BVN Compania De Minas Buenaventura SA

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the first quarter (“1Q16”) period ended March 31, 2016. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non GAAP basis and are stated in U.S. dollars (US$).

First Quarter 2016 Highlights:

• In 1Q16, EBITDA from direct operations was US$60.3 million, a 34% increase compared to US$45.0 million reported in 1Q15. Adjusted EBITDA (including associated companies) increased 21% (US$ 145.1 in 1Q16 compared to the US$ 119.9 in 1Q15).
• All In Sustaining Cost (AISC) decreased 35% in 1Q16 (US$ 728/oz in 1Q16 compared to the US$ 1,126/oz in 1Q15). This significant decline reaffirms the cost reduction efforts in Buenaventura’s direct operations.
• Total attributable production in 1Q16 was 158k gold ounces and 6.0 million silver ounces, compared to 187k gold ounces and 5.5 million silver ounces in 1Q15.
• The Tambomayo project is in-line with budget; and the detail engineering was completed. Civil works’ progress is at 52% with full completion expected for 2Q16. Exploration and development works´ is at 86%. Production ramping up is expected by 4Q16.
• The Environmental Impact Assessment (EIA) of the San Gabriel project is expected to be approved in 4Q16 (the Public Hearing will be held in 2Q16).
• Yanacocha distributed dividends of US$300 million in March 2016 (Buenaventura received its equity share of US$131 million).
• At Cerro Verde, the Concentrator #2 achieved full capacity during 1Q16. In March, the mill rate performance was in excess of 370k tons per day.
• Buenaventura is in the process of raising US$ 275 million in long-term debt, in order to reprofile its current short-term debt. The proceeds are expected to be available in 2Q16; terms and conditions of the loan will be of an investment grade company.

Financial Highlights (in millions of US$, except EPS figures):

                  1Q16     1Q15     Var% Total Revenues     227.3     239.5     -5% Operating Profit     13.0     -3.7     N.A.

EBITDA DirectOperations

    60.3     45.0     34%

Adjusted EBITDA(Inc Associates)

    145.1     119.9     21% Net Income     51.6     17.3     198% EPS*     0.20     0.07     198%  

(*) as of March 31, 2016 Buenaventura had 254,186,867 outstanding shares.

Operating Revenues

During 1Q16, net sales were US$220.6 million, a 4% decrease compared to the US$230.4 million reported in 1Q15. This was mainly explained by the general decline in all metal prices (except for lead), as well as lower gold, lead and zinc volume sold. Silver volume sold increased 13% partially offsetting the decline in sales.

Royalty income decreased 26%, from US$9.1 million in 1Q15 to US$6.7 million reported in 1Q16. This was due to lower revenues at Yanacocha (27% lower QoQ).

            Operating Highlights     1Q16     1Q15     Var% Net Sales

(in millions of US$)

    220.6     230.4     -4%

Average Realized Gold Price(US$/oz) 1 2

    1,205     1,220     -1%

Average Realized Gold Price(US$/oz) inc. Affiliates 3

    1,196     1,256     -5%

Average Realized SilverPrice (US$/oz) 1 2

    14.37     15.34     -6%

Average Realized Lead Price(US$/MT) 1 2

    1,782     1,705     5% Average Realized

Zinc Price (US$/MT) 1 2

    1,620     2,061     -21%

Average Realized Copper Price (US$/MT) 1 2

    4,427     5,059     -13%               Volume Sold     1Q16     1Q15     Var%

Gold Oz DirectOperations 1

    80,989     93,838     -14%

Gold Oz inc AssociatedCompanies 3

    172,119     213,720     -19% Silver Oz 1     5,314,779     4,714,638     13% Lead MT 1     6,567     9,368     -30% Zinc MT 1     12,342     13,535     -9% Copper MT 1     11,098     3,630     206%      

(1)

 

Buenaventura’s Direct Operations include 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

(2)

The realized price considers the adjustments of quotational periods

(3)

Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal, 40.10% of Coimolache and 43.65% of Yanacocha

 

Production and Operating Costs

In 1Q16, Buenaventura’s gold equity production from direct operations remained stable, in line with the figure reported in 1Q15 (79,233 ounces in 1Q16 vs. 79,192 ounces in 1Q15). Gold production, including associated companies, in 1Q16 was 157,955 ounces, 16% lower than the figure reported for the same period of 2015 (187,468 ounces), explained by a decrease in production from Yanacocha. Silver equity production from direct operations increased 11%, mainly due to higher production at the Uchucchacua mine and the Mallay mine.

            Equity Production     1Q16     1Q15     Var%

Gold Oz Direct Operations1

    79,233     79,192     0%

Gold Oz including AssociatedCompanies

    157,955     187,468     -16% Silver Oz Direct Operations1     5,996,810     5,410,922     11%

Silver Oz including AssociatedCompanies

    6,213,680     5,544,704     12% Lead MT     6,982     7,440     -6% Zinc MT     10,368     11,345     -9% Copper MT Direct Operations1     6,459     2,189     195%

Copper MT including AssociatedCompanies

    30,623     11,710     162%  

Orcopampa’s (100% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Gold     Oz     44,135     50,068     -12% Silver     Oz     147,414     112,210     31%                 Cost Applicable to Sales             1Q16     1Q15     Var % Gold     US$/Oz     688     744     -8%  

Gold production at Orcopampa decreased 12% in 1Q16, compared to 1Q15, due to lower grade (Appendix 2).

Cost Applicable to Sales (CAS) in 1Q16 decreased 8%. This was mainly explained by:

   

1.

 

Lower labor costs.

2.

Lower contractor costs, due to better mining unit prices, as a result of contract renegotiations.

3.

A decrease in reagents’ consumption and price.

  Gold production guidance for 2016 is 200k – 210k ounces.    

___________________________________

1 Direct Operation production includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 56.29% of El Brocal and 40.10% of Coimolache.

Uchucchacua (100% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Silver     Oz     4,161,975     3,529,174     18% Zinc     MT     1,725     1,586     9% Lead     MT     2,506     2,059     22%                 Cost Applicable to Sales             1Q16     1Q15     Var % Silver     US$/Oz     10.58     15.47     -32%  

Silver production during 1Q16 increased 18% compared to 1Q15, due to higher ore treated and higher ore grade (Appendix 2).

Cost Applicable to Sales (CAS) in 1Q16 decreased 32% (US$ 10.58/oz of silver in 1Q16 compared to US$ 15.47/oz in 1Q15), mainly explained by:

   

1.

 

Lower labor costs.

2.

A reduction in consumable costs, mainly due to efficiencies achieved in the usage of explosive materials.

3.

Lower contractor costs due to better mining and hauling unit prices.

 

Silver production guidance for 2016 is 15.5 million – 16.5 million ounces.

Mallay (100% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Silver     Oz     408,619     307,254     33% Zinc     MT     2,764     2,179     27% Lead     MT     2,069     1,652     25%                 Cost Applicable to Sales             1Q16     1Q15     Var % Silver     US$/Oz     11.93     14.39     -17%  

Silver production in 1Q16 increased 33% compared to 1Q15, due to higher ore treated (Appendix 2).

Cost Applicable to Sales (CAS) in 1Q16 decreased 17% (US$ 11.93/oz of silver in 1Q16 compared to US$ 14.39/oz in 1Q15) due to lower consumable costs, mainly in explosive materials and reagents.

Silver production guidance for 2016 is 1.5 million – 1.9 million ounces.

Julcani (100% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Silver     Oz     853,052     816,352     4%                 Cost Applicable to Sales             1Q16     1Q15     Var % Silver     US$/Oz     10.66     13.24     -19%  

Silver production in 1Q16 increased 4% compared to 1Q15 production, due to higher ore treated and higher ore grade (Appendix 2).

Cost Applicable to Sales (CAS) in 1Q16 decreased 19% (US$ 10.66/oz of silver in 1Q16 compared to US$ 13.24/oz in 1Q15) explained by lower labor and consumable costs (explosive materials).

Silver production guidance for 2016 is 3.0 million – 3.4 million ounces.

La Zanja (53.06% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Gold     Oz     34,193     30,455     12% Silver     Oz     59,236     95,308     -38%                 Cost Applicable to Sales             1Q16     1Q15     Var % Gold     US$/Oz     597     779     -23%  

Gold production in 1Q16 increased 12% compared to 1Q15, due to higher ore leached.

Cost Applicable to Sales (CAS) in 1Q16 decreased 23% (US$ 597/oz of gold in 1Q16 compared to US$ 779/oz in 1Q15) explained by lower labor and reagent costs.

Gold production guidance for 2016 is 130k – 140k ounces.

Tantahuatay (40.10% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Gold     Oz     34,562     30,207     14% Silver     Oz     243,990     160,264     52%                 Cost Applicable to Sales             1Q16     1Q15     Var % Gold     US$/Oz     427     650     -34%  

Gold production in 1Q16 increased 14% compared to 1Q15, due to higher ore grade.

Cost Applicable to Sales (CAS) in 1Q16 decreased 34% (US$ 427/oz of gold in 1Q16 compared to US$ 650/oz in 1Q15) due to lower contractor and reagent costs.

Gold production guidance for 2016 is 140k – 150k ounces

El Brocal (56.29% owned by Buenaventura)

  Production             1Q16     1Q15     Var % Copper     MT     11,344     3,869     193% Zinc     MT     9,916     14,020     -29% Silver     Oz     526,724     982,254     -46%                 Cost Applicable to Sales             1Q16     1Q15     Var % Copper     US$/MT     4,823     5,536     -13% Zinc     US$/MT     1,474     1,506     -2%  

During 1Q16, copper production increased 193% compared to 1Q15, mainly due to higher ore treated. Moreover, in 1Q16 zinc production decreased 29%, due to lower ore treated and a lower zinc grade.

In 1Q16, zinc Cost Applicable to Sales (CAS) remained in line with the figure reported during 1Q15. Additionally, copper Cost Applicable to Sales (CAS) in 1Q16 decreased 13% (US$ 4,823/MT of copper in 1Q16 compared to US$ 5,536/MT in 1Q15), mainly explained by lower contractor costs due to better mining unit prices.

Zinc production guidance for 2016 is 60k – 70k MT, while copper production guidance for 2016 is 35k – 45k MT.

General and Administrative Expenses

General and administrative expenses in 1Q16 were US$21.4 million, an increase of 4% compared to the US$20.7 million reported in 1Q15.

Exploration in Non-Operating Areas

Exploration in non-operating areas during 1Q16 was US$3.5 million compared with the US$10.7 million in 1Q15. During the period, Buenaventura’s main exploration efforts were focused on the Tambomayo project (US$1.8 million) and Marcapunta (US$0.3 million).

Share in Associated Companies

During 1Q16, Buenaventura’s share in associated companies was US$28.4 million, compared to the US$36.3 million reported in 1Q15, comprised by:

            Share in the Result of Associates

(in millions of US$)

    1Q16     1Q15     Var % Cerro Verde     19.0     8.0     138% Coimolache     5.7     2.1     173% Yanacocha     3.7     26.2     -86% Total     28.4     36.3     -22%  

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 1Q16, gold production was 180,348 ounces, 27% lower than 1Q15 production (248,055 ounces), due to a lower gold grade.

Gold production guidance at Yanacocha for 2016 is 630k – 660k ounces.

In 1Q16, Yanacocha reported net income of US$8.5 million compared to the US$37.4 million reported in 1Q15, mainly explained by lower volume sold (179k gold ounces sold in 1Q16 compared to 246k gold ounces sold in 1Q15). Cost Applicable to Sales (CAS) in 1Q16 was US$734/oz, 53% higher than the US$479/oz reported in 1Q15, mainly due to: i) a higher inventory write-down (US$28.0 million in 1Q16 compared to US$4.5 million in 1Q15), and ii) lower volume sold.

Capital expenditures at Yanacocha were US$13.7 million in 1Q16, while for 1Q15 it was US$15.2 million.

Yanacocha continues to have a strong pipeline of growth projects, this include: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui Maqui (exploration).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 1Q16 copper production was 123,414 MT (24,164 MT attributable to Buenaventura), a 154% increase compared to 1Q15 (48,623 MT and 9,520 MT attributable to Buenaventura).

During 1Q16, Cerro Verde reported a net income of US$96.9 million compared to the US$40.7 million reported in 1Q15. This was mainly due to higher volume sold and a lower cash cost (US$ 1.2/lb of copper in 1Q16 compared to US$ 1.9/lb in 1Q15).

Capital expenditures at Cerro Verde were US$72.7 million in 1Q16, 84% lower compared to the US$468.9 million reported in 1Q15.

Cerro Verde’s plant expansion was completed in-line with schedule and budget (US$4.6 billion), becoming the largest concentration facility in the world. Full capacity operating rates were achieved during 1Q16. In March 2016, the average daily throughput was 373 TPD, higher than the nominal capacity of 360K TPD.

Copper production guidance at Cerro Verde for 2016 is 500k MT – 550k MT.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to the net income in 1Q16 was US$ 5.7 million compared to the US$ 2.1 million reported in 1Q15.

Project Development and Exploration

The Tambomayo Project (100% ownership)

• Production ramp-up is expected to start in 4Q16
• Civil works progress is at 52% (expected to be completed in 2Q16)
• Mechanical and structural installation works at 35% progress (expected to be completed in 3Q16)
• The mill equipment is already mounted on their bases
• CAPEX: US$ 340 M (Total disbursement as of 1Q16 US$192 M)
  • Exploration and mine development US$122 M (disbursement as of 1Q16 US$102 M)
  • Civil works and Equipment US$218 M (disbursement as of 1Q16 US$90 M)

The San Gabriel Project (100% ownership)

• The project has been rescheduled in order to preserve cash flow
• Geomechanical studies were completed in 1Q16
• Environmental Impact Assessment (EIA) of the project´s construction is expected to be approved in 4Q16 (the Public Hearing will be held in 2Q16)
• Objectives for 1S16:
  • Continue the construction of a 450 meters exploration ramp
  • Drilling program: 7,000 meters (1,000 as of 1Q16) in order to confirm resources and certainty

Buenaventura's Cash and Debt Situation

• Currently Buenaventura is in the process of raising a US$ 275 million long-term loan. The proceeds are expected to be available in 2Q16.

        Proceeds from this new debt will be used for the following:

a. Reprofiling of BVN´s current short-term debt.

b. Partially finance the construction of the Tambomayo Project.  

• Yanacocha distributed a cash dividend of US$ 300 million

        BVN received US$ 131 million in March 2016.  

* * *

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo and San Gabriel projects.

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking StatementsThis press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

**Tables to follow**

APPENDIX 1

Equity Participation in

Subsidiaries and Associates (as of September 30, 2015)

    BVN     Operating       Equity %     Mines / Business El Molle Verde S.A.C*     100.00     Trapiche project Minera La Zanja S.A*     53.06     La Zanja Sociedad Minera El Brocal S.A.A*     56.29     Colquijirca and Marcapunta Compañía Minera Coimolache S.A **     40.10     Tantahuatay Minera Yanacocha S.R.L **     43.65     Yanacocha Sociedad Minera Cerro Verde S.A.A **     19.58     Cerro Verde Processadora Industrial Rio Seco S.A*     100.00     Rio Seco chemical plant Consorcio Energético de Huancavelica S.A*     100.00     Energy – Huanza Hydroelectrical plant Buenaventura Ingenieros S.A*     100.00     Engineering Consultant     (*)Consolidates (**) Equity Accounting     APPENDIX 2       GOLD PRODUCTION     1Q16 1Q15 % Mining Unit Operating Results Underground     Orcopampa Ore Milled DMT 110,588 108,415 2% Ore Grade OZ/MT 0.44 0.47 -6% Recovery Rate % 96.2% 96.5% 0%   Ounces Produced* 44,135 50,068 -12% Mining Unit Operating Results Open Pit     La Zanja Ounces Produced 34,193 30,455 12% Tantahuatay Ounces Produced 34,562 30,207 14% * Includes ounces from retreatment of taling dams       SILVER PRODUCTION     1Q16 1Q15 % Mining Unit Operating Results Underground   Uchucchacua Ore Milled DMT 318,381 282,573 13% Ore Grade OZ/MT 15.61 14.89 5% Recovery Rate % 83.8% 83.9% 0%   Ounces Produced 4,161,975 3,529,174 18% Julcani Ore Milled DMT 44,983 43,681 3% Ore Grade OZ/MT 19.85 19.62 1% Recovery Rate % 95.6% 95.3% 0%   Ounces Produced 853,052 816,352 4% Mallay Ore Milled DMT 48,546 36,809 32% Ore Grade OZ/MT 8.99 8.75 3% Recovery Rate % 93.7% 94.9% -1%   Ounces Produced 408,619 307,254 33% Mining Unit Operating Results Open Pit     Colquijirca Ounces Produced 526,724 829,503 -37%       ZINC PRODUCTION     1Q16 1Q15 % Mining Unit Operating Results Underground     Uchucchacua Ore Milled DMT 318,381 282,573 13% Ore Grade % 1.13% 1.05% 8% Recovery Rate % 47.72% 53.5% -11%   MT Produced 1,725 1,586 9% Mallay Ore Milled DMT 48,546 36,809 32% Ore Grade % 6.5% 6.4% 3% Recovery Rate % 87.0% 92.7% -6%   MT Produced 2,764 2,179 27% Mining Unit Operating Results Open Pit     Colquijirca MT Produced 9,916 14,020 -29%    

APPENDIX 3: EBITDA RECONCILIATION (in thousand US$)

                  1Q16     1Q15 Net Income     51,248     10,248 Add / Substract:     9,081     34,773 Provision for income tax, net     -6,789     10,427

Share in associated companies by the equitymethod, net

    -28,397     -36,274 Interest income     -2,347     -644 Interest expense     7,980     5,875 Loss on currency exchange difference     -6,379     2,317 Long Term Compensation provision     0     102 Depreciation and Amortization     46,838     48,159 Workers´ participation provision     458     472 Loss from discontinued operations     -2,283     4,339 EBITDA Buenaventura Direct Operations     60,329     45,021 EBITDA Yanacocha (43.65%)     25,405     49,729 EBITDA Cerro Verde (19.58%)     48,233     17,705 EBITDA Coimolache (40%)     11,104     7,418

Adjusted EBITDA (including Associatedcompanies)

    145,070     119,873    

Note:EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus Selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

  Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:             For the 3 months ended Mar 31 2016 2015 (in thousands of US$)

Consolidated Cost of sales excluding depreciation andamortization

117,467 139,693 Add:

Consolidated Exploration in units in operation

19,116 22,400 Consolidated Commercial deductions 54,341 36,485 Consolidated Selling expenses 4,773   4,153   Consolidated Cost applicable to sales 195,697   202,731     Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:           For the 3 months ended Mar 31 2016 2015

Cost of sales by mine and mineral

(in thousands of US$) Julcani, Gold 0 11 Julcani, Silver 4,005 4,449 Julcani, Lead 387 467 Julcani, Copper 30 62 Mallay, Gold 117 0 Mallay, Silver 2,088 2,071 Mallay, Lead 1,301 1,166 Mallay, Zinc 1,508 1,652 Orcopampa, Gold 21,769 33,508 Orcopampa, Silver 1,083 1,037 Orcopampa, Copper 6 0 Uchucchacua, Gold 17 0 Uchucchacua, Silver 22,376 27,879 Uchucchacua, Lead 1,368 1,475 Uchucchacua, Zinc 915 902 La Zanja, Gold 19,679 24,668 La Zanja, Silver 491 1,105 El Brocal, Gold 1,978 435 El Brocal, Silver 2,725 5,946 El Brocal, Lead 2,150 4,752 El Brocal, Zinc 7,026 10,427 El Brocal, Copper 24,339 8,218 Non Mining Units 2,106   9,463  

Consolidated Cost of sales, excluding depreciationand amortization

117,467   139,693    

Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) toconsolidated Exploration expenses in mining units:

          For the 3 months ended Mar 31 2016   2015  

Exploration expenses in units in operation by mine andmineral

(in thousands of US$) Julcani, Gold 0 5 Julcani, Silver 2,211 2,175 Julcani, Lead 213 228 Julcani, Copper 16 30 Mallay, Gold 41 0 Mallay, Silver 728 676 Mallay, Lead 453 381 Mallay, Zinc 526 540 Orcopampa, Gold 8,188 11,518 Orcopampa, Silver 407 356 Orcopampa, Copper 2 0 Uchucchacua, Gold 4 0 Uchucchacua, Silver 5,735 5,968 Uchucchacua, Lead 351 316 Uchucchacua, Zinc 235 193 La Zanja, Gold 4 13 La Zanja, Silver 0 1 El Brocal, Gold 0 0 El Brocal, Silver 0 0 El Brocal, Lead 0 0 El Brocal, Zinc 0 0 El Brocal, Copper 0 0 Non Mining Units 0   0   Consolidated Exploration expenses in units in operation 19,116   22,400     Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:           For the 3 months ended Mar 31 2016 2015

Commercial Deductions in units in operation by mine andmineral

(in thousands of US$) Julcani, Gold 0 2 Julcani, Silver 1,435 1,328 Julcani, Lead 135 127 Julcani, Copper 12 18 Mallay, Gold 44

0

 

Mallay, Silver 1,110 880 Mallay, Lead 681 506 Mallay, Zinc 1,369 858 Orcopampa, Gold 101 56 Orcopampa, Silver 16 0 Orcopampa, Copper 1 0 Uchucchacua, Gold 6 0 Uchucchacua, Silver 9,256 7,963 Uchucchacua, Lead 568 426 Uchucchacua, Zinc 1,312 890 La Zanja, Gold 58 24 La Zanja, Silver 1 0 El Brocal, Gold 2,194 537 El Brocal, Silver 2,027 3,585 El Brocal, Lead 1,055 2,193 El Brocal, Zinc 5,355 5,805 El Brocal, Copper 27,605 11,287 Non Mining Units 0   0   Consolidated Commercial deductions in units in operation 54,341   36,485     Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:           For the 3 months ended Mar 31 2016 2015

Selling expenses by mine and mineral

(in thousands of US$) Julcani, Gold 0 1 Julcani, Silver 178 239 Julcani, Lead 17 25 Julcani, Copper 1 3 Mallay, Gold 9 0 Mallay, Silver 161 139 Mallay, Lead 100 78 Mallay, Zinc 116 111 Orcopampa, Gold 159 250 Orcopampa, Silver 8 8 Orcopampa, Copper 0 0 Uchucchacua, Gold 1 0 Uchucchacua, Silver 809 814 Uchucchacua, Lead 49 43 Uchucchacua, Zinc 33 26 La Zanja, Gold 217 302 La Zanja, Silver 5 14 El Brocal, Gold 120 26 El Brocal, Silver 165 351 El Brocal, Lead 130 280 El Brocal, Zinc 425 615 El Brocal, Copper 1,472 485 Non Mining Units 598   345   Consolidated Selling expenses 4,773   4,153                                                                             JULCANI 1Q 2016     1Q 2015      

GOLD (OZ)

    SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL

Cost of Sales (without D&A) (US$000)

-0     4,005     387     -     30     4,421 11     4,449     467     -     62     4,989 Add: Exploration Expenses (US$000) -0 2,211 213 - 16 2,440 5 2,175 228 - 30 2,439 Commercial Deductions (US$000) -0 1,435 135 - 12 1,581 2 1,328 127 - 18 1,475 Selling Expenses (US$000) -0 178 17 - 1 197 1 239 25 - 3 268 Cost Applicable to Sales (US$000) -1 7,829 753 - 59 8,640 19 8,191 847 - 114 9,171 Divide: Volume Sold     -1     734,224     578     -     19     Not Applicable     15     618,774     473     -     19     Not Applicable CAS     -     10.66     1,301     -     3,154     Not Applicable     1,256     13.24     1,791     -     6,011     Not Applicable                                                                     MALLAY 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 117 2,088 1,301 1,508 - 5,015 - 2,071 1,166 1,652 - 4,889 Add: Exploration Expenses (US$000) 41 728 453 526 - 1,748 - 676 381 540 - 1,597 Commercial Deductions (US$000) 44 1,110 681 1,369 - 3,205 - 880 506 858 - 2,244 Selling Expenses (US$000) 9 161 100 116 - 386 - 139 78 111 - 328 Cost Applicable to Sales (US$000) 212 4,087 2,536 3,520 - 10,354 - 3,766 2,131 3,161 - 9,058 Divide: Volume Sold     240     342,590     1,799     2,295     -     Not Applicable     -     261,818     1,457     1,636     -     Not Applicable CAS     883     11.93     1,409     1,534     -     Not Applicable     -     14.39     1,463     1,932     -     Not Applicable                                                                       ORCOPAMPA 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 21,769 1,083 - - 6 22,858 33,508 1,037 - - - 34,545 Add: - Exploration Expenses (US$000) 8,188 407 - - 2 8,598 11,518 356 - - - 11,874 Commercial Deductions (US$000) 101 16 - - 1 118 56 0 - - - 56 Selling Expenses (US$000) 159 8 - - 0 167 250 8 - - - 258 Cost Applicable to Sales (US$000) 30,217 1,515 - - 10 31,742 45,332 1,401 - - - 46,733 Divide: Volume Sold     43,951     186,208     -     -     3     Not Applicable     60,910     145,389     -     -     -     Not Applicable CAS     688     8.13     -     -     3,102     Not Applicable     744     9.64     -     -     -     Not Applicable                                                                     UCHUCCHACUA 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 17 22,376 1,368 915 - 24,676 - 27,879 1,475 902 - 30,256 Add: Exploration Expenses (US$000) 4 5,735 351 235 - 6,325 - 5,968 316 193 - 6,476 Commercial Deductions (US$000) 6 9,256 568 1,312 - 11,142 - 7,963 426 890 - 9,279 Selling Expenses (US$000) 1 809 49 33 - 892 - 814 43 26 - 883 Cost Applicable to Sales (US$000) 28 38,176 2,336 2,495 - 43,035 - 42,623 2,259 2,012 - 46,895 Divide: Volume Sold     34     3,608,021     1,791     1,361     -     Not Applicable     -     2,754,699     1,463     714     -     Not Applicable CAS     826     10.58     1,304     1,834     -     No Applicable     -     15.47     1,544     2,819     -     No Applicable                                                                     LA ZANJA 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 19,679 491 - - - 20,171 24,668 1,105 - - - 25,773

Add:

Exploration Expenses (US$000) 4 0 - - - 4 13 1 - - - 13 Commercial Deductions (US$000) 58 1 - - - 58 24 - - - - 24 Selling Expenses (US$000) 217 5 - - - 222 302 14 - - - 315 Cost Applicable to Sales (US$000) 19,958 498 - - - 20,456 25,006 1,119 - - - 26,126 Divide: Volume Sold     33,432     68,787     -     -     -     Not Applicable     32,081     107,924     -     -     -     Not Applicable CAS     597     7.23     -     -     -     Not Applicable     779     10.37     -     -     -     Not Applicable                                                                     BROCAL 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 1,978 2,725 2,150 7,026 24,339 38,219 435 5,946 4,752 10,427 8,218 29,778 Add: Exploration Expenses (US$000) - - - - - - - - - - - - Commercial Deductions (US$000) 2,194 2,027 1,055 5,355 27,605 38,237 537 3,585 2,193 5,805 11,287 23,408 Selling Expenses (US$000) 120 165 130 425 1,472 2,311 26 351 280 615 485 1,756 Cost Applicable to Sales (US$000) 4,292 4,918 3,335 12,806 53,416 78,767 998 9,882 7,225 16,847 19,990 54,942 Divide: Volume Sold     3,333     374,950     2,398     8,687     11,076     Not Applicable     832     826,034     5,976     11,185     3,611     Not Applicable CAS     1,288     13.12     1,391     1,474     4,823     Not Applicable     1,200     11.96     1,209     1,506     5,536     Not Applicable                                                                     NON MINING COMPANIES 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) - - - - - 2,106 - - - - - 9,463 Add: - - Selling Expenses (US$000)     -     -     -     -     -     598     -     -     -     -     -     345 Total (US$000)     -     -     -     -     -     2,704     -     -     -     -     -     9,808                                                                     BUENAVENTURA CONSOLIDATED 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 43,560 32,769 5,206 9,450 24,375 117,467 58,622 42,488 7,859 12,981 8,280 139,693 Add: Exploration Expenses (US$000) 8,238 9,081 1,018 760 19 19,116 11,536 9,176 925 733 30 22,400 Commercial Deductions (US$000) 2,403 13,845 2,439 8,035 27,618 54,341 619 13,756 3,252 7,553 11,306 36,485 Selling Expenses (US$000) 505 1,326 297 574 1,473 4,773 578 1,563 427 752 488 4,153 Cost Applicable to Sales (US$000) 54,707 57,022 8,960 18,820 53,485 195,697 71,355 66,983 12,462 22,019 20,104 202,731 Divide: Volume Sold     80,989     5,314,779     6,567     12,342     11,098     Not Applicable     93,838     4,714,638     9,368     13,535     3,630     Not Applicable CAS     675     10.73     1,364     1,525     4,819     Not Applicable     760     14.21     1,330     1,627     5,538     Not Applicable                                                                     COIMOLACHE 1Q 2016 1Q 2015       GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL     GOLD (OZ)     SILVER (OZ)     LEAD (MT)     ZINC (MT)     COPPER (MT)     TOTAL Cost of Sales (without D&A) (US$000) 12,418 1,112 - - - 13,529 12,477 949 - - - 13,426 Add: Exploration Expenses (US$000) 1,205 108 - - - 1,313 7,098 540 - - - 7,637 Commercial Deductions (US$000) 130 16 - - - 146 161 13 - - - 173 Selling Expenses (US$000) 242 22 - - - 264 226 17 - - - 243 Cost Applicable to Sales (US$000) 13,995 1,257 - - - 15,252 19,961 1,519 - - - 21,479 Divide: Volume Sold     32,808     238,191     -     -     -     Not Applicable     30,722     169,400     -     -     -     Not Applicable CAS     427     5.28     -     -     -     Not Applicable     650     8.97     -     -     -     Not Applicable  

APPENDIX 5: ALL-IN SUSTAINING COST

          Buenaventura1 La Zanja Tantahuatay Attributable Production2

1Q16

1Q16

1Q16

1Q16

Au Ounces Sold BVN   77,548     Au Ounces bought from La Zanja -33,324 Au Ounces Sold Net 44,224 34,728 32,808 75,805  

1Q16

1Q16

1Q16

1Q16

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000' US$/Oz Au US$ 000'   US$/Oz Au   Cost of Sales3 58,411 1,321 17,006 490 13,529 412 72,859 961 Exploration in Operating Units 19,112 432 594 17 1,313 40 19,954 263 Royalties 4,674 106 0 0 0 0 4,674 62 Comercial Deductions4 16,046 363 860 25 146 4 16,561 218 Selling Expenses 1,641 37 222 6 264 8 1,865 25 Administrative Expenses5 12,738 288 492 14 555 17 13,222 174 Other Expenses 0 0 1,890 54 806 25 1,326 17 Other Incomes -761 -17 -3,803 -109 -1,111 -34 -3,224 -43 Administrative charges 0 0 584 17 321 10 438 6 Sustaining Capex6 10,941 247 271 8 3,806 116 12,611 166   By-product Credit -83,195 -1,881 -898 -26 -3,564 -109 -85,100 -1,123   All-in Sustaining Cost 39,607 896 17,218 496 16,067 490 55,185 728   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.  

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.                   Buenaventura1 La Zanja Tantahuatay Attributable Production2

1Q15

1Q15

1Q15

1Q15

Au Ounces Sold BVN   100,401     Au Ounces bought from La Zanja -32,081 Au Ounces Sold Net 68,320 27,977 30,722 95,482  

1Q15

1Q15

1Q15

1Q15

Income Statement & Cash Flow US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au US$ 000'   US$/Oz Au   Cost of Sales3 84,353 1,235 23,390 836 13,426 437 102,147 1,070 Exploration in Operating Units 22,457 329 5,710 204 3,900 127 27,050 283 Royalties 8,176 120 0 0 0 0 8,176 86 Comercial Deductions4 13,095 192 694 25 173 6 13,533 142 Selling Expenses 1,744 26 315 11 243 8 2,009 21 Administrative Expenses5 13,429 197 375 13 533 17 13,842 145 Other Expenses 0 0 2,112 75 4,624 151 2,975 31 Other Incomes 0 0 -3,786 -135 -1,444 -47 -2,588 -27 Administrative charges 0 0 1,584 57 445 15 1,019 11 Sustaining Capex6 5,411 79 4,130 148 6,373 207 10,157 106   By-product Credit -68,922 -1,009 -1,387 -50 -2,889 -94 -70,816 -742   All-in Sustaining Cost 79,743 1,167 33,137 1,184 25,385 826 107,503 1,126   *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.  

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay. 3. For Buenaventura does not consider purchase of concentrate from La Zanja. 4. For all metals produced. 5. For Buenaventura, does not consider management services charged to subsidiaries. 6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.  

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries           Consolidated Statement of Financial Position As of March 31, 2016 and December 31, 2015 2016 2015 Assets US$(000) US$(000) Current assets Cash and cash equivalents 180,868 78,519 Trade and other accounts receivable, net 220,709 219,862 Inventory, net 103,492 101,473 Income tax credit 37,975 45,919 Prepaid expenses 12,742 8,231 Embedded derivatives for concentrate sales, net 1,757 - Hedge derivative financial instruments 71 - Total current assets 557,614 454,004 Assets classified as held for sale 12,611 15,592 570,225 469,596   Non-current assets Trade and other accounts receivable, net 171,095 162,567 Inventory, net 25,096 26,029 Investment in associates 1,938,341 2,043,983 Mining concessions, development costs, property, plant and equipment, net 1,752,816 1,747,624 Investment properties, net 10,462 10,719 Deferred income tax asset, net 49,591 41,574 Prepaid expenses 31,090 29,235 Other assets, net 13,843 15,854 Total non-current assets 3,992,334 4,077,585     Total assets 4,562,559 4,547,181     Liabilities and shareholders’ equity Current liabilities Bank loans 296,975 285,302 Trade and other accounts payable 220,946 247,114 Provisions 61,010 49,829 Income tax payable 1,887 2,444 Embedded derivatives for concentrate sales, net - 1,694 Hedge derivative financial instruments - 10,643 Financial obligations 28,753 33,394 Total current liabilities 609,571 630,420   Liabilities directly associated with assets classified as held for sale 15,582 20,611 625,153 651,031   Non-current liabilities Trade and other accounts payable 16,691 15,057 Provisions 144,279 141,885 Financial obligations 317,558 320,316 Contingent consideration liability 16,994 16,994 Deferred income tax liability, net 9,572 12,662 Total non-current liabilities 505,094 506,914     Total liabilities 1,130,247 1,157,945   Shareholders’ equity Capital stock 750,497 750,497 Investment shares 1,396 1,396 Additional paid-in capital 219,055 219,055 Legal reserve 162,714 162,714 Other reserves 269 269 Retained earnings 2,076,457 2,024,895 Other reserves of equity (3,657) 2,240 Shareholders’ equity, net attributable to owners of the parent 3,206,731 3,161,066 Non-controlling interest 225,581 228,170 Total shareholders’ equity 3,432,312 3,389,236     Total liabilities and shareholders’ equity 4,562,559 4,547,181             Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of profit or loss For the three-month periods ended March 31, 2016 and 2015   2016 2015 US$(000) US$(000) Continuing operations Operating income Net sales of goods 215,080 220,600 Net sales of services 5,568 9,791 Royalty income 6,685 9,090 Total operating income 227,333 239,481   Operating costs Cost of sales of goods, excluding depreciation and amortization (109,214) (126,083) Cost of services, excluding depreciation and amortization (8,253) (13,610) Depreciation and amortization (46,838) (48,159) Exploration in operating units (19,116) (22,400) Mining royalties (6,168) (8,425) Total operating costs (189,589) (218,677)     Gross profit 37,744 20,804   Operating expenses, net Administrative expenses (21,411) (20,669) Exploration in non-operating areas (3,514) (10,697) Provision for contingencies (885) 250 Selling expenses (4,773) (4,153) Other, net 5,872 10,753 Total operating expenses, net (24,711) (24,516)   Operating profit (loss) 13,033 (3,712)   Other income (expense), net Share in results of associates under equity method 28,397 36,274 Financial costs (7,980) (5,875) Net gain (loss) from currency exchange difference 6,379 (2,317) Financial income 2,347 644 Total other income, net 29,143 28,726   Profit before income tax 42,176 25,014 Current income tax (7,003) (5,377) Deferred income tax 13,792 (5,050)     Profit from continuing operations 48,965 14,587   Discontinued operations Profit (loss) from discontinued operations 2,283 (4,339) Net profit 51,248 10,248   Attributable to: Owners of the parent 51,562 17,319 Non-controlling interest (314) (7,071) 51,248 10,248   Basic and diluted profit per share attributable to equity holders of the parent, stated in U.S. dollars 0.20 0.07     Weighted average number of shares outstanding (common and investment), in units 254,186,867 254,186,867             Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statements of cash Flows For the three-month periods ended March 31, 2016 and 2015   2016 2015 US$(000) US$(000) Operating activities Proceeds from sales 181,821 231,779 Dividends received 134,015 2,057 Value Added Tax recovered 53,093 33,367 Royalties received 7,557 13,444 Interest received 1,654 942 Payments to suppliers and third-parties (168,056) (176,835) Payments to employees (35,765) (45,328) Payments of mining royalties (4,469) (6,198) Payments of interest (3,790) (5,470) Payment of income taxes (2,157) (4,141)   Net cash and cash equivalents provided by operating activities 163,903 43,617   Investing activities Proceeds from sales of mining concessions, property, plant and equipment 110 134 Acquisitions of mining concessions, development costs, property, plant and equipment (52,028) (37,118)   Net cash and cash equivalents used in investing activities (51,918) (36,984)   Financing activities Increase of bank loans 160,000 88,081 Payment of bank loans (160,000) (40,000) Increase of financial obligations 1,186 10,000 Payment of financial obligations (8,584) (5,018) Acquisition of non-controlling interest (158) - Dividends paid to non-controlling interest (2,080) (3,268) Increase of restricted current accounts (4,452) (2,953)   Net cash and cash equivalents provided by (used in) financing activities (14,088) 46,842   Net increase in cash and cash equivalents during the period 97,897 53,475 Cash and cash equivalents at the beginning of the period 76,588 76,581     Cash and cash equivalents at period-end 174,485 130,056             2016 2015 US$(000) US$(000) Reconciliation of net profit to cash and cash equivalents provided by operating activities   Net profit attributable to owners of the parent 51,562 17,319   Plus (less): Depreciation and amortization 50,899 54,619 Provision for employee bonus 5,658 8,175 Accretion expense of provision for closure of mining units and exploration projects 738 275 Net share in results of associates under equity method (28,397) (36,274) Provision for estimated fair value of embedded derivatives related to concentrate (13,021) (6,656) sales and adjustments on open liquidations Deferred income tax expense (income) (13,792) 5,050 Net loss (gain) from currency exchange difference (6,379) 2,317 Provision return for impairment of inventories (1,782) (1,252) Net loss attributable to non-controlling interest (314) (7,071) Net loss (gain) on sales of mining concessions, property, plant and equipment (110) 1,314 Other net 88 (4,616)   Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable 1,537 18,637 Inventories 9,799 27,801 Income tax credit 7,944 1,699 Prepaid expenses (6,366) 1,160   Increase (decrease) in operating liabilities - Trade and other accounts payable (30,658) (34,645) Provisions 3,039 (8,653) Income tax payable (557) 2,361   Proceeds from dividends 134,015 2,057     Net cash and cash equivalents provided by operating activities 163,903 43,617  

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in Lima:Compañía de Minas Buenaventura S.A.A.Carlos Galvez, (511) 419-2540Chief Financial OfficerorDaniel Dominguez, (511) 419-2591Director of Treasury and Investor Relationsdaniel.dominguez@buenaventura.peorin New York:i-advize Corporate CommunicationsMaria Barona, 212-406-3691Rafael Borja, 212-406-3693buenaventura@i-advize.com