CORRECTING and REPLACING Buenaventura Announces Second Quarter and Six-Month Period 2015 Results

Buying Rally Continues, Kse 100 Gains Over 2,000 Points

LIMA, Peru–(BUSINESS WIRE)–

The first bullet point in the Second Quarter 2015 Highlights should read: In 2Q15, EBITDA from direct operations was US$ 32.9 million and adjusted EBITDA (including associated companies) was US$ 90.7 million. (instead of …adjusted EBITDA (including associated companies) was US$ 92.4 million.)

The corrected release reads:

BUENAVENTURA ANNOUNCES SECOND QUARTER AND SIX-MONTH PERIOD 2015 RESULTS

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the second quarter (2Q15) and six-month (6M15) periods, ended June 30, 2015. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non GAAP basis and are stated in U.S. dollars (US$ ).

Second Quarter 2015 Highlights:

In 2Q15, EBITDA from direct operations was US$ 32.9 million and adjusted EBITDA (including associated companies) was US$ 90.7 million.
Total attributable production (including associates) in 2Q15 was 186k gold ounces and 4.4 million silver ounces (compared to 191k gold ounces and 4.6 million silver ounces in 2Q14).
At the Tambomayo project, construction permits were granted in June 2015. Production should begin in 3Q16 at 1,500 TPD (120K-150K gold ounces and 2.5-3.0 million silver ounces per year).
At the San Gabriel (Chucapaca) project, construction of the ramp started in June 2015. The Environmental Impact Assessment (EIA) of the project´s construction is expected to be submitted in 3Q15.
During 2Q15, El Brocal average plant capacity reached 14K TPD level due to technical problems with the main mill´s engine. Full production capacity level (18K TPD) will be reached in 4Q15.
Cerro Verde’s plant expansion to 360K TPD is in-line with schedule and budget (close to 90% complete). Completion of the plant is expected by late 2015, and will become the largest concentration facility in the world.


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

	2Q15	2Q14	Var%	6M15	6M14	Var%
Total Revenues	256.3	302.2	-15%	508.3	583.1	-13%
Operating Profit	-34.0	34.8	N.A.	-40.0	48.8	N.A.
EBITDA Direct Operations	32.9	85.4	-62%	82.0	147.6	-44%
Adjusted EBITDA (Inc Associates)	90.7	168.4	-45%	235.3	275.9	-15%
Net Income	-18.7	23.1	N.A.	-1.4	7.0	N.A.
EPS*	-0.06	0.12	N.A.	0.01	0.10	N.A.

(*) as of June 30, 2015 Buenaventura had 254,186,867 outstanding shares.

Operating Revenues

During 2Q15, net sales were US$ 248.9 million, a 16% decrease compared to the US$ 294.8 million reported in 2Q14. This was mainly explained by the decrease in gold, silver and copper prices as well as lower gold and silver volume sold.

Royalty income was US$ 7.4 million in 2Q15 in-line with the figure reported in 2Q14.



Operating Highlights	2Q15	2Q14	Var%	6M15	6M14	Var%
Net Sales (in millions of US$ )	248.9	294.8	-16%	491.8	567.7	-13%
Average Realized Gold Price (US$ /oz)*	1,185	1,273	-7%	1,204	1,292	-7%
Average Realized Gold Price (US$ /oz) inc. Affiliates	1,187	1,279	-7%	1,206	1,290	-7%
Average Realized Silver Price (US$ /oz)*	16.17	19.76	-18%	15.76	19.78	-20%
Average Realized Lead Price (US$ /MT)*	1,918	2,073	-7%	1,791	2,123	-16%
Average Realized Zinc Price(US$ /MT)*	2,145	2,093	3%	2,103	2,144	-2%
Average Realized Copper Price (US$ /MT)*	5,150	6,575	-22%	5,124	6,802	-25%
(*) Buenaventura’s Direct Operations


Volume Sold	2Q15	2Q14	Var%	6M15	6M14	Var%
Gold Oz Direct Operations	91,474	109,020	-16%	192,707	216,258	-11%
Gold Oz inc Associated Companies	192,274	205,117	-6%	413,359	414,301	0%
Silver Oz	4,785,933	4,949,060	-3%	9,583,574	9,104,294	5%
Lead MT	6,309	4,199	50%	15,678	8,281	89%
Zinc MT	13,364	2,947	354%	26,899	5,781	365%
Copper MT	8,831	10,186	-13%	12,462	19,187	-35%

For 6M15, net sales decreased 13%, from US$ 567.7 million in 6M14 to US$ 491.8 million in 6M15. Royalties increased 7%, from US$ 15.4 million in 6M14 to US$ 16.5 million in 6M15.

Production and Operating Costs

In 2Q15, Buenaventura’s gold equity production from direct operations decreased 15%, from 107,807 ounces in 2Q14 to 91,454 ounces in 2Q15 due to the decline in production at Breapampa mine. Gold production including associated companies was 185,705 ounces, 3% lower than the reported in the same period 2014. Silver equity production from direct operations decreased 7%, mainly due to lower production at Uchucchacua mine.


Equity Production
	2Q15	2Q14	Var %	6M15	6M14	Var %
Gold Oz Direct Operations¹	91,454	107,807	-15%	176,764	207,264	-15%
Gold Oz inc Associated Companies	185,705	191,045	-3%	379,291	381,081	0%
Silver Oz Direct Operations¹	4,303,569	4,647,397	-7%	9,783,518	8,620,363	13%
Silver Oz inc Associated Companies	4,429,322	4,802,767	-8%	10,043,053	8,913,163	13%
Lead TM	5,652	4,413	28%	13,092	8,881	47%
Zinc TM	9,660	4,145	133%	21,005	8,065	160%
Copper MT Direct Operations¹	5,263	5,998	-12%	7,453	11,357	-34%
Copper inc Associated Companies	14,450	17,097	-15%	21,160	34,391	-38%

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

Orcopampa’s (100% owned by Buenaventura)

Production

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

51,921

51,102

101,989

96,031

Silver

133,401

86,328

55%

245,611

166,111

48%

Cost Applicable to Sales

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

US$ /Oz

695

756

-8%

697

795

-12%

Gold production at Orcopampa increased 2% in 2Q15 (compared to 2Q14) due to higher ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q15 decreased 8% explained by lower diesel costs and improvements in energy consumption.

Gold production guidance for 2015 is 190k – 205k ounces.

Uchucchacua (100% owned by Buenaventura)

Production

2Q15

2Q14

Var %

6M15

6M14

Var %

Silver

2,497,189

2,997,602

-17%

6,026,362

5,366,112

12%

Zinc

1,212

1,575

-23%

2,798

3,045

-8%

Lead

1,470

1,717

-14%

3,529

3,405

Cost Applicable to Sales

2Q15

2Q14

Var %

6M15

6M14

Var %

Silver

US$ /Oz

15.66

15.82

-1%

15.03

16.37

-8%

Silver production in 2Q15 decreased 17% compared to 2Q14, due to the 29-day stoppage in May. Cost Applicable to Sales (CAS) in 2Q15 decreased 1% compared to 2Q14, mainly explained by a decrease in exploration expenses, as a result of less diamond drilling.

Revised silver production guidance for 2015 is 14.0 million – 14.5 million ounces.


Mallay (100% owned by Buenaventura)

Production
		2Q15	2Q14	Var %	6M15	6M14	Var %
Silver	Oz	297,777	302,118	-1%	605,031	599,298	1%
Zinc	MT	2,141	2,570	-17%	4,320	5,020	-14%
Lead	MT	1,776	1,904	-7%	3,428	3,716	-8%


Cost Applicable to Sales
		2Q15	2Q14	Var %	6M15	6M14	Var %
Silver	US$ /Oz	13.63	13.31	2%	13.97	13.48	4%

Silver production in 2Q15 was in-line with the figure reported in 2Q14. Cost Applicable to Sales (CAS) in 2Q15 was 2% higher compared to 2Q14 due higher commercial deductions and an increase in exploration expenses.

Silver production guidance for 2015 is 1.1 million – 1.25 million ounces.

Julcani (100% owned by Buenaventura)

Production

2Q15

2Q14

Var %

6M15

6M14

Var %

Silver

786,628

763,529

1,602,980

1,526,966

Cost Applicable to Sales

2Q15

2Q14

Var %

6M15

6M14

Var %

Silver

US$ /Oz

12.29

13.55

-9%

12.62

13.04

-3%

Silver production in 2Q15 increased 3% compared to 2Q14 production, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q15 was 9% lower than 2Q14, mainly explained by lower community relations expenses.

Silver production guidance for 2015 is 2.9 million – 3.1 million ounces.

La Zanja’s (53.06% owned by Buenaventura)

Production

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

37,254

36,685

67,709

72,622

-7%

Silver

67,817

138,674

-51%

163,125

234,060

-30%

Cost Applicable to Sales

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

US$ /Oz

678

363

87%

747

423

77%

Gold production in 2Q15 increased 2% compared to 2Q14. CAS in 2Q15 increased 87% mainly due to higher ore hauling costs explained by the longer distance between Pampa Verde pit and the leaching pad.

Gold production guidance for 2015 is 138k – 142k ounces.

Tantahuatay’s (40.10% owned by Buenaventura)

Production

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

32,139

35,171

-9%

62,346

67,804

-8%

Silver

178,695

170,200

338,959

292,516

16%

Cost Applicable to Sales

2Q15

2Q14

Var %

6M15

6M14

Var %

Gold

US$ /Oz

497

476

575

461

25%

Gold production in 2Q15 decreased 9% compared to the figure reported in 2Q14. CAS in 2Q15 increased 4% due to higher blasting supplies explained by an increase in the stripping ratio.

Gold production guidance for 2015 is 138k – 142k ounces


El Brocal (54.07% owned by Buenaventura)

Production
		2Q15	2Q14	Var %	6M15	6M14	Var %
Copper	MT	9,580	10,977	-13%	13,450	20,769	-35%
Zinc	MT	11,664	0	N.A.	25,683	0	N.A.
Silver	Oz	768,385	498,440	54%	1,750,639	996,104	76%


Cost Applicable to Sales
		2Q15	2Q14	Var %	6M15	6M14	Var %
Copper	US$ /MT	5,297	4,463	19%	5,366	4,803	12%
Zinc	US$ /MT	1,659	0	N.A.	1,578	0	N.A.

During 2Q15, El Brocal average plant capacity reached 14K TPD. Copper production decreased 13% compared to 2Q14 and silver production increased 54% compared to the figure reported in 2Q14.

In 2Q15, Zinc CAS was US$ 1,659/MT. Copper CAS increased 19% compared to 2Q14, due to higher commercial deduction.

Zinc production guidance for 2015 is 60k – 70k MT. Copper production guidance for 2015 is 30k – 35k MT.

General and Administrative Expenses

General and administrative expenses in 2Q15 were US$ 18.8 million, 15% lower compared to the 2Q14 figure (US$ 22.0 million) due to lower labor expenses, explained by a decrease in worker´s profit sharing. For the six-month period 2015, the expense was US$ 40.3 million (US$ 49.7 million in 6M14).

Exploration in Non-Operating Areas

Exploration in non-operating areas during 2Q15 was US$ 9.7 million compared with the US$ 14.8 million in 2Q14. During the period, Buenaventura’s main exploration efforts were focused on the following projects: Tambomayo (US$ 4.2 million) and La Zanja Underground (US$ 1.6 million). For the six-month period 2015, the expense was US$ 20.4 million (US$ 25.2 million in 6M14).

Share in Associated Companies

During 2Q15, Buenaventura’s share in associated companies was US$ 12.0 million, compared to US$ 20.2 million reported in 2Q14, composed by:

Share in the Result of Associates
(in millions of US$ )

2Q15

2Q14

Var%

6M15

6M14

Var%

Cerro Verde

-0.2

26.5

N.A

7.8

42.2

-82%

Coimolache
(Tantahuatay mine)

3.9

6.1

-36%

6.0

10.9

-45%

Yanacocha

8.3

-12.9

N.A

34.5

-37.4

N.A

Other Small Investments

0.0

0.5

0.0

Total

12.0

20.2

-41%

48.2

15.7

207%

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 2Q15, gold production was 215,924 ounces of gold, 13% higher than 2Q14 production (190,695 ounces). For the six-month 2015 period, gold production was 463,979 ounces, 17% higher than 398,106 ounces in 6M14. Gold production guidance at Yanacocha for 2015 is 880k – 940k ounces.

In 2Q15, Yanacocha reported net income of US$ 18.9 million compared to -US$ 24.2 million reported in 2Q14. CAS in 2Q15 was US$ 648/oz, 36% lower than the US$ 1,005/oz reported in 2Q14 due to better stripping ratio (waste-ore ratio).

Capital expenditures at Yanacocha were US$ 18.2 million in 2Q15, while for 6M15 was US$ 33.4 million.

Yanacocha still has a strong pipeline of growth projects: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui (exploration).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 2Q15 copper production was 46,920 MT (9,187 MT attributable to Buenaventura), a 17% decrease compared to 2Q14 (56,683 MT and 11,098 MT attributable to Buenaventura). For 6M15, copper production was 95,543 MT (18,707 MT attributable to Buenaventura).

During 2Q15, Cerro Verde reported net loss of US$ 0.9 million compared to US$ 138.3 million in 2Q14. This was mainly due to lower sales explained by the decline in copper price (US$ 2.56/lb in 2Q15 vs US$ 3.27/lb in 2Q14). For 6M15, net income was US$ 39.8 million (compared to US$ 236.4 million in 6M14).

Capital expenditures at Cerro Verde were US$ 467.4 million in 2Q15, and US$ 936.3 million in 6M15.

Cerro Verde’s plant expansion was 360K TPD, in-line with schedule and budget (close to 90% complete). As of June 30, 2015, total CAPEX of the expansion project was US$ 3.9 billion (out of US$ 4.6 billion budget). Completion of the plant is expected by late 2015, and will become the largest concentration facility in the world.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to the net income in 2Q15 was US$ 3.9 million (US$ 6.1 million in 2Q14). For 6M15, the contribution was US$ 6.0 million, compared to US$ 10.9 million reported in 2014.

Project Development and Exploration

The Tambomayo Project (100% ownership)

Construction permits to treat 1,500 TPD were granted in May, 2015.

Production should begin in 3Q16 (120K-150K gold ounces and 2.5-3.0 million silver ounces per year) with a total CAPEX of US$ 250 million.

The San Gabriel Project (100% ownership)

The construction of the ramp started in June 2015. The Environmental Impact Assessment (EIA) of the project´s construction is expected to be submitted in 3Q15.

Recent events

At the Board of Directors meeting held July 30, 2015, the following resolutions were passed:

1. Acceptance the resignation of Mr. Timothy Snider as a member of the Company’s Board of Directors.

2. The nominating committee proposed and, consequently, the Board of Directors appointed Mr. John Marsden as a new member of the Board of Directors, effective August 1^st, 2015. Mr. Marsden is a mineral technology engineer from the Royal School of Mines, Imperial College of London. With 33 years of broad international experience managing major, innovative copper, gold, silver, molybdenum & cobalt operations and projects in North and South America and Africa. Marsden has held various operations and technical management positions during eighteen years with Freeport-McMoRan Copper & Gold Inc. (formerly Phelps Dodge) and nine years with Consolidated Gold Fields plc.

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 and is developing the Tambomayo and San Gabriel projects.

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.

For a printed version of the Company’s 2014 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 Associates (as of June 30, 2015)
	BVN	Operating
	Equity %	Mines / Business
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
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
Processadora Industrial Rio Seco S.A*	100.00	Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*	100.00	Energy – Huanza Hydroelectrical plant
Buenaventura Ingenieros S.A*	100.00	Engineering Consultant

()Consolidates (*) Equity Accounting


APPENDIX 2

		GOLD PRODUCTION
		2Q15	2Q14	%	6M15	6M14	%
Mining Unit	Operating Results	Underground
Orcopampa	Ore Milled DMT	114,421	115,857	-1%	222,836	219,084	2%
	Ore Grade OZ/MT	0.47	0.45	3%	0.47	0.45	4%
	Recovery Rate %	95.7%	97.3%	-2%	96.1%	96.8%	-1%
	Ounces Produced*	51,921	51,102	2%	101,989	96,031	6%
Mining Unit	Operating Results	Open Pit
La Zanja	Ounces Produced	37,254	36,685	2%	67,709	72,622	-7%
Tantahuatay	Ounces Produced	32,139	35,171	-9%	62,346	67,804	-8%
* Includes ounces from retreatment of taling dams

		SILVER PRODUCTION
		2Q15	2Q14	%	6M15	6M14	%
Mining Unit	Operating Results	Underground
Uchucchacua	Ore Milled DMT	209,949	244,992	-14%	492,522	457,700	8%
	Ore Grade OZ/MT	14.16	15.28	-7%	14.58	14.94	-2%
	Recovery Rate %	84.0%	80.0%	5%	83.9%	78.4%	7%
	Ounces Produced	2,497,189	2,997,602	-17%	6,026,362	5,366,112	12%
Julcani	Ore Milled DMT	44,306	41,137	8%	87,988	82,754	6%
	Ore Grade OZ/MT	18.67	19.50	-4%	19.14	19.38	-1%
	Recovery Rate %	95.1%	95.2%	0%	95.2%	95.2%	0%
	Ounces Produced	786,628	763,529	3%	1,602,980	1,526,966	5%
Mallay	Ore Milled DMT	36,615	37,080	-1%	73,424	72,247	2%
	Ore Grade OZ/MT	8.70	8.72	0%	8.70	8.88	-2%
	Recovery Rate %	93.9%	93.5%	0%	94.6%	93.4%	1%
	Ounces Produced	297,777	302,118	-1%	605,031	599,298	1%
Mining Unit	Operating Results	Open Pit
Colquijirca	Ounces Produced	434,042	0	N.A.	1,263,545	0	N.A.


		ZINC PRODUCTION
		2Q15	2Q14	%	6M15	6M14	%
Mining Unit	Operating Results	Underground
Uchucchacua	Ore Milled DMT	209,949	244,992	-14%	492,522	457,700	8%
	Ore Grade %	1.08%	1.06%	2%	1.07%	1.09%	-2%
	Recovery Rate %	52.6%	60.5%	-13%	53.1%	61.0%	-13%
	MT Produced	1,212	1,575	-23%	2,798	3,045	-8%
Mallay	Ore Milled DMT	36,615	37,080	-1%	73,424	72,247	2%
	Ore Grade %	6.89%	8.13%	-15%	6.63%	8.13%	-18%
	Recovery Rate %	84.9%	85.3%	0%	88.7%	85.5%	4%
	MT Produced	2,141	2,570	-17%	4,320	5,020	-14%
Mining Unit	Operating Results	Open Pit
Colquijirca	MT Produced	11,664	0	N.A.	25,683	0	N.A.


APPENDIX 3: EBITDA Reconciliation (in thousand US$ )

	2Q15	2Q14	6M15	6M14
Net Income	-31,490	32,574	-21,242	22,202
Add / Substract:	64,353	52,790	103,254	125,435
Provision for income tax, net	-61	10,493	10,366	17,815
Share in associated companies by the equity method, net	-11,966	-20,169	-48,240	-15,689
Interest income	-970	-1,841	-1,614	-3,647
Interest expense	8,273	3,256	14,152	6,157
Loss on currency exchange difference	1,262	245	3,580	767
Long Term Compensation provision	0	0	0	1,925
Depreciation and Amortization	63,189	49,691	117,808	95,089
Workers´ participation provision	-89	906	383	1,872
Impairment of long-term lived assets	3,803	0	3,803	0
Write-Down adjustment	0	0	0	0
Loss from discontinued operations	912	10,209	3,016	21,146
EBITDA Buenaventura Direct Operations	32,863	85,364	82,012	147,637
EBITDA Yanacocha (43.65%)	42,574	24,392	112,726	21,753
EBITDA Cerro Verde (19.58%)	6,448	46,001	24,311	82,826
EBITDA Coimolache (40.10%)	8,775	12,599	16,205	23,649
EBITDA Buenaventura + All Associates	90,660	168,356	235,254	275,864

Note:

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

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

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

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus Selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.


Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:

	For the 3 months ended Jun 30		For the 6 months ended Jun 30
	2015	2014	2015	2014
	(in thousands of US$ )
Consolidated Cost of sales excluding depreciation and amortization	160,893	147,832	297,372	287,270
Add:
Consolidated Exploration in units in operation	22,630	27,425	45,100	51,155
Consolidated Commercial deductions	53,575	41,693	90,102	78,357
Consolidated Selling expenses	3,918	4,597	8,108	8,589
Consolidated Cost applicable to sales	241,016	221,547	440,682	425,371

Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:

	For the 3 months ended Jun 30		For the 6 months ended Jun 30
	2015	2014	2015	2014
Cost of sales by mine and mineral	(in thousands of US$ )
Julcani, Gold	23	0	34	-8
Julcani, Silver	8,208	5,639	12,681	10,453
Julcani, Lead	693	473	1,138	895
Julcani, Copper	88	11	147	73
Mallay, Silver	1,801	1,849	3,849	3,955
Mallay, Lead	1,361	1,329	2,546	2,806
Mallay, Zinc	1,695	1,566	3,352	2,987
Breapampa, Gold	2,940	8,854	7,185	18,174
Breapampa, Silver	470	539	1,086	1,259
Orcopampa, Gold	23,338	21,198	54,034	49,872
Orcopampa, Silver	873	618	1,823	1,398
Uchucchacua, Silver	25,029	34,038	50,174	62,624
Uchucchacua, Lead	1,583	1,770	2,901	3,621
Uchucchacua, Zinc	2,266	1,043	3,017	2,365
La Zanja, Gold	24,371	13,562	50,490	29,612
La Zanja, Silver	609	583	1,733	1,352
El Brocal, Gold	877	606	1,310	1,166
El Brocal, Silver	3,834	2,546	9,810	5,387
El Brocal, Lead	2,079	167	6,863	348
El Brocal, Zinc	9,607	-14	20,062	-1
El Brocal, Copper	20,750	20,228	28,880	44,780
Non Mining Units	28,398	31,227	34,257	44,154
Consolidated Cost of sales, excluding depreciation and amortization	160,893	147,832	297,372	287,270

Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:

	For the 3 months ended Jun 30		For the 6 months ended Jun 30
	2015	2014	2015	2014
Exploration expenses in units in operation by mine and mineral	(in thousands of US$ )
Julcani, Gold	12	0	17	-4
Julcani, Silver	4,184	2,553	6,370	5,038
Julcani, Lead	353	214	572	431
Julcani, Copper	45	5	74	35
Mallay, Silver	797	669	1,479	1,297
Mallay, Lead	602	481	978	920
Mallay, Zinc	750	566	1,288	979
Breapampa, Gold	10	201	71	321
Breapampa, Silver	2	12	11	22
Orcopampa, Gold	9,778	14,145	21,300	26,947
Orcopampa, Silver	366	412	718	755
Uchucchacua, Silver	4,957	7,491	10,909	13,086
Uchucchacua, Lead	313.4	390	631	757
Uchucchacua, Zinc	448.8	229	656	494
La Zanja, Gold	13	54	25	73
La Zanja, Silver	0	2	1	3
El Brocal, Gold	0	0	0	0
El Brocal, Silver	0	0	0	0
El Brocal, Lead	0	0	0	0
El Brocal, Zinc	0	0	0	0
El Brocal, Copper	0	0	0	0
Non Mining Units	0	0	0	0
Consolidated Exploration expenses in units in operation	22,630	27,425	45,100	51,155

Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:

	For the 3 months ended Jun 30		For the 6 months ended Jun 30
	2015	2014	2015	2014
Commercial Deductions in units in operation by mine and mineral	(in thousands of US$ )
Julcani, Gold	7	0	9	-2
Julcani, Silver	2,682	1,549	4,010	3,165
Julcani, Lead	225	130	352	268
Julcani, Copper	30	3	49	25
Mallay, Silver	920	797	1,799	1,768
Mallay, Lead	682	548	1,188	1,210
Mallay, Zinc	1,235	1,157	2,093	2,080
Breapampa, Gold	8	33	47	58
Breapampa, Silver	0	0	2	0
Orcopampa, Gold	64	72	120	129
Orcopampa, Silver	0	0	0	0
Uchucchacua, Silver	8,179	8,867	16,142	15,951
Uchucchacua, Lead	495	440	921	917
Uchucchacua, Zinc	2,237	790	3,127	1,667
La Zanja, Gold	39	113	63	156
La Zanja, Silver	0	5	0	5
El Brocal, Gold	1,098	709	1,635	1,156
El Brocal, Silver	3,361	3,078	6,946	5,746
El Brocal, Lead	1,078	216	3,271	369
El Brocal, Zinc	6,282	73	12,088	168
El Brocal, Copper	24,953	23,113	36,241	43,520
Non Mining Units	0	0	0	0
Consolidated Commercial deductions in units in operation	53,575	41,693	90,102	78,357

Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:

	For the 3 months ended Jun 30		For the 6 months ended Jun 30
	2015	2014	2015	2014
Selling expenses by mine and mineral	(in thousands of US$ )
Julcani, Gold	1	0	2	0
Julcani, Silver	344	218	585	439
Julcani, Lead	29	18	52	38
Julcani, Copper	4	0	7	3
Mallay, Silver	133	168	272	342
Mallay, Lead	101	121	180	243
Mallay, Zinc	126	142	237	258
Breapampa, Gold	21	99	54	207
Breapampa, Silver	3	6	8	14
Orcopampa, Gold	192	214	442	455
Orcopampa, Silver	7	6	15	13
Uchucchacua, Silver	545	713	1,351	1,385
Uchucchacua, Lead	34	37	78	80
Uchucchacua, Zinc	49	22	81	52
La Zanja, Gold	353	320	654	655
La Zanja, Silver	9	14	22	30
El Brocal, Gold	37	63	65	97
El Brocal, Silver	160	263	485	448
El Brocal, Lead	87	17	340	29
El Brocal, Zinc	402	-1	993	0
El Brocal, Copper	869	2,090	1,429	3,724
Non Mining Units	411	69	758	78
Consolidated Selling expenses	3,918	4,597	8,108	8,589

JULCANI

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

8,208

693

–

9,012

-0

5,639

473

–

6,122

Cost of Sales (without D&A) (US$ 000)

12,681

1,138

–

147

14,001

-8

10,453

895

–

11,413

Add:

Exploration Expenses (US$ 000)

4,184

353

–

4,594

-0

2,553

214

–

2,772

Exploration Expenses (US$ 000)

6,370

572

–

7,033

-4

5,038

431

–

5,500

Commercial Deductions (US$ 000)

2,682

225

–

2,944

-0

1,549

130

–

1,681

Commercial Deductions (US$ 000)

4,010

352

–

4,420

-2

3,165

268

–

3,457

Selling Expenses (US$ 000)

344

–

378

-0

218

–

237

Selling Expenses (US$ 000)

585

–

645

-0

439

–

479

Cost Applicable to Sales (US$ 000)

15,418

1,300

–

168

16,928

-0

9,959

835

–

10,812

Cost Applicable to Sales (US$ 000)

23,645

2,114

–

277

26,098

-14

19,094

1,632

–

137

20,849

Divide:

Volume Sold

1,254,805

926

–

Not Applicable

-1

734,963

592

–

Not Applicable

Volume Sold

1,873,579

1,399

–

Not Applicable

-12

1,463,716

1,137

–

No Aplicable

CAS

872

12.29

1,403

–

4,256

Not Applicable

–

13.55

1,411

–

3,313

Not Applicable

CAS

973

12.62

1,511

–

4,739

No Applicable

–

13.04

1,436

–

4,789

No Applicable

MALLAY

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

–

1,801

1,361

1,695

–

4,858

–

1,849

1,329

1,566

–

4,744

Cost of Sales (without D&A) (US$ 000)

–

3,849

2,546

3,352

–

9,747

–

3,955

2,806

2,987

–

9,747

Add:

Exploration Expenses (US$ 000)

–

797

602

750

–

2,148

–

669

481

566

–

1,716

Exploration Expenses (US$ 000)

–

1,479

978

1,288

–

3,745

–

1,297

920

979

–

3,196

Commercial Deductions (US$ 000)

–

920

682

1,235

–

2,837

–

797

548

1,157

–

2,502

Commercial Deductions (US$ 000)

–

1,799

1,188

2,093

–

5,080

–

1,768

1,210

2,080

–

5,059

Selling Expenses (US$ 000)

–

133

101

126

–

360

–

168

121

142

–

431

Selling Expenses (US$ 000)

–

272

180

237

–

688

–

342

243

258

–

843

Cost Applicable to Sales (US$ 000)

–

3,651

2,746

3,806

–

10,203

–

3,483

2,478

3,431

–

9,392

Cost Applicable to Sales (US$ 000)

–

7,398

4,892

6,970

–

19,261

–

7,362

5,179

6,305

–

18,845

Divide:

Volume Sold

–

267,856

1,654

1,841

–

Not Applicable

–

261,718

1,731

2,049

–

Not Applicable

Volume Sold

–

529,674

3,110

3,477

–

Not Applicable

–

546,175

3,586

3,863

–

Not Applicable

CAS

–

13.63

1,660

2,067

–

Not Applicable

–

13.31

1,431

1,675

–

Not Applicable

CAS

–

13.97

1,573

2,005

–

No Applicable

–

13.48

1,444

1,632

–

No Applicable

BREAPAMPA

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

2,940

470

–

3,410

8,854

539

–

9,393

Cost of Sales (without D&A) (US$ 000)

7,185

1,086

–

8,270

18,174

1,259

–

19,433

Add:

Exploration Expenses (US$ 000)

–

201

–

213

Exploration Expenses (US$ 000)

–

321

–

343

Commercial Deductions (US$ 000)

–

Commercial Deductions (US$ 000)

–

Selling Expenses (US$ 000)

–

105

Selling Expenses (US$ 000)

–

207

–

221

Cost Applicable to Sales (US$ 000)

2,979

475

–

3,453

9,186

557

–

9,744

Cost Applicable to Sales (US$ 000)

7,356

1,107

–

8,463

18,760

1,295

–

20,055

Divide:

Volume Sold

5,203

62,374

–

Not Applicable

21,611

87,297

–

Not Applicable

Volume Sold

12,598

145,376

–

Not Applicable

44,024

202,113

–

Not Applicable

CAS

573

7.61

–

Not Applicable

425

6.38

–

Not Applicable

CAS

584

7.61

–

No Applicable

426

6.41

–

No Applicable

ORCOPAMPA

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

23,338

873

–

24,210

21,198

618

–

21,816

Cost of Sales (without D&A) (US$ 000)

54,034

1,823

–

55,856

49,872

1,398

–

51,269

Add:

Exploration Expenses (US$ 000)

9,778

366

–

10,144

14,145

412

–

14,558

Exploration Expenses (US$ 000)

21,300

718

–

22,018

26,947

755

–

27,702

Commercial Deductions (US$ 000)

–

Commercial Deductions (US$ 000)

120

–

120

129

-0

–

129

Selling Expenses (US$ 000)

192

–

199

214

–

220

Selling Expenses (US$ 000)

442

–

457

455

–

468

Cost Applicable to Sales (US$ 000)

33,371

1,246

–

34,617

35,629

1,036

–

36,665

Cost Applicable to Sales (US$ 000)

75,895

2,556

–

78,451

77,403

2,165

–

79,568

Divide:

Volume Sold

48,047

133,795

–

Not Applicable

47,156

89,913

–

Not Applicable

Volume Sold

108,957

279,184

–

Not Applicable

97,388

180,087

–

Not Applicable

CAS

695

9.31

–

Not Applicable

756

11.53

–

Not Applicable

CAS

697

9.16

–

No Applicable

795

12.02

–

No Applicable

UCHUCCHACUA

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

25,029

1,583

2,266

–

28,880

–

34,038

1,770

1,043

–

36,851

Cost of Sales (without D&A) (US$ 000)

50,174

2,901

3,017

–

56,092

–

62,624

3,621

2,365

–

68,610

Add:

Exploration Expenses (US$ 000)

0.38

4,956.88

313.42

448.83

–

5,719.5

–

7,491

390

229

–

8,110

Exploration Expenses (US$ 000)

10,909

631

656

–

12,196

–

13,086

757

494

–

14,337

Commercial Deductions (US$ 000)

8,179

495

2,237

–

10,911

–

8,867

440

790

–

10,097

Commercial Deductions (US$ 000)

16,142

921

3,127

–

20,190

–

15,951

917

1,667

–

18,534

Selling Expenses (US$ 000)

545

–

629

–

713

–

772

Selling Expenses (US$ 000)

1,351

–

1,510

–

1,385

–

1,517

Cost Applicable to Sales (US$ 000)

38,710

2,425

5,002

–

46,139

–

51,110

2,637

2,084

–

55,831

Cost Applicable to Sales (US$ 000)

78,576

4,531

6,881

–

89,988

–

93,046

5,375

4,579

–

102,999

Divide:

Volume Sold

2,472,030

1,273

1,701

–

Not Applicable

–

3,231,325

1,612

919

–

Not Applicable

Volume Sold

5,226,729

2,736

2,415

–

Not Applicable

–

5,685,264

3,140

2,057

–

Not Applicable

CAS

1,123

15.66

1,906

2,940

–

No Applicable

–

15.82

1,636

2,267

–

No Applicable

CAS

1,101

15.03

1,656

2,850

–

No Applicable

–

16.37

1,712

2,226

–

No Applicable

LA ZANJA

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

24,371

609

–

24,979

13,562

583

–

14,146

Cost of Sales (without D&A) (US$ 000)

50,490

1,733

–

52,222

29,612

1,352

–

30,964

Add:

Exploration Expenses (US$ 000)

–

Exploration Expenses (US$ 000)

–

Commercial Deductions (US$ 000)

–

113

–

118

Commercial Deductions (US$ 000)

–

156

–

161

Selling Expenses (US$ 000)

353

–

362

320

–

333

Selling Expenses (US$ 000)

654

–

677

655

–

685

Cost Applicable to Sales (US$ 000)

24,776

618

–

25,393

14,049

604

–

14,653

Cost Applicable to Sales (US$ 000)

51,233

1,756

–

52,989

30,496

1,390

–

31,886

Divide:

Volume Sold

36,518

68,376

–

Not Applicable

38,694

112,355

–

Not Applicable

Volume Sold

68,598

176,299

–

Not Applicable

72,164

217,228

–

Not Applicable

CAS

678

9.03

–

Not Applicable

363

5.38

–

Not Applicable

CAS

747

9.96

–

No Applicable

423

6.40

–

Not Applicable

BROCAL

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

877

3,834

2,079

9,607

20,750

37,148

606

2,546

167

-14

20,228

23,533

Cost of Sales (without D&A) (US$ 000)

1,310

9,810

6,863

20,062

28,880

66,926

1,166

5,387

348

-1

44,780

51,679

Add:

Exploration Expenses (US$ 000)

–

Exploration Expenses (US$ 000)

–

Commercial Deductions (US$ 000)

1,098

3,361

1,078

6,282

24,953

36,773

709

3,078

216

23,113

27,189

Commercial Deductions (US$ 000)

1,635

6,946

3,271

12,088

36,241

60,180

1,156

5,746

369

168

43,520

50,959

Selling Expenses (US$ 000)

160

402

869

1,555

263

-1

2,090

2,431

Selling Expenses (US$ 000)

485

340

993

1,429

3,311

448

-0

3,724

4,298

Cost Applicable to Sales (US$ 000)

2,012

7,356

3,245

16,292

46,571

75,476

1,377

5,888

400

45,431

53,154

Cost Applicable to Sales (US$ 000)

3,010

17,241

10,474

33,142

66,550

130,417

2,419

11,581

746

167

92,024

106,936

Divide:

Volume Sold

1,656

526,698

2,456

9,822

8,792

Not Applicable

1,560

431,490

264

-21

10,180

Not Applicable

Volume Sold

2,488

1,352,732

8,432

21,007

12,403

Not Applicable

2,694

809,711

418

-139

19,159

Not Applicable

CAS

1,215

13.97

1,321

1,659

5,297

Not Applicable

883

13.64

1,513

–

4,463

Not Applicable

CAS

1,210

12.75

1,242

1,578

5,366

No Applicable

898

14.30

1,782

–

4,803

Not Applicable

NON MINING COMPANIES

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

–

28,398

–

31,227

Cost of Sales (without D&A) (US$ 000)

–

34,257

–

44,154

Add:

Selling Expenses (US$ 000)

–

411

–

Selling Expenses (US$ 000)

–

758

–

Total (US$ 000)

–

28,809

–

31,296

Total (US$ 000)

–

35,015

–

44,232

BUENAVENTURA CONSOLIDATED

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

51,551

40,824

5,716

13,569

20,838

160,895

44,219

45,813

3,739

2,595

20,239

147,832

Cost of Sales (without D&A) (US$ 000)

113,054

81,156

13,449

26,431

29,028

297,372

98,816

86,426

7,670

5,351

44,853

287,270

Add:

Exploration Expenses (US$ 000)

9,813

10,306

1,268

1,199

22,630

14,400

11,140

1,084

796

27,425

Exploration Expenses (US$ 000)

21,414

19,488

2,181

1,944

45,100

27,337

20,201

2,108

1,474

51,155

Commercial Deductions (US$ 000)

1,216

15,141

2,480

9,755

24,984

53,575

927

14,296

1,334

2,019

23,116

41,693

Commercial Deductions (US$ 000)

1,874

28,899

5,732

17,308

36,289

90,102

1,498

26,635

2,764

3,915

43,545

78,357

Selling Expenses (US$ 000)

604

1,202

251

577

872

3,918

695

1,388

193

163

2,090

4,597

Selling Expenses (US$ 000)

1,216

2,738

650

1,310

1,436

8,108

1,414

2,670

389

311

3,727

8,589

Cost Applicable to Sales (US$ 000)

63,183

67,473

9,716

25,099

46,739

241,018

60,241

72,637

6,350

5,573

45,451

221,547

Cost Applicable to Sales (US$ 000)

137,559

132,280

22,011

46,993

66,827

440,683

129,064

135,933

12,931

11,050

92,161

425,371

Divide:

Volume Sold

91,474

4,785,933

6,309

13,364

8,831

Not Applicable

109,020

4,949,060

4,199

2,947

10,186

Not Applicable

Volume Sold

192,707

9,583,574

15,678

26,899

12,462

Not Applicable

216,258

9,104,294

8,281

5,781

19,187

Not Applicable

CAS

691

14.10

1,540

1,878

5,292

Not Applicable

553

14.68

1,512

1,891

4,462

Not Applicable

CAS

714

13.80

1,404

1,747

5,363

Not Applicable

597

14.93

1,562

1,911

4,803

Not Applicable

COIMOLACHE

2Q 2015

2Q 2014

6M 2015

6M 2014

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

GOLD (OZ)

SILVER (OZ)

LEAD (MT)

ZINC (MT)

COPPER (MT)

TOTAL

Cost of Sales (without D&A) (US$ 000)

12,873

963

–

13,836

14,684

1,010

–

15,694

Cost of Sales (without D&A) (US$ 000)

25,349

1,913

–

27,262

26,646

1,769

–

28,415

Add:

Exploration Expenses (US$ 000)

1,752

131

–

1,883

2,374

163

–

2,537

Exploration Expenses (US$ 000)

8,853

668

–

9,521

3,493

232

–

3,725

Commercial Deductions (US$ 000)

–

127

–

134

Commercial Deductions (US$ 000)

289

–

312

214

–

227

Selling Expenses (US$ 000)

215

–

231

256

–

274

Selling Expenses (US$ 000)

440

–

474

456

–

486

Cost Applicable to Sales (US$ 000)

14,928

1,117

–

16,045

17,440

1,198

–

18,639

Cost Applicable to Sales (US$ 000)

34,931

2,637

–

37,568

30,809

2,045

–

32,854

Divide:

Volume Sold

30,024

162,106

–

Not Applicable

36,607

167,321

–

Not Applicable

Volume Sold

60,746

331,507

–

Not Applicable

66,873

288,129

–

Not Applicable

CAS

497

6.89

–

Not Applicable

476

7.16

–

Not Applicable

CAS

575

7.95

–

No Applicable

461

7.10

–

Not Applicable

APPENDIX 5: ALL-IN SUSTAINING COST


All-in Sustaining Cost for 2Q14

	Buenaventura¹			La Zanja			Tantahuatay			Attributable Production²
	2Q14			2Q14			2Q14			2Q14
Au Ounces Sold BVN		105,910
Au Ounces bought from La Zanja		-37,145
Au Ounces Sold Net		68,766			37,592			36,607			103,390

	2Q14			2Q14			2Q14			2Q14
Income Statement & Cash Flow	US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au

Cost of Sales³	92,837	1,350		20,457	544		15,694	429		109,984	1,064
Exploration in Operating Units	27,369	398		5,678	151		2,537	69		31,399	304
Royalties	5,214	76		0	0		0	0		5,214	50
Comercial Deductions⁴	14,386	209		921	25		134	4		14,928	144
Selling Expenses	1,780	26		333	9		274	7		2,067	20
Administrative Expenses⁵	13,506	196		2,717	72		494	13		15,146	146
Other Expenses	0	0		2,670	71		1,110	30		1,862	18
Other Incomes	-4,872	-71		-2,683	-71		-1,374	-38		-6,847	-66
Other administrative charges	0	0		399	11		148	4		271	3
Sustaining Capex⁶	8,403	122		4,482	119		3,618	99		12,231	118

By-product Credit	-101,617	-1,478		-2,532	-67		3,251	89		-101,657	-983

All-in Sustaining Cost	57,005	829		32,441	863		25,885	707		84,597	818

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.


Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

All-in Sustaining Cost for 1H14

	Buenaventura¹			La Zanja			Tantahuatay			Attributable Production²
	1H14			1H14			1H14			1H14
Au Ounces Sold BVN		212,014
Au Ounces bought from La Zanja		-70,614
Au Ounces Sold Net		141,399			69,589			66,873			205,136

	1H14			1H14			1H14			1H14
Income Statement & Cash Flow	US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au

Cost of Sales³	181,429	1,283		38,849	558		28,415	425		213,435	1,040
Exploration in Operating Units	51,079	361		8,693	125		3,725	56		57,185	279
Royalties	10,812	76		0	0		0	0		10,812	53
Comercial Deductions⁴	27,237	193		1,880	27		227	3		28,325	138
Selling Expenses	3,554	25		685	10		486	7		4,112	20
Administrative Expenses⁵	29,983	212		3,085	44		1,183	18		32,094	156
Other Expenses	0	0		4,934	71		1,973	29		3,409	17
Other Incomes	7,161	51		-4,849	-70		-2,619	-39		3,538	17
Other administrative charges	0	0		878	13		218	3		553	3
Sustaining Capex⁶	19,740	140		6,713	96		5,811	87		25,632	125

By-product Credit	-189,242	-1,338		-4,605	-66		5,751	86		-189,380	-923

All-in Sustaining Cost	141,754	1,003		56,263	809		45,169	675		189,717	925

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.


Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

All-in Sustaining Cost for 2Q15

		Buenaventura¹			La Zanja			Tantahuatay			Attributable Production²
		2Q15			2Q15			2Q15			2Q15
Au Ounces Sold BVN			89,819
Au Ounces bought from La Zanja			-36,518
Au Ounces Sold Net			53,301			39,651			30,024			86,378

		2Q15			2Q15			2Q15			2Q15
Income Statement & Cash Flow		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au

Cost of Sales³		68,479	1,285		33,793	852		13,836	461		91,957	1,065
Exploration in Operating Units		22,617	424		2,600	66		1,883	63		24,751	287
Royalties		4,801	90		0	0		0	0		4,801	56
Comercial Deductions⁴		16,764	315		945	24		95	3		17,303	200
Selling Expenses		1,590	30		362	9		231	8		1,874	22
Administrative Expenses⁵		10,699	201		366	9		394	13		11,051	128
Other Expenses		0	0		4,518	114		1,862	62		3,144	36
Other Incomes		-1,602	-30		-5,549	-140		-2,155	-72		-5,410	-63
Other administrative charges		0	0		858	22		126	4		506	6
Sustaining Capex⁶		4,599	86		9,406	237		9,178	306		13,270	154

By-product Credit		-83,451	-1,566		-1,249	-32		-2,643	-88		-85,174	-986

All-in Sustaining Cost		44,495	835		46,048	1,161		22,808	760		78,073	904

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

All-in Sustaining Cost for 1H15

		Buenaventura¹			La Zanja			Tantahuatay			Attributable Production²
		1H15			1H15			1H15			1H15
Au Ounces Sold BVN			190,219
Au Ounces bought from La Zanja			-68,598
Au Ounces Sold Net			121,621			67,628			60,746			181,860

		1H15			1H15			1H15			1H15
Income Statement & Cash Flow		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au		US$ 000′	US$ /Oz Au

Cost of Sales³		152,832	1,257		57,182	846		27,262	449		194,104	1,067
Exploration in Operating Units		45,074	371		8,310	123		9,521	157		53,300	293
Royalties		11,600	95		0	0		0	0		11,600	64
Comercial Deductions⁴		29,859	246		1,639	24		312	5		30,853	170
Selling Expenses		3,364	28		677	10		474	8		3,913	22
Administrative Expenses⁵		24,128	198		740	11		928	15		24,893	137
Other Expenses		0	0		6,630	98		2,748	45		4,620	25
Other Incomes		-3,018	-25		-9,335	-138		-3,599	-59		-9,414	-52
Other administrative charges		0	0		2,442	36		571	9		1,525	8
Sustaining Capex⁶		10,009	82		13,536	200		15,552	256		23,427	129

By-product Credit		-152,373	-1,253		-2,636	-39		-5,532	-91		-155,990	-858

All-in Sustaining Cost		121,474	999		79,185	1,171		48,236	794		182,830	1,005

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.


APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of June 30, 2015 and December 31, 2014
	2,015	2,014
Assets	US$ (000)	US$ (000)
Current assets
Cash and cash equivalents	125,276	78,512
Trade and other accounts receivable, net	245,530	281,604
Income tax credit	53,926	53,746
Prepaid expenses	13,755	16,954
Hedge derivative financial instruments	3,623	3,688
Inventory, net	146,621	150,284
Total current assets	588,731	584,788
Assets classified as held for sale	16,789	18,683
	605,520	603,471

Non-current assets
Trade and other accounts receivable, net	31,423	26,651
Long-term inventory	9,883	34,088
Investment in associates	2,269,603	2,224,381
Mining concessions, development costs, property, plant and equipment, net	1,713,497	1,715,452
Investment properties, net	10,934	11,200
Deferred income tax asset	40,465	47,675
Intangible assets, net	4,253	4,592
Other assets, net	4,732	4,764
Total non-current assets	4,084,790	4,068,803

Total assets	4,690,310	4,672,274


Liabilities and shareholders’ equity
Current liabilities
Overdrafts and bank loans	85,807	40,000
Trade and other accounts payable	231,003	254,000
Provisions	70,450	67,895
Current income tax payable	2,914	3,556
Hedge derivative financial instruments	3,017	–
Embedded derivatives for concentrate sales, net	8,477	9,072
Financial obligations	46,142	69,950
Total current liabilities	447,810	444,473

Liabilities directly associated with assets classified as held for sale	22,850	28,890
	470,660	473,363

Non-current liabilities
Financial liability at fair value through profit or loss	23,026	23,026
Trade and other accounts payable	15,103	15,240
Provisions	94,240	63,571
Financial obligations	338,077	313,355
Deferred income tax liability	16,570	21,594
Total non-current liabilities	487,016	436,786

Total liabilities	957,676	910,149

Shareholders’ equity
Issued capital	750,497	750,497
Investment shares	1,396	1,396
Additional paid-in capital	219,055	219,055
Legal reserve	162,710	162,710
Other reserves	269	269
Retained earnings	2,326,996	2,328,423
Other equity reserves	(567)	1,755
	3,460,356	3,464,105
Non-controlling interest	272,278	298,020
Total shareholders’ equity	3,732,634	3,762,125

Total liabilities and shareholders’ equity	4,690,310	4,672,274


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income

	For the three-month period ended June 30,		For the six-month period ended June 30,
	2,015	2,014	2,015	2,014
	US$ (000)	US$ (000)	US$ (000)	US$ (000)
Continued operations
Operating income
Net sales	248,908	294,813	491,840	567,690
Royalty income	7,390	7,399	16,480	15,424
Total operating income	256,298	302,212	508,320	583,114

Operating costs
Cost of sales, without considering depreciation and amortization	(160,895)	(147,832)	(297,372)	(287,270)
Exploration in operating units	(22,630)	(27,425)	(45,100)	(51,155)
Depreciation and amortization	(63,189)	(49,691)	(117,808)	(95,089)
Mining royalties	(6,552)	(7,088)	(15,077)	(14,441)
Total operating costs	(253,266)	(232,036)	(475,357)	(447,955)

Gross profit	3,032	70,176	32,963	135,159

Operating expenses, net
Administrative expenses	(18,831)	(22,033)	(40,347)	(49,684)
Exploration in non-operating areas	(9,704)	(14,821)	(20,401)	(25,195)
Selling expenses	(3,918)	(4,597)	(8,108)	(8,589)
Impairment of long-lived assets	(3,803)	–	(3,803)	–
Provision for contingencies	(58)	(3,381)	192	(10,888)
Other, net	(758)	9,423	(478)	7,948
Total operating expenses, net	(37,072)	(35,409)	(72,945)	(86,408)

Operating profit (loss)	(34,040)	34,767	(39,982)	48,751

Other income, net
Net share in the results of associates under equity method	11,966	20,169	48,240	15,689
Financial income	970	1,841	1,614	3,647
Financial expenses	(8,273)	(3,256)	(14,152)	(6,157)
Net loss from currency exchange difference	(1,262)	(245)	(3,580)	(767)
Total other income, net	3,401	18,509	32,122	12,412

Profit (loss) before income taxes and non-controlling interest	(30,639)	53,276	(7,860)	61,163

Current income tax expense	(2,006)	(6,939)	(7,383)	(14,744)
Deferred income tax income (expense)	2,067	(3,554)	(2,983)	(3,071)

Profit (loss) from continued operations	(30,578)	42,783	(18,226)	43,348

Discontinued operations
Loss from discontinued operations	(912)	(10,209)	(3,016)	(21,146)
Net profit (loss)	(31,490)	32,574	(21,242)	22,202

Attributable to:
Owners of the parent	(18,746)	23,088	(1,427)	6,976
Non-controlling interest	(12,744)	9,486	(19,815)	15,226
	(31,490)	32,574	(21,242)	22,202

Basic and diluted earnings per share attributable
to the owners of the parent, stated in U.S. dollars	(0.07)	0.09	(0.01)	0.03

Weighted average number of shares outstanding
(common and investment), in units	254,186,867	254,186,867	254,186,867	254,186,867


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows

	For the three-month period ended June 30,		For the six-month period ended June 30,
	2,015	2,014	2,015	2,014
	US$ (000)	US$ (000)	US$ (000)	US$ (000)
Operating activities
Proceeds from sales	250,675	266,880	482,454	533,734
Value Added Tax (VAT) recovered	19,506	21,981	52,873	39,685
Royalties received	9,397	8,429	22,841	15,424
Dividends received	902	2,065	2,959	4,442
Interest received	855	1,704	1,797	3,829
Payments to suppliers and third-parties	(183,029)	(188,407)	(361,783)	(388,141)
Payments to employees	(41,700)	(51,341)	(87,028)	(106,961)
Payment of income tax	(7,121)	(12,533)	(11,262)	(17,944)
Payment of royalties	(5,684)	(3,513)	(11,882)	(10,966)
Payment of interest	(4,129)	(3,505)	(9,599)	(5,453)

Net cash and cash equivalents provided by operating activities	39,672	41,760	81,370	67,649

Investing activities
Proceeds from collections of loans	–	1,426	–	10,458
Proceeds from sales of mining concessions, property, plant and equipment	1,886	67	2,020	90
Proceeds from settlement of investment in shares	–	80	–	80
Acquisitions of mining concessions, development costs, property, plant and equipment	(44,514)	(60,383)	(81,632)	(133,956)
Acquisitions of investment properties	–	–	–	(11,705)
Loans granted	–	(157)	–	(157)
Contributions and investments in associates	–	(472)	–	(1,475)

Net cash and cash equivalents used in investing activities	(42,628)	(59,439)	(79,612)	(136,665)

Financing activities
Increase of bank loans	–	2,321	90,000	2,321
Increase of financial obligations	–	108,780	10,000	183,439
Repayment of bank loans	–	–	(40,000)	–
Payment of financial obligations	(4,068)	(29,053)	(9,086)	(33,593)
Dividends paid	–	(2,797)	–	(2,797)
Dividends paid to non-controlling interest	(2,640)	(2,240)	(5,908)	(4,200)

Net cash and cash equivalents provided by (used in) financing activities	(6,708)	77,011	45,006	145,170

Net increase (decrease) in cash and cash equivalents during the period	(9,664)	59,332	46,764	76,154
Cash and cash equivalents at the beginning of the period	134,940	78,720	78,512	61,898

Cash and cash equivalents at period-end	125,276	138,052	125,276	138,052



	For the three-month period ended June 30,		For the six-month period ended June 30,

	2,015	2,014	2,015	2,014
	US$ (000)	US$ (000)	US$ (000)	US$ (000)
Reconciliation of net profit (loss) to cash and cash equivalents provided by operating activities

Net profit (loss) attributable to owners of the parent	(18,746)	23,088	(1,427)	6,976

Plus (less):
Depreciation and amortization	63,189	50,669	117,808	96,067
Net profit (loss) attributable to non-controlling interest	(12,744)	9,486	(19,815)	15,226
Provision for employee bonus	(8,175)	(11,897)	–	–
Deferred income tax expense (income)	(2,067)	3,554	2,983	3,071
Provision for estimated fair value of embedded derivatives related to concentrate
sales and adjustments on open liquidations	6,061	(13,549)	(595)	(4,100)
Provision for impairment of inventories	6,034	2,207	4,782	(835)
Accretion expense of provision for closure of mining units and exploration projects	2,560	(221)	2,835	1,222
Provision for stock appreciation rights	20	–	135	1,931
Provision for impairment of long-lived assets	3,803	–	3,803	794
Net loss from currency exchange difference	1,186	242	3,504	764
Net share in the results of associates under equity method	(11,966)	(20,169)	(48,240)	(15,689)
Loss (gain) on sales of mining concessions, property, plant and equipment	1,639	(41)	2,953	(64)
Provision for interest payable	2,227	–	2,742	–
Allowance for doubtful accounts	846	(204)	847	19
Others provisions	7,358	19,435	191	22,293

Net changes in operating assets and liabilities

Decrease (increase) in operating assets
Trade and other accounts receivable, net	8,780	(18,366)	29,474	(16,902)
Income tax credit	(1,879)	43	(180)	(5,551)
Inventory, net	(3,335)	7,248	24,466	27,437
Prepaid expenses	1,539	(1,888)	2,699	(1,055)

Increase (decrease) in operating liabilities
Trade and other accounts payable	20,286	(3,665)	(14,359)	(46,405)
Provisions	(23,941)	(4,004)	(32,594)	(17,596)
Income tax payable	(3,003)	(208)	(642)	46

Net cash and cash equivalents provided by operating activities	39,672	41,760	81,370	67,649

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Contact:

Contacts in Lima:
Compañía de Minas Buenaventura S.A.A.
Carlos Galvez, Chief Financial Officer
Tel (511) 419 2540
or
Daniel Dominguez, Director of Treasury and Investor Relations
Tel (511) 419 2591
[email protected]
or
Contacts in New York:
i-advize Corporate Communications
Maria Barona – Rafael Borja
[email protected]
Tel (212) 406 3691 – 3693