Growth Drivers
What could change its growth trajectory, and what would confirm it?
El Brocal's most concrete growth lever is a planned 31% rise in daily throughput at Colquijirca from 13,000 to 17,000 tons per day, alongside its most important exploration projects, Marcapunta Oeste and San Gregorio.
EBITDA rose 52% to US$230 million, and net sales climbed 22% to US$532.9 million.
Risk Factors
Which risks could break the thesis, and what would warn of them?
El Brocal's principal risk is its reliance on a single mining unit at Colquijirca, paired with a concentrator at Huaraucaca, where a pit closure has already halted all zinc concentrate production.
Copper output fell to 51,902 tonnes from 56,525 tonnes the prior year. Ore throughput dropped to 4,355,560 tonnes in 2025 from 4,405,145 tonnes in 2024.
Unit Economics
How does it make money per customer, and what is still unknown?
El Brocal's margin is price-driven: in 2025 higher copper, silver, and gold prices offset lower production and lifted sales 13%. The company reported net sales of US$532.9 million in 2025, 22% above 2024. Net income rose to US$124.7 million in 2025, up from US$35.3 million in 2024.
El Brocal's reported EBITDA stands at US$230 million, up 52% from US$152 million.
Product Overview
What does the product do for its buyer, and how is it delivered?
El Brocal's product is mineral concentrate: at the Colquijirca production unit in Pasco, Peru, the company mines polymetallic ore from the Tajo Norte open pit and the Marcapunta Norte underground operation, then processes it into copper concentrate and a small amount of lead concentrate with no zinc concentrate.
In 2025 El Brocal treated 4,355,560 tonnes of ore and produced 51,902 tonnes of fine copper, 1,895,554 ounces of silver, and 21,102 ounces of gold.
