Location
LIMA, Peru--(BUSINESS WIRE)--February 28, 2014-- 

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 2013 (4Q13) and full year (FY13) periods, ended December 31, 2013. 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 fourth quarter, Buenaventura’s operating income was US$13.8 million, 84% lower than in 4Q12. Net income was negative US$288.4 million, including a US$453.3 million non-cash impairment from Yanacocha. EBITDA from Direct Operations was US$67.3 million, 48% lower than in 4Q12.

EBITDA including Affiliates was US$163.6 million, 42% lower than the figure reported in 4Q12.

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

 
                               4Q13   4Q12   Var%    FY13     FY12    Var% 
----------------------------  ------  -----  -----  -------  -------  ----- 
Total Revenues                299.2   424.2  -29%   1,285.5  1,563.5  -18% 
----------------------------  ------  -----  -----  -------  -------  ----- 
Operating Income               13.8   86.7   -84%    132.3    422.5   -69% 
----------------------------  ------  -----  -----  -------  -------  ----- 
EBITDA Direct Operations       67.3   130.2  -48%    293.8    574.2   -49% 
----------------------------  ------  -----  -----  -------  -------  ----- 
EBITDA Including Affiliates   163.6   281.5  -42%    813.3   1,443.1  -44% 
----------------------------  ------  -----  -----  -------  -------  ----- 
Net Income                    -288.4  154.1  -287%  -101.7    703.6   -114% 
----------------------------  ------  -----  -----  -------  -------  ----- 
Adjusted Net Income           164.9   154.1   7%     351.7    703.6   -50% 
----------------------------  ------  -----  -----  -------  -------  ----- 
EPS                           -1.13   0.61   -287%   -0.40    2.77    -114% 
----------------------------  ------  -----  -----  -------  -------  ----- 
Adjusted EPS                   0.65   0.61    7%     1.38     2.77    -50% 
----------------------------  ------  -----  -----  -------  -------  ----- 
 

(*) as of December, 2013, Buenaventura had 254,186,867 shares outstanding.

Operating Revenues

During 4Q13, net sales were US$292.0 million, a 29% decrease compared to the US$411.6 million reported in 4Q12. This was explained by lower metal prices as well as a reduction in silver and copper volumes sold.

Royalty income decreased 43%, to US$7.2 million in 4Q13 compared to the US$12.6 million reported in 4Q12. This was due to lower revenues at Yanacocha (42% lower QoQ).

 
       Operating Highlights         4Q13   4Q12   Var%   FY13     FY12    Var% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Net Sales 
 (in millions of US$)               292.0  411.6  -29%  1,241.3  1,496.3  -17% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized Gold Price 
 (US$/oz)*                          1,270  1,704  -25%   1,392    1,678   -17% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized Gold Price 
 (US$/oz) inc. Affiliates           1,272  1,710  -26%   1,408    1,669   -16% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized Silver Price 
 (US$/oz)*                          20.82  31.94  -35%   22.33    31.07   -28% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized Lead Price 
 (US$/MT)*                          2,106  2,240  -6%    2,105    2,076    1% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized 
 Zinc Price (US$/MT)*               1,885  1,947  -3%    1,869    1,919   -3% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
Average Realized Copper Price 
 (US$/MT)*                          7,158  7,909  -9%    7,179    7,938   -10% 
----------------------------------  -----  -----  ----  -------  -------  ---- 
 

(*) Buenaventura’s Direct Operations

 
                                Sales Content 
------------------------------------------------------------------------------ 
                        4Q13       4Q12     Var%     FY13        FY12     Var% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Gold Oz Direct 
 Operations            101,442    92,417    10%    458,499     439,630     4% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Gold Oz inc. 
 Affiliates            196,342    212,489   -8%    962,087    1,078,659   -11% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Silver Oz             3,980,486  5,530,127  -28%  16,329,314  17,483,490  -7% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Lead MT                 5,908      5,522     7%     26,584      25,587     4% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Zinc MT                 7,866      5,267    49%     38,084      43,149    -12% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Copper MT               8,333     12,033    -31%    25,406      22,348    14% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
 

Net sales for the twelve months of 2013 were US$1,241.3 million, 17% lower than in 2012 (US$1,496.3 million), while royalty income was US$44.2 million in 2013, a 34% decrease compared to the US$67.2 million reported in the same period 2012.

Production and Operating Costs

Buenaventura’s equity production(1) in 4Q13 was 103,868 ounces of gold, 4% lower than the 108,489 ounces reported in 4Q12, mainly due to the lower production from Orcopampa. Silver production, including affiliated companies, during 4Q13 was 4.8 million ounces, 5% higher compared to the figure reported in 4Q12 (4.6 million oz.).

Equity production(1) in FY 2013 was 451,311 ounces of gold and 18.9 million ounces of silver. This represented a 1% decrease in gold production (446,443 oz. in 2012) and a 4% increase in silver production compared to FY 2012 (18.3 million oz.).

 
                            Equity Production (1) 
------------------------------------------------------------------------------ 
                        4Q13       4Q12     Var%     FY13        FY12     Var% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Gold (oz) Direct 
 Operations            103,868    108,489   -4%    451,311     446,443     1% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Gold (oz) inc. 
 Affiliated            184,323    211,448   -13%   895,345    1,033,969   -13% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Silver (oz) inc. 
 Affiliated           4,803,361  4,593,711   5%   18,905,280  18,262,156   4% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Lead ( MT)              5,999      5,844     3%     25,579      25,345     1% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Zinc ( MT)              7,904      6,787    16%     34,980      39,139    -11% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
Copper (MT) inc. 
 Affiliated            18,685     20,670    -10%    64,647      66,221    -2% 
--------------------  ---------  ---------  ----  ----------  ----------  ---- 
 

Orcopampa’s (100% owned by Buenaventura) total gold production in 4Q13 was 48,117 ounces, 20% lower than the 59,779 ounces reported in 4Q12. Production from the Chipmo mine during 4Q13 was 45,981 ounces, 17% lower compared to the 55,652 ounces reported in 4Q12, as a result of lower ore grade and tonnage treated in consequence of the 17-day strike in October (see Appendix 2). The old tailings treatment produced 2,136 ounces of gold (compared to 4,128 oz. in 4Q12). Total gold production in FY 2013 was 224,671 ounces, a 14% decrease compared to FY 2012 (260,379 oz.).

Cost Applicable to Sales (CAS) in 4Q13 was US$830/oz, 7% higher compared to 4Q12 (US$775/oz.). The higher cost was mainly explained by the lower gold production. CAS for the FY 2013 was US$802/oz compared to US$604/oz in 2012.

At Uchucchacua (100% owned by Buenaventura), total silver production in 4Q13 was 2.9 million ounces, in line with the 3.0 million ounces produced in 4Q12. Zinc production in 4Q13 was 2,154 MT, 27% lower than the figure reported in 4Q12 (2,931 MT), while lead production increased 29% (1,821 MT in 4Q13 vs. 2,556 MT in 4Q12). During 2013, silver production was 11.4 million ounces; zinc production was 8,146 MT, while lead production was 8,363 MT compared to 11.3 million ounces, 9,820 MT and 8,742 MT, respectively, in FY 2012.

Cost Applicable to Sales (CAS) in 4Q13 was US$12.86/oz, 8% lower than the figure reported in 4Q12 (US$13.94/oz.) due to higher grade ore. CAS for the FY 2013 was US$13.01/oz compared to US$13.58/oz in 2012.

At Mallay (100% owned by Buenaventura), total production in 4Q13 was 329,727 ounces of silver, 16% higher than in 4Q12 (284,161 oz), and 1.3 million ounces in FY 2013, 87% higher than the 0.7 million reported in FY 2012. Cost Applicable to Sales (CAS) in 4Q13 was US$11.30/oz, a decrease of 47% compared to US$21.46/oz in 4Q12. CAS for the FY 2013 was US$14.53/oz compared to US$27.98/oz in 2012.

(1) Production from Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Tantahuatay

At Julcani (100% owned by Buenaventura), total production in 4Q13 was 771,296 ounces of silver, 25% higher compared to 4Q12 (615,712 ounces), due to higher ore treated explained by the increase in plant capacity (from 400 TPD to 500 TPD). During FY 2013, silver production was 2.7 million ounces, 11% higher than the 2.4 million reported in FY 2012.

Cost Applicable to Sales (CAS) in 4Q13 was US$8.33/oz, 28% lower than 4Q12 (US$15.87/oz.), mainly explained by a reduction in exploration activities. CAS for the FY 2013 was US$10.32/oz compared to US$12.10/oz in 2012.

Breapampa’s (100% owned by Buenaventura) total production in 4Q13 was 21,918 ounces of gold with a CAS of US$447/oz. For the twelve months of 2013, gold production was 81,882 oz with a CAS of US$601/oz.

La Zanja’s (53.06% owned by Buenaventura) total production in 4Q13 was 33,451 ounces of gold, a 17% increase compared to 4Q12 (28,670 oz) and was due to an increase in ore grade (0.75 g/MT in 4Q13 vs. 0.64 g/MT in 4Q12). FY 2013 gold production was 137,395 ounces, 22% higher than in FY 2012 (112,387 oz.), in-line with La Zanja’s mining plan.

CAS in 4Q13 was US$617/oz, 29% lower than 4Q12 (US$866/oz.), due to the higher grade. CAS for the FY 2013 was US$643/oz compared to US$713/oz in 2012.

Tantahuatay’s (40.10% owned by Buenaventura) total production in 4Q13 was 33,417 ounces of gold (13,399 oz attributable to Buenaventura) 5% lower than the figure reported in 4Q12 (35,340 oz, 14,170 attributable to Buenaventura). During FY 2013, gold production was 142,667 ounces (57,202 oz. attributable to Buenaventura) compared to 141,268 (56,641 oz attributable to Buenaventura) in 2012.

CAS in 4Q13 was US$375/oz., 40% lower than in 4Q12 (US$624/oz.) due to the lower tonnage treated, in order to remain within the limits of its permits. CAS for the FY 2013 was US$536/oz compared to US$502/oz in 2012.

At El Brocal (54.07% owned by Buenaventura), copper production was 9,345 MT vs. 13,166 MT reported in 4Q12 (29% decrease). For FY 2013, copper production increased 13% (27,174 MT in 4Q13 versus 22,785 MT in 4Q12). Copper CAS was US$2,842/MT, 27% lower than the figure reported in 4Q12 (US$3,904/MT).

Silver production, from polymetallic and copper ores, increased 207%, from 0.2 million ounces in 4Q12 to 0.6 million ounces in 4Q13, due to lower tonnage treated and ore grade. During FY 2013, silver production decreased 36% from 3.1 million oz to 2.0 million oz in 2012.

During 4Q13, total zinc production was 4,321 MT versus no production in 4Q12. In FY 2013, zinc production decreased 31% (24,220 MT in 2013 versus 34,949 MT in 2012). Zinc CAS was US$757/MT in 4Q13. CAS for the FY 2013 was US$887/MT compared to US$903/MT in 2012.

General and Administrative Expenses

General and administrative expenses in 4Q13 were US$21.0 million, 3% lower than the figure reported in 4Q12 (US$21.6 million) due to lower worker’s profit sharing. For the FY 2013, general and administrative expenses were US$77.5 million versus US$99.3 million in the same period of 2012, representing a 22% decline.

Exploration in Non-Operating Areas

Exploration in non-operating areas during 4Q13 was US$9.4 million, compared to US$22.3 million reported in 4Q12. During the period, Buenaventura’s main exploration efforts were focused on the following projects: Marcapunta Oeste (US$5.2 million), La Zanja Underground (US$0.6 million) and Chanca (US$1.2 million). For FY 2013, exploration in non-operating areas were US$32.8 million versus US$95.5 million in FY 2012, representing a decrease of 66%.

Operating Income

Operating income in 4Q13 was US$13.8 million, 84% lower compared to the US$86.7 million reported in 4Q12 due to lower revenues.

During FY 2013, operating income was US$132.3 million, versus US$422.5 million in FY 2012, representing a 69% decrease.

Share in Affiliated Companies

During 4Q13, Buenaventura’s share in affiliated companies was negative US$282.3 million (compared to the US$105.1 million reported in 4Q12). Yanacocha’s contribution towards these results was a negative US$322.6 million due to an impairment of US$453.3. Cerro Verde’s contribution increased 12%, from US$31.0 million in 4Q12 to US$34.6 million in 4Q13. Coimolache’s (Tantahuatay mine) contribution decreased 35% (US$5.7 million in 4Q13 vs. US$8.8 million in 4Q12).

During FY 2013, Buenaventura’s share in affiliated companies was negative US$108.5 million compared to the US$481.8 million reported in 2012.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 4Q13 gold production was 184,318 ounces of gold, 22% lower than 4Q12 production (235,875 oz). Accumulated gold production in 2013 was 1,017,259 ounces, 24% lower than 2013 (1,345,992 oz.).

Net income, without considering the effect of the US$1.0 million impairment, was negative US$27.8 million (compared to US$75.7 million in 4Q12) explained by lower revenues and higher costs applicable to sales due to a US$43.1 million (cash) write-down from La Quinua, Yanacocha and Maqui Maqui pads. Accumulated net income in 2013 was US$154.9 million, 75% lower than 2012 (US$626.5 million). During 4Q13, EBITDA totaled US$43.5 million, a 77% decrease compared to 4Q12 (US$186.0 million). Accumulated EBITDA in 2013 was US$602.4 million, 52% lower than 2013 (US$1.2 billion).

Capital expenditures at Yanacocha were US$48.9 million in 4Q13 (US$172.5 million in 4Q12) and US$333.4 million in FY 2013 (US$995.0 million in FY 2012).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 4Q13 copper production was 69,318 MT (13,572 MT attributable to Buenaventura), a 1% increase compared to 4Q12 (68,874 MT and 13,486 MT attributable to Buenaventura). Accumulated total copper production in 2013 was 252,760 MT (49,490 MT attributable to Buenaventura), 6% lower than 269,649 MT in 2012 (52,797 MT attributable to Buenaventura).

During 4Q13, Cerro Verde reported net income of US$196.8 million, a 35% higher compared to US$146.2 million in 4Q12. This was mainly due to a 12% increase in sales revenues (US$562.3 million in 4Q13 versus US$501.0 million in 4Q12). Accumulated net income in 2013 was US$613.3 million, 21% lower than US$772.1 million in 2012.

Capital expenditures at Cerro Verde in 4Q13 totaled US$357.1 million and US$1,073.2 million in 2013.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution was US$5.7 million (US$8.8 million in 4Q12). During FY 2013, attributable contribution was US$20.8 million (US$40.2 million in FY 2012).

Net Income

Buenaventura’s 4Q13 net income was a negative US$288.4 million (negative US$1.13 per share), including a US$453.3 million (US$1.78 per share) non-cash impairment provision from Yanacocha, compared to US$154.1 million (US$0.61 per share) reported in 4Q12. Accumulated net income in FY 2013 was negative US$101.7 million (negative US$0.40 per share) compared to US$703.6 million in 2012 (US$2.69 per share).

Project Development and Exploration

Rio Seco Plant (100% ownership)

The plant is in ramp-up stage. This facility will allow:

1. Mining from accessible areas with high silver and manganese content.

2. Improving the quality of lead-silver concentrates from Uchucchacua mine by reducing manganese content.

3. Resultant manganese sulfate concentrate with commercial value.

Huanza Hydroelectric Plant (100% ownership)

Unit 2 started generating 46.3 MW, while Unit 1 will start its commissioning in March. This plant will assure energy supply for direct operations.

El Brocal Expansion (54.07% ownership)

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

Tambomayo Project (100% ownership)

Advanced exploration includes drilling of new structures. Mine development and engineering studies are in progress. Environmental Impact Assessment and permits are expected in 2014 to initiate production in 2016.

Board Resolutions

At the Board of Directors meeting held February 27, 2014, the following resolutions were passed:

1. To accept the resignation of Mr. Aubrey Paverd as board member, due to age limit, thanking him for the 12 years that he served and contribute to Buenaventura; and to appoint Mr. Igor Gonzales as new board member to complete the current period.

2. To modify the following requirement to qualify as independent board member:

When the board member is an officer of a company that maintains commercial relationship with Buenaventura:

   -- Previous requirement: the company's billing to Buenaventura should be 
      less than US$1 million and represent less than 2% of such company's 
      revenues. 
 
   -- New requirement: the company's billing to Buenaventura should be less 
      than US$1 million and represent less than 5% of such company's revenues. 

3. To approve Buenaventura’s compliance policy:

a. Anti — Money Laundering (AML) and Counter-Terrorism Financing (CTF)

b. Anti-Bribery Policy (FCPA: Foreign Corrupt Practices Act.)

4. To call for the Annual Shareholders Meeting to be held on March 27, 2014 to:

a. Approve the Annual Report as of December, 31, 2013.

b. Approve the Financial Statements as of December, 31, 2013

c. Appoint Ernst and Young (Medina, Zaldivar, Paredes y Asociados) as External Auditors for fiscal year 2014.

d. Ratify the dividend policy amendment, which has been proposed by the Board of Directors.

e. Approve the payment of a cash dividend of 1.1 cents (US$) per share or ADS according to the Company’s dividend policy.

f. Elect the new members of the board for the period 2014 — 2016.

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 September 30, 2013) 
------------------------------------------------------------------------------ 
                                     BVN                 Operating 
                                   Equity %          Mines / Business 
---------------------------------  --------  --------------------------------- 
Consorcio Energético de         100.00  Energy -- Huanza Hydroelectrical 
Huancavelica S.A*                                         Project 
---------------------------------  --------  --------------------------------- 
Buenaventura Ingenieros S.A*         100.00       Engineering Consultant 
---------------------------------  --------  --------------------------------- 
Processadora Industrial Rio Seco     100.00       Rio Seco chemical plant 
S.A* 
---------------------------------  --------  --------------------------------- 
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             40.10             Tantahuatay 
Coimolache S.A ** 
---------------------------------  --------  --------------------------------- 
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 Old 
                Orcopampa                     Tailings               Orcopampa                          Orcopampa Old Tailings 
           --------------------  ------  ------------------  ------  ----------  ----------  -------  -------------------------- 
             2013       2012       %      2013      2012       %        2013        2012        %       2013       2012      % 
Ore 
 Milled 
 DMT        99,093     110,783    -11%   48,125    106,442    -55%    443,537     461,436      -4%     425,639    446,593   -5% 
Ore Grade 
 OZ/MT       0.477      0.53      -10%    0.059     0.053     12%      0.487       0.543      -10%      0.048      0.060    -19% 
Recovery 
 Rate %      97.2%      95.6%      2%     75.7%     73.8%      3%      96.2%       95.9%       0%       76.1%      76.1%     0% 
Ounces 
 Produced   45,981     55,652     -17%    2,136     4,128     -48%    208,774     240,134     -13%     15,897     20,245    -21% 
 
Orcopampa Total 
 Production             4Q13     48,117   4Q12     59,780    FY2013   224,671      FY2012    260,379 
 
                                   La Zanja                                                  Tantahuatay 
             4Q13       4Q12       %     FY2013    FY2012  %            4Q13        4Q12   %           FY2013     FY2012  % 
Ounces 
 Produced   33,451     28,670     17%    137,395   112,387    22%      33,417      35,340      -5%     142,667    141,268    1% 
 
                                  Breapampa 
             4Q13       4Q12       %     FY2013    FY2012  % 
Ounces 
 Produced   21,918      8,817     149%   81,882     8,817     829% 
 
                                                       SILVER PRODUCTION 
                        Three Months Ended December 31                                        Full Year 
                   Uchucchacua              Colquijirca                        Uchucchacua                   Colquijirca 
             2013       2012       %      2013      2012   %            2013        2012   %            2013       2012   % 
---------  ---------  ---------  ------  -------  ---------   -----  ----------  ----------   ------  ---------  --------- --- 
Ore 
 Milled 
 DMT        238,390    265,335    -10%   198,885                     1,001,102   1,049,301     -5%    1,268,781  1,689,846  -25% 
Ore Grade 
 OZ/MT      15.209      14.00      9%     2.89                         14.18       14.33       -1%      1.41       1.32      7% 
Recovery 
 Rate %      79.2%      77.4%      2%     67.0%                        80.6%       73.5%       10%      66.2%      63.2%     5% 
Ounces 
 Produced  2,871,959  3,012,187   -5%    385,221                     11,444,751  11,263,322    2%     1,186,022  1,410,027  -16% 
 
                                                        ZINC PRODUCTION 
              Three Months Ended December 31                                                  Full Year 
                   Uchucchacua                  Colquijirca                    Uchucchacua                   Colquijirca 
             2013       2012       %      2013      2012   %            2013        2012   %            2013       2012   % 
---------  ---------  ---------  ------  -------  ---------   -----  ----------  ----------   ------  ---------  --------- --- 
Ore 
 Milled 
 DMT        238,390    265,335    -10%   198,885                     1,001,102   1,049,301     -5%    1,268,781  1,689,846  -25% 
Ore Grade 
 %           1.32%      1.63%     -19%    3.40%                        1.23%       1.51%      -18%      2.97%      2.93%     1% 
Recovery 
 Rate %      68.4%      67.8%      1%    63.98%                        66.0%       62.0%       7%      64.26%      67.1%    -4% 
MT 
 Produced    2,154      2,931     -27%    4,321                        8,146       9,820      -17%     24,219     33,268    -27% 
 
 

APPENDIX 3: EBITDA RECONCILIATION (in thousands of US$)

 
                                          4Q13      4Q12    FY 2013   FY 2012 
--------------------------------------  --------  --------  -------  --------- 
  Net Income                            -280,492  163,323   -74,154   763,046 
--------------------------------------  --------  --------  -------  --------- 
  Add / Substract:                      347,819   -33,133   367,985  -188,837 
--------------------------------------  --------  --------  -------  --------- 
  Provision for income tax, net          14,493    28,551   86,614    144,236 
--------------------------------------  --------  --------  -------  --------- 
  Share in associated companies by the 
   equity method, net                   282,323   -105,105  108,483  -481,826 
--------------------------------------  --------  --------  -------  --------- 
  Interest income                        -4,270    -1,725   -6,623    -9,486 
--------------------------------------  --------  --------  -------  --------- 
  Interest expense                       1,460     3,608    10,970     8,290 
--------------------------------------  --------  --------  -------  --------- 
  Loss on currency exchange difference    303      -1,969    7,012    -1,715 
--------------------------------------  --------  --------  -------  --------- 
  Long Term Compensation provision       4,487     -5,592   -15,979    1,720 
--------------------------------------  --------  --------  -------  --------- 
  Depreciation and Amortization          39,729    38,803   165,477   123,043 
--------------------------------------  --------  --------  -------  --------- 
  Workers' participation provision       2,700     6,679     5,437    23,284 
--------------------------------------  --------  --------  -------  --------- 
  Impairment of Long-Lived Assets        6,594     3,617     6,594     3,617 
--------------------------------------  --------  --------  -------  --------- 
  EBITDA Buenaventura Direct 
   Operations                            67,327   130,190   293,831   574,209 
--------------------------------------  --------  --------  -------  --------- 
  EBITDA Yanacocha (43.65%)              18,986    81,185   262,837   542,067 
--------------------------------------  --------  --------  -------  --------- 
  EBITDA Cerro Verde (19.58%)            64,586    53,276   206,061   256,050 
--------------------------------------  --------  --------  -------  --------- 
  EBITDA Coimolache (40%)                12,713    16,836   50,610    70,793 
--------------------------------------  --------  --------  -------  --------- 
  EBITDA Buenaventura + All Associates  163,611   281,487   813,338  1,443,119 
--------------------------------------  --------  --------  -------  --------- 
 
 

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in affiliated 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

 
 
                                                Grade 
                                                Oz / 
GOLD                   % Ownership  MT (000)     MT     Oz (000)  Attributable 
                       -----------  ---------  -------  --------  ------------ 
Orcopampa                   100.00        634    0.527       334           334 
Breapampa                   100.00      2,279    0.042        96            96 
Poracota                    100.00        108    0.343        37            37 
Antapite                    100.00         37    0.335        13            13 
Julcani                     100.00        373    0.018         7             7 
Mallay                      100.00        123    0.042         5             5 
Shila - Paula               100.00         13    0.351         4             4 
El Brocal Marcapunta 
 (Sulphides)                 54.07     16,421    0.011       180            97 
La Zanja                     53.06     14,248    0.023       333           176 
La Zanja (On Pads)           53.06                            27            14 
Yanacocha                    44.35    199,184    0.032     5,751         2,551 
Yanacocha (Conga)            44.35    536,015    0.023    12,582         5,580 
Tantahuatay (Oxides)         40.10     51,955    0.014       735           295 
Total                                 821,392    0.024    20,104         9,209 
 
                                                Grade 
                                                Oz / 
SILVER                 % Ownership  MT (000)     MT     Oz (000)  Attributable 
                       -----------  ---------  -------  --------  ------------ 
Uchucchacua (Silver - 
 Sulphides)                 100.00      3,485   16.854    58,738        58,738 
Uchucchacua (Zinc - 
 Sulphides)                 100.00         64    7.496       486           486 
Uchucchacua (Silver - 
 Oxides)                    100.00        287   19.742     5,660         5,660 
Julcani                     100.00        373   20.249     7,555         7,555 
Breapampa                   100.00      2,279    0.823     1,876         1,876 
Mallay                      100.00        123   12.632     1,562         1,562 
Orcopampa                   100.00        634    1.389       881           881 
Recuperada                  100.00         64    9.899       630           630 
Shila - Paula               100.00         13    0.694         9             9 
Poracota                    100.00        108    0.024         3             3 
El Brocal (Tajo Norte 
 - La Llave)                 54.07     56,111    0.830    46,572        25,182 
El Brocal Marcapunta 
 (Sulphides)                 54.07     16,421    0.530     8,703         4,706 
La Zanja                     53.06     14,248    0.201     2,869         1,522 
La Zanja (On Pads and 
 Plant)                      53.06                           919           487 
Yanacocha                    44.35    292,435    0.254    75,590        33,524 
Yanacocha (Conga)            44.35    536,015    0.066    37,784        16,757 
Tantahuatay Oxides           40.10     51,955    0.346    18,035         7,231 
Cerro Verde 
 (Sulphides)                 19.58  4,047,372    0.047   192,860        37,762 
Cerro Verde (Oxides)         19.58    563,840    0.010     5,430         1,063 
Total                               5,585,829    0.083   466,163       205,634 
 
Prices used for 
 Reserve 
 calculation: 
Gold US$1,200/oz 
Silver US$20/oz 
 
 
PROVEN AND PROBABLE 
 RESERVES 
 
                                                Grade 
                                                Oz / 
ZINC                   % Ownership  MT (000)     MT     MT (000)  Attributable 
                       -----------  ---------  -------  --------  ------------ 
Uchucchacua (Silver - 
 Sulphides)                 100.00      3,485     1.42        49            49 
Uchucchacua (Zinc - 
 Sulphides)                 100.00         64     6.60         4             4 
Mallay                      100.00        123     8.47        10            10 
Recuperada                  100.00         64     6.49         4             4 
El Brocal (Tajo Norte 
 - La Llave)                 54.07     56,111     2.38     1,335           722 
Total                                  59,848     2.35     1,404           790 
 
                                                Grade 
                                                Oz / 
LEAD                   % Ownership  MT (000)     MT     MT (000)  Attributable 
                       -----------  ---------  -------  --------  ------------ 
Uchucchacua (Silver - 
 Sulphides)                 100.00      3,485     1.05        37            37 
Uchucchacua (Zinc - 
 Sulphides)                 100.00         64     5.10         3             3 
Julcani                     100.00        373     2.27         8             8 
Mallay                      100.00        123     6.64         8             8 
Recuperada                  100.00         64     3.55         2             2 
El Brocal (Tajo Norte 
 - La Llave)                 54.07     56,111     0.78       438           237 
Total                                  60,221     0.82       496           268 
 
                                                Grade 
                                                Oz / 
COPPER                 % Ownership  MT (000)     MT     MT (000)  Attributable 
                       -----------  ---------  -------  --------  ------------ 
Julcani                     100.00        373     0.44         2             2 
El Brocal Marcapunta 
 (Sulphides)                 54.07     16,421     1.99       327           177 
Yanacocha (Conga)            44.35    536,015     0.28     1,501           666 
Cerro Verde 
 (Sulphides)                 19.58  4,047,372     0.37    14,975         2,932 
Cerro Verde (Oxides)         19.58    563,840     0.49     2,763           541 
Total                               5,164,022     0.38    19,567         4,317 
 
                                                Grade 
                                                Oz / 
MOLYBDENUM             % Ownership  MT (000)     MT     MT (000)  Attributable 
---------------------  -----------  ---------  -------  --------  ------------ 
Cerro Verde 
 (Sulphides)                 19.58  4,047,372    0.014       567           111 
Cerro Verde (Oxides)         19.58    563,840    0.003        17             3 
Total                               4,611,213    0.013       584           114 
 
Prices used for Reserve calculation: 
Zinc US$1,900/MT 
Lead US$2,050/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, 2013 and 2012 
                                                            2013       2012 
Assets                                                    US$(000)   US$(000) 
Current assets 
Cash and cash equivalents                                    61,898    186,712 
Financial assets at fair value through profit or loss             -     54,509 
Trade and other accounts receivable, net                    260,434    362,904 
Income tax credit                                            37,370     24,629 
Prepaid expenses                                             14,597     11,837 
Embedded derivatives for concentrate sales, net               1,857          - 
Inventory, net                                              175,719    157,533 
                                                          ---------  --------- 
Total current assets                                        551,875    798,124 
 
Non-current assets 
Trade and other accounts receivable, net                     20,607     40,079 
Long-term inventory                                          23,366     40,253 
Investment in associates                                  2,358,410  2,469,888 
Mining concessions, development costs and property, 
 plant and equipment, net                                 1,515,460  1,159,805 
Deferred income tax asset, net                               83,525    111,701 
Other assets                                                  7,132      5,123 
                                                          ---------  --------- 
Total non-current assets                                  4,008,500  3,826,849 
 
Total assets                                              4,560,375  4,624,973 
                                                          ---------  --------- 
 
 
Liabilities and shareholders' equity 
Current liabilities 
Trade and other accounts payable                            303,951    267,472 
Provisions                                                   69,800     71,780 
Hedge derivatives financial instruments                       1,093          - 
Embedded derivatives for concentrate sales, net                   -      4,939 
Financial obligations                                        11,370      5,815 
                                                          ---------  --------- 
Total current liabilities                                   386,214    350,006 
 
Non-current liabilities 
Trade and other accounts payable                             12,229        731 
Provisions                                                  106,376    100,041 
Financial obligations                                       223,027    173,489 
                                                          ---------  --------- 
Total non-current liabilities                               341,632    274,261 
 
Total liabilities                                           727,846    624,267 
                                                          ---------  --------- 
 
Shareholders' equity 
Issued capital, net of treasury shares for 
 US$(000)62,665                                             750,497    750,540 
Investment shares, net of treasury shares for 
 US$(000)765                                                  1,396      1,399 
Additional paid-in capital                                  219,055    219,471 
Legal reserve                                               162,663    162,663 
Other reserves                                                  269        269 
Retained earnings                                         2,421,238  2,601,792 
Other equity reserves                                           104        925 
                                                          ---------  --------- 
                                                          3,555,222  3,737,059 
Non-controlling interest                                    277,307    263,647 
                                                          ---------  --------- 
Total shareholders' equity                                3,832,529  4,000,706 
                                                          ---------  --------- 
 
Total liabilities and shareholders' equity                4,560,375  4,624,973 
                                                          ---------  --------- 
 
 
 
 
 
Compañía de Minas Buenaventura S.A.A. and Subsidiaries 
Consolidated Income Statement 
For the three and twelve month periods ended December 31, 2013 and 2012 
                            For the three month period    For the twelve month period 
                                ended December, 31             ended December, 31 
                           -----------------------------  ---------------------------- 
                              2013             2012          2013          2012 
                              US$(000)        US$(000)      US$(000)       US$(000) 
Operating income 
Net sales                      292,001          411,613     1,241,256     1,496,349 
Royalty income                   7,152           12,557        44,185        67,178 
                           -----------      -----------   -----------   ----------- 
Total operating income         299,153          424,170     1,285,441     1,563,527 
 
Operating costs 
Cost of sales, without 
 considering depreciation 
 and amortization             (159,568)        (194,530)     (653,536)     (625,181) 
Exploration in operating 
 units                         (31,953)         (55,865)     (167,143)     (153,018) 
Depreciation and 
 amortization                  (39,729)         (38,803)     (165,477)     (123,043) 
Royalties                       (6,756)          (7,547)      (30,623)      (37,667) 
                           -----------      -----------   -----------   ----------- 
Total operating costs         (238,006)        (296,745)   (1,016,779)     (938,909) 
                           -----------      -----------   -----------   ----------- 
 
Gross profit                    61,147          127,425       268,662       624,618 
                           -----------      -----------   -----------   ----------- 
 
Operating expenses 
Administrative expenses        (20,992)         (21,643)      (77,476)      (99,295) 
Exploration in 
 non-operating areas            (9,444)         (22,262)      (32,805)      (95,491) 
Selling expenses                (3,492)          (5,809)      (16,035)      (18,090) 
Long-term asset 
 impairment                     (6,594)          (3,617)       (6,594)       (3,617) 
Excess of workers' profit 
 participation                    (704)          (2,164)         (704)       (2,164) 
Other, net                      (6,104)          14,753        (2,746)       16,584 
                           -----------      -----------   -----------   ----------- 
Total operating expenses       (47,330)         (40,742)     (136,360)     (202,073) 
                           -----------      -----------   -----------   ----------- 
 
Operating profit                13,817           86,683       132,302       422,545 
                           -----------      -----------   -----------   ----------- 
 
Other income, net 
 
Share in the results of 
 associates under equity 
 method                       (282,323)         105,105      (108,483)      481,826 
Financial income                 4,270            1,725         6,623         9,486 
Financial expenses              (1,460)          (3,608)      (10,970)       (8,290) 
Net loss from currency 
 exchange difference              (303)           1,969        (7,012)        1,715 
                           -----------      -----------   -----------   ----------- 
Total other income, net       (279,816)         105,191      (119,842)      484,737 
 
Profit before income 
 taxes and 
 non-controlling 
 interest                     (265,999)         191,874        12,460       907,282 
 
Income taxes                   (14,493)         (28,551)      (86,614)     (144,236) 
 
Net profit (lost)             (280,492)         163,323       (74,154)      763,046 
                           -----------      -----------   -----------   ----------- 
 
Attributable to: 
Owners of the parent          (288,419)         154,086      (101,675)      703,626 
Non-controlling interest         7,927            9,237        27,521        59,420 
                           -----------      -----------   -----------   ----------- 
                              (280,492)         163,323       (74,154)      763,046 
                           -----------      -----------   -----------   ----------- 
 
Basic and diluted 
 earnings per share 
 attributable 
to owners of the parent, 
 stated in U.S. dollars          (1.13)            0.61         (0.40)         2.77 
                           -----------      -----------   -----------   ----------- 
 
Weighted average number 
 of shares outstanding 
(common and investment), 
 in units                  254,186,867      254,202,571   254,186,867   254,202,571 
                           -----------      -----------   -----------   ----------- 
 
 
 
 
Compañía 
 de Minas 
 Buenaventura 
 S.A.A. and 
 Subsidiaries 
Consolidated 
 Statement of Cash 
 Flows 
For the three and 
 twelve month 
 periods ended 
 December 31, 2013 
 and 2012 
                     For the three month period  For the twelve month period 
                         ended December, 31          ended December, 31 
                     --------------------------  --------------------------- 
                       2013            2012        2013           2012 
                       US$(000)      US$(000)      US$(000)       US$(000) 
Operating 
 activities 
Proceeds from sales    311,879         352,963   1,351,359      1,410,120 
Value Added Tax 
 (VAT) recovered         7,815          10,779      66,921         40,940 
Royalties received      10,738          21,035      50,562         76,106 
Dividends received       2,027           5,613       9,803         16,467 
Interest received        4,102           1,700       8,235          8,606 
Payments to 
 suppliers and 
 third-parties         (87,594)       (230,558)   (742,191)      (838,250) 
Payments to 
 employees             (46,522)        (45,973)   (216,799)      (201,494) 
Payment of income 
 tax                       (47)        (29,279)    (66,427)      (136,336) 
Payment of 
 royalties              (2,632)         (9,187)    (30,623)       (38,985) 
Payment of interest     (2,936)           (206)    (11,494)        (1,485) 
                     ---------      ----------   ---------      --------- 
 
Net cash and cash 
 equivalents 
 provided by 
 operating 
 activities            196,830          76,887     419,346        335,689 
                     ---------      ----------   ---------      --------- 
 
Investing 
 activities 
Settlement of 
 financial assets 
 at fair value 
 through profit or 
 loss                   12,944               -      52,944              - 
Proceeds from 
 associate loan's 
 collections             4,043               -      24,537              - 
Proceeds from sales 
 of mining 
 concessions, 
 property, plant 
 and equipment              47             136       5,010            255 
Acquisitions of 
 mining 
 concessions, 
 development costs, 
 property, plant 
 and equipment        (147,494)       (134,007)   (503,576)      (442,927) 
Payment for 
 purchase of 
 investments                 -          32,184           - 
Proceeds from sales 
 of investments 
 shares                      -           3,658                      3,658 
Contributions to 
 associates             (1,649)        (36,633)     (6,988)       (58,594) 
Decrease in 
 time-deposits               -             539           -         10,121 
                     ---------      ----------   ---------      --------- 
                                             - 
Net cash and cash 
 equivalents used 
 in investing 
 activities           (132,109)       (134,123)   (428,073)      (487,487) 
                     ---------      ----------   ---------      --------- 
 
Financing 
 activities 
Increase in 
 financial 
 obligations           176,975          19,945     236,975         74,258 
Bank loans received          -               -                          - 
Payment of 
 financial 
 obligations          (281,215)            (48)   (260,231)        (1,068) 
Dividends paid          (2,567)        (50,887)    (78,836)      (152,666) 
Dividends paid to 
 non-controlling 
 interest                    -          (5,764)    (13,533)       (44,881) 
Purchase of 
 treasury shares             -               -        (462)             - 
Purchase of 
 associates' 
 shares                      -               -           -         (7,980) 
                     ---------      ----------   ---------      --------- 
 
Net cash and cash 
 equivalents 
 provided by (used 
 in) financing 
 activities           (106,807)        (36,754)   (116,087)      (132,337) 
                     ---------      ----------   ---------      --------- 
 
Net increase 
 (decrease) in cash 
 and cash 
 equivalents during 
 the period            (42,086)        (93,990)   (124,814)      (284,135) 
Cash and cash 
 equivalents at the 
 beginning of the 
 period                103,984         280,702     186,712        470,847 
 
Cash and cash 
 equivalents at 
 period-end             61,898         186,712      61,898        186,712 
                     ---------      ----------   ---------      --------- 
 
 

APPENDIX 6

 
 
 
CAS FY2013 VS 
FY2012 
                                                           JULCANI 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
 
Cost of Sales 
 (without D&A) 
 (US$000)           171     15,938  1,158       -     318      17,585      449      21,960   1,292       -     156      23,857 
Exploration 
 Expenses 
 (US$000)            69      6,393    465       -     128       7,054      138       6,745     397       -      48       7,328 
Selling 
 Expenses 
 (US$000)             7        685     50       -      14         755       12         586      34       -       4         637 
Total (US$000)      247     23,015  1,673       -     460      25,395      599      29,291   1,723       -     208      31,821 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold         384  2,229,452  1,713       -     140  Applicable      925   2,420,785   2,120       -      69  Applicable 
                                                              Not                                                      Not 
CAS                 644      10.32    976           3,281  Applicable      648       12.10     813           3,018  Applicable 
 
                                                            MALLAY 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)             -     11,547  6,253   6,481       -      24,282        -      10,720   5,135   5,383       -      21,238 
Exploration 
 Expenses 
 (US$000)             -      4,442  2,406   2,493       -       9,342        -       4,047   1,939   2,032       -       8,019 
Selling 
 Expenses 
 (US$000)             -        677    366     380       -       1,423        -         470     225     236       -         932 
Total (US$000)        -     16,666  9,026   9,355       -      35,046        -      15,238   7,299   7,652       -      30,188 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold           -  1,147,210  6,570   7,614       -  Applicable              544,509   3,883   4,438          Applicable 
                                                              Not                                                      Not 
CAS                          14.53  1,374   1,229          Applicable                27.98   1,880   1,724          Applicable 
 
                                                          BREAPAMPA 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)        46,139      3,395      -       -       -      49,535        -           -       -       -       -           - 
Exploration 
 Expenses 
 (US$000)         2,771        204      -       -       -       2,974        -           -       -       -       -           - 
Selling 
Expenses 
(US$000)              -          -      -       -       -           -        -           -       -       -       -           - 
Total (US$000)   48,910      3,599      -       -       -      52,509        -           -       -       -       -           - 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold      81,436    373,595      -       -       -  Applicable        -           -       -       -       -  Applicable 
                                                              Not                                                      Not 
CAS                 601       9.63                         Applicable                                               Applicable 
 
                                                          RECUPERADA 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)             -      7,331  4,831   6,121       -      18,283        -       9,619   4,567   5,102       -      19,288 
Exploration 
 Expenses 
 (US$000)             -      2,643  1,741   2,207       -       6,591        -       3,728   1,770   1,978       -       7,476 
Selling 
 Expenses 
 (US$000)             -        460    303     384       -       1,148        -         563     267     298       -       1,128 
Total (US$000)        -     10,434  6,875   8,713       -      26,022        -      13,910   6,604   7,378       -      27,892 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold           -    417,180  2,907   4,119       -  Applicable        -     432,521   3,057   3,724       -  Applicable 
                                                              Not                                                      Not 
CAS                          25.01  2,365   2,115          Applicable                32.16   2,160   1,981          Applicable 
 
                                                          ORCOPAMPA 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)       124,129      5,489      -       -       -     129,617  112,054       4,750       -       -       -     116,805 
Exploration 
 Expenses 
 (US$000)        55,420      2,450      -       -       -      57,870   47,083       1,996       -       -       -      49,079 
Selling 
 Expenses 
 (US$000)             3          0      -       -       -           3       16           1       -       -       -          17 
Total (US$000)  179,552      7,939      -       -       -     187,491  159,153       6,747       -       -       -     165,900 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold     223,998    617,433      -       -       -  Applicable  263,695     598,511       -       -       -  Applicable 
                                                              Not                                                      Not 
CAS                 802      12.86                         Applicable      604       11.27                          Applicable 
 
                                                         UCHUCCHACUA 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)             -    102,915  6,874   5,586       -     115,376        -     112,754   4,155   4,732       -     121,641 
Exploration 
 Expenses 
 (US$000)             -     22,578  1,508   1,225       -      25,311        -      27,165   1,001   1,140       -      29,306 
Selling 
 Expenses 
 (US$000)             -      2,985    199     162       -       3,346        -       4,661     172     196       -       5,029 
Total (US$000)        -    128,478  8,582   6,973       -     144,033        -     144,580   5,328   6,067       -     155,976 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold           -  9,877,877  6,977   6,340       -  Applicable        -  10,646,579   5,841   7,253       -  Applicable 
                                                              Not                                                      Not 
CAS                          13.01  1,230   1,100          Applicable                13.58     912     837          Applicable 
 
                                                           LA ZANJA 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)        85,063        917      -       -       -      85,981   79,469       1,175       -       -       -      80,644 
Exploration 
 Expenses 
 (US$000)         1,222         13      -       -       -       1,236    2,481          37       -       -       -       2,517 
Selling 
 Expenses 
 (US$000)           523          6      -       -       -         528      440           7       -       -       -         447 
Total (US$000)   86,809        936      -       -       -      87,745   82,390       1,218       -       -       -      83,608 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold     135,037     90,770      -       -       -  Applicable  115,571      91,467       -       -       -  Applicable 
                                                              Not                                                      Not 
CAS                 643      10.31                         Applicable      713       13.32                          Applicable 
 
                                                          EL BROCAL 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)         2,859     14,291  7,759  16,546  78,515     119,969    5,774      36,654   9,964  23,759  77,282     153,433 
Exploration 
Expenses 
(US$000)              -          -      -       -       -           -        -           -       -       -       -           - 
Selling 
 Expenses 
 (US$000)           209      1,044    567   1,209   5,735       8,763      310       1,969     535   1,276   4,152       8,243 
Total (US$000)    3,068     15,335  8,326  17,754  84,250     128,732    6,084      38,623  10,500  25,035  81,434     161,676 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold       4,690  1,461,659  8,392  20,011  25,266  Applicable    7,764   2,654,243  10,686  27,734  22,279  Applicable 
                                                              Not                                                      Not 
CAS                 654      10.49    992     887   3,335  Applicable      784       14.55     983     903   3,655  Applicable 
 
                                                      OTHER SMALL UNITS 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)        13,218      1,867     39       -       -      15,124   28,278       1,007       -       -       -      29,285 
Exploration 
 Expenses 
 (US$000)        49,611      7,009    145       -       -      56,765   47,601       1,695       -       -       -      49,295 
Selling 
 Expenses 
 (US$000)            59          8      0       -       -          68    1,600          57       -       -       -       1,657 
Total (US$000)   62,888      8,885    184       -       -      71,957   77,479       2,759       -       -       -      80,238 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold      12,955    114,138     25                  Applicable   51,675      94,874                          Applicable 
 
                                                     NON MINING COMPANIES 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
 Cost of Sales (without 
  D&A) (US$000)                                                77,785                                                   58,991 
 
                                                   TANTAHUATAY (COIMOLACHE) 
                                FY13                                                            FY12 
 
                 GOLD     SILVER    LEAD    ZINC   COPPER               GOLD      SILVER     LEAD    ZINC   COPPER 
                 (OZ)      (OZ)     (MT)    (MT)    (MT)     TOTAL      (OZ)       (OZ)      (MT)    (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)        60,338      4,726      -       -       -      65,064   65,453       7,858       -       -       -      73,311 
Exploration 
 Expenses 
 (US$000)        15,543      1,217      -       -       -      16,760    4,538         545       -       -       -       5,083 
Selling 
 Expenses 
 (US$000)           484         38      -       -       -         522      626          75       -       -       -         701 
Total (US$000)   76,365      5,981      -       -       -      82,346   70,617       8,478       -       -       -      79,095 
--------------  -------  ---------  -----  ------  ------  ----------  -------  ----------  ------  ------  ------  ---------- 
                                                              Not                                                      Not 
Volume Sold     142,432    695,412                         Applicable  140,682     904,234                          Applicable 
                                                              Not                                                      Not 
CAS                 536       8.60                         Applicable      502        9.38                          Applicable 
 
 
 
 
 CAS 4Q13 VS 
  4Q12 
 
                                                        JULCANI 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)           20      5,056    369      -      56       5,500     141      7,133    406      -      24       7,704 
Exploration 
 Expenses 
 (US$000)            8      2,103    153      -      23       2,288      47      2,383    136      -       8       2,574 
Selling 
 Expenses 
 (US$000)            1        163     12      -       2         178       3        159      9      -       1         172 
Total (US$000)      28      7,322    534      -      82       7,966     192      9,675    551      -      33      10,450 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold         67    878,684    605             49  Applicable     230    609,749    518      -       8  Applicable 
                                                            Not                                                  Not 
CAS                425       8.33    882          1,658  Applicable     834      15.87  1,062          3,853  Applicable 
 
MALLAY 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)            -      2,177  1,285  1,380       -       4,842       -      3,492  1,755  1,953       -       7,201 
Exploration 
 Expenses 
 (US$000)            -        849    501    538       -       1,889       -      1,385    696    775       -       2,855 
Selling 
 Expenses 
 (US$000)            -        133     79     84       -         296       -        218    110    122       -         450 
Total (US$000)       -      3,160  1,865  2,003       -       7,028       -      5,095  2,561  2,850       -      10,506 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold          -    279,502  1,615  1,830       -  Applicable            237,430  1,762  2,219          Applicable 
                                                            Not                                                  Not 
CAS                         11.30  1,155  1,095          Applicable              21.46  1,454  1,284          Applicable 
 
BREAPAMPA 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)        9,055        775      -      -       -       9,830       -          -      -      -       -           - 
Exploration 
 Expenses 
 (US$000)          185         16      -      -       -         201       -          -      -      -       -           - 
Selling 
Expenses 
(US$000)             -          -      -      -       -           -       -          -      -      -       -           - 
Total (US$000)   9,240        791      -      -       -      10,031       -          -      -      -       -           - 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold     20,679    108,665      -      -       -  Applicable       -          -      -      -       -  Applicable 
                                                            Not                                                  Not 
CAS                447       7.28                        Applicable                                           Applicable 
 
                                                       RECUPERADA 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)            -      1,818  1,156  1,613       -       4,587       -      2,913  1,322  1,487       -       5,723 
Exploration 
 Expenses 
 (US$000)            -        396    251    351       -         998       -      1,181    536    603       -       2,320 
Selling 
 Expenses 
 (US$000)            -         85     54     75       -         214       -        154     70     79       -         303 
Total (US$000)       -      2,299  1,461  2,039       -       5,798       -      4,249  1,928  2,169       -       8,346 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold          -     99,835    621    914       -  Applicable       -    113,694    762    970       -  Applicable 
                                                            Not                                                  Not 
CAS                         23.02  2,352  2,229          Applicable              37.37  2,531  2,236          Applicable 
 
                                                       ORCOPAMPA 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)       26,809      1,295      -      -       -      28,104  28,763      1,309      -      -       -      30,073 
Exploration 
 Expenses 
 (US$000)       11,455        553      -      -       -      12,008  13,821        629      -      -       -      14,450 
Selling 
 Expenses 
 (US$000)            3          0      -      -       -           3       -          -      -      -       -           - 
Total (US$000)  38,267      1,848      -      -       -      40,115  42,584      1,939      -      -       -      44,523 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold     46,078    136,363      -      -       -  Applicable  54,956    131,429      -      -       -  Applicable 
                                                            Not                                                  Not 
CAS                830      13.55                        Applicable     775      14.75                        Applicable 
 
                                                      UCHUCCHACUA 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)            -     19,555  1,181  1,411       -      22,148       -     43,654  1,840  1,388       -      46,882 
Exploration 
 Expenses 
 (US$000)            -      4,468    270    322       -       5,060       -      9,237    389    294       -       9,920 
Selling 
 Expenses 
 (US$000)            -        565     34     41       -         640       -      1,628     69     52       -       1,749 
Total (US$000)       -     24,589  1,485  1,775       -      27,848       -     54,519  2,298  1,734       -      58,551 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold          -  1,911,587  1,135  1,502       -  Applicable       -  3,909,947  2,433  2,078       -  Applicable 
                                                            Not                                                  Not 
CAS                         12.86  1,309  1,182          Applicable              13.94    944    834          Applicable 
 
                                                        LA ZANJA 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)       20,146        259      -      -       -      20,405  23,815        519      -      -       -      24,334 
Exploration 
 Expenses 
 (US$000)           26          0      -      -       -          26   1,118         24      -      -       -       1,142 
Selling 
 Expenses 
 (US$000)          163          2      -      -       -         165     108          2      -      -       -         110 
Total (US$000)  20,334        262      -      -       -      20,596  25,040        546      -      -       -      25,586 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold     32,975     26,031      -      -       -  Applicable  28,901     33,111      -      -       -  Applicable 
                                                            Not                                                  Not 
CAS                617      10.05                        Applicable     866      16.49                        Applicable 
 
                                                       EL BROCAL 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)          574      4,177  1,522  2,576  22,117      30,967   3,131      6,892     48      -  44,511      54,582 
Exploration 
Expenses 
(US$000)             -          -      -      -       -           -       -          -      -      -       -           - 
Selling 
 Expenses 
 (US$000)           37        269     98    166   1,426       1,996     171        377      3      -   2,433       2,983 
Total (US$000)     612      4,446  1,621  2,742  23,543      32,963   3,302      7,268     51      -  46,944      57,565 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold      1,210    539,368  1,932  3,620   8,284  Applicable   3,908    476,154     47      -  12,024  Applicable 
                                                            Not                                                  Not 
CAS                505       8.24    839    757   2,842  Applicable     845      15.26  1,089          3,904  Applicable 
 
                                                   OTHER SMALL UNITS 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)          931         16      -      -       -         947   4,519        359      -      -       -       4,878 
Exploration 
 Expenses 
 (US$000)        9,326        157      -      -       -       9,483  20,939      1,663      -      -       -      22,602 
Selling 
 Expenses 
 (US$000)            -          -      -      -       -           -      39          3      -      -       -          42 
Total (US$000)  10,258        172      -      -       -      10,430  25,497      2,025      -      -       -      27,522 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold        433        452      -      -       -  Applicable   4,422     18,613      -      -       -  Applicable 
 
                                                  NON MINING COMPANIES 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)                                                    32,229                                               13,153 
 
 
                                                TANTAHUATAY (COIMOLACHE) 
 
                                       4Q13                                                 4Q12 
                 GOLD    SILVER    LEAD   ZINC   COPPER               GOLD    SILVER    LEAD   ZINC   COPPER 
                 (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL      (OZ)     (OZ)     (MT)   (MT)    (MT)     TOTAL 
Cost of Sales 
 (without D&A) 
 (US$000)       11,869        745      -      -       -      12,613  19,930      2,694      -      -       -      22,625 
Exploration 
 Expenses 
 (US$000)        1,079         68      -      -       -       1,147   3,448        466      -      -       -       3,915 
Selling 
 Expenses 
 (US$000)           58          4      -      -       -          61     170         23      -      -       -         193 
Total (US$000)  13,005        816      -      -       -      13,821  23,549      3,183      -      -       -      26,732 
--------------  ------  ---------  -----  -----  ------  ----------  ------  ---------  -----  -----  ------  ---------- 
                                                            Not                                                  Not 
Volume Sold     34,678    133,517                        Applicable  37,736    267,999                        Applicable 
                                                            Not                                                  Not 
CAS                375       6.11                        Applicable     624      11.88                        Applicable 
 
 
 
    CONTACT: Compañia de Minas Buenaventura S.A.A. 

Contacts in Lima:

Carlos Galvez, 511-419-2540

Chief Financial Officer

or

Daniel Dominguez, 511-419-2591

Director of Treasury and Investor Relations

[email protected]

or

Contacts in New York:

i-advize Corporate Communications

Maria Barona, 212-406-3691

or

Rafael Borja, 212-406-3693

[email protected]


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Our company BYLSA DRILLING provides drilling services in a variety of environments, ranging from typical exploration sites to extreme topographic conditions, always with the highest quality and safety standards.