Buenaventura Announces Fourth Quarter and Full Year 2012 Results

  Buenaventura Announces Fourth Quarter and Full Year 2012 Results

Business Wire

LIMA, Peru -- February 28, 2013

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 fourth quarter 2012.
All figures have been prepared in accordance with IFRS and are stated in U.S.
dollars (US$).

Comments from the Chief Executive Officer:

Mr. Roque Benavides, Buenaventura’s Chief Executive Officer, stated:

“Net income in the fourth quarter was US$139.1 million, 39% lower than the
figure reported in 4Q11 (US$227.9 million). EBITDA from Buenaventura’s Direct
Operations was US$130.2 million, 32% lower than the figure reported in 4Q11
(US$192.1 million), while EBITDA including Affiliates decreased 33%, from
US$421.7 million in 4Q11 to US$281.5 million in 4Q12.

These results were mainly explained by lower volume of gold sold, higher
operating costs, exploration efforts and decreased contributions from
affiliates.

Financial Highlights (in millions of US$, except EPS figures):
             4Q12     4Q11     Var     FY 2012    FY 2011    Var
Total         424.2    402.3    5%      1,563.5    1,556.6    0%
Revenues
Operating     86.7     164.0    -47%    418.2      704.4      -41%
Income
EBITDA
Direct        130.2    192.1    -32%    569.9      835.4      -32%
Operations
EBITDA
Including     281.5    421.7    -33%    1,438.8    1,681.3    -14%
Affiliates
Net Income    139.1    227.9    -39%    684.7      858.9      -20%
EPS           0.55     0.90     -39%    2.69       3.38       -20%
                                                             

(*) As of December 31, 2012, Buenaventura had 254,232,571 shares outstanding.

Within this release, Buenaventura presents financial measures in accordance
with IFRS, as well as on a non-GAAP basis.

Operating Revenues

During 4Q12, net sales were US$411.6 million, a 7% increase compared to the
US$385.0 million reported in 4Q11. This was explained by higher sales content
of all metals, except gold.

Royalty income decreased 28% to US$12.6 million in 4Q12 from the US$17.4
million reported in 4Q11 due to lower revenues at Yanacocha.


Operating         4Q12         4Q11         Var     FY 2012       FY 2011       Var
Highlights                                           %                                            %
Net Sales
(million of       411.6        385.0        7%      1,496.3       1,493.9       0%
US$)
Average Gold
Price
(US$/oz.)         1,713        1,690        1%      1,679         1,574         7%
Direct
Operations
Average Gold
Price
(US$/oz.) inc     1,714        1,684        2%      1,669         1,577         6%
Yanacocha &
Coimolache
Average Silver
Price             32.64        32.40        1%      31.25         35.40         -12%
(US$/oz.)
Average Lead      2,203        1,991        11%     2,065         2,262         -9%
Price (US$/MT)
Average Zinc      1,947        1,905        2%      1,919         2,200         -13%
Price (US$/MT)
Average Copper    7,899        7,524        5%      7,937         8,568         -7%
Price (US$/MT)
(*)
Buenaventura’s                                                             
Direct
Operations
Sales Content
                 4Q12         4Q11         Var     FY 2012       FY 2011       Var
                                                     %                                            %
Gold Oz Direct    92,454       122,833      -25%    439,816       505,894       -13%
Operations
Gold Oz inc
Yanacocha &       212,469      270,728      -22%    1,078,826     1,145,603     -6%
Tantahuatay
Silver Oz         5,507,511    4,366,347    26%     17,474,113    14,843,193    18%
Lead MT           5,518        3,857        43%     25,589        18,192        41%
Zinc MT           5,267        4,041        30%     43,180        33,307        30%
Copper MT         12,028       7,516        60%     22,373        23,231        -4%
(*)
Buenaventura’s                                                                 
Direct
Operations

Accumulated net sales in 2012 were US$1,496.3 million, in-line with the figure
reported in 2011, while royalty income was US$67.2 million, a 7% increase
compared to the US$62.7 million reported in 2011.

Production and Operating Costs

Buenaventura’s equity production^1 in 4Q12 was 108,489 ounces of gold, 13%
lower than the 124,504 ounces reported in 4Q11 mainly due to a decrease in
Orcopampa production. Silver production, including affiliates, in 4Q12 was 4.6
million ounces, a 12% increase when compared to the figure reported in 4Q11
(4.1 million oz.).

Equity production^1 in 2012 was 446,443 ounces of gold and 18.3 million ounces
of silver. This represented a 6% decrease in gold production (475,770 oz. in
2011), and a 12% increase in silver production compared to 2011 (16.2 million
oz.).


Equity Production ^1
             4Q12         4Q11         Var%    FY 2012       FY 2011       Var%
Gold (oz)
Direct        108,489      124,504      -13%    446,443       475,770       -6%
Operations
Gold (oz)
inc.          211,448      270,659      -22%    1,033,969     1,040,218     -1%
Affiliates
Silver
(oz) inc.     4,593,711    4,107,467    12%     18,262,156    16,243,279    12%
Affiliates
Lead ( MT)    5,844        3,475        68%     25,345        17,444        45%
Zinc ( MT)    6,787        3,151        115%    39,139        22,621        73%
Copper
(MT) inc.     20,670       16,980       22%     66,221        69,873        -5%
Affiliates
                                                                           

Orcopampa’s (100% owned by Buenaventura) total gold production in 4Q12 was
59,779 ounces, 16% lower than the 71,296 ounces reported in 4Q11. Production
from the Chipmo mine during 4Q12 was 55,652 ounces, 15% lower compared to the
65,788 ounces reported in 4Q11 due to a 9-day strike in October (See Appendix
2). The old tailings treatment produced 4,128 ounces of gold (compared to
5,508 oz. in 4Q11). Accumulated total gold production in 2012 was 260,378
ounces, a 9% decrease when compared to 2011 (285,201 oz.).

Cash operating cost in 4Q12 was US$714/oz., 51% higher when compared to 4Q11
(US$472/oz.). This was mainly explained by lower gold production and higher
contractor expenses due to greater exploration efforts. Cash cost during 2012
was US$559/oz.

At Uchucchacua (100% owned by Buenaventura), total silver production in 4Q12
was 3.01 million ounces, 8% higher when compared to 2.79 million ounces in
4Q11 due to a 5% increase in the recovery rate (See Appendix 2). Zinc
production in 4Q12 was 2,931 MT, 43% higher than the figure reported in 4Q11
(2,047 MT), while lead production increased 25% (2,556 MT in 4Q12 vs. 2,051 MT
in 4Q11). During 2012, silver production was 11.3 million ounces; zinc
production was 9,820 MT, while lead production was 8,742 MT vs. 10.1 million
ounces, 6,668 MT and 7,546 MT, respectively, in 2011.

Cash operating cost in 4Q12 was US$16.57/oz., in-line with the figure reported
in 4Q11 (US$16.35/oz.). Cash cost during 2012 was US$16.97/oz. (US$16.27/oz.
in 2011).

At Julcani (100% owned by Buenaventura), total production in 4Q12 was 615,712
ounces of silver, 1% higher compared to 4Q11 (611,711 ounces). During 2012,
silver production was 2.4 million ounces, similar to the figure reported in
2011.

Silver cash operating cost in 4Q12 was US$14.38/oz., 15% higher than 4Q11
(US$12.52/oz.), mainly due to an increase in energy supply expenses. Cash cost
during 2012 was US$13.5/oz.

Breapampa (100% owned by Buenaventura) commenced operations in November. Total
production in 4Q12 was 8,817 ounces of gold.

La Zanja (53.06% owned by Buenaventura) total production in 4Q12 was 28,670
ounces of gold, a 13% decrease when compared to 4Q11 (32,857 oz.). Accumulated
gold production in 2012 was 112,387 ounces, 16% lower than 2011 (134,190 oz.),
but in-line with La Zanja’s mining plan.

Cash operating cost in 4Q12 was US$753/oz., 63% higher than 4Q11 (US$463/oz.)
due to an increase in supply costs (mainly explained by an increase of reagent
consumption and prices). Cash cost during 2012 was US$622/oz.

Tantahuatay (40.04% owned by Buenaventura) total production in 4Q12 was 35,340
ounces of gold (14,150 oz. attributable to Buenaventura). During 2012, gold
production was 141,268 ounces (56,564 oz. attributable to Buenaventura). Cash
operating cost in 4Q12 was US$393/oz and US$402/oz for 2012.

At El Brocal (53.76% owned by Buenaventura), total plant capacity was devoted
to treat copper ores during 4Q12.

Copper production was 13,166 MT, 68% higher than the 7,852 MT reported in
4Q11. For 2012, copper production increased 2% (24,218 MT in 4Q12 versus
23,796 MT in 4Q11). Copper cash cost was US$5,198/MT, 26% higher than 4Q11
(US$4,135/MT).

Silver production decreased 56% from 420,329 ounces in 4Q11 to 185,231 ounces
in 4Q12.

During 2012, total zinc production was 34,949 MT, a 48% increase when compared
to the 23,675 MT reported in 2011. In the case of silver, total production
increased 5%, from 2.9 million ounces in 2011 to 3.1 million ounces in 2012.
Lead production was 12,329 MT in 2012, 30% higher than 2011 (9,504 MT).

General and Administrative Expenses

General and administrative expenses in 4Q12 were US$21.6 million, 32% higher
than the figure reported in 4Q11 (US$16.3 million). This figure included
US$6.0 million in metallurgical research studies. For 2012, general and
administrative expenses were US$99.3 million versus US$75.2 million in 2012
(an increase of 32%).

Operating Income

Operating income in 4Q12 was US$86.7 million, a 47% decrease compared to the
US$164.0 million reported in 4Q11. This decrease was mainly due to a 53%
increase in operating costs and exploration expenses, while revenues increased
5%. It is important to mention that during 4Q12, El Brocal purchased US$18.0
million in copper concentrates to blend with Marcapunta copper concentrates,
which negatively impacted operational costs and margins.

For 2012, operating income was US$418.2 million versus US$704.4 million in
2012 (a decrease of 41%).

Share in Associated Companies

During 4Q12, Buenaventura’s share in associated companies was US$89.9 million,
28% lower than the US$124.5 million reported in 4Q11. Yanacocha’s contribution
to these results decreased 63%, from US$86.8 million in 4Q11 to US$32.4
million in 4Q12, while Cerro Verde’s contribution decreased 28% from US$40.0
million in 4Q11 to US$28.6 million in 4Q12. Coimolache (Tantahuatay mine)
results partially offset this decrease with a 44% higher contribution (US$8.8
million in 4Q12 vs. US$6.1 million in 4Q11).

For 2012, Buenaventura’s share in associated companies was US$464.2 million,
in-line with the figure reported in 2012.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 4Q12 gold production was 235,875
ounces of gold, 30% lower than 4Q11 production (334,833 oz.). Accumulated gold
production in 2012 was 1,345,992 ounces, 4% higher than 2012 (1,293,123 oz.).

Costs applicable to sales (CAS) at Yanacocha in 4Q12 were US$635/oz., 19%
higher than the figure reported in 4Q11 (US$533/oz.) due to lower production.
Net income at Yanacocha in 4Q12 was US$75.7 million, 62% lower compared to
4Q11 (US$199.2 million). Accumulated net income in 2012 was US$626.5 million,
2% lower than 2011 (US$642.4 million).

During 4Q12, EBITDA totaled US$186.0 million, a 49% decrease compared to 4Q11
(US$362.0 million). This decrease was mainly due to a 29% decrease in sales.
Accumulated EBITDA in 2012 was US$1,241.8 million, 6% higher than 2012
(US$1,167.4 million).

Capital expenditures at Yanacocha were US$172.5 million in 4Q12 and US$995.0
in 2012.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 4Q12 copper production was
68,874 MT, a 4% increase compared to 4Q11 (65,958 MT). Accumulated total
copper production in 2012 was 269,649 MT, 8% lower than 293,581 MT in 2012.

During 4Q12, Cerro Verde reported net income of US$146.2 million, a 28%
decrease compared to US$202.6 million in 4Q11. This was mainly due to an 11%
decrease in sales revenues (US$501.0 million in 4Q12 versus US$565.0 million
in 4Q11). Accumulated net income in 2012 was US$772.1 million, 28% lower than
US$1,078.4 million in 2012.

Capital expenditures at Cerro Verde in 4Q12 totaled US$200.0 million and
US$600.8 in 2012.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.04% owned by Buenaventura), attributable contribution was
US$8.8 million (US$6.1 million in 4Q11). For 2012, attributable contribution
was US$40.2 million (US$9.6 million in 2012).

CANTERAS DEL HALLAZGO (Chucapaca project)

At the Chucapaca Project (49% owned by Buenaventura), a value-engineering
phase was initiated to improve the project’s economic returns of after the
completion of a Feasibility Study. Additional studies will be directed towards
evaluating potential options, including underground and combined open-pit and
underground mining scenarios, a review of capital costs and capital
efficiencies, along with re-commencement of an exploration phase at the
Chucapaca Area of Interest (AOI).

In 2012, Buenaventura’s total disbursement at the Chucapaca project was
US$32.4 million.

Net Income

Buenaventura’s 4Q12 net income was US$139.1 million (US$0.54 per share), a 39%
decrease compared to the US$227.9 million (US$0.90 per share) reported in
4Q11. Accumulated net income in 2012 was US$684.7 million (US$2.69 per share),
20% lower compared to 2012 (US$858.9 million).

Project Development

LA ZANJA DEVELOPMENT PROGRAM

  *The Pampa Verde Project will allow the development of a new open pit, an
    expansion of the current leach pad and improvements to the operation’s
    road access. Construction began in 2Q11. The project’s total investment is
    US$74.2 million. Completion is expected in 3Q13.
  *Engineering for slope stability was developed during 4Q12.

RIO SECO MANGANESE SULFATE PLANT

  *Buenaventura continued with the construction of the manganese sulfate
    plant. The project’s total budget is US$ 90.0 million.
  *The project includes an acid leaching facility, a sulfuric acid production
    plant and a manganese sulfate crystallization plant.
  *The Company has started the commissioning process for the project’s main
    equipment.

HUANZA HYDROELECTRICAL PLANT

  *Construction progress at the Huanza Project included:

       1.  Water Conduction Tunnel: 10,074 meters of excavation is
                   100% complete
              2.   Power plant: civil work is 100% complete
              3.   Pallca Dam: 100% complete
              4.   Construction of electromechanical equipment is nearly
                   complete
              5.   Commissioning of the Pallca Dam began February 26, 2013 and
                   will continue on different sections on a progressive basis

Other Information

At the Board of Directors meeting held February 28, 2013, the following
resolutions were passed:

To call for the Annual Shareholders Meeting to be held March 26, 2013 to:

• Approve the financial statements as of December 31, 2012

• Approve the 2012 Annual Report

• Approve a cash dividend of US$0.30 per share or ADS to be paid in U.S.
currency.

• Approve a simplification of corporate structure by absorbing wholly-owned
subsidiaries CEDIMIN SAC and Inversiones Colquijirca S.A.

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*, Poracota*,
Uchucchacua*, Breapampa*, Mallay*, Antapite*, Julcani*, Recuperada*, El
Brocal, La Zanja, Coimolache and CEDIMIN*).

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, and 49% of Canteras
del Hallazgo S.A, owner the Chucapaca project.

For a printed version of the Company’s 2011 Form 20-F, please contact the
persons indicated above, or download a PDF format file from the Company’s web
site.

(*) 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, economical, 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 Affiliates (as of December 31, 2012)
                                 BVN         Operating
                                Equity %    Mines / Business
Cedimin S.A.C*                   100.00      Shila / Paula
Consorcio Energetico de          100.00      Energy – Huanza
Huancavelica S.A*                                  Hydroelectrical Project
Buenaventura Ingenieros S.A*     100.00      Engineering Consultant
Minera La Zanja S.A*             53.06       La Zanja
Sociedad Minera El Brocal        53.76       Colquijirca and Marcapunta
S.A.A*
Canteras del Hallazgo S.A **     49.00       Chucapaca Project
Compañía Minera Coimolache       40.04       Tantahuatay
S.A **
Minera Yanacocha S.R.L **        43.65       Yanacocha
Sociedad Minera Cerro Verde      19.58       Cerro Verde
S.A.A **
                                                   

(*)Consolidates

(**) Equity Accounting

APPENDIX 2

                                                                                                                          
             GOLD PRODUCTION
             Three Months Ended December 31                                          Full Year
             Orcopampa                            Orcopampa Old Tailings             Orcopampa                               Orcopampa Old Tailings
             2012        2011        %          2012      2011      %          2012         2011         %           2012        2011        %
Ore
Milled       122,177     130,685     -7%                                       508,646      499,728      2%                                 
DST
Ore
Grade        0.48          0.53          -11%                                          0.49           0.55           -11%
OZ/ST
Recovery     95.6%         94.3%         1%                                            95.9%          94.7%          1%
Rate %
Ounces       55,652      65,788      -15%       4,128     5,508     -25%       240,134      260,958      -8%         20,245      24,243      -16%
Produced
                                                                                                                                                             
Orcopampa Total            4Q12          59,780     4Q11        71,296      FY2012     260,379        FY2011         285,201
Production
                                                                                                                              
             LA ZANJA                                                                  Tantahuatay
             4Q12        4Q11        %          FY2012    FY2011    %          4Q12         4Q11         %           FY2012      FY2011      %
Ounces       28,670      32,857      -13%       112,387   134,190   -16%       35,340       29,895       18%         141,268     46,164      206%
Produced
                                                                                                                            
             SILVER PRODUCTION
             Three Months Ended December 31                                            Full Year
             Uchucchacua                            Colquijirca                        Uchucchacua                               Colquijirca
             2012        2011        %          2012      2011      %          2012         2011         %           2012        2011        %
Ore
Milled       292,481       294,754       -1%                                           1,156,655      1,086,123      6%          2,177,003     929,032       134%
DST
Ore
Grade        12.70         13.07         -3%                                           13.00          13.00          0%          2.16          2.67          -19%
OZ/ST
Recovery     81.1%         71.6%         13%                                           74.9%          71.2%          5%          56.5%         76.1%         -26%
Rate %
Ounces       3,012,187   2,788,798   8%                                     11,263,322   10,090,936   12%         2,655,961   1,876,503   42%
Produced
                                                                                                                            
             ZINC PRODUCTION
             Three Months Ended December 31                                            Full Year
             Uchucchacua                            Colquijirca                        Uchucchacua                               Colquijirca
             2012        2011        %          2012      2011      %          2012         2011         %           2012        2011        %
Ore
Milled       292,481       294,754       -1%                                           1,156,655      1,086,123      6%          2,177,003     929,032       134%
DST
Ore          1.63          1.46          12%                                           1.51           1.31           15%         2.73          3.89          -30%
Grade %
Recovery     67.8%         52.3%         30%                                           62.0%          51.7%          20%         64.8%         71.9%         -10%
Rate %
ST           3,231       2,257       43%                                    10,825       7,350        47%         38,525      25,968      48%
Produced
                                                                                                                                                             

APPENDIX 3: EBITDA RECONCILIATION (in thousand US$)

                                                      
                    4Q12       4Q11        FY 2012      FY 2011
Net Income           148,451    251,591     742,790      960,478
Add / Subtract:      -18,262    -59,502     -172,892     -125,113
Provision for        28,252     35,467      142,594      211,589
income tax, net
Share in
associated
companies by the     -89,935    -124,510    -464,239     -468,363
equity method,
net
Interest income      -1,725     -4,575      -9,486       -11,827
Interest expense     3,608      6,740       8,290        11,823
Loss on currency
exchange             -1,969     -677        -1,715       675
difference
Long Term
Compensation         -5,592     -5,982      1,720        -5,982
provision
Depreciation and     38,803     27,206      123,043      96,381
Amortization
Workers´
participation        6,679      6,829       23,284       40,591
provision
Impairment of        3,617      0           3,617        0
Long-Lived Assets
EBITDA
Buenaventura         130,189    192,089     569,898      835,365
Direct Operations
EBITDA Yanacocha     81,185     158,028     542,067      509,554
(43.65%)
EBITDA Cerro         53,276     59,018      256,050      316,756
Verde (19.58%)
EBITDA Coimolache    16,836     12,606      70,793       19,618
(40%)
EBITDA
Buenaventura +       281,486    421,741     1,438,808    1,681,293
All Associates
                                                           

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 Affiliates) 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
affiliated 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: PROVEN AND PROBABLE RESERVES

                                                               
GOLD
                  %            DST (000)    Grade       Oz         Attributable
                  Ownership                       (Oz/TCS)       (000)
Orcopampa         100.00          1,091           0.421          459           459
Julcani           100.00          425             0.017          7             7
Shila -           100.00          8               0.397          3             3
Paula
Antapite          100.00          48              0.300          14            14
Ishihuinca        100.00          13              0.334          4             4
Poracota          100.00          36              0.332          12            12
Yanacocha         43.65           220,778         0.027          5,907         2,578
Yanacocha         43.65           590,855         0.021          12,582        5,492
(Conga)
El Brocal
Marcapunta        53.76           20,016          0.010          204           110
(Sulphides)
La Zanja          53.06           24,795          0.018          437           232
La Zanja          53.06                                          40            21
(on Pads)
Tantahuatay       40.00           24,428          0.019          464           185
(Oxides)
Tantahuatay
(Oxides on        40.00           14,845          0.004          64            26
Leach Pad)
Breapampa         100.00          5,133           0.038          197           197
Mallay            100.00       288          0.026       8          8
Total                             902,759         0.023          20,402        9,348
                                                                               
SILVER
                  %            DST (000)    Grade       Oz         Attributable
                  Ownership                       (Oz/TCS)       (000)
Orcopampa         100.00          1,091           0.54           589           589
Poracota          100.00          36              0.08           3             3
Uchucchacua
(Silver -         100.00          4,661           13.45          62,682        62,682
Sulphides)
Uchucchacua
(Zinc             100.00          670             5.09           3,409         3,409
-Sulphides)
Uchucchacua
(Silver -         100.00          355             16.93          6,008         6,008
Oxides)
Julcani           100.00          425             18.56          7,879         7,879
Recuperada        100.00          114             8.80           1,007         1,007
Antapite          100.00          48              0.22           11            11
Shila -           100.00          8               0.92           8             8
Paula
El Brocal
(Tajo Norte       53.76           63,333          0.76           48,262        25,946
- La Llave)
El Brocal
Marcapunta        53.76           20,016          0.47           9,442         5,076
(Sulphides)
Breapampa         100.00          5,133           0.73           3,750         3,750
La Zanja          53.06           24,795          0.21           5,156         2,736
La Zanja          53.06                                          3,267         1,734
(on Pads)
Tantahuatay       40.00           24,428          0.24           5,762         2,305
(Oxides)
Tantahuatay
(Oxides on        40.00           14,845          0.44           6,517         2,607
Leach Pad)
Yanacocha         43.65           590,855         0.06           37,784        16,493
(Conga)
Mallay            100.00       288          10.87       3,133      3,133
Total                             751,101         0.27           204,669       145,376
                                                                               
ZINC
                  %            DST (000)    Grade %     ST         Attributable
                  Ownership                                      (000)
Mallay            100.00          288             7.09           20            20
Uchucchacua
(Silver -         100.00          4,661           1.35           63            63
Sulphides)
Uchucchacua
(Zinc -           100.00          670             5.57           37            37
Sulphides)
Recuperada        100.00          114             7.05           8             8
El Brocal
(Tajo Norte       53.76        63,333       2.40        1,520      817
- La Llave)
Total                             69,066          2.39           1,648         945
                                                                               
LEAD
                  %            DST (000)    Grade %     ST         Attributable
                  Ownership                                      (000)
Julcani           100.00          425             1.88           8             8
Uchucchacua
(Silver -         100.00          4,661           0.97           45            45
Sulphides)
Uchucchacua
(Zinc             100.00          670             3.87           26            26
-Sulphides)
Mallay            100.00          288             6.24           18            18
Recuperada        100.00          114             4.04           5             5
El Brocal
(Tajo Norte       53.76        63,333       0.80        507        272
- La Llave)
Total                             69,491          0.88           609           374
                                                                               
COPPER
                  %            DST (000)    Grade %     ST         Attributable
                  Ownership                                      (000)
Julcani           100.00          425             0.50           2             2
Cerro Verde       19.58           4,194,537       0.37           15,520        3,039
(Sulphides)
Cerro Verde       19.58           530,850         0.50           2,654         520
(Oxides)
Yanacocha         43.65           590,855         0.28           1,648         719
(Conga)
El Brocal
Marcapunta        53.76        20,016       1.99        398        214
(Sulphides)
Total                             5,336,683       0.38           20,222        4,493
                                                                               
MOLYBDENUM
                  %            DST (000)    Grade %     ST         Attributable
                  Ownership                                      (000)
Cerro Verde       19.58        4,194,537    0.01        587        115
(Sulphides)
Total                             4,194,537       0.01           587           115
                                                                               
Prices used for Reserves Calculation:
Gold US$1,400 /Oz - Silver US$30 /Oz - Zinc US$2,028 /MT - Lead US$2,000 /MT Copper -
US$6,600 /MT


APPENDIX 5

                                                              
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2012 and 2011
                                                                     
                                                     2012            2011
Assets                                               US$(000)        US$(000)
Current assets
Cash and cash equivalents                            186,712         480,968
Financial assets at fair value through profit        54,509          52,178
or loss
Trade accounts receivable, net                       256,431         172,569
Other accounts receivable                            108,568         48,521
Accounts receivable from associates                  22,534          47,425
Derivative financial instruments                     -               1,283
Inventory, net                                       163,067         149,108
Prepaid expenses                                     11,837       16,234
Total current assets                                 803,658         968,286
                                                                     
Other accounts receivable                            6,702           5,570
Other accounts receivable from associates            33,377          32,262
Long-term inventory                                  55,937          48,845
Investment in associates                             2,436,237       1,935,004
Mining concessions, development cost and             1,134,276       830,997
property, plant and equipment, net
Deferred income tax asset, net                       113,343         125,538
Other assets                                         5,123        7,047
Total assets                                         4,588,653    3,953,549
                                                                     
Liabilities and shareholders’ equity, net
Current liabilities
Trade accounts payable                               199,551         142,375
Income tax payable                                   7,935           36,423
Other accounts payable                               59,096          41,150
Provisions                                           71,780          91,287
Other accounts payable to associates                 890             883
Embedded derivatives for concentrates sales,         4,939           7,306
net
Financial obligations                                5,815        1,042
Total current liabilities                            350,006         320,466
                                                                     
Other non-current provisions                         100,041         86,528
Other accounts payable to associates                 731             1,004
Financial obligations                                173,489      105,072
Total liabilities                                    624,267      513,070
                                                                     
Shareholders’ equity net
                                                                     
Capital stock, net of treasury shares of             750,540         750,540
US$(000) 62,622
Investments shares, net of treasury shares of        1,399           2,019
(000) US$762
Additional paid-in capital                           219,471         225,978
Legal reserve                                        162,663         162,639
Other reserves                                       269             269
Retained earnings                                    2,566,787       2,034,768
Cumulative unrealized, gain (loss)                   925          2,068
                                                     3,702,054       3,178,281
Non-controlling interest                             262,332      262,198
Total shareholders’ equity, net                      3,964,386    3,440,479
                                                                 
Total liabilities and shareholders’ equity,          4,588,653    3,953,549
net
                                                                     

                                                                        
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Income Statements
For the three and twelve month periods ended December 31, 2012 and 2011
                  
                      For the three month period              For the twelve month
                      ended December, 31                      period ended December,31
                      2012                2011                2012                2011
                      US$(000)            US$(000)            US$(000)            US$(000)
Operating
income
Net sales             411,613             384,970             1,496,349           1,493,882
Royalty income        12,557          17,367             67,178          62,742      
Total income          424,170             402,337             1,563,527           1,556,624
                                                                                  
Operating costs
Cost of sales,
without
considering           (194,531    )       (123,944    )       (629,492    )       (446,163    )
depreciation
and
amortization
Exploration in
units in              (55,865     )       (33,984     )       (153,018    )       (109,355    )
operation
Depreciation
and                   (38,803     )       (27,206     )       (123,043    )       (96,381     )
amortization
Royalties             (7,547      )    (8,323      )       (37,667     )    (60,262     )
Total operating       (296,746    )    (193,457    )       (943,220    )    (712,161    )
costs
Gross income          127,424         208,880            620,307         844,463     
                                                                                  
Operating
expenses
Administrative        (21,643     )       (16,345     )       (99,295     )       (75,170     )
Exploring in
non-operating         (22,262     )       (14,066     )       (95,491     )       (49,593     )
areas
Selling               (5,809      )       (3,479      )       (18,090     )       (11,617     )
Impairment of
long-lived            (3,617      )       -                   (3,617      )       -
assets
Excess of
workers’ profit       (2,164      )       (6,221      )       (2,164      )       (6,221      )
sharing
Other operating
income                14,753          (4,733      )       16,584          2,513       
(expense), net
Total operating       (40,742     )    (44,844     )       (202,073    )    (140,088    )
expenses
                                                                                  
Operating             86,682          164,036            418,234         704,375     
income
                                                                                  
Other income
(expenses), net
Share in the
results of            89,935              124,510             464,239             468,363
associates
Interest income       1,725               4,575               9,486               11,827
Interest              (3,608      )       (6,740      )       (8,290      )       (11,823     )
expense
Gain (loss)
from currency         1,969           677                1,715           (675        )
exchange
difference, net
Total other           90,021              123,022             467,150             467,692
income, net
                                                                                  
                                                                                  
Income before
income tax and        176,703             287,058             885,384             1,172,067
non-controlling
interest
                                                                                  
Income tax            (28,252     )       (35,467     )       (142,594    )       (211,589    )
                                                                         
Net income            148,451         251,591            742,790         960,478     
                                                                                  
Attributable
to:
Non-controlling       9,384               23,661              58,105              101,551
interest
Owners of the         139,067         227,930            684,685         858,927     
parent
                      148,451         251,591            742,790         960,478     
                                                                                  
Basic and
diluted
earnings per
share
attributable to
Buenaventura,
stated in U.S.        0.54            0.90               2.69            3.38        
dollars
                                                                                  
Weighted
average number
of shares
outstanding
(common and
investment), in       254,232,571     254,442,328        254,232,571     254,442,328 
units
                                                                                  

                                                             
Compañía de
Minas
Buenaventura
S.A.A. and
subsidiaries
Consolidated
Statements of
cash flows
For the three
and twelve
month periods
ended December
31, 2012 and
2011
                                                                          
                                                                          
                      For the three month period        For the twelve month period
                      ended December, 31                ended December, 31
                      2012             2011             2012              2011
                      US$(000)         US$(000)         US$(000)          US$(000)
Operating
activities
Proceeds from         352,963          417,535          1,410,120         1,505,476
sales
Royalties             21,035           18,671           76,106            56,153
received
Value Added Tax       10,779           3,225            40,940            22,585
(VAT) recovered
Dividends             5,613            -                16,467            -
received
Interest              1,700            2,525            8,606             8,528
received
Payments to
suppliers and         (230,558 )       (139,264 )       (838,250  )       (672,479  )
third parties
Payments to           (45,973  )       (58,381  )       (201,494  )       (164,677  )
employees
Income tax paid       (29,279  )       (25,371  )       (136,336  )       (111,802  )
Payment of            (9,187   )       (18,138  )       (38,985   )       (73,776   )
royalties
Payments of           (206     )    (1,632   )       (1,485    )    (2,543    )
interest
                                                                          
Net cash and
cash
equivalents           76,887       199,170         335,689       567,465   
provided by
operating
activities
                                                                          
Investment
activities
Decrease
(increase) in         539              (8,679   )       10,121            7,814
time deposits
Proceeds from
sale of mining
concessions,
development           136              99               255               7,891
cost, property,
plant and
equipment
Proceeds from
sales of              3,658            -                3,658             -
investments
shares
Additions of
mining
concessions,
development           (134,007 )       (139,320 )       (442,927  )       (317,816  )
cost, property,
plant and
equipment
Payments for
purchase of
investments           (4,449   )    204,943         (58,594   )    (52,182   )
shares and
contribution to
associates
                                                                          
Net cash and
cash
equivalents
provided by           (134,123 )    57,043          (487,487  )    (354,293  )
(used in)
investment
activities
                                                                          
Financing
activities
Increase in
financial             19,945           16,525           74,258            50,962
obligations
Dividend paid         (50,887  )       (58,521  )       (152,666  )       (142,488  )
Dividend paid
to                    (5,764   )       (18,318  )       (44,881   )       (66,736   )
non-controlling
interest
Capital stock
reduction paid
to                    -                -                (7,980    )       -
non-controlling
interest
Proceeds from
sales of              -                -                -                 60,379
investments
shares
Payments for
purchase of
investments           -                (225,303 )       -                 (225,303  )
shares to
non-controlling
interest
Payments of
financial             (48      )    (500     )       (1,068    )    (2,000    )
obligation
                                                                          
Net cash and
cash
equivalents           (36,754  )    (286,117 )       (132,337  )    (325,186  )
used in
financing
activities
                                                                          
Decrease in
cash and cash         (93,990  )       (29,904  )       (284,135  )       (112,014  )
equivalents for
the period, net
Cash and cash
equivalents at        280,702          500,751          470,847           582,861
beginning of
period
                                                                 
Cash and cash
equivalents at        186,712      470,847         186,712       470,847   
period-end
                                                                          
                                                                          
                      For the three month period        For the twelve month period
                      ended December, 31                ended December, 31
                      2012             2011             2012              2011
                      US$(000)         US$(000)         US$(000)          US$(000)
                                                                          
Reconciliation
of net income
to cash and
cash
equivalents
provided by
operating
activities
                                                                          
Net income
attributable to       139,067          227,930          684,685           858,927
owners of the
parent
Add (less)
Depreciation
and                   63,209           49,147           147,449           118,322
amortization
Net income
attributable to       9,384            23,661           58,105            101,551
non-controlling
interest
Deferred income       (6,366   )       (5,696   )       10,809            42,369
tax
Accretion
expense of the
provision for
closure of            3,407            4,931            6,812             9,100
mining units
and units in
exploration
Net cost of
plant and
equipment             4,120            1,858            4,120             1,858
retired and
sold
Impairment of
long-lived            3,617            -                3,617             -
assets
Loss (gain)
from currency         (1,969   )       (677     )       (1,715    )       675
exchange
differences
Share in the
results of
associates, net       (84,322  )       (124,510 )       (447,772  )       (468,363  )
of dividends
received in
cash
Provisions            131,389          9,199            (6,200    )       (12,274   )
Provision for
estimated fair
value of
embedded
derivatives
related of
concentrates
sales and
adjustments on        15,484           (10,721  )       (16,592   )       33,889
open
liquidations
                                                                          
Net changes in
operating
assets and
liabilities
accounts
                                                                          
Decrease
(increase) in
operating
assets
Trade accounts        (69,302  )       44,271           (83,862   )       (11,641   )
receivable, net
Other accounts        (36,743  )       (29,290  )       (60,047   )       2,552
receivable
Other accounts
receivable from       16,551           (6,771   )       23,776            (40,048   )
associates
Inventory, net        (4,114   )       (8,818   )       (21,051   )       (88,461   )
Prepaid               22,350           (27,364  )       (4,397    )       (13,244   )
expenses
                                                                          
Increase
(decrease) of
operating
liabilities
Trade accounts        25,752           40,727           57,176            51,001
payable
Other accounts        (154,169 )       19,715           9,264             (28,046   )
payable
Income tax            (458     )       (8,422   )       (28,488   )       9,298
payable
                                                                 
                                                                          
Net cash and
cash
equivalents           76,887       199,170         335,689       567,465   
provided by
operating
activities
                                                                          

^1 Production from Direct Operations includes 100% of Buenaventura’s operating
units, 100% of CEDIMIN, 53.06% of La Zanja, 40.04% of Tantahuatay and 53.76%
of El Brocal.

Contact:

In Lima:
Compañia de Minas Buenaventura S.A.A.
Roque Benavides, 511-419-2538
or
Carlos Galvez, 511-419-2540
or
Investor Relations:
Daniel Dominguez, 511-419-2591
daniel.dominguez@buenaventura.pe
or
In New York:
i-advize Corporate Communications, Inc.
Peter Majeski, 212-406-3694
buenaventura@i-advize.com
or
Visit our website:
http://www.buenaventura.com
 
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