governance mechanisms. According to the 2025 Integrated Annual Report, the company reports recirculation rates of approximately 99% in open-pit operations and 88% in underground mines, as well as an annual water storage capacity exceeding 108 million cubic meters. This is reinforced by external recognition through Peru’s National Water Authority (ANA) Blue Certificate program, awarded to Coimolache, El Brocal, and Julcani mines. This framework is consistent with industry guidance, such as that of the International Council on Mining and Metals (ICMM), which emphasizes the need to manage water at the catchment level, considering broader hydrological, social, and institutional dynamics beyond the operational boundary. These elements suggest a capacity to manage water resources at scale, including in regions where water availability is a sensitive issue, while integrating operational requirements with broader environmental and territorial considerations. The evidence presented in this section indicates that sustainability operates as an integrated dimension of mining activity, linking operational practices with territorial engagement and long-term decision-making. This integration provides a framework through which economic performance, environmental management, and social interaction are addressed in a coordinated manner. In this sense, the concept “Hacemos más que minería” can be understood as a practical expression of this integration, consistent with the World Mining Congress pillars of trust, transformation, and technology. 6. CORPORATE GOVERNANCE, TRUST, AND INSTITUTIONAL MATURITY Buenaventura’s capacity to sustain a long-term strategy is closely linked to its evolution in corporate governance and institutional discipline. Over the course of its history, the company transitioned from its origins as a family-owned company to a publicly traded corporation operating under international standards, while preserving defining traits such as austerity, technical rigor, and responsibility in decision-making. This process of institutionalization was gradual and aligned with the long-term logic that characterizes the company. A central milestone in this trajectory was the decision to list Buenaventura’s shares on the New York Stock Exchange (NYSE), becoming the first Latin American mining company to do so. The process required sustained effort from the board and management team over several years, including numerous roadshows with investment banks and international financial centers, as well as a comprehensive adaptation to the regulatory and disclosure requirements established by the Securities and Exchange Commission (SEC), which included explicit references to country risk and to Peru’s political and economic environment. This process unfolded in a particularly adverse context. At the time, Peru did not hold investment-grade status and was perceived as a high-risk country by the international financial system due to political instability, interventionist policies, price controls, and the persistence of terrorism, even after the capture of its principal leaders. In this environment, Buenaventura’s 181
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