Buenaventura Announces Third Quarter 2012 Results

LIMA, Peru--(BUSINESS WIRE)--

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) BVN (Lima Stock Exchange: BUE.LM), Peru's largest, publicly-traded precious metals mining company, announced today results for the third quarter 2012. All figures have been prepared in accordance with IFRS and are stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

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

“Net income in the third quarter was US$185.6 million, 11% lower than the figure reported in 3Q11 (US$208.7 million). EBITDA from Buenaventura's Direct Operations was US$158.5 million, 37% lower than the figure reported in 3Q11 (US$252.3 million), while EBITDA including Affiliates decreased 14%, from US$446.5 million in 3Q11 to US$384.4 million in 3Q12.

These results were mainly explained by lower gold volume sold from Buenaventura's direct operations, as well as lower silver and base metal prices. Higher costs also impacted results due to an increase in contractor expenses as well as higher supply costs.

Financial Highlights (in millions of US$, except EPS figures):
			3Q12			3Q11			Var%			9M12			9M11			Var%
Total Revenues			411.9			435.3			-5%			1,139.4			1,154.3			-1%
Operating Income			120.6			214.0			-44%			331.6			540.3			-39%
EBITDA (BVN Direct Operations)			158.5			252.3			-37%			439.7			643.3			-32%
EBITDA (inc. Associates)			384.4			446.5			-14%			1,137.5			1,237.8			-8%
Net Income			185.6			208.7			-11%			545.6			631.0			-14%
EPS*			0.7			0.8			-11%			2.1			2.5			-14%

(*) As of September 30, 2012, Buenaventura had 254,232,571 shares outstanding.

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

Operating Revenue

During 3Q12, net sales were US$394.0 million, 6% lower than the US$418.1 million reported in 3Q11. This was explained by lower metal prices and gold volume sold.

Royalty income increased 4% from US$17.1 million reported in 3Q11 to US$17.9 million in 3Q12 due to higher revenues at Yanacocha.

Operating Highlights		3Q12		3Q11		Var %		9M12		9M11		Var %
Net Sales (in millions of US$)		394.0		418.1		-6%		1,084.7		1,108.9		-2%
Average Realized Gold Price Gold (US$/oz)*		1,671		1,695		-1%		1,672		1,543		8%
Average Realized Gold Price (US$/oz) inc. Associates		1,656		1,677		-1%		1,653		1,542		7%
Average Realized Silver Price (US$/oz)*		29.68		38.99		-24%		29.93		37.33		-20%
Average Realized Lead Price (US$/MT)*		2,030		2,378		-15%		1,973		2,441		-19%
Average Realized Zinc Price (US$/MT)*		1,868		2,235		-16%		1,909		2,276		-16%
Average Realized Copper Price (US$/MT)*		7,989		9,066		-12%		8,119		9,244		-12%
(*) Buenaventura's Direct Operations
Sales Content
		3Q12		3Q11		Var %		9M12		9M11		Var %
Gold (in oz)*		113,563		134,863		-16%		347,400		381,469		-9%
Gold (in oz) inc. Associates		287,284		283,091		1%		631,544		765,476		-17%
Silver (in oz)*		4,392,833		4,069,550		8%		11,882,677		10,427,079		14%
Lead (in MT)*		8,391		8,217		2%		19,996		15,511		29%
Zinc (in MT)*		15,613		12,114		29%		37,987		28,243		35%
Copper (in MT)*		3,886		4,383		-11%		10,394		15,061		-31%
(*) Buenaventura Direct Operations

Accumulated net sales in the first nine-month period 2012 were US$1,084.7 million, 2% lower than the figure reported in the same period 2011 (US$1,108.9 million), while royalty income was US$54.6 million, a 20% increase when compared to the US$45.4 million reported in 2011.

Production and Operating Costs

Buenaventura's equity production¹ in 3Q12 was 112,750 ounces of gold, 5% higher than the 107,157 ounces reported in 3Q11 mainly due to an increase in Orcopampa and Tantahuatay production. Silver production in 3Q12 was 4.7 million ounces, a 12% increase when compared to the figure reported in 3Q11 (4.2 million oz).

Equity production¹ in the first nine-month period 2012 was 337,761 ounces of gold and 13.2 million ounces of silver. This represented a 2% decrease in gold production (344,751 ounces in 2011), and a 17% increase in silver production compared to 2011 (11.2 million ounces).

Equity Production 1
		3Q12		3Q11		Var%		9M12		9M11		Var%
Gold (oz) Direct Operations		112,750		107,157		5%		337,761		344,751		-2%
Gold (oz) inc. Yanacocha		267,144		256,887		4%		822,327		769,089		7%
Silver (oz)		4,678,811		4,189,062		12%		13,203,863		11,244,038		17%
Lead ( MT)		7,942		5,698		39%		19,450		13,819		41%
Zinc ( MT)		13,073		9,971		31%		32,328		19,474		66%
Copper (MT) inc. Cerro Verde		15,648		16,297		-4%		44,683		52,779		-15%

¹ Production includes 100% of Buenaventura's operating units, 100% of CEDIMIN, 53.06% of La Zanja, 40.04% of Tantahuatay and 53.76% of El Brocal.

Orcopampa's (100% owned by Buenaventura) total gold production in 3Q12 was 70,588 ounces, 17% higher than the 60,171 ounces reported in 3Q11. Production from the Chipmo mine in 3Q12 was 65,362 ounces, 25% higher compared to the 52,265 ounces reported in 3Q11 due to a 16% increase in tonnage treated and 6% higher ore grade (See Appendix 2). The old tailings treatment produced 5,226 gold ounces (compared to 7,906 ounces in 3Q11). Accumulated total gold production in the first nine-month period 2012 was 200,599 ounces, a 6% decrease when compared to 2011 (213,906 ounces).

Cash operating cost in 3Q12 was US$537/oz, 3% lower when compared to 3Q11 (US$554/oz). This was mainly explained by the 16% increase in gold ounces recovered due to higher tonnage treated and better ore grades.

At Uchucchacua (100% owned by Buenaventura), total silver production in 3Q12 was 2.79 million ounces, a 1% increase when compared to 2.75 million ounces in 3Q11 due to a 4% higher recovery rate (See Appendix). Zinc production in 3Q12 was 2,628 MT, 57% higher than the figure reported in 3Q11 (1,673 MT), while lead production increased 14% (2,259 MT in 3Q12 vs. 1,975 MT in 3Q11). In the first nine-month period 2012, silver production was 8.25 million ounces; zinc production was 6,879 MT, while lead production was 6,145 MT vs. 7.30 million ounces, 4,625 MT and 5,308 MT, respectively, in 2011.

Cash operating cost in 3Q12 was US$16.8/oz, in-line with the US$16.7/oz in 3Q11. It is important to note that efficiency improvements at Uchucchacua have permitted the Company to offset the increase in contractor, labor and supply costs, which have affected the entire industry.

At Julcani (100% owned by Buenaventura), total production in 3Q12 was 589,838 ounces of silver, 3% lower compared to 3Q11 (605,346 ounces). In the first nine-month period 2012, silver production was 1.82 million ounces, 0.5% higher than in 3Q11 (1.82 million ounces).

Silver cash operating cost in 3Q12 was US$14.6/oz, 15% higher than the 3Q11 cash cost (US$12.52/oz). This was mainly due to:

1. A 9% increase in labor costs

2. Contractor costs rose 25% due to higher labor costs, which impacted unit prices, as well as a 39% increase of DDHH work.

La Zanja (53.06% owned by Buenaventura) total production in 3Q12 was 29,702 ounces of gold, a 24% decrease when compared to 3Q11 (39,262 ounces). This was in-line with the 2012 mining plan. Accumulated gold production in the first nine-month period 2012 was 83,718 ounces, 17% lower when compared to first nine-month period 2011 (101,333 ounces). Cash operating cost in 3Q12 was US$620/oz, 72% higher than 3Q11 (US$360/oz) due to a higher stripping as well as an increase in supply costs (mainly explained by an increase of reagent consumption and prices). These costs were in-line with the 2012 budget.

Tantahuatay (40.04% owned by Buenaventura) total production in 3Q12 was 39,194 ounces of gold (15,678 ounces attributable to Buenaventura). In the first nine-month period 2012, gold production was 105,929 ounces (42,372 attributable to Buenaventura). Cash operating cost in 3Q12 was US$326/oz.

At El Brocal (53.76% owned by Buenaventura), Zinc production in 3Q12 was 13,298 MT, a 5% decrease when compared to 3Q11 (14,025 MT). Silver production increased 22% from 1.0 million ounces in 3Q11 to 1.2 million ounces in 3Q12. Lead production was 4,816 MT, 3% higher than 4,693 MT reported in 2011. During the first nine-month period 2012, total zinc production was 34,949 MT, a 48% increase when compared to the 23,675 MT reported in 2011. In the case of silver, total production increased 16%, from 2.5 million ounces in 2011 to 2.9 million ounces in the first nine-month period 2012. Lead production in the first nine-month period 2012 was 12,329 MT, 30% higher than 2011 (9,504 MT).

Zinc cash costs was US$975/MT in 3Q11 compared to a negative US$458/MT in 3Q12. This was explained by a decrease in silver by-product contribution due to lower prices.

At Marcapunta, copper production was 3,754 MT, 17% lower than the 4,549 MT reported in 3Q11. For the first nine-month period 2012, copper production decreased 41% (15,944 MT in 3Q11 versus 9,438 MT in 3Q12). Cash cost at Marcapunta was US$6,754/MT in 3Q12 (vs. US$3,922/MT in 3Q11).

General and Administrative Expenses

General and administrative expenses in 3Q12 were US$22.9 million, 2% higher than the figure reported in 3Q11 (US$22.3 million). This figure included US$4.0 million in metallurgical research studies. For the first nine-month period 2012, general and administrative expenses were US$77.7 million versus US$58.8 million in 2011 (a 32% increase).

Exploration Costs at Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care and maintenance, in 3Q12 were US$27.4 million, a 114% increase compared to the US$12.8 million reported in 3Q11. Buenaventura's main exploration efforts were focused at the Trapiche (US$5.1 million), Tambomayo (US$4.4 million), San Gregorio (US$4.0 million), Chancas/Focus (US$2.8 million) and Breapampa (US$2.1 million) projects.

Exploration costs at non-operational mining sites in the first nine-month period 2012 reached US$73.2 million, 106% higher than 2011 (US$35.5 million).

Operating Income

Operating income in 3Q12 was US$120.6 million, a 44% decrease compared to the US$214.0 million reported in 3Q11. This decrease was mainly due to a 27% increase in operating costs, while revenues decreased 5%.

For the accumulated first nine-month period 2012, operating income was US$331.6 million versus US$540.3 million in 2011 (a decrease of 39%).

Share in Associated Companies

During 3Q12, Buenaventura's share in associated companies was US$116.3 million, 8% higher than the US$107.7 million figure reported in 3Q11. Yanacocha's contribution to these results decreased 18%, from US$79.8 million in 3Q11 to US$65.1 million in 3Q12, while Cerro Verde's contribution increased 38% from US$31.8 million in 3Q11 to US$43.7 million in 3Q12.

For the first nine-month period 2012, Buenaventura's share in associated companies was US$374.3 million, 9% higher than the US$343.9 million reported in 2011.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 3Q12 gold production was 353,710 ounces of gold, 8% higher than 3Q11 production (328,411 oz). Accumulated gold production in the first nine-month period 2012 was 1,110,117 ounces, 16% higher than in 2011 (958,290 oz).

Costs applicable to sales (CAS) at Yanacocha in 3Q12 were US$539/oz, 15% lower than the figure reported in 3Q11 (US$633/oz) due to higher production and lower mining costs. Net income at Yanacocha in 3Q12 was US$150.5 million, 18% lower compared to the 3Q11 figure (US$183.3 million). Accumulated net income in the first nine-month period 2012 was US$550.8 million, 24% higher than in 2011 (US$443.1 million).

During 3Q12, EBITDA totaled US$316.1 million, a 3% decrease compared to 3Q11 (US$327.2 million). This decrease was mainly due to an increase in other expenses related to unexpected employee terminations. Accumulated EBITDA in the first nine-month period 2012 was US$1,055.9 million, 31% higher than 2011 (US$805.3 million).

Capital expenditures at Yanacocha were US$262.6 million in 3Q12 and US$822.9 for the first nine-month period 2012.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 3Q12 copper production was 69,150 MT, a 3% decrease compared to the figure reported in 3Q11 (71,255 MT). Accumulated total copper production in the first nine-month period 2012 was 200,775 MT, 12% lower than 227,622 MT in 2011.

During 3Q12, Cerro Verde reported net income of US$219.7 million, a 33% increase when compared to US$164.9 million in 3Q11. This was mainly due to a 22% decrease in sales revenues (US$575.0 million in 3Q12 versus US$470.1 million in 3Q11). Accumulated net income in the first nine-month period 2012 was US$625.9 million, 29% lower than US$875.8 million in 2011.

Capital expenditures at Cerro Verde in 3Q12 totaled US$148.8 million and US$400.8 in the first nine-month 2012 period.

CANTERAS DEL HALLAZGO (Chucapaca project)

At Canteras del Hallazgo (49% owned by Buenaventura), expenses attributable to Buenaventura totaled US$6.7 million, mainly due to social expenses (US$8.2 million in 3Q11). For the first nine-month period 2012, attributable expenses were US$20.1 million (US$21.3 million in 2011).

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.04% owned by Buenaventura), attributable contribution was US$13.5 million (US$4.4 million in 3Q11). For the first nine-month period 2012, attributable contribution was US$31.4 million (US$3.5 million in 2011)

Net Income

Buenaventura's 3Q12 net income was US$185.6 million (US$0.73 per share), an 11% decrease compared to the US$208.7 million (US$0.82 per share) reported in 3Q11. Accumulated net income in the first nine-month period 2012 was US$545.6 million, 14% lower when compared to 2011 (US$631.0 million).

Project Development

LA ZANJA DEVELOPMENT PROGRAM

• Pampa Verde Project will allow the development of a new open pit, an expansion of the current leach pad and improvements to the operation's road access. Construction began in 2Q11. The project's total investment is US$70.4 million. Completion is expected in 1Q13.

					Progress as of September 30, 2012
San Pedro Sur Leach Pad Stage II					100%
San Pedro Sur Leach Pad Stage III					22.34%
San Pedro Sur Waste Rock Deposit					100%
Pampa Verde Pit					60.00%
Pampa Verde Top Soil Deposit					30.00%
Pampa Verde Waste Soil Deposit					60.00%
Pampa Verde Acid Water Plant					75.00%
Pampa Verde Auxiliary Access					87.00%
Pampa Verde Waste Rock Deposit					70.00%
Pampa Verde Haul Road to SPS					70.00%

TANTAHUATAY DEVELOPMENT PROGRAM

• The acid water dam was completed
• Cienaga Norte project: The Environmental Impact Assessment approval is expected by the end of 4Q12.

PORACOTA – ULTRAFINE MILLING

• The Poracota Ultrafine Milling project began in 1Q12. The project's total investment is US$4.5 million.
• The objective of this project is to process material from Manto Aguila. Project completion is expected by the end of 1Q13.

					Progress as of September 30, 2012
Civil Work					58%
Structure Fabrication					100%
Plant Construction					0%

RIO SECO MANGANESE SULFATE PLANT

• Buenaventura continued with the construction of the manganese sulfate plant. The project's total budget is US$ 90.0 million.
• The project includes an acid leaching facility, a sulfuric acid production plant and a manganese sulfate crystallization plant.
• Pilot tests for the leaching processing facilities are expected in 4Q12. The operation of the sulfuric acid and the manganese sulfate plant is expected in 1Q13.

BREAPAMPA

• As of September 30, 2012, construction at the Breapampa Project was completed for a total budget of US$48.0 million.
• Currently, the Company is waiting for water and operating permits.

HUANZA HYDROELECTRICAL PLANT

• Construction progress at the Huanza Project included:

1. Water Conduction Tunnel: 10,074 meters of excavation was completed, representing 100%.

2. Powerplant: civil work was 90% complete.

3. Pallca Dam: 97% was complete (48,500m³ of concrete).

4. The construction of electromechanical equipment is nearly complete, and will be delivered on schedule. Equipment construction is 20% complete.

Other Information

At the Board of Directors meeting held October 30, 2012, the following resolutions were passed:

Declaration of a cash dividend of US$0.20 per share, or ADS, to be paid in U.S. dollars on November 30, 2012 to shareholders of record as of November 16, 2012.

Company Description

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

Buenaventura currently operates several mines in Peru (Orcopampa*, Poracota*, Uchucchacua*, Antapite*, Julcani*, Recuperada*, El Brocal, La Zanja, Coimolache and CEDIMIN*).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.

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

(*) Operations wholly owned by Buenaventura

(1) First time adoption of International Financial Reporting Standards (“IFRS”)

As part of the first adoption of the International Financial Reporting Standards (IFRS) in Peru, as of October 14, 2011, through Resolution N°102-2011-EF/94.01.1, the Superintendence of Securities Market (“SMV”, before CONASEV), required to all legal entities under its supervision to adopt IFRS since the year The nine-month period 2012.

For periods up to and including the year ended December 31, 2011, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles in Peru (Peru GAAP). These consolidated financial statements, for the year ended December 31, The nine-month period 2012, are the first the Company has prepared in accordance with IFRS, in which the Company has applied IFRS 1 “First Time Adoption of International Financial Reporting Standard” in the opening balance as of January 1, 2011, transition date to IFRS. The IFRS 1 application implies that all the standards are apply retrospectively at the transition date, including certain mandatory exceptions and voluntary exemptions defined in the standard.

Note on Forward-Looking Statements

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

**Tables to follow**

APPENDIX 1

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

(*)Consolidates

(**) Equity Accounting

APPENDIX 2
		GOLD PRODUCTION
		Three Months Ended September 30												Nine Months Ended September 30
		Orcopampa						Orcopampa Old Tailings						Orcopampa						Orcopampa Old Tailings
		2012		2011		%		2012		2011		%		2012		2011		%		2012		2011		%
Ore Milled MT		125,551		108,689		16%								350,563		334,790		5%
Ore Grade gr/MT		16.87		15.87		6%								17.04		19.10		-11%
Recovery Rate %		95.9%		94.1%		2%								96.0%		94.9%		1%
Ounces Produced		65,362		52,265		25%		5,226		7,906		-34%		184,482		195,170		-5%		16,117		18,736		-14%
Orcopampa Total Production				3Q12		70,588		3Q11		60,171		9M12%		200,599		9M11		213,906
		Three Months Ended September 30												Nine Months Ended September 30
		Antapite						Poracota						Antapite						Poracota
		2012		2011		%		2012		2011		%		2012		2011		%		2012		2011		%
Ore Milled MT		10,112		36,200		-72%		18,114		59,774		-70%		72,530		105,631		-31%		122,366		170,452		-28%
Ore Grade gr/MT		6.72		5.66		19%		4.22		8.13		-48%		4.63		6.86		-33%		6.27		8.40		-25%
Recovery Rate %		95.7%		96.9%		-1%		68.5%		80.5%		-15%		95.3%		96.5%		-1%		75.6%		82.8%		-9%
Ounces Produced		2,093		6,392		-67%		1,687		12,584		-87%		10,315		22,470		-54%		19,238		38,111		-50%
		LA ZANJA												TANTAHUATAY
		3Q12		3Q11		%		9M12		9M11		%		3Q12		3Q11		%		9M12		9M11		%
Ounces Produced		29,702		39,262		-24%		83,718		101,333		-17%		39,194		16,269		141%		105,929		16,269		551%
		SILVER PRODUCTION
		Three Months Ended September 30												Nine Months Ended September 30
		Uchucchacua						Colquijirca						Uchucchacua						Colquijirca
		2012		2011		%		2012		2011		%		2012		2011		%		2012		2011		%
Ore Milled MT		263,454		268,377		-2%		695,800		416,986		67%		783,967		717,919		9%		1,689,846		842,805		101%
Ore Grade gr/MT		445.71		447.77		0%		36.70		81.49		-55%		449.14		446.83		1%		41.06		74.65		-45%
Recovery Rate %		73.8%		71.2%		4%		66.0%		74.1%		-11%		72.8%		70.8%		3%		63.2%		76.1%		-17%
Ounces Produced		2,785,910		2,751,532		1%		536,167		891,672		-40%		8,247,266		7,302,138		13%		1,410,027		1,882,307		-25%
		ZINC PRODUCTION
		Three Months Ended September 30												Nine Months Ended September 30
		Uchucchacua						Colquijirca						Uchucchacua						Colquijirca
		2012		2011		%		2012		2011		%		2012		2011		%		2012		2011		%
Ore Milled MT		263,454		268,377		-2%		695,800		416,986		67%		783,967		717,919		9%		1,689,846		842,805		101%
Ore Grade %		1.57%		1.23%		28%		2.69%		4.06%		-34%		1.47%		1.25%		18%		2.93%		3.90%		-25%
Recovery Rate %		63.6%		50.8%		25%		65.4%		74.8%		-13%		59.6%		50.8%		17%		67.1%		72.0%		-7%
MT Produced		2,628		1,673		57%		12,332		14,025		-12%		6,879		4,625		49%		33,268		23,674		41%

APPENDIX 3

EBITDA RECONCILIATION (in thousand US$)
		3Q12		3Q11		9M12		9M11
Net Income		203,358		239,535		594,339		708,887
Add / Subtract:		-44,826		12,799		-154,630		-65,611
Provision for income tax, net		35,069		81,893		114,342		176,122
Share in associated companies by the equity method, net		-116,298		-107,696		-374,304		-343,853
Interest income		-2,470		-1,875		-7,761		-7,252
Interest expense		1,502		1,656		4,682		5,083
Loss on currency exchange difference		-527		529		254		1,352
Depreciation and Amortization		32,445		23,241		84,240		69,175
Workers´ participation provision		5,453		15,051		16,605		33,762
Long Term Compensation provision		0		0		7,312		0
EBITDA Buenaventura Direct Operations		158,532		252,334		439,709		643,276
EBITDA Yanacocha (43.65%)		137,997		142,840		460,891		351,526
EBITDA Cerro Verde (19.58%)		71,823		52,946		202,775		257,738
EBITDA Coimolache (40%)		22,721		6,635		54,270		6,635
EBITDA Canteras del Hallazgo (49%)		-6,669		-8,249		-20,110		-21,333
EBITDA Buenaventura + All Associates		384,404		446,505		1,137,534		1,237,842

Note:

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

EBITDA (including Affiliates) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura's equity share of EBITDA (Yanacocha) (2) Buenaventura's equity share of EBITDA (Cerro Verde), plus (3) Buenaventura's equity share of EBITDA (Coimolache) plus (4) Buenaventura's equity share of EBITDA (Canteras del Hallazgo). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the affiliated companies.

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

APPENDIX 4

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Balance sheet
As of September, 30 2012 and December, 31 2011
		2012		2011
Assets		US$(000)		US$(000)
Current assets
Cash and cash equivalents		280,702		470,847
Financial asset at fair value through profit and loss		55,029		62,299
Trade accounts receivable, net		187,129		172,569
Other accounts receivable		82,523		48,521
Accounts receivable from associates		29,916		47,425
Derivative financial instruments		-		1,283
Embedded derivatives for concentrates sales		5,774		-
Inventory, net		171,951		149,108
Prepaid expenses		11,694		16,234
Total current assets		824,718		968,286
Other accounts receivable		14,664		5,570
Accounts receivable from associates		37,852		32,262
Long-term Inventory		42,939		48,845
Prepaid expenses		253
Investment in associates		2,350,797		1,935,004
Mining concessions, development cost and		1,058,390		830,997
property, plant and equipment, net
Deferred income tax asset		107,927		125,538
Other assets		5,209		7,047
Total assets		4,442,749		3,953,549
Liabilities and shareholders' equity, net
Current liabilities
Trade accounts payable		173,799		142,375
Income tax payable		8,393		36,423
Dividends payable		865		1,052
Other accounts payable		61,757		40,098
Provisions		52,791		91,287
Accounts payable from associates		870		883
Embedded derivatives for concentrates sales, net		-		7,306
Hedge derivative financial instruments		177		-
Financial obligations		40,227		1,042
Total current liabilities		338,879		320,466
Other non-current provisions		106,850		86,528
Other accounts payable to associates		799		1,004
Financial obligations		119,181		105,072
Other accounts payable		4,694		-
Total liabilities		570,403		513,070
Shareholders' equity net
Capital stock, net of treasury shares of US$62,622,000		750,540		750,540
Investments shares, net of treasury shares of US$762,000		1,399		2,019
Additional paid-in capital		219,471		225,978
Legal reserve		162,649		162,639
Other reserves		269		269
Retained earnings		2,478,607		2,034,768
Cumulative unrealized, gain (loss)		753		2,068
		3,613,688		3,178,281
Non-controlling interest		258,658		262,198
Total shareholders' equity, net		3,872,346		3,440,479
Total liabilities and shareholders' equity, net		4,442,749		3,953,549

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of income
For the nine month period ended September 30, 2012 and September 30, 2011
		For the three month period ended September, 30						For the nine month period ended September, 30
		2012			2011			2012			2011
		US$(000)			US$(000)			US$(000)			US$(000)
Operating income
Net sales		393,987			418,130			1,084,736			1,108,912
Royalty income		17,868			17,126			54,621			45,375
Total income		411,855			435,256			1,139,357			1,154,287
Operating costs
Cost of sales, without considering depreciation and amortization		(164,106	)		(114,165	)		(434,961	)		(322,219	)
Exploration in units in operation		(30,341	)		(29,047	)		(97,153	)		(75,371	)
Depreciation and amortization		(32,445	)		(23,241	)		(84,240	)		(69,175	)
Royalties		(10,963	)		(20,629	)		(30,120	)		(51,939	)
Total operating costs		(237,855	)		(187,082	)		(646,474	)		(518,704	)
Gross income		174,000			248,174			492,883			635,583
Operating expenses
Administrative		(22,856	)		(22,343	)		(77,652	)		(58,825	)
Exploring in non-operating areas		(27,400	)		(12,827	)		(73,229	)		(35,527	)
Selling		(5,204	)		(3,285	)		(12,281	)		(8,138	)
Other operating income, net		2,094			4,323			1,831			7,246
Total operating expenses		(53,366	)		(34,132	)		(161,331	)		(95,244	)
Operating income		120,634			214,042			331,552			540,339
Other income (expenses), net
Share in the results of associates		116,298			107,696			374,304			343,853
Interest income		2,470			1,875			7,761			7,252
Interest expense		(1,502	)		(1,656	)		(4,682	)		(5,083	)
Loss from currency exchange difference, net		527			(529	)		(254	)		(1,352	)
Total other income, net		117,793			107,386			377,129			344,670
Income before income tax and non-controlling interest		238,427			321,428			708,681			885,009
Income tax		(35,069	)		(81,893	)		(114,342	)		(176,122	)
Net income		203,358			239,535			594,339			708,887
Net income attributable to non-controlling interest		(17,773	)		(30,862	)		(48,721	)		(77,890	)
Net income attributable to Owners of the parent		185,585			208,673			545,618			630,997
Basic and diluted earnings per share attributable to Buenaventura, stated in U.S. dollars		0.73			0.82			2.15			2.48

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of cash flows
For the nine month period ended September 30, 2012 and September 30, 2011
		For the three month period						For the nine month period
		ended September, 30						ended September, 30
		2012			2011			2012			2011
		US$(000)			US$(000)			US$(000)			US$(000)
Operating activities
Proceeds from sales		363,513			368,652			1,057,157			1,087,941
Royalties received		19,818			13,837			55,071			37,482
Value Added Tax recovered		16,884			6,920			30,161			19,360
Dividends received		3,846			-			10,854			-
Interest received		1,528			1,802			6,906			6,003
Payments to suppliers and third parties		(212,513	)		(182,485	)		(607,692	)		(533,215	)
Payments to employees		(33,694	)		(20,153	)		(155,521	)		(106,296	)
Income tax paid		(31,238	)		(24,914	)		(107,057	)		(86,431	)
Payment of royalties		(9,738	)		(20,829	)		(29,798	)		(55,638	)
Payments of interest		(514	)		(235	)		(1,279	)		(911	)
Net cash and cash equivalents provided by operating activities		117,892			142,595			258,802			368,295
Investment activities
Decrease (increase) in time deposits		2,736			(1,442	)		9,582			16,493
Proceeds from sales of mining concessions, property, plant and equipment		98			7,792			119			7,792
Proceeds from sales of investments shares		-			60,379			-			60,379
Acquisitions of mining concessions, development activities,		(140,213	)		(69,330	)		(308,920	)		(178,496	)
property, plant and equipment
Payments for purchase of investments shares		(23,273	)		(1,930	)		(32,184	)		(1,930	)
Contributions to associates		(13,083	)		(238,176	)		(21,961	)		(255,195	)
Net cash and cash equivalents used in investment activities		(173,735	)		(242,707	)		(353,364	)		(350,957	)
Financing activities
Increase in financial obligations		40,026			8,922			54,313			34,437
Dividends paid		-			-			(101,779	)		(83,967	)
Dividends paid to non-controlling interest		(4,942	)		(22,867	)		(39,117	)		(48,418	)
Payments for capital stock reduction to non-controlling interest		(7,980	)		-			(7,980	)		-
Payments of financial obligation		-			(493	)		(1,020	)		(1,500	)
Net cash and cash equivalents provided by (used in) financing activities		27,104			(14,438	)		(95,583	)		(99,448	)
Decrease in cash and cash equivalents during the period, net		(28,739	)		(114,550	)		(190,145	)		(82,110	)
Cash and cash equivalents at beginning of period		309,441			615,301			470,847			582,861
Cash and cash equivalents at period-end		280,702			500,751			280,702			500,751
		For the three month period						For the nine month period
		ended September, 30						ended September, 30
		2012			2011			2012			2011
		US$(000)			US$(000)			US$(000)			US$(000)
Reconciliation of net income to cash and cash equivalents provided by operating activities
Net income attributable to owners of the parent		185,585			208,673			545,618			630,997
Add (less)
Depreciation and amortization		32,445			23,241			84,240			69,175
Net income attributable to non-controlling interest		17,773			30,862			48,721			77,890
Deferred income tax		4,396			23,269			17,175			48,065
Accretion expense of the provision for closure of mining units		988			1,417			3,405			4,169
Loss from currency exchange differences		(527	)		529			254			1,352
Share in the results of associates, net of dividends received in cash		(112,452	)		(107,696	)		(363,450	)		(343,853	)
Provisions		(17,846	)		16,811			(137,589	)		(21,473	)
Provision for estimated fair value of embedded derivatives related of concentrates sales and adjustments on open liquidations		(21,983	)		35,099			(32,076	)		44,610
Net changes in operating assets and liabilities accounts
Decrease (increase) in operating assets
Trade accounts receivable		(17,806	)		(75,278	)		(14,560	)		(55,912	)
Other accounts receivable		(9,298	)		26,536			(23,304	)		31,842
Other accounts receivable from associates		14,205			(20,727	)		7,225			(33,277	)
Inventory		(3,723	)		(20,165	)		(16,937	)		(79,643	)
Prepaid expenses		(21,512	)		11,704			(26,747	)		14,120
Increase (decrease) of operating liabilities
Trade accounts payable		23,621			15,703			31,424			10,274
Other accounts payable		44,218			(46,357	)		163,433			(47,761	)
Income tax payable		(192	)		18,974			(28,030	)		17,720
Net cash and cash equivalents provided by operating activities		117,892			142,595			258,802			368,295