE AND
ADMINISTRATION
He holds a Bachelor’s Degree in Economics
and a Master’s Degree in Business
Administration by Universidad del Pacífico.
He successfully completed the General
Management Program at the Harvard
Business School in 2015, and the Corporate
Finance Program at the London Business
School in 2010. He joined Buenaventura
20 years ago, having started his career at
INMINSUR (former subsidiary company) as
Head of Treasury. He was then transferred
to Buenaventura, where he held various
positions, such as Head of Treasury, from
2003 to 2012; Director of Treasury and
Financial Planning, from 2012 to 2015;
Manager of Financial Planning and Investor
Relations, from 2016 to 2017; and Logistics
Manager, from 2017 to 2020.
VICE PRESIDENT OF BUSINESS
DEVELOPMENT AND MARKETING
He holds a degree in Business
Administration from Universidad de
Lima and an MBA from Universidad del
Pacífico. He has more than 25 years of
experience in the mining industry. He
was Corporate Commercial Director for
Peru, Mexico, United States, and Spain
at Southern Copper Corporation (Grupo
México).
VICE PRESIDENT OF PROJECTS AND
INNOVATION
Renzo Macher is a Civil Engineer from Pontificia
Universidad Católica del Perú (PUCP) with a
Master’s Degree in Construction Engineering
and Project Management from the University
of Berkeley, California. He completed the
Management Development Program at
Universidad de Piura.
His started working at Buenaventura in 2013,
as Manager of the Tambomayo Project, which
began operating in 2016. Since then to date,
he is in charge of the Innovation and Project
Development departments of Buenaventura.
VICE PRESIDENT OF GEOLOGY AND
EXPLORATION
He holds a Bachelor’s Degree in Geological
Engineering from Universidad Nacional
de Ingeniería (UNI) of Peru and Master’s
Degree in Geology from the University of
Western Australia. He joined Buenaventura
in 1999, serving as Project Manager and
Exploration Manager.
Buenaventura
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ANNUAL
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
MANAGEMENT
Leandro García R.
General Manager
Since 09/01/2020
Juan Carlos Ortiz Zevallos
Vice-President of Operations
Since 05/01/2018
Alejandro Hermoza M.
Vice-President of Sustainability
Since 05/01/2011
Daniel Domínguez V.
Vice-President of Finance and Administration
Since 09/01/2020
Aldo Massa Peschiera
Vice-President of Business Development and Trade
Since 01/01/2021
Renzo Macher C.
Vice-President of Projects and Innovation
Since 03/01/2023
Juan Carlos Salazar C.
Vice-President of Geology and Exploration
Since 03/01/2024
Luz Campodónico A.
Internal Audit Manager
Since 05/01/2011
Gulnara La Rosa R.
Legal and Compliance Manager
Since 06/01/2022
Tomas Chaparro D.
Safety Manager
Since 07/19/2017
Juan Carlos Salazar C.
Geology and Exploration Manager
Since 03/01/2020
until 02/29/2024
Thiago Nantes T.
Manager of Technical Services
Since 01/01/2021
until 06/07/2024
Jorge Bonilla Benito
Operations Management Manager
Since 10/01/2023
José Malca La Fuente
Human Resources Manager
Since 09/01/2018
Ana María Rivera C.
Social Matters Manager
Since 05/01/2021
Members of the Management
Buenaventura
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0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Percy Montoya Vargas
Environmental Management Manager
Since 03/01/2020
Carlos Claux Mora
Manager of Institutional Relations and Sustainability
Since 03/01/2024
Fernando Ortiz De Zevallos M.
Logistics Manager
Since 10/01/2020
Cecilia Puga Buse
Financial Manager
Since 09/01/2020
Juan Buhytron Q.
IT and Communications Manager
Since 01/01/2020
Pedro Torres T.
Accounting Manager
Since 08/01/2015
Percy Ponce B.
Manager of Metallurgy and Business Development
Since 01/01/2021
Ricardo Huancaya Delgado
Project Manager
Since 04/01/2024
LIMA
Gabriel Salas Arrisueño
Strategic Management Director
Since 12/01/2024
Guillermo Chang Chang
Financial Audit and Process Director
Since 10/01/2020
Guillermo Shoof A.
Legal Director
Since 01/01/2018
until 09/30/2024
Guillermo Shoof A.
Legal Director of Corporate Affairs
Since 10/01/2024
Caroline Ackermann Zambrano
Legal Director of Regulatory Affairs & Mining Business
Since 10/01/2024
Pedro Navarro Bayona
Safety Director
Since 10/15/2018
Fredy Oscategui Salazar
Safety Director
Since 08/01/2017
Fernando Dueñas Aliaga
Safety Director
Since 12/01/2024
José Gutiérrez Ramírez
Modeling and Resources Director
Since 08/01/2020
José Luis Aquino Aquino
Geology Director
Since 01/01/2020
Luis Fernández De Paredes Robles
Director of Regional Exploration
Since 10/03/2016
Rolando Ligarda C.
Director of Regional Exploration
Since 07/01/2018
until 08/31/2024
Buenaventura
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Integrated Annual Report 2024
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STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
LIMA
Jose Jose Trujillo Salcedo
Director of Regional Exploration
Since 04/15/2024
César Calderón Tipiani
Director of Regional Exploration
Since 07/01/2021
Miguel Infantes Quijano
Sustainability Projects Director
Since 01/01/2023
Dante Gavidia Cannon
Director of Strategic Operational Planning
Since 03/06/2023
Kellyn Cristóbal Paredes
Director of Mine Operations
Since 09/01/2023
until 12/31/2023
John Allison Ames Gavino
Operations Management Director
Since 01/16/2024
Winston David Castañeda Rojas
Maintenance and Automation Director
Since 12/01/2024
Juan Pablo Zoeger La Hoz
Director of Management and Human Development
Since 05/01/2014
Juan Carlos Vargas Byrne
Director of Labor Relations and Personnel Administration
Since 05/01/2014
Jorge Falla Cordero
Director of Permits and Obligations
Since 08/01/2017
until 01/31/2024
Josue Huere Iparraguirre
Permit Integration Project Director
Since 10/23/2023
until 01/31/2024
Josue Huere Iparraguirre
Planning and Permits Management Director
Since 02/01/2024
Rosemarie Boltan Atoche
Director of Environmental Management - Projects & Support
Since 03/01/2023
Pablo Valladares Hernández
Environmental Management - Operations Director
Since 03/01/2023
Ronald Gallardo G.
Environment and Mine Closure Technical Director
Since 07/05/2021
Carlos Claux Mora
Social Responsibility and Development Director
Since 02/01/2017
until 02/29/2024
Max Meneses Gálvez
Social Management Director
Since 01/01/2022
Rossi Marie Montalvo S.
Director of Service Procurement and Contract Administration
Since 10/01/2019
Juan Martin Chávez L.
Materials and Assets Procurement Director
Since 09/01/2018
Rafael Guillen Llerena
Director of Warehousing and General Services
Since 04/01/2022
Roger Velasquez Rosales
Costs and Budgets Director
Since 06/01/2020
Buenaventura
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ANNUAL
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MESSAGE
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CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
LIMA
Silvia Vicente León
Director of ICT Information Systems
Since 12/01/2016
Gustavo Bazalar Herrera
Director of ICT Safety and Infrastructure
Since 03/01/2022
Miguel Diaz Romero
Financial Accounting Director
Since 10/01/2017
until 10/31/2024
Ana María Sequeiros Salazar
Financial Accounting Director
Since 11/01/2024
Augusto Bejarano Vásquez
Tax Accounting Director
Since 10/01/2017
Nicole Chujoy Bardales
Trade Director
Since 01/01/2023
Jorge Villanueva Samar
Project Director
Since 01/01/2023
until 01/05/2024
Rubén Fernández Soto
Project Planning and Control Director
Since 06/11/2021
Fernando Zeballos Zeballos
Metallurgical Projects Director
Since 05/08/2020
UCHUCCHACUA
Gilmar Valenzuela Salazar
Unit Manager
Since 03/01/2022
Kellyn Cristóbal Paredes
Mine General Superintendent
Since 01/01/2024
Henry Arcos Romucho
Environmental Management Superintendent
Since 03/01/2022
Juan Ayala López
Plant Superintendent
Since 07/01/2023
until 07/31/2024 - transferred to Tambomayo
Gerson Cordova Mamani
Plant Superintendent
Since 08/01/2024
Neil Mendoza Hoyos
General Maintenance Superintendent
Since 08/01/2023
until 12/15/2024
Edwin Arias Celis
Geology Superintendent
Since 10/01/2021
Antonio Blanco Quiroga
Mine Superintendent
Since 05/01/2022
until 03/31/2024 - transferred to Yumpag
Antony Arana Castro
Mine Superintendent
Since 09/01/2023
Marcial Quispe Nina
Planning Superintendent
Since 10/18/2022
until 09/04/2024
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
UCHUCCHACUA
Juan Pablo Tipacti Gallo
Projects Superintendent
Since 06/22/2022
until 06/30/2024 - transferred to El Brocal
Freddy Soto Mori
Safety Superintendent
Since 05/01/2021
Danny Valencia Galvan
Superintendent of Social Matters
Since 05/01/2023
Gino Ojeda Moret
Administration Superintendent
Since 03/01/2023
until 02/29/2024
Hector Quispe Ramos
Administration Superintendent
Since 03/01/2024
Mario Ballardo Cuadros
Human Resources Superintendent
Since 09/01/2023
Washington Ccahua Q.
Unit Accountant
Since 04/19/2021
until 10/31/2024 - transferred to San Gabriel
YUMPAG
Antonio Blanco Quiroga
Mine Superintendent
Since 04/01/2024
until 09/30/2024 - transferred to Tambomayo
Miguel Vasquez Zamora
Projects Superintendent
Since 07/01/2024
MALLAY
Santos Silvestre Alfaro
Local Coordinator of Social Matters
Since 12/01/2015
SHILA
Rolando Quispe Vilcahuamán
Head of Community Relations
Since 12/01/2020
Joel Ccente Alfonzo
Environmental Engineer - Unit
Since 08/17/2022
Abner Suárez Chávez
Environmental Engineer - Unit
Since 10/20/2022
ORCOPAMPA
Cristian Cerrón Fernández
Mine Superintendent
Since 11/07/2023
until 10/09/2024
Pedro Vizcardo Martínez
Administration Superintendent
Since 08/01/2017
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Victor Orihuela Vega
Human Resources Superintendent
Since 11/01/2023
Luis Chang Cavero
Environmental Management Superintendent
Since 03/23/2022
Ivan Carhuaz Castro
Superintendent of Social Matters
Since 05/01/2023
JULCANI
Heider Montoya Espinoza
General Superintendent - Unit
Since 03/08/2022
Carlos Montes Moya
Geology Superintendent
Since 02/01/2016
Royer Rodas Sánchez
Plant Superintendent
Since 11/01/2022
Pio Carrasco Viza
Mine Superintendent
Since 04/01/2023
until 06/30/2024
Mirko Martínez Neira
Mine Superintendent
Since 07/01/2024
Jackson Arriola Céspedes
Planning and Projects Superintendent
Since 09/01/2019
Eduardo Molinari Arroyo
Superintendent of Social Matters
Since 05/01/2023
Marco Molina Rosas
Safety Superintendent
Since 06/01/2020
Ivan Alva Lino
Head of Environmental Management - Unit
Since 03/01/2023
Rommer Mendoza Ramírez
Head of Human Resources
Since 02/01/2016
Gerardo Garay Gonzáles
Head of Administration - Unit
Since 12/15/2022
until 02/29/2024 - transferred to El Brocal
Edgar Lovaton Flores
General Head of Administration
Since 03/01/2024
TAMBOMAYO
Maro Oyanguren Leon
Unit Manager
Since 09/01/2023
Waldir Guillermo Cisneros
Plant Superintendent
Since 01/01/2021
until 07/31/2024 - transferred to San Gabriel
Juan Ayala López
Plant Superintendent
Since 08/01/2024
Buenaventura
Buenaventura
Integrated Annual Report 2024
147
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Marcial Vasquez Herrera
General Maintenance Superintendent
Since 08/01/2023
Mirko Martínez Neira
Mine Superintendent
Since 03/01/2023
until 06/30/2024 - transferred to Julcani
Antonio Blanco Quiroga
Mine Superintendent
Since 08/01/2024
Luis Enrique Falcon Lopez
Geology Superintendent
Since 01/01/2024
Pedro Escudero Jaimes
Planning and Engineering Superintendent
Since 03/01/2020
until 08/31/2024 - transferred to San Gabriel
Jano Vásquez Santos
Safety Superintendent
Since 10/01/2022
Luis Chang Cavero
Environmental Management Superintendent
Since 03/23/2022
Victor Orihuela Vega
Human Resources Superintendent
Since 11/01/2023
Ivan Carhuaz Castro
Superintendent of Social Matters
Since 05/01/2023
Pedro Vizcardo Martínez
Administration Superintendent
Since 08/01/2017
SAN GABRIEL
Ricardo Huancaya Delgado
Project Manager - San Gabriel
Since 05/01/2019
until 03/31/2024 - transferred to Corporate
Renzo Ricalde Lizarzaburu
Project Manager - San Gabriel
Since 04/17/2023
Jaime Jiménez Tuse
Mine Manager
Since 09/01/2023
Hugo Soto Montes
Engineering and Construction Director
Since 01/01/2022
George Flores Caso
Project Planning and Control Director
Since 01/01/2023
Diego Leyton Martinez
Project Sustainability Director
Since 01/01/2023
Arturo García Calderon Narvaez
Director of Project Administration
Since 06/01/2023
Jaime Diaz Yosa
Process Plant Director - Project
Since 03/16/2023
Winston Castañeda Rojas
Maintenance and Automation Director - Project
Since 04/10/2023
until 11/30/2024 - transferred to Corporate
Alex Bullón Cano
Mine Superintendent
Since 12/07/2023
until 12/31/2024
Buenaventura
Buenaventura
Integrated Annual Report 2024
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ABOUT THE
ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
SAN GABRIEL
Gabriel Cáceres Oviedo
Mine Superintendent
Since 12/05/2024
Javier Maguiña Aliaga
Planning Superintendent
Since 11/01/2023
until 08/31/2024 - transferred to Tantahuatay
Pedro Escudero Jaimes
Planning Superintendent
Since 09/01/2024
Fernando Remigio Julián
Geology Superintendent
Since 11/01/2023
Waldir Guillermo Cisneros
Plant Superintendent
Since 08/01/2024
Dante Poquioma Alejo
General Maintenance Superintendent
Since 11/04/2024
José Natividad Alvarado
Construction Superintendent
Since 06/21/2022
Guillermo Sanchez Luque
Construction Superintendent
Since 08/01/2024
Wilfredo De La Cruz Ramos
Construction Superintendent - Electromechanics
Since 03/05/2024
Fernando Gamero Zegarra
Commissioning Superintendent
Since 07/17/2024
Sandra Medina Vega
Environmental Management Superintendent
Since 04/21/2022
until 05/31/2024 - transferred to Corporate
Hugo Araoz Zevallos
Environmental Management Superintendent
Since 06/01/2024
Carlos Montes Alarcón
Safety Superintendent
Since 08/01/2024
Enver Carhuaz Castro
Head of Community Relations
Since 01/01/2022
Eduardo Cuellar Bohorquez
Head of District Exploration
Since 06/01/2020
until 01/03/2025
Julio Samaniego Arbi
Head of District Exploration
Since 01/01/2025
Victor Camavilca Egoavil
Head of Human Resources
Since 04/01/2022
Salvador Salazar Zegarra
Head of Administration - Unit
Since 03/01/2022
Buenaventura
Buenaventura
Integrated Annual Report 2024
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ABOUT THE
ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
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GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
LA ZANJA
Alex Lobo Guillén
Unit Manager
Since 01/01/2021
Angel Fernández Canchos
Environmental Management Superintendent
Since 05/01/2023
Roberto Andía Chunga
Head of District Exploration
Since 08/01/2014
Enrique Mego Estela
Head of Processes - Plant
Since 08/01/2024
COIMOLACHE
Alex Lobo Guillén
Unit Manager
Since 01/01/2021
Juan Calizaya Yufra
Geology Superintendent
Since 10/01/2020
Segundo Velasquez Miranda
Plant Superintendent
Since 09/01/2018
José Luis Ricaldi Callupe
Mine Superintendent
Since 02/01/2021
until 01/31/2024
Josue Vilchez Espejo
Mine Superintendent
Since 02/01/2024
Josue Vilchez Espejo
Superintendent of Operational Efficiency
Since 10/01/2023
until 01/31/2024
David Chuquillanqui Molina
Planning Superintendent
Since 10/22/2020
Javier Maguiña Aliaga
Projects Superintendent
Since 09/01/2024
Antonio Arango Ataucusi
General Maintenance Superintendent
Since 03/01/2021
Julian Muñoz Ganoza
Safety Superintendent
Since 06/19/2018
Wilder Ponce Tejada
Administration Superintendent
Since 08/01/2021
Segundo Salazar Silva
Superintendent of Social Matters
Since 10/16/2023
Percy Quea Diaz
Human Resources Superintendent
Since 11/01/2023
Elizabeth Meza Limaymanta
Environmental Management Superintendent
Since 12/01/2024
Buenaventura
Buenaventura
Integrated Annual Report 2024
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ABOUT THE
ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
CONEHUA
Christian Fernández Cruz
Operations Superintendent
Since 11/15/2021
until 04/30/2024
Christian Fernández Cruz
Operations General Superintendent
Since 05/01/2024
Ana Lengua Jayo
General Head of Administration, Regulation and Business
Since 10/01/2022
until 02/29/2024
Ana Lengua Jayo
General Superintendent of Regulation and Business
Since 03/01/2024
Mario Borda Camacho
Operations and Maintenance Superintendent
Since 03/01/2019
Fabio Mallqui Ayala
Engineering Superintendent
Since 04/01/2013
Elsa Carbajal Yanac
Head of Environmental Management - Unit
Since 10/01/2021
Cesar Cuyubamba D.
Head of Occupational Health and Safety
Since 04/13/2015
MOLLE VERDE
Rubén Valer Cruces
Project Manager
Since 05/21/2019
Gustavo Llerena Babilonia
Project Superintendent
Since 06/01/2023
Ronny Núñez Becerra
Head of Social Matters
Since 11/01/2023
Julio Ayquipa Tapia
Process Manager - Project
Since 10/01/2019
Daniel Suasnabar Gines
Head of Environmental Management - Unit
Since 11/14/2022
Río Seco
José Luis Lama Manayay
Operations Superintendent - Plant
Since 05/01/2021
Felipe Gonzales Bernal
General Maintenance Superintendent
Since 08/01/2023
José Vega Gonzales
Head of Processes - Plant
Since 08/01/2023
Wilmer Delgado Paredes
Head of Laboratory - Unit
Since 01/01/2019
Buenaventura
Buenaventura
Integrated Annual Report 2024
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STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
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MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
Javier Vasquez Delgado
Human Resources Coordinator - Unit
Since 09/01/2020
Gisela Trujillo Echevarría
Environment and Safety Coordinator
Since 05/17/2022
until 04/30/2024 - transferred to Uchucchacua
Luis Angel Quispe Berrocal
Environment and Safety Engineer
Since 05/01/2024
El Brocal
Gary Chircca Ayesta
El Brocal Manager
Since 09/01/2023
Héctor Alzamora Benites
Process Manager
Since 03/05/2019
Percy Ludeña Untiveros
Maintenance General Superintendent
Since 03/16/2022
until 07/31/2023
Martin Rodriguez Serveleon
Maintenance General Superintendent
Since 08/01/2024
Jesús Guerra Molina
Mine General Superintendent
Since 06/01/2022
Roberto Bados Cueva
General Superintendent of Technical Services
Since 10/15/2024
Roger Ccahuana Figueroa
Geology Superintendent
Since 09/06/2021
Jesús Castillo Chavez
Planning Superintendent
Since 10/17/2023
until 04/30/2024
Roque Herrada Villarreal
Surface Mine Planning Superintendent
Since 10/03/2022
until 07/31/2024
Gustavo Salazar Acosta
Planning Superintendent
Since 04/09/2024
Edgard Atencia Daga
Underground Mine Operations Superintendent
Since 03/01/2021
Moisés Mascco Cotaquispe
Plant Maintenance Superintendent
Since 10/01/2018
Carlos De La Calle Peñaloza
Electrical Maintenance and Instrumentation Superintendent
Since 05/01/2022
until 09/30/2024
Francis Rodriguez Acevedo
Electrical Maintenance and Instrumentation Superintendent
Since 09/17/2024
Edwin Ríos Dávila
Maintenance Planning Superintendent
Since 10/22/2021
Sergio Gallesi Guanilo
Plant Processes Superintendent
Since 10/05/2020
until 09/30/2024
Buenaventura
Buenaventura
Integrated Annual Report 2024
152
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES
El Brocal
Luis Adrianzen Lamadrid
Plant Processes Superintendent
Since 10/07/2024
Cristhian Curo Loro
Metallurgy Superintendent
Since 11/02/2023
Miguel Vasquez Zamora
Projects Superintendent
Since 02/06/2023
until 06/30/2024 - transferred to Yumpag
Juan Pablo Tipacti Gallo
Projects Superintendent
Since 07/01/2024
Fernando Dueñas Aliaga
Safety Superintendent
Since 06/01/2022
until 11/30/2024 - transferred to Corporate
Jhon Ortega Hilario
Safety Superintendent
Since 11/01/2024
Héctor Quispe Ramos
Administration Superintendent
Since 03/01/2023
until 02/29/2024 - transferred to Uchucchacua
Edgar Sanchez Sachun
Management Control Superintendent
Since 02/01/2024
Cesar Rondinelli Zaga
Superintendent of Social Matters
Since 01/06/2022
Hugo Araoz Zevallos
Environmental Management Superintendent
Since 11/01/2021
until 05/31/2024 - transferred to San Gabriel
Julio Ugarte Luna
Environmental Management Superintendent
Since 06/01/2024
Enrique Romero Graus
Human Resources Superintendent
Since 11/01/2023
Buenaventura
Buenaventura
Integrated Annual Report 2024
153
STATEMENT OF
LIABILITY
ABOUT THE
ANNUAL
REPORT
MESSAGE
FROM OUR
CHAIRMAN
WE ARE
BUENAVENTURA
CORPORATE
GOVERNANCE
0PERATIONS,
PROJECTS AND
NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL
MANAGEMENT
ENVIRONMENTAL
MANAGEMENT
FINANCIAL
STATEMENTS
ANNEXES