Compania de Minas Buenaventura S.A.A.

Notable vs. Peers

• Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Reached, undated at month precision (~January 2015), moderate confidence. Resolves a gap Task #621 explicitly flagged and left CHECKED GAP for the adjacent CONSTRUCTION_START field ("as of FY2013 the Tambomayo EIA had not yet been approved," per Buenaventura's own 2013 Annual Report). Peru's Ministry of Energy and Mines (MINEM) published a release titled "MEM APRUEBA EIA DEL PROYECTO MINERO TAMBOMAYO (AREQUIPA)" (minem.gob.pe), corroborated contemporaneously by two independent Peruvian financial-press outlets: Gestion ("MEM aprueba Estudio de Impacto Ambiental del proyecto aurifero Tambomayo," byline dated 30/01/2015) and El Comercio ("EIA del proyecto aurifero Tambomayo fue aprobado por el Minem"). Neither article states the ministry's own internal approval date distinct from the article's publication date, so this is dated to the contemporaneous news coverage rather than a confirmed exact government-action date -- left at month precision, moderate confidence. CAVEAT: some secondary sources describe Tambomayo's construction as having "lasted 36 months" before the Jan 2017 inauguration (implying a ~Jan 2014 construction start, earlier than this Jan 2015 EIA approval) -- that specific claim was not independently corroborated with a specific construction-start date by Task #621 or this pass (Task #621 already left CONSTRUCTION_START CHECKED GAP for exactly this reason) and is flagged as an open discrepancy for a future pass, not resolved here. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Buenaventura's own 2014 Annual Report (Memoria Anual 2014) states that in mid-2014 the company ran a bidding/technical-evaluation process and placed purchase orders totaling ~US$12.3 million for Tambomayo's main process-plant equipment (grinding, crushing, cyanidation, flotation, Merrill-Crowe, thickening and filtration areas) plus ~US$310,000 for acid-water-treatment-plant equipment, and in November 2014 decided to proceed with detailed engineering for a 1,500 tpd plant -- real, dated capital commitment to build Tambomayo specifically, used here as the decision-equivalent event per this campaign's established convention (same shape as MUX/HOC in batch 1: financing-close or equivalent capital-commitment event stands in for a separately labelled board-FID release when none was found). Recorded at year precision (2014) only; note this PRECEDES this miner's existing PERMIT_GRANTED row (~Jan 2015 EIA approval) -- Peruvian large-project practice is to commit long-lead procurement capital ahead of final EIA sign-off, but this ordering was not independently reconciled against the existing PERMIT_GRANTED row's own flagged 'open discrepancy' (a secondary claim of a ~36-month, i.e. ~Jan 2014, construction start) and is left as-is rather than force-resolved. · Source
3. Construction start

   Reached — date not disclosed · Per the same 2014 Annual Report underlying this miner's CONSTRUCTION_DECISION row above: main process-plant equipment purchase orders (~US$12.3M) were placed and detailed engineering for the 1,500 tpd plant was underway by late 2014, with the project reported 89% complete by August 2016 (per contemporaneous Peruvian financial press) ahead of the December 2016 first dore bar already on file under FIRST_PRODUCTION. Recorded reached-but-undated at year precision (2014) -- no single dated 'construction commences' release distinct from the ongoing procurement/engineering/build-out reporting was located this pass. · Source
4. First pour / production

   Reached — date not disclosed · Tambomayo processing plant (Arequipa region) was commissioned in December 2016, producing its first dore bar that month; commercial production was reached 1 September 2017 after the plant completed ramp-up. Exact day of the December 2016 first pour not confirmed in available sourcing; recorded reached-but-undated. Buenaventura is a multi-decade, multi-mine operator (Orcopampa, Julcani, Uchucchacua, etc. all predate this); Tambomayo is used here as the most recent asset Buenaventura itself built from the ground up, with the clearest dated construction/production history. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across a multi-mine Peruvian portfolio (Yumpag, plus the Coimolache and Yanacocha associate/JV interests) built over decades, with the newest asset, San Gabriel, still in ramp-up (began commercial sales in Q2 2026, targeting stable operation by mid-2027 -- not yet a mature contributor). Q2 2026 results reported direct gold production of 30,543 oz (60,547 oz H1) plus 37,266 oz attributable including Coimolache, and consolidated silver production of 3,624,514 oz for the quarter, confirming ongoing commercial production from the established assets. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.