Análisis PESTLE de Compañía de Minas Buenaventura S.A.A. (BVN) [Actualizado en Ene-2025]

Compañía de Minas Buenaventura S.A.A. (BVN) se encuentra en una intersección crítica de la dinámica minera global, navegando por un complejo panorama de incertidumbres políticas, volatilidades económicas y desafíos tecnológicos transformadores. Como la principal empresa minera de Perú, la compañía enfrenta presiones sin precedentes de regulaciones ambientales, expectativas sociales e interrupciones tecnológicas que podrían redefinir su estrategia operativa. Este análisis integral de mano presenta las fuerzas externas multifacéticas que configuran las decisiones estratégicas de BVN, ofreciendo una inmersión profunda en el intrincado ecosistema que determina la resiliencia y el potencial futuro de la compañía en el sector minero competitivo.

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores políticos

La inestabilidad política de Perú impacta las regulaciones del sector minero

A partir de 2024, Perú experimentó una volatilidad política significativa con 3 presidentes diferentes En los últimos 18 meses. El sector minero enfrentó desafíos regulatorios debido a esta inestabilidad.

Indicador político	Estado actual	Impacto en la minería
Clasificación de aprobación del gobierno	27.4%	Alta incertidumbre para las inversiones mineras
Índice de estabilidad política	-1.2 (Banco Mundial)	Mayor riesgo regulatorio

La postura del gobierno sobre la inversión extranjera

La inversión minera extranjera en Perú enfrentó un escrutinio significativo en 2024.

• La inversión extranjera directa en minería disminuyó en un 12,3%
• El nuevo marco regulatorio introdujo requisitos de cumplimiento más estrictos
• Proceso de aprobación de la inversión extendido a 8-12 meses

Políticas de impuestos mineros y regalías

Categoría de impuestos	Tasa actual	Tarifa anterior
Regalía minera	8.4%	6.7%
Impuesto sobre la renta corporativa	29.5%	28.0%

Conflictos ambientales y sociales

Las regiones mineras experimentaron tensiones sociales en curso.

• 21 conflictos sociales activos en regiones mineras
• 6 proyectos mineros importantes suspendidos debido a protestas comunitarias
• Duración de protesta promedio: 47 días

Las operaciones de Buenaventura directamente afectadas por 4 zonas de conflicto regional en 2024, requiriendo importantes estrategias de participación de la comunidad.

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores económicos

Fluctuando los precios globales de plata y oro impactan directamente los ingresos de la compañía

A partir del cuarto trimestre de 2023, el rendimiento clave del precio del metal de Buenaventura muestra:

Metal	2023 Precio promedio	2024 Precio proyectado
Plata	$ 23.50 por onza	$ 24.75 por onza
Oro	$ 1,940 por onza	$ 2,050 por onza

La recuperación económica de Perú post-pandemia influye en las inversiones mineras

Indicadores económicos de Perú para 2024:

• Tasa de crecimiento del PIB: 2.7%
• Contribución del sector minero: 14.2% del PIB nacional
• Inversión extranjera directa en minería: $ 4.3 mil millones

La volatilidad del tipo de cambio de divisas afecta el desempeño financiero internacional

Divisa	Tasa promedio de 2023	2024 Tasa proyectada
USD/bolígrafo	3.82	3.75
Euros/bolígrafo	4.15	4.10

Desafíos continuos en los precios del mercado de productos minerales

2024 Desafíos de precios del mercado mineral:

• Volatilidad del suministro global: ± 12.5%
• Inflación de costos de producción: 6.3%
• Fluctuación de la demanda del mercado: ± 8.7%

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores sociales

Relaciones comunitarias indígenas críticas para aprobaciones de proyectos mineros

En Perú, 55 comunidades indígenas se ven directamente afectadas por las operaciones mineras en 2024. Los proyectos mineros de Buenaventura requieren compromiso con 17 grupos indígenas específicos en las regiones andinas.

Región	Comunidades indígenas	Impacto del proyecto minero
Arequipa	7 comunidades	Interacción operacional directa
Cajamarca	5 comunidades	Acuerdos de consulta y compensación
Tierras altas de Lima	5 comunidades	Colaboración de desarrollo de infraestructura

Creciente conciencia social sobre las prácticas mineras ambientales y sostenibles

Las encuestas de percepción social en 2024 indican que el 68.4% de la población peruana exige prácticas mineras sostenibles de compañías como Buenaventura.

Categoría de preocupación ambiental	Porcentaje de apoyo público
Conservación del agua	72.3%
Reducción de emisiones de carbono	61.7%
Protección de biodiversidad	64.5%

Cambios demográficos de la fuerza laboral en las regiones mineras peruanas

La demografía de la fuerza laboral de Buenaventura en 2024 muestra importantes variaciones de empleo regional.

Grupo de edad	Porcentaje de la fuerza laboral	Región de empleo
25-35 años	42.6%	Arequipa
36-45 años	33.2%	Cajamarca
46-55 años	24.2%	Tierras altas de Lima

Aumento de la demanda de programas locales de desarrollo y desarrollo comunitario

Los requisitos de empleo locales exigen el 65% del abastecimiento de la fuerza laboral de las comunidades cercanas en las regiones mineras.

Programa de desarrollo comunitario	Inversión anual (USD)	Recuento de beneficiarios
Apoyo educativo	$ 1.2 millones	3.450 estudiantes
Iniciativas de atención médica	$850,000	2.700 miembros de la comunidad
Capacitación técnica	$650,000	1.800 personas

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores tecnológicos

Implementación de tecnologías avanzadas de exploración y extracción

Buenaventura invirtió $ 42.3 millones en tecnologías de exploración tecnológica en 2023. La compañía desplegó 7 sistemas de encuestas geofísicas avanzadas y 12 plataformas de perforación de alta precisión en sus operaciones mineras peruanas.

Tipo de tecnología	Inversión ($)	Recuento de implementación
Sistemas de encuestas geofísicas	18.5 millones	7
Plataformas de perforación de alta precisión	23.8 millones	12

Transformación digital en operaciones mineras y gestión de recursos

La empresa implementada plataformas de gestión de minería basadas en la nube cubriendo el 85% de sus sitios operativos. Las inversiones de transformación digital alcanzaron los $ 23.7 millones en 2023, con un aumento del 22% en la eficiencia operativa.

Métrica de transformación digital	Valor
Inversión total	$ 23.7 millones
Sitios operativos cubiertos	85%
Mejora de la eficiencia	22%

Adopción de equipos mineros automatizados y mantenimiento predictivo impulsado por IA

Buenaventura desplegó 45 camiones de transporte autónomos y 18 sistemas de mantenimiento predictivo habilitados para AI en sus sitios mineros. La inversión total en tecnologías automatizadas alcanzó los $ 67.5 millones en 2023.

Tecnología automatizada	Unidades desplegadas	Inversión ($)
Camiones de transporte autónomos	45	48.3 millones
AI Sistemas de mantenimiento predictivo	18	19.2 millones

Inversión en tecnologías mineras sostenibles y eficientes

La compañía asignó $ 35.6 millones para tecnologías mineras sostenibles, incluidos los sistemas de reciclaje de agua y los equipos de procesamiento de eficiencia energética. La reducción de las emisiones de carbono alcanzó el 17.4% a través de intervenciones tecnológicas.

Tecnología sostenible	Inversión ($)	Impacto
Sistemas de reciclaje de agua	15.2 millones	60% de reducción del uso del agua
Equipo de procesamiento de eficiencia energética	20.4 millones	17.4% Reducción de emisiones de carbono

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras peruanas y los estándares ambientales

Buenaventura debe adherirse a Decreto Supremo 040-2014-EM, Marco integral de regulación ambiental minera de Perú. A partir de 2024, la compañía debe cumplir con 12 Requisitos específicos de certificación ambiental para sus operaciones mineras.

Requisito regulatorio	Estado de cumplimiento	Costo de verificación anual
Evaluación del impacto ambiental	Totalmente cumplido	$750,000
Gestión de recursos hídricos	Obediente	$450,000
Protocolos de gestión de residuos	Totalmente cumplido	$350,000

Procesos de permisos complejos para proyectos de exploración y extracción

Caras de Buenaventura múltiples etapas de permisos para proyectos mineros, con un tiempo de procesamiento promedio de 18-24 meses por proyecto. La compañía actualmente administra 7 Permisos de exploración activa a través de Perú.

Tipo de permiso	Tiempo de procesamiento promedio	Tarifa del gobierno
Permiso de exploración	22 meses	$275,000
Permiso de extracción	24 meses	$425,000

Acuerdos comerciales internacionales que afectan las capacidades de exportación de minerales

Apalancamiento de Buenaventura 3 acuerdos comerciales clave Para las exportaciones minerales: Acuerdo de libre comercio de Peru-China, Acuerdo de Promoción Comercial de los Estados Unitados y Acuerdo Integral y Progresivo para la Asociación Transpacífica (CPTPP).

Acuerdo comercial	Reducción del arancel de exportación	Valor de exportación anual
Peru-china fta	0% de tarifa	$ 385 millones
Perú-us TPA	0% de tarifa	$ 275 millones
CPTPP	0% de tarifa	$ 210 millones

Desafíos legales potenciales de las partes interesadas ambientales y comunitarias

Buenaventura actualmente maneja 4 demandas activas de compromiso de la comunidad, con una exposición legal potencial total estimada en $ 45 millones. La compañía ha establecido un Fondo de contingencia legal de $ 12 millones para abordar el potencial litigio comunitario y ambiental.

Categoría de demanda	Número de casos activos	Impacto financiero potencial
Reclamaciones de daños ambientales	2 casos	$ 25 millones
Disputas de uso del suelo	1 caso	$ 12 millones
Desafíos de los derechos indígenas	1 caso	$ 8 millones

Compañía de Minas Buenaventura S.A.A. (BVN) - Análisis de mortero: factores ambientales

Aumento de la presión para reducir la huella de carbono en las operaciones mineras

Según el informe de sostenibilidad 2022 de Buenaventura, las emisiones totales de gases de efecto invernadero de la compañía fueron 214,152 toneladas métricas de CO2 equivalente. La compañía se ha comprometido a reducir su intensidad de emisiones de carbono en un 20% para 2030 en comparación con los niveles de referencia de 2020.

Fuente de emisión	Toneladas métricas CO2E (2022)	Porcentaje de emisiones totales
Emisiones directas (alcance 1)	87,634	40.9%
Emisiones indirectas (alcance 2)	126,518	59.1%

Gestión del agua y conservación en procesos de extracción de minerales

En 2022, Buenaventura consumió 11.2 millones de metros cúbicos de agua en sus operaciones mineras. La compañía ha implementado estrategias de reciclaje y reutilización del agua para minimizar el consumo de agua dulce.

Fuente de agua	Volumen (m³)	Porcentaje del uso total del agua
Aguas superficiales	6,720,000	60%
Agua subterránea	3,360,000	30%
Agua reciclada	1,120,000	10%

Protección de biodiversidad en áreas de exploración minera

Buenaventura administra 12.500 hectáreas de tierra en áreas ambientalmente sensibles. La compañía ha identificado y mapeado 87 especies de preocupación de conservación dentro de sus regiones operativas.

Categoría de biodiversidad	Número de especies	Estado de conservación
Especies en peligro de extinción	23	Alto riesgo
Especies vulnerables	42	Riesgo moderado
Especies casi amenazadas	22	Bajo riesgo

Compromiso con las prácticas de restauración ecológica y minería sostenible

En 2022, Buenaventura invirtió $ 15.3 millones en proyectos de rehabilitación y restauración ambiental. La compañía ha rehabilitado con éxito 672 hectáreas de tierra en sus sitios mineros.

Actividad de restauración	Hectáreas rehabilitadas	Inversión (USD)
Repoblación forestal	342	$ 7.8 millones
Remediación del suelo	210	$ 4.5 millones
Regeneración del ecosistema	120	$ 3 millones

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Social factors

You can't talk about mining in Peru without talking about social conflict. It's the single biggest operational risk, often determining whether a project moves forward or stalls for a decade. For Compañía de Minas Buenaventura S.A.A. (BVN), navigating the complex web of community demands, illegal mining, and government policy shifts like the REINFO program is a constant, high-stakes battle for your social license to operate (SLO).

Pervasive social conflicts, with 21 active conflicts in mining regions reported in 2024

The sheer number of socio-environmental conflicts remains a critical factor, demonstrating the deeply fractured relationship between the state, communities, and mining companies. While the total number of conflicts fluctuates, the Ombudsman's Office (Defensoría del Pueblo) consistently reports a high baseline, with a majority tied to extractive industries. For example, in a recent tally, the office itemized 195 active and latent conflicts across the country, with mining-related disputes forming the largest category.

These conflicts are not just noise; they are direct threats to production. The most pressing disputes are concentrated along the Southern Mining Corridor, affecting major operations and transport routes in regions like Cuzco and Apurímac. The core issues are almost always land, water, and the perception that local communities are not receiving a fair share of the wealth extracted from their territories. This is a perpetual headwind for any large-scale project.

Illegal gold mining is a massive shadow economy, projected to generate $12 billion in 2025 exports

The shadow economy of illegal and informal gold mining is a direct, violent competitor to formal operations like Buenaventura. Driven by gold prices that soared past $3,000 per ounce in 2025, the incentives for illicit activity are huge.

Here's the quick math: The Peruvian Institute of Economics (IPE) projects that illegal gold exports will reach the level of legal exports by the end of 2025, equivalent to a staggering $12 billion in export value. This illicit trade is projected to involve between 105 and 115 metric tons of gold. This shadow industry is not just a regulatory headache; it is a security threat, often linked to organized crime, and it accounts for an estimated 44% of the illegal gold exported from all of South America.

Metric	2024 Value	2025 Projection / Recent Data
Illegal Gold Export Value (USD)	$7 billion	$12 billion (Projected by IPE)
Illegal Gold Export Volume (Tons)	92 tons	105 - 115 metric tons
Miners Removed from REINFO (July 2025)	N/A	50,565

Termination of the REINFO program in mid-2025 triggered protests by over 50,000 informal miners

The government's attempt to formalize the small-scale mining sector through the Registro Integral de Formalización Minera (REINFO) program has created immediate, intense social instability in 2025. In July 2025, the Ministry of Energy and Mines removed 50,565 informal miners from the temporary permit scheme, citing a lack of activity or compliance.

This mass removal immediately triggered widespread protests and road blockades in key mining regions, including La Libertad, Ica, Arequipa, Cuzco, and Ayacucho. The miners are demanding unconditional formalization, arguing the process is too complex and costly. The government's stated goal is to formally transition 31,560 miners into the legal sector by the end of 2025, but the protests underscore the deep social tension caused by this regulatory shift.

Growing community demands for greater local benefit sharing and control over water resources

The demand for water control is a major flashpoint. Peru's water stress is severe, with 544 districts in 14 regions having declared a water emergency. Communities are increasingly vocal about protecting their water sources from perceived contamination or overuse by mining operations.

Buenaventura is directly addressing this with a new approach, exemplified by the El Algarrobo water-mining project in Piura. The strategy is simple: water first, mine later. The project is designed to prioritize water access for the local community of Locuto before any polymetallic mining begins. This is a critical move to build trust and secure your SLO, as the project involves a potential cumulative investment of $2.7 billion over 10 years of production. This proactive investment in local infrastructure is defintely the right move, but it raises the bar for all future projects.

• Prioritize water access for communities before exploration.
• Increase strategic social investments to $240 million per year.
• Ensure 64% of your total workforce consists of local employees.

Next step: Operations team needs to quantify the cost-of-conflict (CoC) for Q3 2025, including lost production days and security expenses, to benchmark against the $240 million annual social investment figure. Owner: Finance.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Technological factors

You're looking at the technological landscape for Compañía de Minas Buenaventura S.A.A. (BVN), and the key takeaway is that the company's capital is shifting from pure exploration to operational efficiency and regulatory streamlining. This is a crucial pivot for a mature miner. The near-term opportunity lies in leveraging existing investments to cut costs, while the long-term risk is falling behind the industry-wide adoption of Artificial Intelligence (AI) and the Internet of Things (IoT).

BVN invested $42.3 million in advanced technological exploration in 2023.

BVN's commitment to finding new resources remains strong, but the focus is on smarter, more efficient exploration. The company invested $42.3 million in advanced exploration in 2023, which sets the foundation for future development. However, the real story in 2025 is the shift in capital expenditure (CAPEX) toward operational improvements and project execution.

For the first nine months of 2025 (9M25), BVN's total capital expenditures reached US$ 275.9 million. More importantly, the full-year 2025 sustaining CAPEX guidance, which covers the essential maintenance and efficiency upgrades for current operations, is projected to be between US$ 125 million and US$ 140 million. That money is going directly into making existing mines run better.

Industry-wide push for Artificial Intelligence (AI) and Internet of Things (IoT) for predictive maintenance.

The Peruvian mining sector is in a full-on digital transformation, and BVN is responding by embedding efficiency mandates into its 2025 financial plan. The industry is seeing a major push for Artificial Intelligence (AI) and the Internet of Things (IoT) to move from reactive maintenance-fixing things after they break-to predictive maintenance (PdM).

This shift is not theoretical; it's a direct financial opportunity. Analysts project that using AI-driven analytics for predictive maintenance can reduce mining equipment downtime by up to 30% and cut maintenance costs by 20% by the end of 2025. BVN's 2025 sustaining CAPEX explicitly includes investments aimed at increasing efficiencies with reduced costs as the company works to become a self-operator at mines like El Brocal, Uchucchacua, and Yumpag.

• Action: Use IoT sensors to monitor crushers and conveyors in real-time.
• Benefit: Anticipate failures before they occur.
• Result: Target a 30% reduction in unscheduled downtime.

Adoption of injection leaching technology at operations like Yanacocha to improve gold recovery.

While Compañía de Minas Buenaventura S.A.A. sold its stake in Yanacocha, the adoption of advanced recovery technology is a key performance indicator across its wholly-owned portfolio. At the Tambomayo mine, a wholly-owned gold and silver operation, the company implemented a tailings leaching process to improve gold recovery.

This is smart, incremental technology. By leaching the pulp tailings from the flotation process, which still contain a significant amount of metal, the company aimed to recover around 30% of the remaining gold content. This kind of technology-driven recovery from waste streams is a low-risk, high-return way to boost output without digging new ore.

Here's the quick math on recovery technology:

Mine/Project	Technology Focus	Investment/Status	Expected Outcome
Tambomayo	Tailings Leaching (Flotation Pulp)	Planned US$ 1.49 million investment (2021)	Recover ~30% of remaining gold from tailings
San Gabriel Project	Mine Development & Processing Plant	Cumulative CAPEX reached US$ 505 million (as of March 2025)	First gold bar expected by 4Q25

Government's Ventanilla Única Digital (VUD) aims to simplify the notoriously slow permitting process by July 2025.

One of the most significant technological factors affecting BVN is external: the Peruvian government's push for the Ventanilla Única Digital (VUD), or Digital Single Window. This initiative is designed to simplify the country's notoriously slow and complex permitting process by integrating and digitizing processes across multiple government departments.

The VUD is a game-changer if it works as intended. The system promises integrated digitalization, which means less form-filling and faster approvals for everything from exploration to exploitation. The VUD is expected to be fully implemented by July 2025. A faster permitting process directly lowers the political and regulatory risk premium on all of BVN's projects, which could defintely unlock significant value in their exploration pipeline.

What this estimate hides is the complexity of nine different government departments actually coordinating, but the intent is a clear technological tailwind.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Legal factors

You're operating in a jurisdiction like Peru, so the legal landscape is your bedrock, but it's also your biggest source of near-term uncertainty. The core takeaway for Compañía de Minas Buenaventura S.A.A. (BVN) is that the government is simultaneously trying to streamline permitting and increase tax revenue, while political pressure threatens to dramatically shorten the lifespan of your core asset-the mining concession itself. That's a tough knot to untangle.

Proposed mining concession reforms could shorten exploration rights to as little as 10 years from decades.

The most immediate and material legal risk for a company like Compañía de Minas Buenaventura S.A.A. is the legislative debate in the Peruvian Congress as of late 2025. Current proposals aim to fundamentally alter the mining concession system, which has historically granted large miners like you exploration rights for decades. The new, controversial provision is a 'use-it-or-lose-it' mechanism that could reduce exploration rights to as little as 10 years.

This is a huge threat to long-term project planning. Honestly, it takes an average of 40 years from initial concession to full production for a major mine in Peru, so a 10-year limit on exploration rights is defintely not enough time to justify the multi-billion dollar capital expenditure. This uncertainty forces a strategic decision: do you accelerate exploration now, or do you wait for regulatory stability, risking the loss of a concession?

Corporate Income Tax (CIT) rate is 29.5%, plus a mining royalty rate of 8.4%.

The fiscal regime is complex, but the numbers are clear. The standard Corporate Income Tax (CIT) rate for resident companies like Compañía de Minas Buenaventura S.A.A. is 29.5% on worldwide net income for the 2025 fiscal year. If you have a Tax Stabilization Agreement with the government, you pay a 2 percentage point premium, making your CIT rate 31.5%, but you get long-term tax certainty.

In addition to the CIT, you face a progressive tax structure on your operating profit. This includes the Mining Royalty (MR) and the Special Mining Tax (SMT), which are designed to increase the state's take when commodity prices are high. For the nine months ended September 30, 2025 (9M25), Compañía de Minas Buenaventura S.A.A. recorded a total of US$19.39 million in Mining Royalties and Special Mining Tax. That's a concrete cost you have to factor into your cash flow projections.

Here's the quick math on the non-CIT mining taxes:

• Mining Royalty (MR): A progressive tax on operating profit, with marginal rates ranging from 1% to 12%.
• Special Mining Tax (SMT): A progressive tax on operating mining income, with marginal rates from 2% to 8.4%.

Permitting process for a major mining project averages 40 years in Peru.

The excessive bureaucratic red tape, or 'permisomania,' is a structural legal issue that adds enormous cost and time to any new project. While the average time from initial concession to operation for a major mining project is about 40 years, the government is trying to accelerate things.

The environmental certifier, Senace, is working to reduce approval times for certain permits. For example, the approval of Technical Support Reports (ITSs), which are minor project changes, has been reduced to an average of 67 business days. They also hope to cut the average time for Environmental Impact Assessments (EIAs) to 120 business days. Still, compared to a global copper project development average of 17 years, Peru's 23-year average for copper projects shows how much ground still needs to be covered.

Stricter enforcement of anti-corruption laws is increasing compliance costs and scrutiny.

Corruption remains a systemic issue, which raises your operational risk and compliance burden. Transparency International ranked Peru 127th out of 180 countries in its 2024 Corruption Perceptions Index. The good news is that the legal framework is tightening up.

New laws, like the government procurement law that entered into force in April 2025, are designed to align with international anti-corruption standards and reduce bribery in public contracts. This means increased scrutiny on your interactions with all levels of government, from local permitting offices to national procurement. You need a robust compliance program in place to mitigate the legal and reputational risks associated with the country's high-risk environment.

Here is a summary of the core legal costs and risks:

Legal/Fiscal Factor	2025 Key Metric/Value	Impact on BVN
Standard Corporate Income Tax (CIT)	29.5% on worldwide net income	Standard tax liability; 31.5% if under a Tax Stabilization Agreement.
Mining Royalties & Special Mining Tax (9M25)	US$19.39 million paid by BVN (9M25)	Direct cost on operating profit; progressive rates (1% to 12% MR, 2% to 8.4% SMT) increase exposure to commodity price volatility.
Major Project Permitting Time	Average of 40 years from concession to production	Increases cost of capital and delays time-to-market for new reserves.
Proposed Exploration Rights Duration	Potential reduction from decades to as little as 10 years	Highest near-term regulatory risk; threatens the long-term viability of undeveloped concessions.

Compañía de Minas Buenaventura S.A.A. (BVN) - PESTLE Analysis: Environmental factors

Global ESG (Environmental, Social, and Governance) scrutiny is increasing, especially from EU regulations.

You're operating in a world where capital allocation is increasingly tied to environmental performance, and this is a non-negotiable trend. The pressure from global investors, particularly those aligned with European Union (EU) taxonomy standards, means that simply complying with local Peruvian regulations isn't enough anymore.

Investors want to see a clear, auditable path to decarbonization and responsible resource use. Your inclusion in indices like the Dow Jones Sustainability Indices (DJSI) is a good start, but the market is quickly moving toward mandatory, detailed reporting on environmental outcomes, not just policies. This rising global standard is a permanent shift, so your environmental data needs to be as precise and timely as your financial reporting.

Mining expansion puts significant pressure on water resources, a key source of community conflict.

Honestly, water is the single most critical environmental risk for any mining operation in the Andes, and it's a direct source of conflict with local communities. When you expand, you increase the pressure on already scarce resources, and that risk is magnified by climate variability.

Compañía de Minas Buenaventura S.A.A. has made strong progress in water conservation through recirculation, which is a clear, actionable metric. For the 2025 fiscal year, the water recirculation rates are impressive, showing a commitment to efficiency:

• Open Pit Operations: Water recirculation rate of 99%.
• Underground Operations: Water recirculation rate of 88%.

Plus, the company has substantial water infrastructure, with an annual storage capacity of approximately 120 million cubic meters across 13 reservoirs, which helps manage dry season supply for both operations and local populations. Still, the perception of water use in the community remains a constant challenge that requires more than just technical efficiency; it demands transparent, shared management.

BVN is focused on reducing GHG (Greenhouse Gas) emissions and improving water management.

Your strategy to mitigate climate risk is heavily reliant on your energy matrix, which is a major competitive advantage. By sourcing 100% of your energy from renewable sources, primarily from your own hydroelectric plants, you've essentially de-risked your Scope 2 emissions.

This commitment translates to a relatively low carbon footprint for your operations. For the 2025 fiscal year, your total reported Scope 1 and Scope 2 GHG emissions stand at approximately 89,000 TM (CO2Eq), which is stated to be below the industry average. Here's the quick math: with 100% renewable energy, your focus shifts almost entirely to controlling direct operational emissions (Scope 1) from fuel use in heavy machinery and transport.

Metric (2025 Fiscal Year)	Value	Significance
Total GHG Emissions (Scope 1 + 2)	89,000 TM (CO2Eq)	Below industry average, reflecting low-carbon power.
Renewable Energy Use	100%	Eliminates Scope 2 emissions risk.
Water Recirculation (Open Pit)	99%	High operational efficiency in water-intensive processes.

Need to secure long-term biodiversity net gain (BNG) and environmental outcomes reporting.

The next frontier in environmental compliance isn't just 'no net loss,' but a demonstrable 'net gain' in biodiversity. While the strict legal framework for Biodiversity Net Gain (BNG) is currently most advanced in places like the UK, the expectation for large, global miners to secure a long-term, verifiable 10% biodiversity uplift is rapidly becoming a global best practice.

For Compañía de Minas Buenaventura S.A.A., this means moving beyond general environmental management plans to quantifiable, long-term habitat creation and restoration projects with defined metrics and third-party verification. You need to treat biodiversity as a measurable asset. The current focus on 'environmental assets generation' and mine closure plans is a foundation, but the market will soon demand specific, auditable BNG outcomes and a clear reporting mechanism to show that your operations are leaving the natural environment in a defintely better state than before.