News Column

Buenaventura Announces Fourth Quarter and Full Year 2013 Results

February 28, 2014

LIMA, Peru--(BUSINESS WIRE)-- 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 production1 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 production1 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 Huancavelica S.A*     100.00     Energy – Huanza Hydroelectrical Project
    Buenaventura Ingenieros S.A*     100.00     Engineering Consultant
    Processadora Industrial Rio Seco S.A*     100.00     Rio Seco chemical plant
    El Molle Verde S.A.C*     100.00     Trapiche project
    Minera La Zanja S.A*     53.06     La Zanja
    Sociedad Minera El Brocal S.A.A*     54.07     Colquijirca and Marcapunta
    Canteras del Hallazgo S.A **     49.00     Chucapaca project
    CompaÑÍa Minera Coimolache S.A **     40.10     Tantahuatay
    Minera Yanacocha S.R.L **     43.65     Yanacocha
    Sociedad Minera Cerro Verde S.A.A **     19.58     Cerro Verde


    (*)Consolidates

    (**) Equity Accounting

    APPENDIX 2

     

                                                       
    GOLD PRODUCTION
    Three Months Ended December 31Full Year
    Orcopampa           Orcopampa Old Tailings               Orcopampa                 Orcopampa Old Tailings
    20132012%20132012%20132012%20132012%
    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 Produced45,98155,652-17%2,1364,128-48%208,774240,134-13%15,89720,245-21%
     

    Orcopampa Total Production

    4Q13

    48,117

    4Q12

    59,780

    FY2013

    224,671

    FY2012

    260,379
     
    La ZanjaTantahuatay
    4Q134Q12%FY2013FY2012%4Q134Q12%FY2013FY2012%
    Ounces Produced33,45128,670 17% 137,395112,387 22% 33,41735,340 -5% 142,667141,268 1%
     
    Breapampa
    4Q134Q12%FY2013FY2012%
    Ounces Produced21,9188,817 149% 81,8828,817 829%
     
    SILVER PRODUCTION
    Three Months Ended December 31Full Year
    UchucchacuaColquijircaUchucchacuaColquijirca
          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 Produced2,871,9593,012,187-5%385,22111,444,75111,263,3222%1,186,0221,410,027-16%
     
    ZINC PRODUCTION
    Three Months Ended December 31Full Year
    UchucchacuaColquijircaUchucchacuaColquijirca
          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 Produced2,1542,931-27%4,3218,1469,820-17%24,21933,268-27%
     


    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

               
    GOLD % Ownership   MT (000)   Grade Oz / 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
     
    SILVER % Ownership   MT (000)   Grade Oz / 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

     
    ZINC % Ownership   MT (000)   Grade Oz / 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
     
    LEAD % Ownership   MT (000)   Grade Oz / 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
     
    COPPER % Ownership   MT (000)   Grade Oz / 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
     
    MOLYBDENUM   % Ownership   MT (000)   Grade Oz / 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
    20132012
    AssetsUS$(000)US$(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 assets551,875798,124
     
    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 assets4,008,5003,826,849
       
    Total assets4,560,3754,624,973
     
     
    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 liabilities386,214350,006
     
    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 liabilities341,632274,261
       
    Total liabilities727,846624,267
     
    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
    3,555,2223,737,059
    Non-controlling interest 277,307 263,647
    Total shareholders’ equity3,832,5294,000,706
       
    Total liabilities and shareholders’ equity4,560,3754,624,973

     

     

     
             
    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 ended

    December, 31

         

    For the twelve month period ended

    December, 31

    2013201220132012
    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 ended

    December, 31

     

    For the twelve month period ended

    December, 31

    2013201220132012
    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
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 384 2,229,452 1,713 - 140 Not Applicable 925 2,420,785 2,120 - 69 Not Applicable

    CAS

    64410.329763,281

    Not Applicable

    64812.108133,018

    Not Applicable

     
    MALLAY
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 1,147,210 6,570 7,614 -

    Not Applicable

    544,509 3,883 4,438 Not Applicable

    CAS

    14.531,3741,229

    Not Applicable

    27.981,8801,724

    Not Applicable

     
    BREAPAMPA
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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       -   -   -   -   -   -
    Volume Sold 81,436 373,595 - - - Not Applicable - - - - - Not Applicable

    CAS

    6019.63

    Not Applicable

    Not Applicable

     
    RECUPERADA
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 417,180 2,907 4,119 - Not Applicable - 432,521 3,057 3,724 - Not Applicable

    CAS

     

    25.012,3652,115

    Not Applicable

    32.162,1601,981

    Not Applicable

     
    ORCOPAMPA
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 223,998 617,433 - - - Not Applicable 263,695 598,511 - - - Not Applicable

    CAS

    80212.86

    Not Applicable

    60411.27

    Not Applicable

     
    UCHUCCHACUA
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 9,877,877 6,977 6,340 - Not Applicable - 10,646,579 5,841 7,253 - Not Applicable

    CAS

    13.011,2301,100

    Not Applicable

    13.58912837

    Not Applicable

     
    LA ZANJA
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 135,037 90,770 - - - Not Applicable 115,571 91,467 - - - Not Applicable

    CAS

    64310.31

    Not Applicable

    71313.32

    Not Applicable

     
    EL BROCAL
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 4,690 1,461,659 8,392 20,011 25,266 Not Applicable 7,764 2,654,243 10,686 27,734 22,279 Not Applicable

    CAS

    65410.499928873,335

    Not Applicable

    78414.559839033,655

    Not Applicable

     
    OTHER SMALL UNITS
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 12,955 114,138 25 Not Applicable 51,675 94,874 Not Applicable
     
    NON MINING COMPANIES
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTAL
    Cost of Sales (without D&A) (US$000) 77,785 58,991
     
    TANTAHUATAY (COIMOLACHE)
    FY13FY12
     
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 142,432 695,412 Not Applicable 140,682 904,234 Not Applicable

    CAS

    5368.60

    Not Applicable

    5029.38

    Not Applicable

     
                           
    CAS 4Q13 VS 4Q12
     
    JULCANI
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 67 878,684 605 49 Not Applicable 230 609,749 518 - 8 Not Applicable
    CAS4258.338821,658Not Applicable83415.871,0623,853Not Applicable
     
    MALLAY
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 279,502 1,615 1,830 - Not Applicable 237,430 1,762 2,219 Not Applicable

    CAS

    11.301,1551,095Not Applicable21.461,4541,284Not Applicable
     
    BREAPAMPA
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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   -   -   -   -   -   -
    Volume Sold 20,679 108,665 - - - Not Applicable - - - - - Not Applicable
    CAS4477.28Not ApplicableNot Applicable
     
    RECUPERADA
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 99,835 621 914 - Not Applicable - 113,694 762 970 - Not Applicable
    CAS23.022,3522,229Not Applicable37.372,5312,236Not Applicable
     
    ORCOPAMPA
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 46,078 136,363 - - - Not Applicable 54,956 131,429 - - - Not Applicable
    CAS83013.55Not Applicable77514.75Not Applicable
     
    UCHUCCHACUA
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold - 1,911,587 1,135 1,502 - Not Applicable - 3,909,947 2,433 2,078 - Not Applicable
    CAS12.861,3091,182Not Applicable13.94944834Not Applicable
     
    LA ZANJA
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 32,975 26,031 - - - Not Applicable 28,901 33,111 - - - Not Applicable
    CAS61710.05Not Applicable86616.49Not Applicable
     
    EL BROCAL
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 1,210 539,368 1,932 3,620 8,284 Not Applicable 3,908 476,154 47 - 12,024 Not Applicable
    CAS5058.248397572,842Not Applicable84515.261,0893,904Not Applicable
     
    OTHER SMALL UNITS
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 433 452 - - - Not Applicable 4,422 18,613 - - - Not Applicable
     
    NON MINING COMPANIES
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTAL
    Cost of Sales (without D&A) (US$000) 32,229 13,153
     
     
    TANTAHUATAY (COIMOLACHE)
     
    4Q134Q12
    GOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (MT)TOTALGOLD (OZ)SILVER (OZ)LEAD (MT)ZINC (MT)COPPER (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
    Volume Sold 34,678 133,517 Not Applicable 37,736 267,999 Not Applicable
    CAS3756.11Not Applicable62411.88Not Applicable
     





    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

    daniel.dominguez@buenaventura.pe

    or

    Contacts in New York:

    i-advize Corporate Communications

    Maria Barona, 212-406-3691

    or

    Rafael Borja, 212-406-3693

    buenaventura@i-advize.com


    Source: Minas Buenaventura S.A.A.


  • For more stories on investments and markets, please see HispanicBusiness' Finance Channel



    Source: Business Wire


    Story Tools