1902 and 1950 fostered periods of greater openness to private investment and sectoral dynamism, while other stages, marked by nationalization processes, political instability, and the absence of clear rules, resulted in prolonged pauses in mining investment. This historical context helps explain empirical developments relevant to the sector. Following the start-up of the Cuajone copper mine in Moquegua in 1969, Peru experienced approximately two decades without new large-scale mining projects. It was only in 1993, with the development of Yanacocha, a gold deposit in Cajamarca discovered by Buenaventura, that major mining investment resumed after a period characterized by nationalization processes, economic crisis, terrorism, and institutional fragility. This gap of nearly twenty-four years illustrates the close relationship between institutional stability, investor confidence, and long-term investment decisions in Peruvian mining. From a corporate perspective, these dynamics can also be analyzed through frameworks of organizational growth and development. Diego de la Torre, in Buenaventura, la primera empresa peruana con full listing en la Bolsa de Nueva York, proposes interpreting corporate evolution as a progression through distinct stages of development, in which strategic priorities, management systems, and external relationships evolve without sacrificing coherence in fundamental principles. This approach is particularly relevant for long-cycle industries such as mining, where required capabilities change over time. Similarly, the foreword by Felipe Ortiz de Zevallos in Minas Buenaventura, 60 años de historia highlights, from an internal perspective, how long-term vision, a focus on people, organizational discipline, and adaptive capacity have remained constant throughout the company’s history. The reflections of de la Torre and Ortiz de Zevallos resonate with academic literature by demonstrating that sustainable value creation emerges from consistency between strategic decisions, historical context, and organizational culture. Within this framework, long-term value creation can be understood as a cumulative process in which value emerges from a sequence of time-aligned decisions integrating economic performance, risk management, stakeholder engagement, and institutional solidity. This perspective enables the analysis of Buenaventura as a corporate trajectory developed in continuous interaction with Peru’s economic, social, and institutional transformations, rather than as an isolated exception within Peruvian mining. 3.FOUNDATIONAL CHARACTERISTICS AND BUENAVENTURA’S DNA: EXPLORATION AND COMMITMENT TO PERU AND ITS PEOPLE From its origins, Buenaventura was shaped by a set of foundational traits that define its organizational identity and help explain its subsequent trajectory. The first of these is exploration as a strategic axis. The exploratory vocation transcends the character of a complementary activity and is consolidated as a central element of the company’s DNA, constituting the starting point of the mining business and the foundation upon which long-term value is built. 175
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