Buenaventura Announces First Quarter 2014 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 first quarter 2014 (1Q14) period. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards), on a non GAAP basis and stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

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

“During the first quarter, Buenaventura’s operating income was US$3.5 million, 94% lower than in 1Q13. Net income was negative US$16.1 million and EBITDA from Direct Operations was US$53.3 million, 43% lower than in 1Q13.

EBITDA including Affiliates was US$104.0 million, 61% lower than the figure reported in 1Q13.

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

			1Q14			1Q13			Var%
Total Revenues			282.0			354.7			-20%
Operating Income			3.5			59.4			-94%
EBITDA Direct Operations			53.3			93.8			-43%
EBITDA Including Affiliates			104.0			267.9			-61%
Net Income			-16.1			102.7
EPS			-0.06			0.40

(*) as of March 31, 2014, Buenaventura had 254,186,867 shares outstanding.

Operating Revenues

During 1Q14, net sales were US$274.0 million, a 20% decrease compared to the US$340.9 million reported in 1Q13. This was explained by lower metal prices as well as a reduction in gold, lead and zinc volumes sold.

Royalty income decreased 42%, to US$8.0 million in 1Q14 compared to the US$13.8 million reported in 1Q13. This was due to lower revenues at Yanacocha (12% lower QoQ).

Operating Highlights			1Q14			1Q13			Var%
Net Sales (in millions of US$)			274.0			340.9			-20%
Average Realized Gold Price (US$/oz)*			1,312			1,606			-18%
Average Realized Gold Price (US$/oz) inc. Affiliates			1,302			1,619			-20%
Average Realized Silver Price (US$/oz)*			20.24			29.92			-32%
Average Realized Lead Price (US$/MT)*			2,110			2,257			-7%
Average Realized Zinc Price (US$/MT)*			2,046			1,983			3%
Average Realized Copper Price (US$/MT)*			7,063			7,896			-11%
(*) Buenaventura’s Direct Operations

Volume Sold			1Q14			1Q13			Var%
Gold Oz Direct Operations			108,083			124,626			-13%
Gold Oz inc Yanacocha & Tantahuatay			210,136			259,095			-19%
Silver Oz			4,253,317			3,240,735			31%
Lead MT			4,353			6,683			-35%
Zinc MT			3,312			10,204			-68%
Copper MT			9,271			5,108			81%

Production and Operating Costs

In 1Q14, Buenaventura’s equity production including associates companies, was 191,448 ounces of gold, 21% lower than the 243,811 ounces reported in 1Q13, mainly due to lower production at Orcopampa and Yanacocha. Silver equity production, including associated companies, during 1Q14 was 4.1 million ounces, 12% lower compared to the figure reported in 1Q13 (4.7 million oz.).

Equity Production			1Q14			1Q13			Var%
Gold Oz Direct Operations1			100,870			119,201			-15%
Gold Oz inc Yanacocha			191,448			243,811			-21%
Silver Oz			4,145,674			4,724,682			-12%
Lead TM			4,652			7,052			-34%
Zinc TM			4,221			9,614			-56%
Copper inc Cerro Verde			17,263			13,359			29%

Orcopampa’s (100% owned by Buenaventura) total gold production in 1Q14 was 44,929 ounces (including 999 ounces of gold from the old tailings treatment), 28% lower than the 62,480 (including 4,112 ounces of gold from the old tailings treatment) ounces reported in 1Q13. Production from the Chipmo mine during 1Q14 was 43,930 ounces, 25% lower compared to the 58,369 ounces reported in 1Q13, as a result of lower ore grade and tonnage treated (see Appendix 2). Cost Applicable to Sales (CAS) in 1Q14 was US$860/oz of gold, 19% higher compared to 1Q13 (US$725/oz.). The higher cost was mainly explained by the lower gold production.

At Uchucchacua (100% owned by Buenaventura), total silver production in 1Q14 was 2.4 million ounces, 19% lower than the 2.9 million ounces reported in 1Q13, mainly due to the 7-day strike and community stoppage and the decrease in recovery rate, despite the higher ore grade. Zinc production in 1Q14 was 1,470 MT, 26% lower than the figure reported in 1Q13 (1,998 MT), while lead production decreased 23% (1,688 MT in 1Q14 vs. 2,205 MT in 1Q13). Cost Applicable to Sales (CAS) in 1Q14 was US$17.51/oz of silver, in-line with the figure reported in 1Q13 (US$17.46/oz.).

At Mallay (100% owned by Buenaventura), total production in 1Q14 was 297,180 ounces of silver, 4% higher than in 1Q13 (286,240 oz) due to higher ore grade and recovery rate despite the decrease in ore treated. Cost Applicable to Sales (CAS) in 1Q14 was US$14.79/oz of silver, a decrease of 34% compared to US$22.52/oz in 1Q13 due to a more focalized exploration program and the higher production.

At Julcani (100% owned by Buenaventura), total production in 1Q14 was 763,437 ounces of silver, 25% higher compared to 1Q13 (612,034 ounces), due to higher ore treated explained by the increase in plant capacity (from 400 TPD to 500 TPD). Cost Applicable to Sales (CAS) in 1Q14 was US$13.35/oz of silver, 20% lower than 1Q13 (US$16.77/oz.), mainly explained by a reduction in commercial deductions, more focalized exploration activities and higher production.

Breapampa’s (100% owned by Buenaventura) total production in 1Q14 was 20,927 ounces of gold, 2% higher when compared to the figure reported in 1Q13 (20,484 ounces). CAS in 1Q4 was US$461/oz of gold, 48% lower than the US$894/oz reported in 1Q13.

La Zanja’s (53.06% owned by Buenaventura) total production in 1Q14 was 35,937 ounces of gold, a 15% increase compared to 1Q13 (31,206 oz) and was due to an increase in ore grade (0.74 g/MT in 1Q14 vs. 0.64 g/MT in 1Q13). CAS in 1Q14 was US$535/oz of gold, 32% lower than 1Q13 (US$708/oz.), due to the higher ore grade and a reduction in exploration activities from Pampa Verde. It’s important to mention that that our exploration efforts are now focused in Alejandra underground project.

Tantahuatay’s (40.10% owned by Buenaventura) total production in 1Q14 was 32,633 ounces of gold (13,084 oz attributable to Buenaventura) 5% lower than the figure reported in 1Q13 (34,337 oz, 13,767 attributable to Buenaventura). CAS in 1Q14 was US$437/oz of gold, 14% lower than in 1Q13 (US$506/oz.) due lower supplies and contractor expenses as a result of significantly lower stripping ratio.

At El Brocal (54.07% owned by Buenaventura), copper production was 9,792 MT vs. 4,536 MT reported in 1Q13 (116% increase). Silver production, from polymetallic and copper ores, was 0.5 million ounces, in-line with the figure reported in 1Q14. There was no zinc production in 1Q14 (6,950 MT in 1Q13). Copper CAS was US$5,034/MT in 1Q14, 19% decrease when compared to US$6,212/MT in 1Q13.

General and Administrative Expenses

General and administrative expenses in 1Q14 were US$28.8 million, 80% higher than the figure reported in 1Q13 (US$16.0 million), due to a long term compensation expense credit in 1Q13.

Exploration in Non-Operating Areas

Exploration in non-operating areas during 1Q14 was US$10.4 million, a 52% decrease compared to US$21.8 million reported in 1Q13. During the period, Buenaventura’s main exploration efforts were focused on the following projects: La Zanja Underground (US$2.6 million) Tambomayo (US$1.7 million), San Gregorio (US$1.0 million) and Chanca (US$1.2 million).

Operating Income

Operating income in 1Q14 was US$3.5 million, 94% lower compared to the US$59.4 million reported in 1Q13 mainly due to lower revenues.

Share in Associated Companies

During 1Q14, Buenaventura’s share in associated companies was negative US$4.5 million (compared to the US$84.2 million reported in 1Q13) composed by:

Share in the Result of Associates (in million US$)
			1Q14			1Q13
Cerro Verde			15.7			27.2
Coimolache (Tantahuatay mine)			4.8			8.1
Yanacocha			-24.5			51.0
Canteras del Hallazgo (Chucapaca project)			-0.1			-2.1
Other smaller investments			-0.4			0
Total			-4.5			84.2

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 1Q14 gold production was 207,511 ounces of gold, 27% lower than 1Q13 production (285,475 oz).

Net income was negative US$56.1 million (compared to US$116.8 million in 1Q13) explained by a US$55.4 million write-down of leach inventory value from La Quinua, Yanacocha and Maqui Maqui pads. During 1Q14, EBITDA totaled US$5.9 million, a 98% decrease compared to 1Q13 (US$260.9 million).

Capital expenditures at Yanacocha were US$21.6 million in 1Q14 (US$97.7 million in 1Q13).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 1Q14 copper production was 60,955 MT (11,935 MT attributable to Buenaventura), a 10% increase compared to 1Q13 (55,214 MT and 10,811 MT attributable to Buenaventura).

During 1Q14, Cerro Verde reported net income of US$98.0 million, a 29% lower compared to US$138.8 million in 1Q13. This was mainly due to 12% lower sales.

Capital expenditures at Cerro Verde in 1Q14 totaled US$439.4 million and US$170.0 million in 2013.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution was US$4.8 million (US$8.1 million in 1Q13).

Net Income

Buenaventura’s 1Q14 net income was a negative US$16.1 million (negative US$0.06 per share), compared to US$102.7 million (US$0.40 per share) reported in 1Q13.

Project Development and Exploration

Huanza Hydroelectric Plant (100% ownership)

Unit 2 began generating 46.3 MW, while Unit 1 will start its commissioning in 2Q14. This plant will ensure energy supply for direct operations.

El Brocal Expansion (54.07% ownership)

El Brocal expansion from 6 ktpd to 18 ktpd was completed. Production will begin, in 2Q14 to treat 11 ktpd of polymetallic ore from Colquijirca and 7 ktpd of copper ore from Marcapunta.

Tambomayo Project (100% ownership)

Mine development and engineering studies are in progress. Environmental Impact Assessment and permits were filed. Production is expected for 2016.

Board Resolutions

At the Board of Directors meeting held April 30, 2014, the following resolutions were passed:

1. Approval of new Code of Ethics

Company Description

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

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*, Recuperada*, El Brocal, La Zanja and Coimolache.

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 the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

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

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Affiliates (as of March 31, 2014)
			BVN			Operating
			Equity %			Mines / Business
Consorcio Energético de Huancavelica S.A*			100.00			Energy – Huanza Hydroelectrical Project
Buenaventura Ingenieros S.A*			100.00			Engineering Consultant
Processadora Industrial Rio Seco S.A*			100.00			Rio Seco chemical plant
El Molle Verde S.A.C*			100.00			Trapiche project
Minera La Zanja S.A*			53.06			La Zanja
Sociedad Minera El Brocal S.A.A*			54.07			Colquijirca and Marcapunta
Canteras del Hallazgo S.A **			49.00			Chucapaca project
Compañía Minera Coimolache S.A **			40.10			Tantahuatay
Minera Yanacocha S.R.L **			43.65			Yanacocha
Sociedad Minera Cerro Verde S.A.A **			19.58			Cerro Verde
(*)Consolidates
(**) Equity Accounting

APPENDIX 2

			GOLD PRODUCTION
			Three Months Ended March 31
			Orcopampa									Orcopampa Old Tailings*
			2014			2013			%			2014			2013			%
Ore Milled DMT			103,227			119,930			-14%						123,853			N.A.
Ore Grade OZ/MT			0.44			0.51			-13%						0.05			N.A.
Recovery Rate %			96.3%			95.8%			1%						72.6%			N.A.
Ounces Produced			43,930			58,369			-25%			1,000			4,112			-76%

Orcopampa Total Production

1Q14

44,930

1Q13

62,480

* Process cleaning accounts for tailings production.

			La Zanja									Tantahuatay
			1Q14			1Q13			%			1Q14			1Q13			%
Ounces Produced			35,937			31,206			15%			32,633			34,307			-5%
			Breapampa
			1Q14			1Q13			%
Ounces Produced			20,927			20,484			2%

			SILVER PRODUCTION
			Three Months Ended March 31
			Uchucchacua									Colquijirca
			2014			2013			%			2014			2013			%
Ore Milled DMT			212,708			261,972			-19%						370,400			N.A.
Ore Grade OZ/MT			14.56			13.89			5%						1.54			N.A.
Recovery Rate %			76.5%			80.6%			-5%						70.8%			N.A.
Ounces Produced			2,368,509			2,928,556			-19%						405,193			N.A.

			ZINC PRODUCTION
			Three Months Ended March 31
			Uchucchacua									Colquijirca
			2014			2013			%			2014			2013			%
Ore Milled DMT			212,708			261,972			-19%						370,400			N.A.
Ore Grade %			1.1%			1.2%			-3%						2.91%			N.A.
Recovery Rate %			61.5%			66.3%			-7%						64.5%			N.A.
MT Produced			1,470			1,998			-26%						6,950			N.A.

APPENDIX 3

EBITDA RECONCILIATION (in thousand US$)
			1Q14			1Q13			Var
Net Income			-10,372			110,933			-109%
Add / Substract:			63,706			-17,149			-471%
Provision for income tax, net			7,322			32,511			-77%
Share in associated companies by the equity method, net			4,480			-84,168			-105%
Interest income			-1,806			-956			89%
Interest expense			3,391			1,203			182%
Loss on currency exchange difference			496			-112			-543%
Long Term Compensation provision			1,925			-8,866			-122%
Depreciation and Amortization			46,138			39,176			18%
Impairment of Long-Lived Assets			794			-			-
Workers´ participation provision			966			4,063			-76%
EBITDA Buenaventura Direct Operations			53,334			93,784			-43%
EBITDA Yanacocha (43.65%)			2,581			113,892			-98%
EBITDA Cerro Verde (19.58%)			37,009			44,629			-17%
EBITDA Coimolache (40%)			11,033			15,554			-29%
EBITDA Buenaventura + All Associates			103,958			267,860			-61%

Note:

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

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

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

APPENDIX 4

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of March, 31 2014 and December, 31 2013
			2014			2013
Assets			US$(000)			US$(000)
Current assets
Cash and cash equivalents			78,720			61,898
Financial assets at fair value through profit or loss			-			-
Trade and other accounts receivable, net			251,457			260,434
Income tax credit			58,327			37,370
Prepaid expenses			13,764			14,597
Hedge derivative financial instruments			3,731
Embedded derivatives for concentrate sales, net			-			1,857
Inventory, net			149,424			175,719
Total current assets			555,423			551,875
Non-current assets
Trade and other accounts receivable, net			23,807			20,607
Long-term inventory			39,553			23,366
Investment in associates			2,344,449			2,350,303
Mining concessions, development costs and property, plant and equipment, net			1,546,315			1,515,460
Deferred income tax asset, net			72,758			83,525
Other assets			3,310			7,132
Total non-current assets			4,030,192			4,000,393
Total assets			4,585,615			4,552,268
Liabilities and shareholders’ equity
Current liabilities
Bank loans			-			-
Trade and other accounts payable			251,937			301,811
Provisions			78,282			69,800
Income tax payable			2,394			2,140
Hedge derivatives financial instruments			-			1,093
Embedded derivatives for concentrate sales, net			7,592			-
Financial obligations			23,549			11,370
Total current liabilities			363,754			386,214
Non-current liabilities
Trade and other accounts payable			15,035			12,229
Provisions			109,272			106,376
Financial obligations			280,967			223,027
Deferred income tax liability, net			4,113
Total non-current liabilities			409,387			341,632
Total liabilities			773,141			727,846
Shareholders’ equity
Issued capital, net of treasury shares for US$(000)62,665			750,497			750,497
Investment shares, net of treasury shares for US$(000)765			1,396			1,396
Additional paid-in capital			219,055			219,055
Legal reserve			162,688			162,663
Other reserves			269			269
Retained earnings			2,395,929			2,413,131
Other equity reserves			104			104
			3,529,938			3,547,115
Non-controlling interest			282,536			277,307
Total shareholders’ equity			3,812,474			3,824,422
Total liabilities and shareholders’ equity			4,585,615			4,552,268

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Income Statement
For the three month period ended March 31, 2014 and March 31, 2013
			For the twelve month period ended March, 31
			2,014			2,013
			US$(000)			US$(000)
Operating income
Net sales			273,968			340,873
Royalty income			8,025			13,802
Total operating income			281,993			354,675
Operating costs
Cost of sales, without considering depreciation and amortization			(142,959)			(158,135)
Exploration in operating units			(31,728)			(46,369)
Depreciation and amortization			(46,138)			(39,176)
Royalties			(7,378)			(9,666)
Total operating costs			(228,203)			(253,346)
Gross profit			53,790			101,329
Operating expenses
Administrative expenses			(28,756)			(15,959)
Exploration in non-operating areas			(10,374)			(21,760)
Selling expenses			(4,170)			(4,510)
Contingencies			(7,641)			(1,053)
Impairment of long-term lived assets			(794)			-
Other, net			1,456			1,364
Total operating expenses			(50,279)			(41,918)
Operating profit (loss)			3,511			59,411
Other income, net
Share in the results of associates under equity method			(4,480)			84,168
Financial income			1,806			956
Financial expenses			(3,391)			(1,203)
Net loss from currency exchange difference			(496)			112
Total other income, net			(6,561)			84,033
Profit before income taxes and non-controlling interest			(3,050)			143,444
Income taxes			(7,322)			(32,511)
Net profit			(10,372)			110,933
Attributable to:
Owners of the parent			(16,112)			102,677
Non-controlling interest			5,740			8,256
			(10,372)			110,933
Basic and diluted earnings per share attributable
to owners of the parent, stated in U.S. dollars			(0.06)			0.40
Weighted average number of shares outstanding
(common and investment), in units			254,186,867			254,202,571

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three month period ended March 31, 2014 and March 31, 2013
			For the twelve month period ended March, 31
			2,014			2,013
			US$(000)			US$(000)
Operating activities
Proceeds from sales			266,854			404,462
Value Added Tax (VAT) recovered			17,704			13,800
Royalties received			6,995			12,202
Dividends received			2,377			-
Interest received			2,125			976
Payments to suppliers and third-parties			(199,734)			(258,128)
Payments to employees			(55,620)			(70,083)
Payment of income tax			(5,411)			(24,078)
Payment of royalties			(7,453)			(8,786)
Payment of interest			(1,948)			(222)
Net cash and cash equivalents provided by operating activities			25,889			70,143
Investing activities
Settlement of financial assets at fair value through profit or loss			-			-
Proceeds for collections of loans to associates			9,032			-
Proceeds from sales of mining concessions, property, plant and equipment			23			-
Acquisitions of mining concessions, development costs, property, plant and equipment			(85,278)			(86,041)
Payment for purchase of investments			-
Proceeds from sales of investments shares						-
Increase in time-deposits			-			(772)
Contributions and investments in associates			(1,003)			(3,685)
Net cash and cash equivalents used in investing activities			(77,226)			(90,498)
Financing activities
Increase in financial obligations			74,659
Bank loans received						-
Payment of financial obligations			(4,540)			(56)
Dividends paid
Dividends paid to non-controlling interest			(1,960)			(3,440)
Purchase of treasury shares			-			-
Purchase of associates' shares			-			-
Net cash and cash equivalents provided by (used in) financing activities			68,159			(3,496)
Net increase (decrease) in cash and cash equivalents during the period			16,822			(23,851)
Cash and cash equivalents at the beginning of the period			61,898			186,712
Cash and cash equivalents at period-end			78,720			162,861

APPENDIX 5

CAS 1Q14 VS 1Q13
		JULCANI
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		1		5,577		432		-		57		6,068		65		3,436		223		-		26		3,750
Exploration Expenses (US$000)		1		2,505		194		-		26		2,725		23		1,217		79		-		9		1,329
Commercial Deductions (US$000)		0		1,647		130		-		18		1,795		24		1,168		76		-		7		1,275
Selling Expenses (US$000)		0		223		17		-		2		242		2		127		8		-		1		139
Total (US$000)		3		9,952		773		-		102		10,830		114		5,948		387		-		44		6,493
Volume Sold		3		745,300		556		-		22		Not Applicable		126		354,675		293		-		11		No Aplicable
CAS		844		13.35		1,391		-		4,664		No Applicable		911		16.77		1,323		-		3,887		No Aplicable
		MALLAY
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		-		2,461		1,659		1,569		-		5,689		-		3,130		1,694		1,869		-		6,694
Exploration Expenses (US$000)		-		640		431		408		-		1,479		-		1,072		580		640		-		2,292
Commercial Deductions (US$000)		-		996		654		928		-		2,577		-		860		442		726		-		2,028
Selling Expenses (US$000)		-		178		120		114		-		412		-		184		100		110		-		393
Total (US$000)		-		4,275		2,864		3,019		-		10,158		-		5,247		2,817		3,344		-		11,408
Volume Sold		-		289,037		1,875		1,825		-		Not Applicable		-		232,943		1,600		1,991		-		Not Applicable
CAS		-		14.79		1,528		1,654		-		No Applicable		-		22.52		1,761		1,680		-		No Applicable
		BREAPAMPA
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		10,078		805		-		-		-		10,883		17,850		876		-		-		-		18,727
Exploration Expenses (US$000)		121		10		-		-		-		130		1,859		91		-		-		-		1,950
Commercial Deductions (US$000)		17		-		-		-		-		17		15		-		-		-		-		15
Selling Expenses (US$000)		108		9		-		-		-		116		-		-		-		-		-		-
Total (US$000)		10,323		824		-		-		-		11,147		19,724		967		-		-		-		20,691
Volume Sold		22,412		114,816		-		-		-		Not Applicable		22,057		57,777		-		-		-		Not Applicable
CAS		461		7.17		-		-		-		No Applicable		894		16.74		-		-		-		No Applicable
		ORCOPAMPA
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		30,296		848		-		-		-		31,143		32,707		1,245		-		-		-		33,953
Exploration Expenses (US$000)		12,772		357		-		-		-		13,129		13,866		528		-		-		-		14,394
Commercial Deductions (US$000)		38		-		-		-		-		38		42		-		-		-		-		42
Selling Expenses (US$000)		241		7		-		-		-		248		-		-		-		-		-		-
Total (US$000)		43,346		1,212		-		-		-		44,558		46,615		1,773		-		-		-		48,388
Volume Sold		50,386		90,375		-		-		-		Not Applicable		64,258		130,556		-		-		-		Not Applicable
CAS		860		13.41		-		-		-		No Applicable		725		13.58		-		-		-		No Applicable
		UCHUCCHACUA
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		-		29,837		1,911		1,403		-		33,150		-		20,791		1,144		1,304		-		23,238
Exploration Expenses (US$000)		-		5,598		358		263		-		6,220		-		4,023		221		252		-		4,497
Commercial Deductions (US$000)		-		7,093		466		875		-		8,434		-		7,588		387		1,686		-		9,661
Selling Expenses (US$000)		-		671		43		32		-		745		-		821		45		51		-		917
Total (US$000)		-		43,199		2,778		2,573		-		48,550		-		33,223		1,797		3,293		-		38,314
Volume Sold		-		2,467,052		1,520		1,148		-		Not Applicable		-		1,903,220		1,329		1,708		-		Not Applicable
CAS		-		17.51		1,827		2,240		-		No Applicable		-		17.46		1,353		1,928		-		No Applicable
		OTHER SMALL UNITS
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		384		947		525		944		-		2,799		2,086		2,036		1,161		1,522		-		6,806
Exploration Expenses (US$000)		5,424		2,006		234		362		-		8,026		14,648		2,685		553		724		-		18,031
Commercial Deductions (US$000)		76		87		53		167		-		384		37		487		260		382		-		1,168
Selling Expenses (US$000)		90		44		21		31		-		187		25		150		83		108		-		383
Total (US$000)		5,974		3,084		833		1,504		-		11,395		16,796		5,358		2,058		2,735		-		26,948
Volume Sold		702		41,783		220		338		-		Not Applicable		6,691		118,259		769		1,128		-		Not Applicable
CAS		-		-		-		-		-		No Applicable		-		-		-		-		-		No Applicable
		LA ZANJA
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		17,535		857		-		-		-		18,392		20,467		953		-		-		-		21,419
Exploration Expenses (US$000)		19		1		-		-		-		20		837		39		-		-		-		876
Commercial Deductions (US$000)		25		-		-		-		-		25		20		-		-		-		-		20
Selling Expenses (US$000)		335		16		-		-		-		351		93		4		-		-		-		97
Total (US$000)		17,914		874		-		-		-		18,788		21,416		996		-		-		-		22,412
Volume Sold		33,479		104,873		-		-		-		Not Applicable		30,253		75,159		-		-		-		Not Applicable
CAS		535		8.33		-		-		-		No Applicable		708		13.25		-		-		-		No Applicable
		BROCAL
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		537		3,046		144		-		24,419		28,146		941		5,232		3,017		5,338		17,374		31,903
Exploration Expenses (US$000)		-		-		-		-		-		-		-		-		-		-		-		-
Commercial Deductions (US$000)		438		2,871		-		-		20,526		23,834		637		2,208		869		1,969		12,885		18,568
Selling Expenses (US$000)		36		202		10		-		1,620		1,867		76		423		244		432		1,405		2,580
Total (US$000)		1,011		6,118		154		-		46,564		53,847		1,655		7,864		4,130		7,739		31,664		53,051
Volume Sold		1,101		400,081		182		-		9,249		Not Applicable		1,241		368,146		2,693		5,377		5,097		Not Applicable
CAS		918		15.29		844		-		5,034		No Applicable		1,334		21.36		1,534		1,439		6,212		No Applicable
		NON MINING COMPANIES
		1Q 2014												1Q 2013
		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL
Cost of Sales (without D&A) (US$000)												6,688												11,645
		BUENAVENTURA CONSOLIDATED
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		58,832		44,378		4,671		3,916		24,476		142,959		74,117		37,700		7,240		10,033		17,400		158,135
Exploration Expenses (US$000)		18,335		11,116		1,218		1,033		26		31,728		31,232		9,656		1,434		1,616		9		43,369
Commercial Deductions (US$000)		593		12,694		1,303		1,970		20,543		37,103		776		12,311		2,035		4,762		12,892		32,776
Selling Expenses (US$000)		810		1,350		211		176		1,622		4,170		196		1,710		480		701		1,406		4,510
Total (US$000)		78,570		69,538		7,402		7,095		46,667		215,960		106,321		61,377		11,189		17,111		31,708		227,706
Volume Sold		108,083		4,253,317		4,353		3,312		9,271		Not Applicable		124,626		3,240,735		6,683		10,204		5,108		Not Applicable
CAS		-		-		-		-		-		No Applicable		-		-		-		-		-		No Applicable
		COIMOLACHE
		1Q 2014												1Q 2013
		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL		ORO (OZ)		PLATA (OZ)		PLOMO (TM)		ZINC (TM)		COBRE (TM)		TOTAL
Cost of Sales (without D&A) (US$000)		11,981		741		-		-		-		12,722		14,950		1,634		-		-		-		16,584
Exploration Expenses (US$000)		1,119		69		-		-		-		1,188		1,562		171		-		-		-		1,733
Commercial Deductions (US$000)		-		-		-		-		-		-		-		-		-		-		-		-
Selling Expenses (US$000)		200		12		-		-		-		213		165		18		-		-		-		183
Total (US$000)		13,300		823		-		-		-		14,123		16,677		1,823		-		-		-		18,500
Volume Sold		30,460		120,800		-		-		-		Not Applicable		32,950		192,235		-		-		-		Not Applicable
CAS		437		6.81		-		-		-		No Applicable		506		9.48		-		-		-		No Applicable

¹ Direct Operation production includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Tantahuatay