2298 consistently anchored in exploration as a permanent practice and in a rigorous reading of the country’s economic, social, and institutional context. In its early years, in the 1950s, the company consolidated its experience in underground silver mining, particularly in Julcani and Recuperada, both located in Huancavelica, operating under conditions of complex geology and limited infrastructure. This period proved decisive in building technical capabilities and in strengthening an operational culture oriented toward deep knowledge of the subsoil. One of the first milestones of strategic adaptation in productive terms occurred at Orcopampa, in Arequipa, the company’s third operating unit, which began operations in 1967 as a silver mine. By 1988, when silver veins were showing signs of depletion and the continuity of the operation was in question, a fortuitous event took place. During support work carried out for the local community following a landslide that affected an irrigation canal, a gold vein was discovered in the Chipmo area. This finding marked a turning point in Orcopampa’s trajectory, transforming it primarily into a gold operation. The episode anticipated a logic that would later recur: adapting existing assets to extend their useful life and sustain value generation over time. Over the years, exploration became consolidated as a structured and permanent system. The mining operations developed by Buenaventura were explored and discovered by the company’s own geological teams, reinforcing the centrality of exploration within its business model. Available evidence indicates that all currently operating assets have been identified through in-house exploration efforts, which is consistent with this exploration-centered approach. This capability enabled the company to participate in significant milestones in Peruvian mining, such as the discovery and development of Yanacocha in the 1990s, one of the largest gold operations in South America, and its participation in the privatization process of Cerro Verde, now one of the largest copper complexes worldwide. Both cases reflect a transition toward larger-scale operations, as well as the importance of strategic partnerships and investment attraction as mechanisms for advancing complex projects in the country. Buenaventura’s adaptive capacity was also evident in its response to structural constraints, particularly in the energy sector. A clear example was the creation of the Consorcio Energético de Huancavelica (CONENHUA) in 1980. At the time, despite the presence of high-voltage transmission lines from the Mantaro hydroelectric plant, access to electricity remained extremely limited due to insufficient local demand to justify the necessary infrastructure. In this context, mining operations provided the base demand required to enable investment, leading to the development of a transmission network that extended electricity access beyond mining operations. The project required coordination with public authorities and support from institutions including the IFC, IDB, Banco Minero, and COFIDE, illustrating how mining can facilitate infrastructure development in underserved areas. Its development also coincided with a broader process of electrical interconnection in Peru, at a time when national electricity coverage remained limited, at approximately 40% in 1982 and 54.9% in 1992 (OSINERGMIN, 2016). In another domain, Buenaventura faced metallurgical challenges. At Uchucchacua, its fourth mine (since 1975) in the northern highlands of Lima, silver ore contained high levels of manganese, an element with limited commercial value. Addressing this constraint required sustained research efforts over several years, which enabled the separation of manganese from silver. This process ultimately led to the development of the Río Seco industrial processing plant, inaugurated in 2013 in Huaral, Lima. Río Seco produces manganese sulfate monohydrate, an input used in agriculture, livestock production, and batteries, illustrating a pathway of value addition derived from metallurgical processing. The complex also incorporates facilities for the treatment of arsenic-bearing copper, expanding the scope of these technical capabilities. Accumulated experience also led Buenaventura to address energy challenges at a larger scale through Huanza, a hydroelectric power plant that has supplied renewable energy to its operations since 2014. In a country characterized by infrastructure gaps and high energy costs, participation in power generation constituted a natural extension of its adaptive strategy, ensuring reliable supply, reducing operational risks,
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