Volcan stock story turns to Romina mine ramp-up after Q3 output

Published on 11/10/2026 at 03:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Volcan stock is in focus as the Romina mine moves through its first full quarter of production. Higher metal prices lifted third-quarter earnings.

Romina ramps up in Peru

Volcan's Romina mine processed 120,000 tonnes of ore in the third quarter of 2026.
Third-quarter net income rose 30.1 percent to 54.9 million US dollars on sales of 408.3 million US dollars.
Alpamarca expansion work is due to support Romina's processing needs from February 2027.

Volcan, PEP648014202, Illustration mit AI erstellt.

Volcan Compañía Minera is ramping up its Romina mine in Peru after the operation completed its first full quarter of production. The Rio Times reported on Monday, November 9, that Romina processed 120,000 tonnes of ore from July through September 2026.

Production enters the next phase

The mine produced 6,200 tonnes of zinc, 3,800 tonnes of lead and 0.2 million ounces of silver during the quarter. Volcan said Romina continues its ramp-up toward design capacity after commissioning began in May.

Across the first nine months of 2026, Romina processed 156,000 tonnes of ore and produced 7,700 tonnes of zinc. The mine's ore is transported through a completed tunnel to the Alpamarca concentrator in Peru's Junín region.

Metal prices lift quarterly results

Volcan's third-quarter sales increased 39.6 percent to 408.3 million US dollars, while net income rose 30.1 percent to 54.9 million US dollars. Adjusted EBITDA reached 176.7 million US dollars, up 52.0 percent, supported by stronger realized silver and zinc prices.

The operating picture also includes pressure points. Group unit costs rose 28.5 percent to 70.0 US dollars per tonne, and hedging contracts reduced third-quarter sales by 31.7 million US dollars. Net debt stood at 508.7 million US dollars, equal to 0.8 times adjusted EBITDA.

Alpamarca expansion is next

Volcan plans to operate Romina through 2038, with initial capital spending of 115 million US dollars. Alpamarca's processing plant is scheduled for expansion in February 2027, creating an important milestone for the mine's production ramp-up.

Volcan's mining portfolio

Volcan is a Peru-based mining company producing zinc, lead and silver, with operations linked to assets including Romina and Alpamarca. Its business is concentrated in Peruvian polymetallic mining rather than diversified across a broad international portfolio. In the regional mining industry, it competes with larger diversified producers such as Hochschild Mining, Nexa Resources and Southern Copper, while Volcan remains more focused on Peru's zinc, lead and silver deposits.