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Buenaventura Announces First Quarter 2013 Results

  Buenaventura Announces First Quarter 2013 Results

Business Wire

LIMA, Peru -- April 29, 2013

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:
BVN; BVL: BUE.LM), Peru’s largest, publicly-traded precious metals mining
company, announced today results for the first quarter 2013 (1Q13) ended March
31, 2013. All figures have been prepared in accordance with International
Financial Reporting Standards (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 for the first quarter 2013 was US$102.7 million, 51% lower than
the figure reported in 1Q12 (US$208.1 million). EBITDA from Buenaventura’s
direct operations was US$93.8 million, 45% lower than the figure reported in
1Q12 (US$171.5 million), while EBITDA, including affiliates, decreased 36%,
from US$418.1 million in 1Q12 to US$267.9 million in 1Q13.

These results were mainly due to lower metal prices, higher operating costs
and lower contributions from both affiliates: Yanacocha and Cerro Verde.

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

                              1Q13     1Q12     Var%
Total Revenues                 354.7    377.0    -6%
Operating Income               59.4     131.9    -55%
EBITDA Direct Operations       93.8     171.5    -45%
EBITDA Including Affiliates    267.9    418.1    -36%
Net Income                     102.7    208.1    -51%
EPS *                          0.40     0.82     -51%

(*) 254,232,571 shares outstanding, as of March 31, 2013.

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

Operating Revenues

During 1Q13, net sales were US$340.9 million, a 5% decrease compared to the
US$359.0 million reported in 1Q12, due to lower metal prices (except lead) and
a decline in gold and copper volume sold.

Royalty income decreased 24% from US$18.1 million in 1Q12, to US$13.8 million
reported in 1Q13 and was due to lower revenues at Yanacocha.

                                                                
Operating Highlights                           1Q13     1Q12     Var%
Net Sales
                                               340.9    359.0    -5%
(in millions of US$)
Average Realized Gold Price Gold (US$/oz)*     1,606    1,721    -7%
Average Realized Gold Price (US$/oz) inc.      1,619    1,707    -5%
Associates
Average Realized Silver Price (US$/oz)*        29.92    32.20    -7%
Average Realized Lead Price (US$/MT)*          2,257    2,085    8%
Average Realized Zinc Price (US$/MT)*          1,983    2,042    -3%
Average Realized Copper Price (US$/MT)*        7,896    8,361    -6%

(*) Buenaventura’s Direct Operations


Sales Content
                         1Q13         1Q12         Var%
Gold Oz*                  124,626      127,017      -2%
Gold Oz inc Associates    259,077      291,826      -11%
Silver Oz*                3,240,735    2,810,762    15%
Lead MT*                  6,683        2,135        213%
Zinc MT*                  10,204       7,943        28%
Copper MT*                5,108        5,714        -11%

(*) Buenaventura’s Direct Operations

Production and Operating Costs

Equity production^1 in 1Q13 was 119,201 ounces of gold, 1% higher than the
117,852 ounces reported in 1Q12, mainly due to higher production in La Zanja
and Tantahuatay despite the temporary stop production at Poracota and
Antapite, while we continue developing additional resources. Silver production
during 1Q13, including affiliates, was 4.7 million ounces, a 14% increase
compared to the figure reported in 1Q12 (4.2 million oz.).


Equity Production ^1
                             1Q13         1Q12         Var%
Gold (oz) Direct Operations   119,201      117,852      1%
Gold (oz) inc. Associates     243,811      277,798      -12%
Silver (oz) inc. Associates   4,724,682    4,160,842    14%
Lead ( MT)                    7,052        4,907        44%
Zinc ( MT)                    9,614        7,735        24%
Copper (MT) inc. Affiliates   13,359       15,338       -13%
                                                       

Orcopampa’s^2 total gold production in 1Q13 was 62,480 ounces, 10% lower than
the 69,265 ounces reported in 1Q12. Production from the Chipmo mine in 1Q13
was 58,369 ounces, 6% lower compared to the 62,358 ounces reported in 1Q12,
due to a 8% decrease in ore grade (see Appendix 2). The old tailings’
treatment produced 4,112 gold ounces (compared to 6,907 oz. in 1Q12).

Cash operating cost in 1Q13 was US$639/oz., 38% higher when compared to 1Q12
(US$463/oz.). This was a result of lower gold production and higher labor and
supply expenses due to greater exploration efforts.

At Uchucchacua,^3 total silver production in 1Q13 was 2.93 million ounces, 7%
higher when compared to 2.74 million ounces in 1Q12. This was due to an 11%
increase in the recovery rate (see Appendix 2). Zinc production in 1Q13 was
1,998 MT, 10% lower than the figure reported in 1Q12 (2,215 MT), while lead
production increased 13% (2,205 MT in 1Q13 vs. 1,952 MT in 1Q12).

Cash operating cost in 1Q13 was US$17.73/oz, 1% lower than the figure reported
in 1Q12 (US$17.89/oz) and mainly due to the higher production, lower treatment
charges and higher by-product contributions that were partially offset by
higher expenses for labor and contractors due to productivity bonuses that
were paid in March.

At Julcani^4, total production in 1Q13 was 612,034 ounces of silver, 3% lower
compared to 1Q12 (631,627 ounces).

Silver cash operating cost in 1Q13 was US$14.49/oz, 13% higher than 1Q12
(US$12.77/oz), mainly due to an increase in labor and contractor expenses in
preparation for the plant expansion from 400 TPD to 500 TPC.

Breapampa^5  commenced operations in November 2012. Total production in 1Q13
was 20,484 ounces of gold and a cash cost of US$501/oz.

La Zanja^6  total production in 1Q13 was 31,206 ounces of gold (16,558 oz
attributable to Buenaventura), a 19% increase when compared to 1Q12 (26,329 oz
or 13,970 oz attributable to Buenaventura).

Cash operating cost in 1Q13 was US$645/oz., 30% higher than 1Q12 (US$495/oz.)
due to higher contractor costs due to an increase in ore mined as well as
supply costs increases (mainly the result by an increase of reagent
consumption and prices).

Tantahuatay^7  total production in 1Q13 was 34,307 ounces of gold (13,737 oz.
attributable to Buenaventura) vs 26,329 oz reported in 1Q12 (11,053 oz
attributable to Buenaventura). Cash operating cost in 1Q13 was US$341/oz, 32%
lower than the US$497/oz in 1Q12.

At El Brocal^8 (53.76% owned by Buenaventura), silver, zinc and lead
production in 1Q13 was 484,914 oz, 6,950 MT and 2,892 MT, respectively. This
represented a 9% increase in silver (443,942 oz in 1Q12), a 9% decrease in
zinc (7,607 MT in 1Q12) and a 27% increase in lead (2,279 MT). Zinc cash cost
decreased 45% from US$1,346/MT to US$742/MT, due to lower treatment charges
and higher silver by-product contribution.

Copper production was 4,536 MT, 22% lower than the 5,614 MT reported in 1Q12.
Copper cash cost was US$6,230/MT, 25% higher than 1Q12 (US$4,984/MT).

General and Administrative Expenses

General and administrative expenses in 1Q13 reached US$16.0 million, 46% lower
than the figure reported in 1Q12 (US$29.8 million).

Exploration in non-operating areas

Exploration in non-operating areas during 1Q13 reached US$21.8 million, 12%
higher than the figure reported in 1Q12 (US$19.4 million). During the period,
Buenaventura’s main exploration efforts were focused at the projects of
Tambomayo (US$6.3 million), Trapiche (US$4.7 million) and Chancas (US$2.8
million).

Operating Income

Operating income in 1Q13 was US$59.4 million, a 55% decrease compared to the
US$131.9 million reported in 1Q12. This decrease was mainly due to a 30% rise
in operating costs as well as 12% higher exploration expenses, despite 46%
lower General and Administrative expenses, while revenues also decreased 6%.

Share in Associated Companies

During 1Q13, Buenaventura’s share in associated companies was US$84.2 million,
38% lower than the US$136.2 million reported in 1Q12. Yanacocha’s contribution
to these results declined 42%, from US$88.2 million in 1Q12 to US$51.0 million
in 1Q13, while Cerro Verde’s contribution decreased 40% from US$45.1 million
in 1Q12 to US$27.2 million in 1Q13.

YANACOCHA

At Yanacocha^9, 1Q13 gold production was 285,475 ounces of gold, 22% lower
than 1Q12 production (366,428 oz.) higher than budget.

Costs applicable to sales (CAS) at Yanacocha in 1Q13 were US$607/oz., 26%
higher than the figure reported in 1Q12 (US$481/oz.) due to lower production.
Net income at Yanacocha in 1Q13 was US$116.8 million, 42% lower compared to
1Q12 (US$202.0 million).

During 1Q13, EBITDA totaled US$260.9 million, a 28% decrease compared to 1Q12
(US$364.0 million). This decrease was mainly due to a 23% decrease in sales.

Capital expenditures at Yanacocha were US$97.7 million in 1Q13 compared to
US$227.4 million in 2Q12.

CERRO VERDE

At Cerro Verde^10 1Q13 copper production was 55,214 MT, a 13% decrease
compared to 1Q12 (63,295 MT).

During 1Q13, Cerro Verde reported net income of US$138.8 million, a 40%
decrease compared to US$232.3 million in 1Q12. This was mainly due to a 31%
decrease in sales revenues (US$393.6 million in 1Q13 versus US$568.8 million
in 1Q12).

Capital expenditures at Cerro Verde in 1Q13 totaled US$170.0 million versus
US$82.1 million in 1Q12.

COIMOLACHE (Tantahuatay operation)

Coimolache’s^11, attributable contribution decreased by 2% (US$8.1 million in
1Q13 vs. US$8.3 million in 1Q12).

CANTERAS DEL HALLAZGO (Chucapaca project)

At the Chucapaca Project^12, a value-engineering phase was initiated to
improve the project’s financial returns after the completion of a Feasibility
Study. Additional studies will be directed towards evaluating potential
options, especially an underground mining scenario, a review of capital
expenditures, along with re-commencement of an exploration phase at the
Chucapaca Area of Interest (AOI).

In 1Q13, Buenaventura’s total disbursement at the Chucapaca project was US$2.1
million.

Net Income

Buenaventura’s 1Q13 net income was US$102.7 million (US$0.40 per share), a 51%
decrease compared to the US$208.1 million (US$0.82 per share) reported in
1Q12.

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. Total investment in this project
    is US$78 million. Completion is expected for 3Q13.
  *Additional geotechnical study for slope stability was developed during
    1Q13.

RIO SECO MANGANESE SULFATE PLANT

  *Buenaventura continued the construction of the manganese sulphate plant.
    Total budget for the project is US$ 90.0 million. As of the end of 1Q13,
    total expenditures reached US$ 82.0 million.
  *The project includes an acid leaching plant, a sulphuric acid plant and a
    manganese sulphate crystallization plant. Additionally, it includes a
    warehouse for storing low manganese Ag-Pb concentrate and the finished
    manganese sulphate crystals.
  *As of 1Q13, electrical and automation installations were completed.
    Mechanical assembly, electrical and automation installations for the
    sulphuric acid and crystallization plants are expected to be completed
    during 2Q13.
  *The project is expected to begin operations during 2Q13.

HUANZA HYDROELECTRICAL PLANT

  *Construction progress at the Huanza Project during the quarter included:

        1.   Water Conduction Tunnel: 10,074 meters of construction
                       - 100% complete.
                2.     Power plant: civil work - 100% complete.
                3.     Pallca Dam: 100% complete.
                4.     Penstock: 100% complete.
                5.     Construction of electromechanical equipment is nearly
                       complete (50%).
                       Commissioning of the Pallca Dam began February 26, 2013
                6.     and will continue on different sections on a
                       progressive basis (Tunnel May 15, Penstock June, Test
                       Running Unit 1 June 30).

* * *

About the Company

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, 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 2012 Form 20-F, please contact th
investor relations contacts located on the first page of this report or
download the from the Company’s web site at www.buenaventura.pe.

(*) 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.

APPENDIX 1

Equity Participation in

Subsidiaries and Affiliates (as of March 31, 2013)
                                 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 March 31
                  Orcopampa                       Orcopampa Old Tailings
                  2013       2012       %       2013     2012     %
Ore Milled DST    132,200    129,497    2%       136,524  139,756  -2%
Ore Grade OZ/ST   0.46        0.50        -8%      0.04      0.06      -34%
Recovery Rate %   95.8%       95.7%       0%       72.6%     79.6%     -9%
Ounces Produced   58,369     62,358     -6%     4,112    6,907    -40%
                                                                       
Orcopampa Total Production    1Q13        62,480             1Q12      69,265
                                                             
                  La Zanja                        Tantahuatay
                  1Q13       1Q12       %       1Q13     1Q12     %
Ounces Produced   31,206     26,329     19%     34,307   27,606   24%
                                                             
                  SILVER PRODUCTION
                  Three Months Ended March 31
                  Uchucchacua                      Colquijirca
                  2013       2012       %       2013     2012     %
Ore Milled DST    288,774     285,874     1%       408,296   365,236   12%
Ore Grade OZ/ST   12.60       13.26       -5%      1.40      1.16      20%
Recovery Rate %   80.6%       72.4%       11%      70.8%     63.8%     11%
Ounces Produced   2,928,556  2,744,686  7%      405,193  270,538  50%
                                      
                  SILVER PRODUCTION
                  Three Months Ended March 31
                  Julcani
                  2013       2012       %
Ore Milled DST    36,000      35,500      1%
Ore Grade OZ/ST   18.16       19.09       -5%
Recovery Rate %   93.6%       93.2%       0%
Ounces Produced   612,034    631,627    -3%
                                                             
                  ZINC PRODUCTION
                  Three Months Ended March 31
                  Uchucchacua                      Colquijirca
                  2013       2012       %       2013     2012     %
Ore Milled DST    288,774     285,874     1%       408,296   365,236   12%
Ore Grade %       1.2%        1.5%        -23%     2.91%     3.24%     -10%
Recovery Rate %   66.3%       57.1%       16%      64.5%     70.8%     -9%
ST Produced       2,203      2,442      -10%    7,661    8,385    -9%
                                                                       

APPENDIX 3: EBITDA RECONCILIATION (in thousand US$)

                                                       1Q13      1Q12
Net Income                                              110,933   222,015
Add / Substract:                                        -17,149   -50,500
Provision for income tax, net                           32,511    47,236
Share in associated companies by the equity method,     -84,168   -136,191
net
Interest income                                         -956      -2,749
Interest expense                                        1,203     1,296
Loss on currency exchange difference                    -112      285
Long Term Compensation provision                        -8,866    7,315
Depreciation and Amortization                           39,176    23,404
Workers´ participation provision                        4,063     8,904
EBITDA Buenaventura Direct Operations                   93,784    171,515
EBITDA Yanacocha (43.65%)                               113,892   158,906
EBITDA Cerro Verde (19.58%)                             44,629    73,100
EBITDA Coimolache (40%)                                 15,554    14,605
EBITDA Buenaventura + All Associates                    267,860   418,126
                                                                 

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

Compañía de Minas Buenaventura S.A.A. and                       
subsidiaries
Consolidated Statement of Financial Position
As of March, 31 2013 and December, 31 2012
                                                       2013          2012
Assets                                                 US$(000)      US$(000)
Current assets
Cash and cash equivalents                              163,633       186,712
Financial asset at fair value through profit and       54,421        54,509
loss
Trade and other accounts receivable, net               300,318       362,904
Inventory, net                                         167,090       157,533
Income tax credit                                      28,164        24,629
Prepaid expenses                                       17,331      11,837
                                                       730,957       798,124
                                                                     
Non- current assets
Trade and other accounts receivable, net               46,830        40,079
Long-term inventory                                    31,949        40,253
Investment in associates                               2,525,236     2,441,039
                                                                     
Mining concessions, development cost and property,     1,196,398     1,159,805
plant and equipment, net
Deferred income tax asset, net                         101,939       111,701
Other assets                                           4,945       5,123
                                                       3,907,297     3,798,000
                                                                  
Total assets                                           4,638,254   4,596,124
                                                                     
Liabilities and shareholders’ equity, net
Current liabilities
Trade and other accounts payable                       306,919       259,537
Provisions                                             52,903        71,780
Embedded derivatives for concentrates sales, net       5,104         4,939
Income tax payable                                     4,114         7,935
Financial obligations                                  8,623       5,815
Total current liabilities                              377,663       350,006
                                                                     
Trade accounts payable and others liabilities          5,356         731
Other non-current provisions                           84,187        100,041
Financial obligations                                  170,625     173,489
                                                       260,168       274,261
                                                                  
Total liabilities                                      637,831     624,267
                                                                     
Shareholders’ equity net
                                                                     
Capital stock, net of treasury shares of US$(000)      750,540       750,540
62,622
US$762                                                 1,399         1,399
Additional paid-in capital                             219,471       219,471
Legal reserve                                          162,663       162,663
Other reserves                                         269           269
Retained earnings                                      2,599,351     2,572,943
Others reserves of equity                              980         925
                                                       3,734,673     3,708,210
Non-controlling interest                               265,750     263,647
Total shareholders’ equity, net                        4,000,423   3,971,857
                                                                  
Total liabilities and shareholders’ equity, net        4,638,254   4,596,124
                                                                     

                                                            
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Income Statements
For the three month period ended March 31, 2013 and March 31, 2012
                                                                 
                                               For the three month period
                                               ended March, 31
                                               2013              2012
                                               US$(000)          US$(000)
Operating income
Net sales                                      340,873           358,981
Royalty income                                 13,802         18,057      
Total income                                   354,675           377,038
                                                                 
Operating costs
Cost of sales, without considering             (158,135    )     (132,956    )
depreciation and amortization
Exploration in units in operation              (46,369     )     (28,669     )
Depreciation and amortization                  (39,176     )     (23,404     )
Royalties                                      (9,666      )   (9,878      )
Total operating costs                          (253,346    )   (194,907    )
Gross income                                   101,329        182,131     
                                                                 
Operating expenses
Administrative expenses                        (15,959     )     (29,818     )
Exploration in non-operating areas             (21,760     )     (19,427     )
Selling                                        (4,510      )     (2,773      )
Other, net                                     311            1,779       
Total operating expenses                       (41,918     )   (50,239     )
                                                                 
Operating income                               59,411         131,892     
                                                                 
Other income (expenses), net
Share in the results of associates             84,168            136,191
Interest incomes                               956               2,749
Interest expenses                              (1,203      )     (1,296      )
Loss (income) from currency exchange           112            (285        )
difference, net
Total other income, net                        84,033            137,359
                                                                 
                                                                 
Income before income tax and minority          143,444           269,251
interest
                                                                 
Income tax                                     (32,511     )     (47,236     )
                                                              
Net income                                     110,933        222,015     
                                                                 
Attributable to:
Non-controlling interest                       8,256             13,920
Owners of the parent                           102,677        208,095     
                                               110,933        222,015     
                                                                 
Basic and diluted earnings per share
attributable to
Buenaventura, stated in U.S. dollars           0.40           0.82        
(common and investment), in units              254,202,571    254,412,328 
                                                                 

                                                               
Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of cash flows
For the three month period ended March 31, 2013 and March 31, 2012
                                                    For the three month period
                                                    ended March, 31
                                                    2013            2012
                                                    US$(000)        US$(000)
Operating activities
Proceeds from sales                                 404,462         393,773
Value Added Tax (VAT) recovered                     13,800          8,772
Royalties received                                  12,202          14,408
Interest received                                   976             2,045
Dividends received                                  -               2,406
Payments to suppliers and third parties             (258,128  )     (155,218 )
Payments to employees                               (70,083   )     (98,796  )
Income tax paid                                     (24,078   )     (21,476  )
Payment of royalties                                (8,786    )     (9,683   )
Payments of interest                                (222      )   (242     )
                                                                    
Net cash and cash equivalents provided by           70,143       135,989  
operating activities
                                                                    
Investment activities
Additions of mining concessions, development        (86,041   )     (76,471  )
cost, property,
plant and equipment
Payments for purchase of investments shares and     (3,685    )     (4,742   )
contibution to associates
Decrease (increase) in time deposits                (772      )   7,596    
                                                                    
Net cash and cash equivalents used in invesment     (90,498   )   (73,617  )
activities
                                                                    
Financing activities
Dividen paid to non-controlling interest            (3,440    )     (29,222  )
Decrease in financial obligations                   (56       )     -
Increase in financial obligations                   -            10,095   
                                                                    
Net cash and cash equivalents used in financing     (3,496    )   (19,127  )
activities
                                                                    
(Decrease) increase in cash and cash                (23,851   )     43,245
equivalents during the period, net
Cash and cash equivalents at beginning of           186,712         470,847
period
                                                                 
Cash and cash equivalents at period-end             162,861      514,092  
                                                                    

                                                For the three month period
                                                    ended March, 31
                                                    2013          2012
                                                    US$(000)        US$(000)
                                                                    
Reconciliation of net income to cash and
cash equivalents
provided by operating activities
                                                                    
Net income attributable to owners of the            102,677         208,095
parent
Add (less)
Depreciation and amortization                       47,634          27,773
Deferred income tax                                 10,281          13,874
Net income attributable to minority                 8,256           13,920
interest
Provision for estimated fair value of
embedded derivatives related
of concentrates sales and adjustments on            4,309           (19,349  )
open liquidations
Accretion expense of the provision for              893             1,054
closure of
mining units and units in exploration
Loss (gain) from currency exchange                  (112     )      285
differences
Share in the results of associates, net of          (84,168  )      (133,785 )
dividends received in cash
Provisions                                          3,475           7,314
                                                                    
                                                                    
Net changes in operating assets and
liabilities accounts
                                                                    
Decrease (increase) in operating assets
Trade and other accounts receivable, net            54,906          23,308
Income tax credit                                   (3,646   )      445
Inventory                                           (158     )      (17,098  )
Prepaid expenses                                    (5,494   )      15,323
                                                                    
                                                                    
Increase (decrease) of operating
liabilities
Trade and other accounts payable                    (33,635  )      30,600
Provisions                                          (31,256  )      (33,067  )
Income tax payable                                  (3,819   )      (2,703   )
                                                                 
                                                                    
Net cash and cash equivalents provided by           70,143       135,989  
operating activities
                                                                             

________________________
        Production from Direct Operations includes 100% of Buenaventura’s
^1     operating units, 100% of CEDIMIN, 53.06% of La Zanja, 40.04% of
        Tantahuatay and 53.76% of El Brocal.
^2      100% owned by the Company
^3      100% owned by the Company
^4      100% owned by the Company
^5      100% owned by the Company
^6      53.06% owned by the Company
^7      40.04% owned by the Company
^8      53.76% owned by the Company
^9      43.65% owned by the Company
^10     19.58% owned by the Company
^11     40.04% owned by the Company
^12     49% owned by the Company
        

Contact:

Contacts in Lima:
Compañia de Minas Buenaventura S.A.A.
Roque Benavides / Carlos Galvez
511-419-2538 / 419-2540
or
Investor Relations:
Daniel Dominguez, 511-419-2591
daniel.dominguez@buenaventura.pe
or
Contacts in New York:
i-advize Corporate Communications, Inc.
Maria Barona / Rafael Borja
212-406-3691/93
buenaventura@i-advize.com
or
http://www.buenaventura.com