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Date

Friday, July 25, 2025, at 11 a.m. ET

Call participants

  • Chief Executive Officer — Leandro Garcia
  • Chief Financial Officer — Daniel Dominguez
  • Vice President, Operations — Juan Carlos Ortiz
  • Commercial Manager — Aldo Massa
  • Exploration Manager — Alejandro Armosa
  • Head of Investor Relations — Sebastian Valencia

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Risks

  • All-in Sustaining Cost Increase— The all-in sustaining cost for copper (non-GAAP) rose 63% in 2025 compared to the prior year, "primarily driven by lower byproduct credits,” directly pressuring margins.
  • Silver Production Decline— Silver output dropped 11% in Q2 2025, attributed to lower production at Uchucchacua, Tambomayo, and Julcani.
  • Gold Production Decrease— Gold production totaled 27,345 ounces in Q2 2025, down from 33,119 ounces in Q2 2024, with management citing decreased production at Tambomayo and Orcopampa.
  • San Gabriel Ramp-up Constraints— Management highlighted the "tricky" nature of initial ramp-up at San Gabriel due to limited tailings facility area, which could delay achieving steady-state throughput until the second half of 2026.

Takeaways

  • EBITDA-- EBITDA from direct operations reached $130 million in Q2 2025, up from $107 million in the second quarter of 2024.
  • Net Income-- Net income reached $91 million in Q2 2025, up from $71 million in Q2 2024.
  • Copper Production-- Copper production increased 28% year over year in Q2 2025, as El Brocal’s resumed operations boosted output.
  • San Gabriel Project Progress-- San Gabriel reached 88% overall completion as of Q2 2025; $82 million was invested in Q2 2025 and total CapEx incurred reached $588 million as of June 2025.
  • Total CapEx-- Capital expenditures totaled $107 million in Q2 2025, with the majority allocated to San Gabriel construction.
  • Leverage Ratio-- The leverage ratio was 0.56 times in Q2 2025, calculated from $589 million in cash and $860 million in total debt as of the second quarter of 2025.
  • Cerro Verde Dividends-- A $108 million dividend attributable to Buenaventura was announced in Q2 2025; $49 million was already received and recognized in operating cash flow for Q2 2025.
  • Cerro Verde Copper Concentrate Sales-- 20,000 metric tons were sold in H1 2025; with a further 20,000 metric tons anticipated for the full year 2025, and an expected margin of $2.4 million–$2.6 million for 40,000 metric tons for the full year 2025.
  • San Gabriel Ramp-Up-- Initial production expected in fourth quarter, subject to timely permit; full ramp-up projected throughout 2026.
  • Redeemed Debt-- All remaining $149 million of 2026 notes were repaid during Q2 2025, supporting stated focus on financial stability.

Summary

Buenaventura (BVN 3.13%) management underscored a shift in production mix in Q2 2025, as copper volumes rose 28% year over year while silver and gold saw significant declines. The San Gabriel project advanced to 88% completion in Q2 2025, with engineering and procurement finalized, though achieving projected steady-state operation depends on resolving physical constraints at the tailings facility and timely permit approval. Cerro Verde dividend distributions enhance available liquidity, while Cerro Verde copper concentrate commercialization adds only marginal volume and profit, with management indicating approximately $1.2 million per 10,000 tons sold can be modeled. Buenaventura reaffirmed flat total project CapEx guidance for San Gabriel of $720 million–$750 million, with $130 million–$160 million in remaining 2025 CapEx, and indicated a cautious approach to mine stockpiling and ramp-up logistics at San Gabriel due to valley constraints.

  • CEO Garcia stated, "we redeemed the remaining 2026 notes," reinforcing a focus on debt reduction and balance sheet strength.
  • Vice President Ortiz outlined operational changes at Uchucchacua, where ramping up throughput from 1,700 to 2,000 tons per day is expected to lower costs by 10% by the end of 2025.
  • CFO Dominguez confirmed, "the CapEx for San Gabriel will be in the order of $720 million to $750 million" for the total project, and "We have already disbursed close to $600 million as of June 2025."
  • Management highlighted that steady-state at San Gabriel may not be reached until the second half of 2026, as the tailings facility presents a capacity bottleneck while the initial narrow valley is filled.
  • Management confirmed that Trapiche’s environmental impact approval is targeted for the end of the year, and the feasibility study remains on schedule for completion in Q3 2026.

Industry glossary

  • All-in Sustaining Cost: Total direct and indirect costs required to produce a unit of metal, incorporating site costs, sustaining capital, and byproduct credits, providing a comprehensive cost benchmark for mining operations.
  • Dry Stacking Facility: Infrastructure for storing filtered mine tailings in dry, compacted layers—critical for environmental compliance and operational throughput in precious metals projects.
  • Backfill: Mining process where waste materials (often tailings) are returned to mined-out areas for ground stability and improved safety.

Full Conference Call Transcript

Leandro Garcia: Thank you, Sebastian. Good morning to all and thank you for joining us today to discuss the quarterly results of the company. On Slide two, is our cautionary statement, important information that I encourage you to read. Today, we will be discussing our performance for the second quarter of 2025, highlighting key achievements and strategies moving forward. After the presentation, we will be available for our Q&A session, where our team will be happy and eager to answer your questions. Continuing with the next slide, please. I would like to highlight a few key areas that contribute to our strong second quarter 2025 results.

Our EBITDA in the second quarter 2025 from direct operations was $130 million compared to $107 million reported in the second quarter of 2024. Our net income in 2025 was $91 million compared to $71 million in the second quarter of 2024. In the second quarter of 2025, silver production reached 3.6 million ounces, 11% lower compared to the 4 million ounces produced during the same period last year, mainly due to lower production at Uchucchacua, Tambomayo, and Julcani. Copper production increased 28% year over year, primarily due to halted operations at El Brocal in 2024, which impacted copper ore processing.

Gold production was 27,345 ounces compared to 33,119 ounces produced in the second quarter of 2024, primarily due to decreased production at Tambomayo and Orcopampa, partially offset by increased production at La Zanja and El Brocal. In the second quarter of 2025, Buenaventura initiated the sale of part of the Cerro Verde's copper concentrate. Approximately 20,000 metric tons have been sold by the quarter's end, out of a total of approximately 40,000 metric tons expected for the full year 2025. Cerro Verde announced a new dividend distribution of $108 million on July 24, corresponding to Buenaventura's equity share. These dividends will be distributed in August.

The total CapEx for the quarter amounted to $107 million, with $82 million allocated to the San Gabriel project. The second quarter ended with a cash position of $589 million and a total debt of $860 million, resulting in a leverage ratio of 0.56 times. Finally, on July 23, Buenaventura redeemed the remaining $149 million of its 2026 notes. Moving on to our cost structure in Slide four. The all-in sustaining cost expressed in terms of copper for 2025 increased by 63% compared to the same period in the previous year. It is important to highlight that the year-over-year increase in all-in sustaining cost was primarily driven by lower byproduct credits. Moving on to the cost applicable to sales trend.

As you can see, copper cash costs increased mainly due to slightly lower grade. Silver cash costs increased in line with expectations due to lower production at Julcani, Tambomayo, and Uchucchacua compared to the previous year. Gold cash costs have increased primarily driven by lower volumes and grades at Tambomayo and Orcopampa. On the next slide, we will present the free cash flow generation. The second quarter 2025 cash position decreased during the quarter, mainly driven by net cash outflows from investing activities and dividends paid to our shareholders. The $49 million in dividends received from Cerro Verde are reflected in the operating cash flow. This dividend was received in April.

In addition to these drivers, the EBITDA to free cash flow reconciliation reflects Buenaventura's significant CapEx investments related to San Gabriel. Moving on to Slide six. This slide shows San Gabriel's cumulative progress reaching 88% overall completion by the second quarter of 2025, primarily driven by finishing the engineering and procurement, as well as construction, which is at 86% of advance. Second quarter 2025 CapEx related to San Gabriel was $82 million. As of June 2025, San Gabriel's total CapEx has reached $588 million. We anticipate commencing the ramp-up phase in the third quarter of 2025, followed by the production of the first gold bar in the fourth quarter of 2025.

However, these milestones remain subject to the timely approval of the necessary permits. On the next slide, we are showing the processing plant progress. Currently, the primary crusher mechanical works are at 100%. The SAG and ball mills' mechanical works are at 100% also. Finally, the leach tanks' mechanical works are at 98%. Moving on, we can see the progress of the main components of the plant. Moving on to Slide nine. We are showing the progress at the filter tailings plant, which is currently at 87%. To conclude the presentation, I would like to share a few final thoughts. First, we are committed to our strategy of stable and continuous production of our flagship assets.

We are making progress with optimization efforts to increase throughput and are continuously evaluating our operating portfolio. Exploration is part of our DNA. We are fully committed to extending the life of mine of our assets through continuous exploration efforts. Third, we maintain our financial stability. Consistent with our commitment to the market, we redeemed the remaining 2026 notes. Finally, the San Gabriel project achieved 88% overall progress, meeting our planned targets. We remain on schedule to deliver our first gold bar by the fourth quarter of 2025. Thank you for your attention, and I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

Operator: Thank you. We will now begin the question and answer session. The first question comes from the line of Carlos De Alba with Morgan Stanley. Please go ahead.

Carlos De Alba: Yes, good morning everyone. Thank you very much. A few questions on San Gabriel. First one is, can you provide a little bit more color on the pending permits? And where are you in the process? I mean, we are already in the third quarter. Have you had any conversations with the authorities? Do you believe you are going to get them on time to have the first bar produced in the fourth quarter? So yes, more details would really help. The second point on San Gabriel is, just on CapEx, how much more investment is required in 2025? And what is the expected, if any, disbursement in 2026?

And then finally, can you comment on the pace of the expected ramp-up with first metal hopefully being produced in the fourth quarter? When do you expect to get to full capacity? Thank you.

Leandro Garcia: Thank you, Carlos. Thank you for your questions. For the first question regarding permits, we actually have invited the authorities to visit the plant around September. We are going in advance with this because there is only a very simple permit that is the actual permit to begin the production there. We do not foresee a greater risk in that permit. We have to consider that for the country, it is the only project that is going to be beginning production and will be inaugurated this year. And I think it is important to show that good news for the country. In terms of CapEx, the total CapEx remains at the same level we announced in our last conference.

We have not increased any additional CapEx. It will end around $720 million to $750 million, and maybe Daniel will give you more color on that. Finally, the ramp-up will take all of 2026, and we should stabilize after the ramp-up in the production we have announced, which will be 100,000 to 120,000 ounces. Daniel, if you can take the answer.

Daniel Dominguez: Yes, Leandro. Thank you. Carlos, basically, the total amount of the CapEx for San Gabriel will be in the order of $720 million to $750 million. We have already disbursed close to $600 million as of June 2025. So we expect to disburse between $130 million and $160 million for the construction by the end of the year.

Leandro Garcia: Maybe Juan Carlos Ortiz can give us more color or more ideas about the ramp-up that you asked, Carlos?

Juan Carlos Ortiz: Hi Carlos. Yes. We are planning the initial ramp-up in connection with the mine, the processing plant, and the dry stacking facility for holding the tailings. The mine is running okay. We have most of the equipment for our underground mine already in Peru. We have two out of four fleets already delivered to the site. We will complete the fleet by Epiroc by November. So we are okay with the production and mine development. The processing plant is progressing. You saw in the earlier presentation how we are seeing progress, but in October we will start the wet commissioning with slurry. So it is part of the process.

I mean, that is what probably will need to pass these steps. So we do not anticipate any major problem, but no more than the usual ones to run a new facility of this kind of processing. Next year, after the wet season in Peru, which is between January to March or April, we will start the activity of filtering and drying the tailings and placing these tailings in horizontal layers inside the tailings dam with the dry stacking. Probably that is the activity that we will need to put a lot of emphasis on because it is obviously new for San Gabriel. It took a while, a few months, to fine-tune this process in Tambomayo.

So probably, we need to be more cautious and more conservative about the amount of tailings that we can dry and compact in the dry stacking facility, particularly because it is a V-shaped valley. We need to start from the bottom of the valley. So the area available at the bottom is smaller, so it is going to be tricky to start ramping up production at the bottom of the valley. So we are taking care of the commissioning and the detail for the initial ramp-up of San Gabriel operation.

Carlos De Alba: Thank you, Juan Carlos. Just one follow-up maybe on that. Have you started mining already? Or when do you expect to start mining? Would you accumulate some inventories ahead of starting the plant?

Juan Carlos Ortiz: Yes, we already have around 100,000 tons of ore on the surface of about three grams. That will be the first material to be fed into the processing plant for the wet commissioning process. We already have in the order of 100,000 tons of ore on the surface right next to the processing plant.

Operator: Alright. Thank you. Your next question today will come from Cesar Perez-Novoa with BTG Pactual. Please go ahead.

Cesar Perez-Novoa: Yes. Good morning to everyone and congratulations on your results. I have two questions on my end. At Uchucchacua, while silver production increased in the quarter, the mine encountered a decrease in silver grades as it shifted extraction towards polymetallic stopes. Has this already stabilized in the third quarter? Or are we going to see some shift later in the year towards bottom-level stopes? And would it be reasonable to assume that costs will improve in the second half? And then my second question relates to El Brocal. The company mined higher ore in the second quarter. Is this strategy continuing for the rest of the year, conditioned, of course, on high copper prices?

And how should we think about costs? And maybe you could tie that up with the commercialization of the Cerro Verde concentrate and how that is improving the overall for your entire copper basket? Those would be my questions. Thank you.

Leandro Garcia: Thank you, Cesar. Thank you very much for your questions. Well, the answer for Uchucchacua and El Brocal can be given by Juan Carlos. And the part of the commercialization of the concentrates maybe Aldo can give you more color. Please, Juan Carlos.

Juan Carlos Ortiz: Sure. Regarding Uchucchacua, we mentioned in the comments of Uchucchacua in the quarter, we detected some seismic activity near our current operational area at the bottom of the mine. So we will be cautious about that. We took all the people out of the area. We brought in consultant people to analyze all the data, and they recommended doing some additional backfilling, particularly with wet tails, slurry tails backfilling. So we are bringing all the pipelines to extend the network of pipelines to bring the wet tailings down to the bottom of the mine. That will be done in this quarter, the third quarter. And we will monitor the effect of this backfilling in that area by the fourth quarter.

If everything is stable, we will resume mining in the bottom part of the mine by the fourth quarter. It is important to mention that the bottom part of the mine only contributes around 20% of the total production of Uchucchacua. So it is not a very sensitive area. It is high grade, but it is a small proportion to the rest of the mine. We will continue ramping up production in other areas of Uchucchacua, so we expect to reach 2,000 tons per day throughput by the end of the year. Right now, we are close to 1,700 tons per day.

In doing that, moving from 1,700 to 2,000 tons per day, we expect to keep reducing operating costs in the range of 10% by the end of the year. And this ramp-up will continue in 2026. So the idea is to get closer to 2,500 to 3,000 tons per day. That is pretty much the strategy in Uchucchacua. Regarding El Brocal, we mined slightly higher grades in the second quarter. We will continue to do that in the third and fourth quarters, but still in the order of 1.45% copper. That is going to be our target copper production.

But what we are doing right now is trying to give higher priority to the mining blocks or the areas with high gold and silver content. So we are shifting a little bit more pressure on developing the blocks that have 1.45% copper, but at the same time have higher gold and silver production. That will continue also for the rest of the year. That is pretty much the strategy for El Brocal.

Cesar Perez-Novoa: Okay. I would assume that if you are tapping 1.45% grade in copper and you are also maximizing gold and silver content at El Brocal, I would assume that this is going to positively impact costs for the second half of the year. Am I making the correct assumption here?

Juan Carlos Ortiz: Yes. On a cash basis and also on a cash cost basis, we have larger credits coming from gold and silver. The remaining cost of copper will be diluted or reduced. Yes, we agree on that. I do not have a particular number on what target it could be, but as a general concept, it will positively impact the cost on a copper basis.

Cesar Perez-Novoa: Alright. Thank you very much for the detailed explanations, gentlemen. Thank you.

Operator: Your next question today will come from Tanya Jakusconek with Scotiabank. Please go ahead.

Tanya Jakusconek: Great. Good morning, everybody, and thank you so much for taking my three questions. So my first question is on Cerro Verde. So I am just trying to understand, Daniel, maybe you can help me on this one. This copper concentrate that you are purchasing, is it above and beyond the production that you get from Cerro Verde? How should I be thinking about this? Should I just be putting, you know, 20,000 tons through your revenue line for the second half of the year, adjusted for treatment charges? Is that how I should be thinking about it? I just do not know how I should be modeling this sort of new production, but you know, this material.

Leandro Garcia: Yes, Tanya. Hi. Thank you for attending our conference and for your question. This copper of Cerro Verde, it is a back-to-back almost. Aldo, maybe you can help us with the color.

Aldo Massa: Yes. Tanya, we already have sold 20,000 tons of dry metric tons of copper concentrate in the first half. Our idea is to sell 20,000 tons more in the second half. We bought from Freeport, Cerro Verde, at Benchmark. The idea is to have some margins when we sell into the market, into the spot market. But talking about prices and QP, we are selling back-to-back. We do not have any issues or any risk in our sale to the final consumer. The margin we can expect for this tonnage is around $2.4 million to $2.6 million. This gives us volume sales, but it is not a big margin. You can model with $1.2 million each 10,000 tons approximately.

Daniel Dominguez: Finally, Tanya, if I may add, the sales of these concentrates go to our revenues line, and the purchase goes to the cost of sales. Of course, the sales have this margin of, in this case, $1.4 million. We expect something like that for the second half of the year as well. This margin will be seen at the sales level, at the revenue level.

Tanya Jakusconek: Okay. I got that. And should I just be thinking, I mean, I know this is, like, I do not know how to model, like, for 2025 is okay. But is this a process that you are going to be continuing? Should I be thinking that this continues into 2026 as well?

Aldo Massa: We already have a contract for the next two years until the year 2027. But we have to wait a little bit to see how the market will be for the next years. This year, the difference between the benchmark and the spot was very high. We are not sure how big it will be in the next two years. Of course, the idea is that we will have a margin, but we are not sure.

Tanya Jakusconek: Okay. No. That is helpful. Thank you so much. And then my second question is understanding Trapiche. We have not heard about this one for a while. I know that we were waiting for environmental permits in 2025, and we were targeting a feasibility study for mid-2026. Can you review with me the timing of some of these parameters? And what exactly is happening at this asset?

Leandro Garcia: Sure. Exactly, Tanya. We are in the process of concluding the questions, additional questions we have received from the authorities, for the environmental study impact. Actually, the feasibility study will be finished in the third quarter, half of 2026. Maybe Alejandro can give us more color about the permitting and the timeline for the feasibility. Please go ahead.

Alejandro Armosa: Yes, Leandro. Yes, as you mentioned, the environmental impact study is coming on track. You mentioned we are solving the final observations, and we are still on target to have this approved by the end of the year. We should not have any delays on that. That is in terms of the permission. Of course, we are also working on the continuation of any other exploration activities and environmental permits related to that.

Leandro Garcia: Okay. And in regards to the feasibility study, we just finished unloading the last ten columns. Just remember that this is a secondary sulfate leaching process. So it takes like 180 to 200 days. We are currently processing that information and updating our geochemical models to have more clarity on acid consumption before starting to close the study, the designs, the feasibility designs, and then start proceeding with the study estimates about how much this can cost to build and operate.

Tanya Jakusconek: Okay. Alright. And then I know you said the end of feasibility 2026, and you will file that to the market, so we can see this feasibility study?

Alejandro Armosa: Yes. The pre-feasibility study is in the market. As soon as we update it, as soon as we reach feasibility level, we will be updating it again.

Tanya Jakusconek: Okay. Perfect. Look forward to getting that next year. And then my final question, of course, is on San Gabriel. So thank you so much. And I am looking at your timeline on your slide six. I see that you still have the tailings to do, the water dam, filter plants, yes, of course, power line connection, and obviously, the first gold pour. So all of that from Q3 into Q4. I have a question for you. Number one, the stockpile we were supposed to reach 300,000 tonnes by October '25 grading 4.5 to five. Is this still a target? Because you just mentioned you only have 100,000 tons. Is that still correct?

Leandro Garcia: Yes. Well, there is a ramp coming. Juan Carlos can give you more detail about what we are thinking today.

Juan Carlos Ortiz: Yes. We have 100,000 tons as of today, by June. The target, we are reviewing that target. We are developing the mine. We are putting more effort into driving the tunnels, like the ramps and the main galleries, not necessarily investing too much money in building up a large stockpile. We have the opportunity to do so, but we are reviewing that in order to put more effort into deepening down the mine development instead of building a large stockpile on the surface. We have a residual place, as I mentioned earlier, in order to put more pressure and try to bring more ore to the surface.

But we believe that number probably will be smaller than that and start with maybe 200,000, that order of magnitude, which will be equivalent to two months of stockpile in advance before starting the running on a continuous way the processing plant. So two months of stockpile is kind of enough for a sure stockpiling of the early start of the commissioning process.

Tanya Jakusconek: Okay. And then you have a very, very tight timeline from pour to commercial production. I think it is like a month or so, maybe two months. I do not know. Can you remind me of your definition of commercial production? Is it thirty days at 60% of the mill capacity? What is your definition so I understand how you are going to be able to do this quickly?

Leandro Garcia: Yeah. We understand that the project is finished when we are working twenty days continuously and we produce two gold bars.

Tanya Jakusconek: Okay. Two gold bars. Okay. So two gold bars, twenty days continuous production.

Leandro Garcia: Exactly. 65% capacity. Yes.

Tanya Jakusconek: Okay. Alright. And then so that gets me my commercial production. And then my understanding is that it is going to take you one year to ramp up a very small operation. Can someone explain to me why it would take so long for such a small mine to ramp up?

Leandro Garcia: No. During 2026, we are not going to take one year. During 2026...

Tanya Jakusconek: Okay. So how long will it take to get to steady state? So we pour the gold bars in Q4 in December, we are ramping up in 2026. When do we get to steady state?

Leandro Garcia: Well, the tailings, Carlos explained all the work that we have to make with the tailings. We have to work on having a process, a continuous process, and we estimate maybe in the second half of 2026, we can reach the target of 3,000 tons per day. I do not know, Juan Carlos, maybe you can give us more detail.

Juan Carlos Ortiz: Three main components of San Gabriel. The mine, the processing plant, and the tailing facility. So the ramp-up for the mine and the ramp-up from the processing plant, as Leandro says, is going to be achieved probably in the first half of 2026. The earlier, the better. We are pushing to do it faster. And the last component, because they are in series, the last one is the compaction of the dry tailings in the dry stacking facility. The reservoir that we designed and built is a valley that is in a V shape. So the bottom part of the valley is very narrow.

So even if we have 3,000 tons per day in the mine and 3,000 tons per day processing capacity at the plant, we need to place 3,000 tons per day at the bottom of the valley, and the areas are very limited in there. So it is kind of tricky at the beginning to place all the tailings at that rate in that narrow area. As long as you are placing tailings, the area is growing layer by layer. Every layer you place, the area gets bigger because it is wider. The valley 10, five meters, 15 meters on top of the previous horizon. So it is something that we are going to gain layer by layer.

So it is not a problem in the long term. It is kind of the main restriction that we have in the short term. And the point that we have reached a certain area, in which we can install and place dry tailings at the same rate as the mine and the processing plant.

Tanya Jakusconek: Okay. So for some reason, I was under the impression some of those tailings were going back underground as paste fill. I guess that is not the case.

Juan Carlos Ortiz: It was an option in the past, but because it is tailings with a smaller cyanide content, we believe it is not safe to bring those tailings back in the underground mine that has slightly acidic water and might generate a risk for people working underground.

Tanya Jakusconek: Okay. Alright. That is where I think I lost my connection. I thought some of it was coming back. Okay. So it is really a constraint by the valley for tailings, and once you get to a certain height, right, I guess you have got to get through that very narrow area. You build it up to a certain height. Once it is a certain height, it should be easier then for you to go. So sometime in the second half, right, we are going to be at steady state.

Juan Carlos Ortiz: That is correct.

Tanya Jakusconek: Okay. Thank you so much for taking my questions. Very interesting and look forward to seeing this mine up and running.

Operator: Thank you. Ladies and gentlemen, with that, we will be concluding today's audio question and answer session. I would like to turn the floor back over to Sebastian Valencia, Head of Investor Relations, for any webcast questions.

Sebastian Valencia: Thank you, operator. First question comes from Omar Araveneta of B. C. Compass. Can you comment on the impact of the road blockades in the mining and particularly Buenaventura's operations? And regarding Cerro Verde, yesterday, the company announced a $300 million dividend. Do you have established the use of those proceeds?

Leandro Garcia: Thank you, Omar. Well, we actually have no major problems in the blockage of roads in our operations. We have been working continuously. And regarding the Cerro Verde dividend, well, it comes along with all our cash generation, and we should use these resources for continuous CapEx, investing in our explorations, and why not evaluate the possible dividend for our shareholders.

Sebastian Valencia: At this time, there are no further questions. I would like to turn the call over to the operator.

Operator: Thank you. That concludes the question and answer session of today's conference call. I would like to turn it back over to management for any closing remarks.

Leandro Garcia: Well, thank you very much for the time and effort dedicated to joining us today. Your participation and your inputs are greatly appreciated. Thank you again and have a wonderful day.

Operator: Ladies and gentlemen, that concludes Buenaventura's Second Quarter 2025 Earnings Results Conference Call. We would like to thank you again for your participation. You may now disconnect.