Buenaventura Announces Fourth Quarter and Full Year 2012 Results

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 Revenues				424.2				402.3				5%				1,563.5				1,556.6				0%
Operating Income				86.7				164.0				-47%				418.2				704.4				-41%
EBITDA Direct Operations				130.2				192.1				-32%				569.9				835.4				-32%
EBITDA Including Affiliates				281.5				421.7				-33%				1,438.8				1,681.3				-14%
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 Highlights				4Q12				4Q11				Var %				FY 2012				FY 2011				Var %
Net Sales (million of US$)				411.6				385.0				7%				1,496.3				1,493.9				0%
Average Gold Price (US$/oz.) Direct Operations				1,713				1,690				1%				1,679				1,574				7%
Average Gold Price (US$/oz.) inc Yanacocha & Coimolache				1,714				1,684				2%				1,669				1,577				6%
Average Silver Price (US$/oz.)				32.64				32.40				1%				31.25				35.40				-12%
Average Lead Price (US$/MT)				2,203				1,991				11%				2,065				2,262				-9%
Average Zinc Price (US$/MT)				1,947				1,905				2%				1,919				2,200				-13%
Average Copper Price (US$/MT)				7,899				7,524				5%				7,937				8,568				-7%
(*) Buenaventura’s Direct Operations
Sales Content
				4Q12				4Q11				Var %				FY 2012				FY 2011				Var %
Gold Oz Direct Operations				92,454				122,833				-25%				439,816				505,894				-13%
Gold Oz inc Yanacocha & Tantahuatay				212,469				270,728				-22%				1,078,826				1,145,603				-6%
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 production¹ 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 production¹ 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 Operations				108,489				124,504				-13%				446,443				475,770				-6%
Gold (oz) inc. Affiliates				211,448				270,659				-22%				1,033,969				1,040,218				-1%
Silver (oz) inc. Affiliates				4,593,711				4,107,467				12%				18,262,156				16,243,279				12%
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. Affiliates				20,670				16,980				22%				66,221				69,873				-5%

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 Huancavelica S.A*				100.00				Energy – Huanza Hydroelectrical Project
Buenaventura Ingenieros S.A*				100.00				Engineering Consultant
Minera La Zanja S.A*				53.06				La Zanja
Sociedad Minera El Brocal S.A.A*				53.76				Colquijirca and Marcapunta
Canteras del Hallazgo S.A **				49.00				Chucapaca Project
Compañía Minera Coimolache S.A **				40.04				Tantahuatay
Minera Yanacocha S.R.L **				43.65				Yanacocha
Sociedad Minera Cerro Verde S.A.A **				19.58				Cerro Verde

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

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

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
				% Ownership				DST (000)				Grade (Oz/TCS)				Oz (000)				Attributable
Orcopampa				100.00				1,091				0.421				459				459
Julcani				100.00				425				0.017				7				7
Shila - Paula				100.00				8				0.397				3				3
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 (Conga)				43.65				590,855				0.021				12,582				5,492
El Brocal Marcapunta (Sulphides)				53.76				20,016				0.010				204				110
La Zanja				53.06				24,795				0.018				437				232
La Zanja (on Pads)				53.06												40				21
Tantahuatay (Oxides)				40.00				24,428				0.019				464				185
Tantahuatay (Oxides on Leach Pad)				40.00				14,845				0.004				64				26
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
				% Ownership				DST (000)				Grade (Oz/TCS)				Oz (000)				Attributable
Orcopampa				100.00				1,091				0.54				589				589
Poracota				100.00				36				0.08				3				3
Uchucchacua (Silver - Sulphides)				100.00				4,661				13.45				62,682				62,682
Uchucchacua (Zinc -Sulphides)				100.00				670				5.09				3,409				3,409
Uchucchacua (Silver - Oxides)				100.00				355				16.93				6,008				6,008
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 - Paula				100.00				8				0.92				8				8
El Brocal (Tajo Norte - La Llave)				53.76				63,333				0.76				48,262				25,946
El Brocal Marcapunta (Sulphides)				53.76				20,016				0.47				9,442				5,076
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 (on Pads)				53.06												3,267				1,734
Tantahuatay (Oxides)				40.00				24,428				0.24				5,762				2,305
Tantahuatay (Oxides on Leach Pad)				40.00				14,845				0.44				6,517				2,607
Yanacocha (Conga)				43.65				590,855				0.06				37,784				16,493
Mallay				100.00				288				10.87				3,133				3,133
Total								751,101				0.27				204,669				145,376
ZINC
				% Ownership				DST (000)				Grade %				ST (000)				Attributable
Mallay				100.00				288				7.09				20				20
Uchucchacua (Silver - Sulphides)				100.00				4,661				1.35				63				63
Uchucchacua (Zinc - Sulphides)				100.00				670				5.57				37				37
Recuperada				100.00				114				7.05				8				8
El Brocal (Tajo Norte - La Llave)				53.76				63,333				2.40				1,520				817
Total								69,066				2.39				1,648				945
LEAD
				% Ownership				DST (000)				Grade %				ST (000)				Attributable
Julcani				100.00				425				1.88				8				8
Uchucchacua (Silver - Sulphides)				100.00				4,661				0.97				45				45
Uchucchacua (Zinc -Sulphides)				100.00				670				3.87				26				26
Mallay				100.00				288				6.24				18				18
Recuperada				100.00				114				4.04				5				5
El Brocal (Tajo Norte - La Llave)				53.76				63,333				0.80				507				272
Total								69,491				0.88				609				374
COPPER
				% Ownership				DST (000)				Grade %				ST (000)				Attributable
Julcani				100.00				425				0.50				2				2
Cerro Verde (Sulphides)				19.58				4,194,537				0.37				15,520				3,039
Cerro Verde (Oxides)				19.58				530,850				0.50				2,654				520
Yanacocha (Conga)				43.65				590,855				0.28				1,648				719
El Brocal Marcapunta (Sulphides)				53.76				20,016				1.99				398				214
Total								5,336,683				0.38				20,222				4,493
MOLYBDENUM
				% Ownership				DST (000)				Grade %				ST (000)				Attributable
Cerro Verde (Sulphides)				19.58				4,194,537				0.01				587				115
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 or loss				54,509				52,178
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 property, plant and equipment, net				1,134,276				830,997
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, net				4,939				7,306
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 US$(000) 62,622				750,540				750,540
Investments shares, net of treasury shares of (000) US$762				1,399				2,019
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, net				4,588,653				3,953,549

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 depreciation and amortization				(194,531	)				(123,944	)				(629,492	)				(446,163	)
Exploration in units in operation				(55,865	)				(33,984	)				(153,018	)				(109,355	)
Depreciation and amortization				(38,803	)				(27,206	)				(123,043	)				(96,381	)
Royalties				(7,547	)				(8,323	)				(37,667	)				(60,262	)
Total operating costs				(296,746	)				(193,457	)				(943,220	)				(712,161	)
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 areas				(22,262	)				(14,066	)				(95,491	)				(49,593	)
Selling				(5,809	)				(3,479	)				(18,090	)				(11,617	)
Impairment of long-lived assets				(3,617	)				-					(3,617	)				-
Excess of workers’ profit sharing				(2,164	)				(6,221	)				(2,164	)				(6,221	)
Other operating income (expense), net				14,753					(4,733	)				16,584					2,513
Total operating expenses				(40,742	)				(44,844	)				(202,073	)				(140,088	)
Operating income				86,682					164,036					418,234					704,375
Other income (expenses), net
Share in the results of associates				89,935					124,510					464,239					468,363
Interest income				1,725					4,575					9,486					11,827
Interest expense				(3,608	)				(6,740	)				(8,290	)				(11,823	)
Gain (loss) from currency exchange difference, net				1,969					677					1,715					(675	)
Total other income, net				90,021					123,022					467,150					467,692
Income before income tax and non-controlling interest				176,703					287,058					885,384					1,172,067
Income tax				(28,252	)				(35,467	)				(142,594	)				(211,589	)
Net income				148,451					251,591					742,790					960,478
Attributable to:
Non-controlling interest				9,384					23,661					58,105					101,551
Owners of the parent				139,067					227,930					684,685					858,927
				148,451					251,591					742,790					960,478
Basic and diluted earnings per share attributable to
Buenaventura, stated in U.S. dollars				0.54					0.90					2.69					3.38
Weighted average number of shares outstanding
(common and investment), in units				254,232,571					254,442,328					254,232,571					254,442,328

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

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.