Oct 30, 2026 earnings call — Aripuanã ramp-up and higher CapEx
Raised 2026 CapEx to $420 million and reported Adjusted EBITDA of $301 million.
Revenue $0.9B (est $1.0B) · EPS $-0.47 (est $0.61)
Key quotes
"Treated ore reached a record 471,000 tons, up 18% from the second quarter, and zinc production rose 48% to 13,000 tons, matching its best quarter, driven by higher throughput and better grades."
"In smelting, production reached 159,000 tons, up 28% from the second quarter and 8% from last year, driven by the recovery at Cajamarquilla and the processing of the cathode inventory buildup after the fire."
"We raised our 2026 CapEx guidance by 10% to $420 million."
Analyst Q&A 1
Aripuanã ramp-up and Cerro Pasco startup risks
Q (Pedro Melo · Citi): He asked how quickly Aripuanã should ramp each quarter and how unit cash costs will change as volumes rise. He also asked about Cerro Pasco risks for starting tailings pumping next year after CapEx guidance was raised to $41 million.
A: For Cerro Pasco the pumping system is due to finish in December and ramp-up will start in January; management said they do not see risks and permits are on time. For Aripuanã they are at 90% capacity now, the fourth automated filter is working well, and they expect 100% capacity in the coming months and first quarter. Costs are higher now due to remoteness and staff rotation, but they expect to start reducing cost in the third quarter and in the next year and to approach Vazante levels towards the end of next year; they expect profitability in the next two, three years.
"We don't see any risks here because we have been following construction very closely, and we have some months in our current tailings dam also that is a cushion for the overlap of the new system." — Ignacio Rosado (CEO)