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, today announced results for the first quarter (1Q17) period ended March 31, 2017. 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 2017 Highlights:

• In 1Q17, EBITDA from direct operations was US$80.7 million, increased 30% compared to US$62.0 million reported in 1Q16. Adjusted EBITDA (including associated companies) increased 21% (US$ 178.1 million) in 1Q17, compared to the US$ 146.8 million in 1Q16.
• Heavy rains due to “Coastal El Niño” did not impacted our operations facilities, however logistics processes were affected.
• Total attributable production in 1Q17 was 135k gold ounces and 6.1 million silver ounces, compared to 158k gold ounces and 6.2 million silver ounces in 2016.
• Tambomayo´s ramp-up has been extended due to a bottleneck detected within the tailing filtering process.
• El Brocal reported its second consecutive quarter of positive operating performance and financial results.
• San Gabriel´s Environmental Impact Assessment (EIA) was approved on March 31, 2017.
• At Cerro Verde, operating and financial results were slightly affected, despite a 21 day strike and the impacts of “Coastal El Niño”.

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

                        1Q17   1Q16  

Var %

Total Revenues       278.3   227.3   22 % Operating Profit       23.1   13.0   77 % EBITDA Direct Operations       80.7   62.0   30 % Adjusted EBITDA (Inc Associates)       178.1   146.8   21 % Net Income       70.7   51.6   37 % EPS**       0.28   0.20   37 %       (*) See Appendix 5 (**) as of March 31, 2017 Buenaventura had a weighted average number of shares outstanding of 253,986,867.  

Operating Revenues

During 1Q17, net sales were US$272.8 million, a 24% increase compared to the US$220.6 million reported in 1Q16. This result was primarily due to an increase in all metal prices as well as higher volume sales of silver, zinc and lead.

Royalty income decreased 18% from US$6.7 million in 1Q16 to US$5.5 million in 1Q17 due to lower revenues at Yanacocha (17% QoQ).

                Operating Highlights       1Q17   1Q16  

Var %

Net Sales

(in millions of US$)

      272.8   220.6   24 % Average Realized Gold Price (US$/oz) (1) (2)       1,231   1,205   2 % Average Realized Gold Price (US$/oz) inc. Affiliates (3)       1,218   1,196   2 % Average Realized Silver Price (US$/oz) (1) (2)       16.65   14.37   16 % Average Realized Lead Price (US$/MT) (1) (2)       2,290   1,782   28 % Average Realized

Zinc Price (US$/MT) (1) (2)

      2,899   1,620   79 % Average Realized Copper Price (US$/MT) (1) (2)       5,999   4,427   36 %                 Volume Sold       1Q17   1Q16  

Var %

Gold Oz Direct Operations (1)       78,338   80,989   -3 % Gold Oz inc Associated Companies (3)       155,088   172,119   -10 % Silver Oz (1)       5,999,608   5,314,779   13 % Lead MT (1)       9,719   6,567   48 % Zinc MT (1)       16,691   12,342   35 % Copper MT (1)       9,829   11,098   -11 %   (1)   Buenaventura’s Direct Operations includes 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, 40.095% of Coimolache and 43.65% of Yanacocha.  

Production and Operating Costs

In 1Q17, Buenaventura’s gold equity production from direct operations was 62,828; a 4% decrease as compared to 1Q16 (65,376 gold ounces). In 1Q17 Gold production including associated companies was 135,428 ounces; a 14% decrease as compared to the same period 2015. This decline is due to a decrease in production at Yanacocha. Zinc and Lead equity production were higher during 1Q17 compared to 1Q16 mainly as a result increased production at Uchucchacua and El Brocal.

                Equity Production       1Q17   1Q16  

Var %

Gold Oz Direct Operations(1)       62,828   65,376   -4 % Gold Oz including Associated(2) Companies       135,428   157,955   -14 % Silver Oz Direct Operations(1)       5,370,294   5,898,982   -9 % Silver Oz including Associated Companies       6,133,526   6,213,680   -1 % Lead MT       7,802   6,982   12 % Zinc MT       13,570   10,368   31 % Copper MT Direct Operations(1)       6,338   6,459   -2 % Copper MT including Associated Companies       29,588   30,623   -3 %                 Consolidated Production       1Q17   1Q16  

Var %

Gold Oz(3)       80,279   84,254   -5 % Silver Oz(3)       6,262,264   6,157,018   2 % Lead MT(3)       10,320   8,183   26 % Zinc MT(3)       20,959   14,405   20 % Copper MT(3)       11,214   11,417   -2 %   (1)   Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.32% of El Brocal. (2) Consider 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.32% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha. (3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.  

Orcopampa (100% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Gold   Oz   42,332   44,135   -4 % Silver   Oz   140,095   147,414   -5 %         Cost Applicable to Sales         1Q17   1Q16   Var % Gold   US$/Oz   777   688   13 %  

Gold production at Orcopampa decreased 4% in 1Q17 year on year, primarily due to lower ore grades (see Appendix 2). Cost Applicable to Sales (CAS) in 1Q17 (777 US$/Oz) increased 13% compared to 1Q16 (688 US$/Oz), mainly due to higher contractor expenses (a non-recurrent closing bonus), an increase in meters drifted and lower ounces sold (4% QoQ).

Gold production guidance for 2017 is 180k – 190k ounces.

Uchucchacua (100% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Silver   Oz   4,021,722   4,161,975   -3 % Zinc   MT   1,882   1,725   9 % Lead   MT   2,794   2,506   11 %         Cost Applicable to Sales         1Q17   1Q16   Var % Silver   US$/Oz   10.92   10.35   5 %  

Silver production in 1Q17 was in line with 1Q16. Cost Applicable to Sales (CAS) in 1Q17 (10.92 US$/Oz) increased 5% compared to 1Q16 (10.35 US$/Oz), mainly due to an increase in labor expenses and higher contractor expenses (a non-recurrent closing bonus).

Silver production guidance for 2017 is 16.0 million – 17.0 million ounces.

Mallay (100% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Silver   Oz   320,372   408,619   -22 % Zinc   MT   2,174   2,764   -21 % Lead   MT   1,322   2,069   -36 %         Cost Applicable to Sales         1Q17   1Q16   Var % Silver   US$/Oz   13.18   11.93   10 %  

Silver production in 1Q17 decreased 22% year on year, primarily due to lower ore grades (see Appendix 2). Cost Applicable to Sales (CAS) in 1Q17 increased by 10% year on year, primarily due to a decrease in ounces sold (9% QoQ).

Silver production guidance for 2017 is 1.5 million – 1.7 million ounces.

Julcani (100% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Silver   Oz   666,236   853,052   -22

%

        Cost Applicable to Sales         1Q17   1Q16   Var % Silver   US$/Oz   13.36   10.66   25 %  

Silver production in 1Q17 was 22% lower compared to 1Q16; primarily due to a decrease in ore treated (15% QoQ) and lower ore grades (10% QoQ). Cost Applicable to Sales (CAS) in 1Q17 (13.36 US$/Oz) was 25% higher than 1Q16 (10.66 US$/Oz), primarily explained by lower production. Management changed the mining method at Julcani after rock fall resulted in a fatal accident in January 2017, temporarily impacting productivity. This effect has been already surpassed.

Silver production guidance for 2017 is 3.0 million – 3.4 million ounces.

La Zanja (53.06% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Gold   Oz   32,255   34,193   -6 % Silver   Oz   68,931   59,236   16 %         Cost Applicable to Sales         1Q17   1Q16   Var % Gold   US$/Oz   723   538   34 %  

Gold production in 1Q17 decreased by 6% year on year, in line with the mine production plan. Cost Applicable to Sales (CAS) in 1Q17 (723 US$/Oz) increased 34% compared to 1Q16 (538 US$/Oz), primarily due to i) increased reagent consumption (associated with an increase in acid water treated), ii) decrease in ounces sold (3% QoQ) and iii) lower ore grades.

Gold production guidance for 2017 is 115k – 125k ounces.

Tantahuatay (40.10% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Gold   Oz   31,245   34,562   -10 % Silver   Oz   133,274   243,990   -45 %         Cost Applicable to Sales         1Q17   1Q16   Var % Gold   US$/Oz   508   427   19 %  

Gold production in 1Q17 decreased 10% year on year, in line with the mine production plan. Cost Applicable to Sales (CAS) in 1Q17 (508 US$/Oz) increased 19% compared to 1Q16 (427 US$/Oz) mainly due to a decrease in ounces sold and higher exploration expenses.

Gold production guidance for 2017 is 145k – 155k ounces

El Brocal (61.32% owned by Buenaventura)

  Production         1Q17   1Q16   Var % Copper   MT   11,155   11,344   -2 % Zinc   MT   16,903   9,916   70 % Silver   Oz   1,044,908   526,724   98 %         Cost Applicable to Sales         1Q17   1Q16   Var % Copper   US$/MT   4,877   4,823   1 % Zinc   US$/MT   1,947   1,474   32 %  

Copper production in 1Q17 was in line with 1Q16. In 1Q17 zinc production increased 70% compared to 1Q16 mainly due to an increase ore treated and higher ore grades.

In 1Q17, zinc Cost Applicable to Sales (CAS) increased 32% year to year, mainly due to higher commercial deductions triggered by higher zinc prices (79% QoQ), which activated the treatment charges escalators. Copper CAS in 1Q17 was in line with the figure reported in 1Q16.

Zinc production guidance for 2017 is 60k – 70k MT, while copper production guidance for 2017 is 55k – 65k MT.

General and Administrative Expenses

1Q17 General and Administrative expenses were US$22.5 million; a 5% increase as compared to the US$21.4 million in 1Q16 mainly due to an increase insurance expenses (29% QoQ).

Exploration in Non-Operating Areas

1Q17 Exploration costs in Non-Operating Areas were US$2.3 million compared with US$3.5 million in 1Q16. During the period, Buenaventura’s primarily focused its exploration efforts on the Marcapunta Norte (US$0.38 million) and San Gabriel projects (US$0.19 million).

Share in Associated Companies

During 1Q17, Buenaventura’s share in associated companies was US$44.9 million, compared to US$28.4 million reported in 1Q16, comprised of:

                Share in the Result of Associates

(in millions of US$)

      1Q17   1Q16   Var % Cerro Verde       36.0   19.0   90 % Coimolache       4.3   5.7   -25 % Yanacocha       4.6   3.7   23 % Total       44.9   28.4   58 %    

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 1Q17 gold production was 137,621 ounces (60,072 ounces attributable to Buenaventura); a 24% decrease as compared to the 180,348 ounces (78,722 ounces attributable to Buenaventura) produced in 1Q16.

Gold production guidance at Yanacocha for 2017 is 530k – 560k ounces.

In 1Q17, Yanacocha reported a net income of US$10.4 million, compared to a net income of US$8.5 million reported in 1Q16.

CAS in 1Q17 was US$823/oz; a 12% increase as compared to the US$734/oz reported in 1Q16 mainly due to lower volume sold (147,821 gold ounces in 1Q17 vs 180,348 gold ounces in 1Q16).

The Quecher Main project engineering (oxide deposit) is being developed, a decision to progress is expected in 2H17. In the case of Yanacocha Sulphides, technical and economic viability has been improving, with an update expected in 2H17.

Capital expenditures at Yanacocha were US$12.6 million in 1Q17.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 1Q17 copper production was 118,744 MT (23,250 MT attributable to Buenaventura), a 4% decrease compared to 1Q16 (123,414 MT and 24,164 MT attributable to Buenaventura).

During 1Q17, Cerro Verde reported a net income of US$184.0 million compared to net income of US$96.9 million in 1Q16. This increase was primarily due to: i) an increase in volumes sold and ii) higher realized price (US$2.83/Lb in 1Q17 compared to US$2.23/Lb in 1Q16).

Capital expenditures at Cerro Verde were US$24.7 million in 1Q17.

Cerro Verde´s Debt:

    1.   Syndicated Loan (US$1.8B): US$540 million of which have been prepaid. 2. Shareholder´s Loan (US$0.6B): US$85 million of which have been prepaid.  

Copper production guidance at Cerro Verde for 2017 is 500k MT – 550k MT.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), 1Q17 attributable contribution to net income was US$4.3 million (US$5.7 million in 1Q16).

Project Development and Exploration

The Tambomayo Project (100% ownership)

• Project ramp-up has been extended due to additional adjustments that have to be made in the tailings filtering process.
• Full capacity expected by 3Q17.
• Updated 2017 Production Guidance of 60k – 90k Au Oz.

The San Gabriel Project (100% ownership)

• Environmental Impact Assessment (EIA) was approved on March 31, 2017.
• Prefeasibility in progress to complete:
  • Mining method and rock support analysis
  • Metallurgical test to optimize the design of the processing plant and recovery rate

***

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 project.

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 2015 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 Statements

This 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 December 31, 2016)

  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*   61.32   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         1Q17   1Q16   % Mining Unit   Operating Results   Underground     Orcopampa Ore Milled DMT 114,485 110,588 4 % Ore Grade OZ/MT 0.38 0.40 -7 % Recovery Rate % 96.8 % 96.2 % 1 %     Ounces Produced*   42,332     44,135     -4 % Mining Unit   Operating Results   Open Pit     La Zanja Ounces Produced 32,255 34,193 -6 % Tantahuatay   Ounces Produced   31,245     34,562     -10 % * Includes ounces from retreatment of taling dams             SILVER PRODUCTION         1Q17   1Q16   % Mining Unit   Operating Results   Underground     Uchucchacua Ore Milled DMT 332,876 318,381 5 % Ore Grade OZ/MT 14.38 15.61 -8 % Recovery Rate % 84.0 % 83.8 % 0 %     Ounces Produced   4,021,722     4,161,975     -3 % Julcani Ore Milled DMT 38,341 44,983 -15 % Ore Grade OZ/MT 17.92 19.85 -10 % Recovery Rate % 96.99 % 95.57 % 1 %     Ounces Produced   666,236     853,052     -22 % Mallay Ore Milled DMT 49,382 48,546 2 % Ore Grade OZ/MT 7.05 8.99 -22 % Recovery Rate % 92.1 % 93.7 % -2 %     Ounces Produced   320,372     408,619     -22 % Mining Unit   Operating Results   Open Pit     Colquijirca   Ounces Produced   812,998     357,699     127 %             ZINC PRODUCTION         1Q17   1Q16   %   Mining Unit   Operating Results   Underground     Uchucchacua Ore Milled DMT 332,876 318,381 5 % Ore Grade % 1.23 % 1.13 % 9 % Recovery Rate % 45.90 % 47.7 % -4 %     MT Produced   1,882     1,725     9 % Mallay Ore Milled DMT 49,382 48,546 2 % Ore Grade % 4.98 % 6.54 % -24 % Recovery Rate % 88.30 % 87.0 % 1 %     MT Produced   2,174     2,764     -21 % Mining Unit   Operating Results   Open Pit     Colquijirca   MT Produced   16,903     9,916     70 %  

APPENDIX 3: EBITDA Reconciliation (in thousand US$)

 

                            1Q17   1Q16   Var Net Income       76,250   51,248   49 % Add / Subtract:       4,495   10,784   N.A Provision for income tax, net       -3,459   -6,789   -49 % Share in associated companies by the equity method, net       -44,864   -28,397   58 % Provision for contingencies       12,482   885   1310 % Interest income       -1,291   -2,347   -45 % Interest expense       7,212   7,980   -10 % Loss on currency exchange difference       -3,003   -6,379   -53 % Long Term Compensation provision       -4   0   N.A Depreciation and Amortization       44,309   46,838   -5 % Workers´ participation provision       836   1,276   -34 % Profit from discontinued operations       -7,723   -2,283   238 % EBITDA Buenaventura Direct Operations       80,745   62,032   30 % EBITDA Yanacocha (43.65%)       12,956   25,405   -49 % EBITDA Cerro Verde (19.58%)       75,764   48,233   57 % EBITDA Coimolache (40%)       8,671   11,119   -22 % Adjusted EBITDA (including Associated companies)       178,136   146,788   21 %  

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 nine months ended September 30, 2015 and 2016, 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 nine months ended September 30, 2015 and 2016 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 2017 2016 (in thousands of US$) Consolidated Cost of sales excluding depreciation and amortization 141,320 115,411 Add: Consolidated Exploration in units in operation 19,661 19,116 Consolidated Commercial deductions 66,155 54,341 Consolidated Selling expenses 4,313 4,773 Consolidated Cost applicable to sales 231,449 193,641  

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 2017 2016

Cost of sales by mine and mineral

(in thousands of US$) Julcani, Gold 2 0 Julcani, Silver 7,720 4,005 Julcani, Lead 650 387 Julcani, Copper 45 30 Mallay, Gold 100 117 Mallay, Silver 2,370 2,088 Mallay, Lead 1,465 1,301 Mallay, Zinc 2,090 1,508 Orcopampa, Gold 23,866 21,769 Orcopampa, Silver 1,147 1,083 Orcopampa, Copper 18 6 Uchucchacua, Gold 20 16 Uchucchacua, Silver 25,998 21,550 Uchucchacua, Lead 2,469 1,318 Uchucchacua, Zinc 1,518 882 La Zanja, Gold 22,932 17,712 La Zanja, Silver 684 442 El Brocal, Gold 1,411 1,978 El Brocal, Silver 4,883 2,726 El Brocal, Lead 3,983 2,150 El Brocal, Zinc 13,363 7,027 El Brocal, Copper 19,481 24,341 Non Mining Units 5,104 2,975   Consolidated Cost of sales, excluding depreciation and amortization 141,320 115,411   Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:         For the 3 months ended Mar 31 2017 2016

Exploration expenses in units in operation by mine and mineral

(in thousands of US$) Julcani, Gold 1 0 Julcani, Silver 3,033 2,211 Julcani, Lead 255 213 Julcani, Copper 18 16 Mallay, Gold 30 41 Mallay, Silver 719 728 Mallay, Lead 444 453 Mallay, Zinc 634 526 Orcopampa, Gold 8,574 8,188 Orcopampa, Silver 412 407 Orcopampa, Copper 7 2 Uchucchacua, Gold 3 4 Uchucchacua, Silver 4,448 5,735 Uchucchacua, Lead 423 351 Uchucchacua, Zinc 260 235 La Zanja, Gold 388 4 La Zanja, Silver 12 0 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 19,661 19,116  

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 2017 2016

Commercial Deductions in units in operation by mine and mineral

(in thousands of US$) Julcani, Gold 0 0 Julcani, Silver 1,341 1,435 Julcani, Lead 113 135 Julcani, Copper 8 12 Mallay, Gold 39

44

Mallay, Silver 909 1,110 Mallay, Lead 552 681 Mallay, Zinc 1,181 1,369 Orcopampa, Gold 99 101 Orcopampa, Silver 32 16 Orcopampa, Copper 4 1 Uchucchacua, Gold 7 6 Uchucchacua, Silver 9,626 9,256 Uchucchacua, Lead 910 568 Uchucchacua, Zinc 1,544 1,312 La Zanja, Gold 62 58 La Zanja, Silver 1 1 El Brocal, Gold 2,039 2,194 El Brocal, Silver 4,178 2,027 El Brocal, Lead 2,792 1,055 El Brocal, Zinc 13,393 5,355 El Brocal, Copper 27,323 27,605 Non Mining Units 0 0   Consolidated Commercial deductions in units in operation 66,155 54,341  

Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:

 

        For the 3 months ended Mar 31 2017 2016

Selling expenses by mine and mineral

(in thousands of US$) Julcani, Gold 0 0 Julcani, Silver 102 178 Julcani, Lead 9 17 Julcani, Copper 1 1 Mallay, Gold 4 9 Mallay, Silver 102 161 Mallay, Lead 63 100 Mallay, Zinc 90 116 Orcopampa, Gold 154 159 Orcopampa, Silver 7 8 Orcopampa, Copper 0 0 Uchucchacua, Gold 1 1 Uchucchacua, Silver 673 809 Uchucchacua, Lead 64 49 Uchucchacua, Zinc 39 33 La Zanja, Gold 174 217 La Zanja, Silver 5 5 El Brocal, Gold 73 120 El Brocal, Silver 254 165 El Brocal, Lead 207 130 El Brocal, Zinc 696 425 El Brocal, Copper 1,014 1,472 Non Mining Units 580 598   Consolidated Selling expenses 4,313 4,773                                                       JULCANI 1Q 2017   1Q 2016         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   7,720   650   -   45   8,418 -0   4,005   387   -   30   4,421 Add: Exploration Expenses (US$000) 1 3,033 255 - 18 3,307 -0 2,211 213 - 16 2,440 Commercial Deductions (US$000) 0 1,341 113 - 8 1,463 -0 1,435 135 - 12 1,581 Selling Expenses (US$000) 0 102 9 - 1 111 -0 178 17 - 1 197 Cost Applicable to Sales (US$000) 3 12,196 1,028 - 71 13,299 -1 7,829 753 - 59 8,640 Divide: Volume Sold       4   912,656   591   -   16   Not Applicable   -1   734,224   578   -   19   Not Applicable CAS       924   13.36   1,738   -   4,511   Not Applicable   -   10.66   1,301   -   3,154   Not Applicable                                               MALLAY 1Q 2017 1Q 2016         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) 100 2,370 1,465 2,090 - 6,025 117 2,088 1,301 1,508 - 5,015 Add: Exploration Expenses (US$000) 30 719 444 634 - 1,827 41 728 453 526 - 1,748 Commercial Deductions (US$000) 39 909 552 1,181 - 2,680 44 1,110 681 1,369 - 3,205 Selling Expenses (US$000) 4 102 63 90 - 260 9 161 100 116 - 386 Cost Applicable to Sales (US$000) 173 4,100 2,524 3,996 - 10,792 212 4,087 2,536 3,520 - 10,354 Divide: Volume Sold       193   311,157   1,276   1,472   -   Not Applicable   240   342,590   1,799   2,295   -   Not Applicable CAS       897   13.18   1,979   2,715   -   Not Applicable   883   11.93   1,409   1,534   -   Not Applicable                                                 ORCOPAMPA 1Q 2017 1Q 2016         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) 23,866 1,147 - - 18 25,031 21,769 1,083 - - 6 22,858 Add: - Exploration Expenses (US$000) 8,574 412 - - 7 8,993 8,188 407 - - 2 8,598 Commercial Deductions (US$000) 99 32 - - 4 135 101 16 - - 1 118 Selling Expenses (US$000) 154 7 - - 0 161 159 8 - - 0 167 Cost Applicable to Sales (US$000) 32,692 1,599 - - 29 34,320 30,217 1,515 - - 10 31,742 Divide: Volume Sold       42,101   150,134   -   -   7   Not Applicable   43,951   186,208   -   -   3   Not Applicable CAS       777   10.65   -   -   4,120   Not Applicable   688   8.13   -   -   3,102   Not Applicable   Prorrateo 95% 5% 0% 95% 5% 0%                                               UCHUCCHACUA 1Q 2017 1Q 2016         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) 20 25,998 2,469 1,518 - 30,005 16 21,550 1,318 882 - 23,766 Add: Exploration Expenses (US$000) 3 4,448 423 260 - 5,134 4 5,735 351 235 - 6,325 Commercial Deductions (US$000) 7 9,626 910 1,544 - 12,087 6 9,256 568 1,312 - 11,142 Selling Expenses (US$000) 1 673 64 39 - 777 1 809 49 33 - 892 Cost Applicable to Sales (US$000) 30 40,745 3,866 3,361 - 48,003 27 37,351 2,286 2,461 - 42,125 Divide: Volume Sold       42   3,732,401   2,258   1,118   -   Not Applicable   34   3,608,021   1,791   1,361   -   Not Applicable CAS       730   10.92   1,713   3,008   -   No Applicable   789   10.35   1,276   1,809   -   No Applicable                                               LA ZANJA 1Q 2017 1Q 2016         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) 22,932 684 - - - 23,617 17,712 442 - - - 18,154 Add: Exploration Expenses (US$000) 388 12 - - - 400 4 0 - - - 4 Commercial Deductions (US$000) 62 1 - - - 63 58 1 - - - 58 Selling Expenses (US$000) 174 5 - - - 179 217 5 - - - 222 Cost Applicable to Sales (US$000) 23,557 702 - - - 24,259 17,990 449 - - - 18,439 Divide: Volume Sold       32,570   67,519   -   -   -   Not Applicable   33,432   68,787   -   -   -   Not Applicable CAS       723   10.40   -   -   -   Not Applicable   538   6.52   -   -   -   Not Applicable                                               BROCAL 1Q 2017 1Q 2016         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) 1,411 4,883 3,983 13,363 19,481 43,120 1,978 2,726 2,150 7,027 24,341 38,222 Add: Exploration Expenses (US$000) - - - - - - - - - - - - Commercial Deductions (US$000) 2,039 4,178 2,792 13,393 27,323 49,726 2,194 2,027 1,055 5,355 27,605 38,237 Selling Expenses (US$000) 73 254 207 696 1,014 2,245 120 165 130 425 1,472 2,311 Cost Applicable to Sales (US$000) 3,523 9,315 6,983 27,451 47,819 95,091 4,292 4,918 3,335 12,806 53,418 78,770 Divide: Volume Sold       3,429   825,740   5,595   14,102   9,806   Not Applicable   3,333   374,950   2,398   8,687   11,076   Not Applicable CAS       1,028   11.28   1,248   1,947   4,877   Not Applicable   1,288   13.12   1,391   1,474   4,823   Not Applicable                                               NON MINING COMPANIES 1Q 2017 1Q 2016         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) - - - - - 5,104 - - - - - 2,975 Add: - - Selling Expenses (US$000)       -   -   -   -   -   580   -   -   -   -   -   598 Total (US$000)       -   -   -   -   -   5,684   -   -   -   -   -   3,573                                               BUENAVENTURA CONSOLIDATED 1Q 2017 1Q 2016         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) 48,331 42,803 8,568 16,971 19,544 141,320 41,592 31,895 5,156 9,417 24,377 115,412 Add: Exploration Expenses (US$000) 8,997 8,624 1,122 894 24 19,661 8,238 9,081 1,018 760 19 19,116 Commercial Deductions (US$000) 2,246 16,088 4,368 16,118 27,335 66,155 2,403 13,845 2,439 8,035 27,618 54,341 Selling Expenses (US$000) 406 1,144 343 825 1,015 4,313 505 1,326 297 574 1,473 4,773 Cost Applicable to Sales (US$000) 59,979 68,658 14,401 34,808 47,918 231,449 52,738 56,148 8,910 18,787 53,487 193,642 Divide: Volume Sold       78,338   5,999,608   9,719   16,691   9,829   Not Applicable   80,989   5,314,779   6,567   12,342   11,098   Not Applicable CAS       766   11.44   1,482   2,085   4,875   Not Applicable   651   10.56   1,357   1,522   4,820   Not Applicable                                               COIMOLACHE 1Q 2017 1Q 2016         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) 13,536 811 - - - 14,347 12,418 1,112 - - - 13,529 Add: Exploration Expenses (US$000) 1,623 97 - - - 1,720 1,205 108 - - - 1,313 Commercial Deductions (US$000) 170 9 - - - 179 130 16 - - - 146 Selling Expenses (US$000) 159 9 - - - 168 242 22 - - - 264 Cost Applicable to Sales (US$000) 15,488 927 - - - 16,414 13,995 1,257 - - - 15,252 Divide: Volume Sold       30,493   123,896   -   -   -   Not Applicable   32,808   238,191   -   -   -   Not Applicable CAS       508   7.48   -   -   -   Not Applicable   427   5.28   -   -   -   Not Applicable  

APPENDIX 5: ALL-IN SUSTAINING COST

Buenaventura                     All-in Sustaining Cost for 1Q17   Buenaventura1 La Zanja Tantahuatay Attributable 2

1Q17

1Q17

1Q17

1Q17

Au Ounces Sold BVN 69,617 Au Ounces bought from La Zanja -27,278 Au Ounces Sold Net 42,339 32,248 30,493 71,675  

1Q17

1Q17

1Q17

1Q17

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 76,195 1,800 23,264 721 14,347 471 94,291 1,316 Exploration in Operating Units 19,261 455 827 26 1,720 56 20,390 284 Royalties 4,379 103 0 0 0 0 4,379 61 Comercial Deductions4 16,365 387 709 22 179 6 16,813 235 Selling Expenses 1,349 32 139 4 168 5 1,490 21 Administrative Expenses 15,428 364 493 15 909 30 16,054 224 Other Expenses 1,640 39 2,515 78 1,141 37 3,432 48 Other Incomes 0 2,265 70 -1,368 -45 653 9 Sustaining Capex5 7,029 166 543 17 2,003 66 8,120 113   By-product Credit -102,334 -2,417 -1,166 -36 -2,153 -71 -421,275 -5,878   All-in Sustaining Cost 39,312 929 29,588 918 16,945 556 61,805 862   *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.

Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

                      Buenaventura All-in Sustaining Cost for 1Q16   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.

 

APPENDIX 6

      Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Financial Position As of March 31, 2017 and December 31, 2016       2017 2016 Assets US$(000) US$(000) Current assets Cash and cash equivalents 170,584 80,544 Trade and other accounts receivable, net 296,323 269,089 Inventory, net 126,658 120,947 Income tax credit 12,789 19,956 Prepaid expenses 13,190 11,392 Embedded derivatives for sale of concentrate, net 4,147   -   623,691   501,928     Non-current assets Trade and other receivables, net 151,342 166,048 Long-term income tax credit 4,012 3,660 Long-term inventory 9,435 14,027 Investment in associates 1,578,591 1,536,607 Mining concessions, development costs, property, plant and equipment, net 2,002,697 1,960,025 Investment properties, net 9,964 10,089 Deferred income tax asset, net 34,658 25,881 Prepaid expenses 28,128 30,431 Other assets 18,427   17,719   3,837,254 3,764,487     Total assets 4,460,945   4,266,415       Liabilities and shareholders’ equity, net Current liabilities Bank loans 190,000 55,000 Trade and other payables 279,608 273,440 Provisions 62,089 62,502 Income tax payable 10,003 8,686 Embedded derivatives for sale of concentrate, net - 1,524 Hedge derivative financial instruments 1,017 3,863 Financial obligations 40,683   40,110   583,400   445,125       Non-current liabilities Trade and other payables 17,172 15,982 Provisions 171,983 174,190 Financial obligations 548,220 552,232 Contingent consideration liability 19,343 19,343 Deferred income tax liability, net 11,749   12,330   768,467 774,077     Total liabilities 1,351,867   1,219,202     Shareholders’ equity, net Capital stock 750,497 750,497 Investment shares 791 791 Additional paid-in capital 218,450 218,450 Legal reserve 163,071 162,744 Other reserves 269 269 Retained earnings 1,746,340 1,690,123 Other reserves of equity (158 ) (1,783 ) Shareholders’ equity, net attributable to owners of the parent 2,879,260 2,821,091 Non-controlling interest 229,818   226,122   Total shareholders’ equity, net 3,109,078   3,047,213       Total liabilities and shareholders’ equity, net 4,460,945   4,266,415  

 

 

        Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Income For the three-month periods ended March 31, 2017 and 2016   2017 2016 US$(000) US$(000) Continuing operations Operating income Net sales of goods 266,289 215,080 Net sales of services 6,503 5,568 Royalty income 5,470   6,685   Total operating income 278,262 227,333   Operating costs Cost of sales, without considering depreciation and amortization (136,607 ) (112,672 ) Cost of services, without considering depreciation and amortization (4,713 ) (2,740 ) Depreciation and amortization (44,309 ) (46,838 ) Exploration in operating units (19,661 ) (19,116 ) Mining royalties (6,358 ) (6,168 ) Total operating costs (211,648 ) (187,534 )     Gross profit 66,614   39,799     Operating expenses, net Administrative expenses (22,455 ) (21,411 ) Provision for contingencies (12,482 ) (885 ) Selling expenses (4,313 ) (4,773 ) Exploration in non-operating areas (2,293 ) (3,514 ) Other, net (1,949 ) 3,817   Total operating expenses, net (43,492 ) (26,766 )   Operating profit 23,122   13,033     Other income (expense), net Share in the results of associates 44,864 28,397 Net gain (loss) from currency exchange difference 3,003 6,379 Financial income 1,291 2,347 Financial costs (7,212 ) (7,980 ) Total other income, net 41,946 29,143   Profit before income tax 65,068 42,176   Current income tax (6,260 ) (7,003 ) Deferred income tax 9,719 13,792     Profit (loss) from continuing operations 68,527   48,965     Discontinued operations Profit (loss) from discontinued operations 7,723   2,283   Net profit 76,250   51,248     Attributable to: Owners of the parent 70,696 51,562 Non-controlling interest 5,554   (314 ) 76,250   51,248     Basic and diluted loss per share attributable to equity holders of the parent, stated in U.S. dollars 0.28   0.20     Weighted average number of shares outstanding (common and investment), in units 253,986,867   253,715,190             Compañía de Minas Buenaventura S.A.A. and Subsidiaries Consolidated Statement of Cash Flows For the three-month periods ended March 31, 2017 and 2016   2017 2016 US$(000) US$(000) Operating activities Proceeds from sales 255,316 181,821 Proceeds from dividends 3,073 134,015 Value Added Tax recovered 7,938 53,093 Royalty received 6,209 7,557 Interest received 961 1,654 Payments to suppliers and third-parties (189,653) (168,056) Payments to employees (42,720) (35,765) Payments of mining royalties (4,379) (4,469) Payments of interest (5,937) (3,790) Payment of income taxes (11,434) (2,157)   Net cash and cash equivalents provided by operating activities 19,374 163,903   Investing activities Proceeds from loans 17,680 - Proceeds from sales of mining concessions, property, plant and equipment 6,571 110 Acquisitions of mining concessions, development costs, property, plant and equipment (81,612) (52,028)   Net cash and cash equivalents used in investing activities (57,361) (51,918)   Financing activities Proceeds of bank loans 165,000 160,000 Payments of bank loans (30,000) (160,000) Payments of financial obligations (3,613) (8,584) Increase of restricted bank accounts (1,691) (4,452) Dividends paid to controlling interest (1,669) (2,080) Increase of financial obligations - 1,186 Acquisition of non-controlling interest - (158)   Net cash and cash equivalents provided by (used in) financing activities 128,027 (14,088)   Net increase in cash and cash equivalents during the period 90,040 97,897 Cash and cash equivalents at the beginning of the period 80,544 76,588     Cash and cash equivalents at period-end 170,584 174,485           2017 2016 US$(000) US$(000)   Reconciliation of net profit to cash and cash equivalents provided by operating activities   Net loss 70,696 51,562   Plus (less): Depreciation and amortization 44,309 46,838 Provision for employee bonus 5,658 Reversal (provision) for impairment loss of inventories (291) (1,782) Net loss (gain) on sales of mining concessions, property, plant and equipment (110) Net loss (gain) from currency exchange difference (3,003) (6,379) Accretion expense of provision for closure of mining units and exploration projects 290 738 Net share in results of associates (44,864) (28,397) Loss attributable to non-controlling interest 5,554 (314) Deferred income tax expense (income) (9,719) (13,792) Provision for estimated fair value of embedded derivatives related to concentrate (10,266) (13,021) sales and adjustments on open liquidations Hedge derivative instruments 5,947 - Other net (6,700) 4,149   Net changes in operating assets and liabilities: Decrease (increase) in operating assets - Trade and other accounts receivable (22,005) 1,537 Inventories 946 9,799 Income tax credit 6,815 7,944 Prepaid expenses 505 (6,366) Increase (decrease) in operating liabilities - Trade and other accounts payable (16,002) (30,658) Provisions (7,228) 3,039 Income tax payable 1,317 (557)   Proceeds from dividends 3,073 134,015     Net cash and cash equivalents provided by operating activities 19,374 163,903

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Contacts in Lima:Carlos Galvez, (511) 419-2540Chief Financial OfficerorRodrigo Echecopar, (511) 419-2591Investor Relations Coordinatorrodrigo.echecopar@buenaventura.peorContacts in NY:Barbara Cano, (646) 452-2334barbara.cano@mbsvalue.comorCompany Website: www.buenaventura.pe/ir