Peru's listed miners are having a strong run because copper, gold, and silver prices are all at elevated levels. For investors, that matters more than headline market cap alone. The best names combine strong commodity exposure, healthy cash generation, and enough trading liquidity to enter and exit without too much pain.
The BVL, Peru's stock exchange, is still a shallow market. That means many mining names trade with small free floats, wide bid ask spreads, and limited daily volume. In practice, the gap between a company that looks large on paper and one that is actually easy to own can be wide.
Buenaventura is the clearest Peru recovery play
Compañía de Minas Buenaventura (BVN) has been the standout. Revenue for Q4 2025 jumped 108% to $623.4 million, EBITDA reached $353.5 million, and management proposed a $0.99 dividend. The company ended 2025 with $529.8 million in cash, and the stock rose 156.62% over the last year on the BVL.
For investors who want direct exposure to Peru's mining rebound through a Peruvian controlled company, Buenaventura is the most liquid and visible option. The NYSE ADR, BVN, is usually the cleaner way to access the story if you are outside Peru.
Southern Copper and Cerro Verde are the copper heavyweights
Southern Copper (SCCO) is the giant in this group. Its market value is roughly $152 billion, and it pays an annual dividend of $3.08 for a yield near 2.05%. The stock is primarily a Mexico and Peru copper play, with most trading happening on the NYSE. The BVL listing is mainly a local mirror, so volume there is thin.
Sociedad Minera Cerro Verde (CVERDEC1) is the steadier income name. 2025 revenue came in at $4.73 billion, up 11.56% from $4.24 billion the year before, while the dividend yield sits around 7.39% and EPS was $4.26. The problem is liquidity. Free float is only about 7%, because Freeport, Sumitomo, and Buenaventura own most of the company.
That ownership structure matters. A stock can look attractive on valuation and yield, yet still be hard to trade in size. For long term holders, Cerro Verde can work. For traders, it can be frustrating.
Minsur is the high yield wildcard
Minsur (MINSURI1.LM) stands out for a different reason. Its dividend yield of 19.74% is eye catching, helped by tin prices and a special distribution. 2025 revenue reached $2.75 billion, up 26.64% from $2.17 billion the previous year, and the company sits at the crossroads of tin and gold.
That mix gives Minsur a useful role in a Peru mining portfolio. Tin is a critical metal for electronics and solar applications, so the business has a different demand driver than a pure copper name. The payout looks rich, but investors should remember that special dividends can fade when commodity prices cool.
The smaller local names still matter
Poderosa, Volcan, and El Brocal are part of the same story, even if they do not get as much attention. Poderosa is a pure gold producer that has benefited heavily from the metal's rally, while Volcan remains a zinc, lead, silver, and copper producer with a very different risk profile. El Brocal is smaller and more constrained by ownership and liquidity.
The common issue across many of these local listings is free float. Foreign parents or strategic owners often hold 70% to 95% of the shares, which leaves the market thin. That creates poor liquidity, wider spreads, and a real challenge if you need to exit quickly.
What investors should watch next
The bull case for Peru's mining stocks still depends on commodity prices, capital discipline, and dividends. Copper remains the main prize, gold has given a lift to producers with the right exposure, and silver adds another layer of support. If prices stay firm, cash flow should stay strong.
The risk is simple. A lot of these companies are good businesses trapped inside a market that is not built for fast trading. For many investors, the better choice is to focus on the most liquid names and treat the smaller BVL listings as long term positions, not quick trades.
Legal Notice: Education, not advice. Past results do not guarantee future returns. Investing always involves risks.
