Peruvian miner Buenaventura's San Gabriel gold project 88% complete

Fri July 25 2025

Peruvian precious metals miner Buenaventura's US$750mn San Gabriel gold project is 88% complete and is expected to begin production by the end of the year.

According to the company, as of end-June it had spent US$588mn of the planned capex at the underground project in the Moquegua region, with only the commissioning phase remaining, and that is 24% complete. Construction was 86% complete at the end of June.

The company said in its latest earnings presentation that it invested US$82.2mn in San Gabriel in the second quarter, around US$6.3mn in the Trapiche project and US$18.1mn in sustaining capital, bringing total capex for the quarter to US$107mn.

Outlook

According to CEO Leandro García, Buenaventura expects to begin ramping up operations at San Gabriel this quarter and complete construction of the water dam, the filter plant, the tailings dam and the power line. The company aims to produce the first gold bar in Q4. However, start-up depends on the issuance of permits, although no major problems are expected.

"We have invited the authorities to visit the plant in September. We are advancing with this, and it's a simple permit that is required to begin production. We don't see a greater risk in that permit. San Gabriel will be the only project that is going to be inaugurated this year," García said in the results presentation. 

Buenaventura plans to invest between US$130mn and US$150mn this half to complete the project's construction. The operational ramp-up is expected to be completed in the first half of 2026. The mine is due to produce 150,000oz/y gold over 14 years.

Results 

Buenaventura reported US$677mn in revenue for H1, up 29% compared to the first six months of 2024. Ebitda, including affiliated operations, rose 16% to US$492mn while net income came in at US$231mn, 75% higher year-on-year.

Source: https://www.bnamericas.com/