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 Buenaventura Announces Fourth Quarter and Twelve Month 2016 Results
   Tuesday, February 28, 2017 11:58:06 PM ET

Compania de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (BVN ), Peru’s largest publicly-traded precious metals mining company, today announced results for the fourth quarter (4Q16) and twelve-month (FY16) periods ended December 31, 2016. 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$).

Fourth Quarter and Full Year 2016 Highlights:

-- In 4Q16, EBITDA from direct operations was US$80.4 million compared to US$19.6 million reported in 4Q15. Adjusted EBITDA (including associated companies) increased 126% (US$ 176.8 million) in 4Q16, compared to the US$ 78.4 million in 4Q15.



-- All in Sustaining Cost (AISC*) decreased 11% in 4Q16 (US$ 846/oz), compared to 4Q15 (US$ 953/oz).

-- Full year 2016 attributable production was 627k gold ounces and 24.7 million silver ounces, compared to 745k gold ounces and 22.1 million silver ounces in 2015.

-- Positive results in explorations, especially in the Orcopampa Mine (See appendix 4).

-- Net income in 4Q16 was negative US$ 405.9 million mainly due to a US$422.5 million non-cash adjustments from Yanacocha (attributable to Buenaventura).

-- Tambomayo produced its first dore bar in December 2016. Full plant capacity is expected by 2Q17.

-- Buenaventura’s Net debt/EBITDA ratio has been reduced to 1.74x, in line with guidance.

-- Important improvement at El Brocal. Good operating results.

-- In line with Buenaventura’s dividend policy, a dividend payment of US$ 0.057 per share/ADS will be declared.

 
Financial Highlights (in millions of US$, except EPS
figures):
                                                                                          
                   4Q16       4Q15      Var%       FY16       FY15              Var%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Total Revenues                        287.1      235.1      22%      1,068.8     929.5              15%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Operating Profit                      24.8       -43.5     N.A.       132.2     -136.9             N.A.
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
EBITDA Direct Operations              80.4       19.6      309%       333.3      99.8              234%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Adjusted EBITDA (Inc Associates)      176.8      78.4      126%       645.2      371.6              74%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
Net Income                           -405.9     -292.6      39%      -323.5     -317.2              2%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
EPS**                                 -1.60      -1.15      39%       -1.27      -1.25              2%
-------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ------ -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                
(*)      See Appendix 5
(**)                                           as of December 31, 2016 Buenaventura had a weighted average number
                                               of shares outstanding of 254,186,867.
                                                

Operating Revenues

During 4Q16, net sales were US$281.3 million, a 23% increase compared to the US$227.9 million reported in 4Q15. This result was mainly explained by an increase in all metal prices as well as higher volume sales of copper, zinc and lead.

Royalty income decreased 19% from US$7.2 million in 4Q15 to US$5.8 million in 4Q16 as a result of lower revenues at Yanacocha (21% QoQ).

                                                                                                               
                  Operating Highlights                        4Q16      4Q15     Var%       FY16       FY15             Var%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Net Sales                                                     281.3     227.9     23%      1,044.5     897.1             16%
(in millions of US$)
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized Gold Price (US$/oz) (1) (2)                  1,149     1,093     5%        1,244      1,150             8%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized Gold Price (US$/oz) inc. Affiliates (3)      1,179     1,096     8%        1,245      1,154             8%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized Silver Price (US$/oz) (1) (2)                17.80     14.46     23%       17.65      15.06             17%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized Lead Price (US$/MT) (1) (2)                  2,335     1,665     40%       1,978      1,712             16%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized                                              2,641     1,447     82%       2,267      1,839             23%
Zinc Price (US$/MT) (1) (2)
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
Average Realized Copper Price (US$/MT) (1) (2)                5,568     4,332     29%       4,919      4,515             9%
-------------------------------------------------------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------------------- -------------------- ---- -------------------- -------------------- ------- -------------------- -------------------- ----- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                     
                                                                                                           
             Volume Sold                    4Q16          4Q15       Var%        FY16           FY15                Var%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Gold Oz Direct Operations (1)              85,836        93,352       -8%       354,116        364,831               -3%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Gold Oz inc Associated Companies (3)       171,484       207,701     -17%       691,649        825,749              -16%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Silver Oz (1)                             5,938,481     6,571,227    -10%     21,863,019     20,811,046              5%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Lead MT (1)                                 8,304        10,302      -19%       29,678         32,389                -8%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Zinc MT (1)                                19,963        16,087       24%       62,829         55,529                13%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Copper MT (1)                              12,779         9,176       39%       45,674         29,094                57%
------------------------------------ -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                 
(1)     Buenaventura’s Direct Operations includes 100% of Buenaventura’s
                                              operating units, 100% of La Zanja and 100% of El Brocal
(2)                                           The realized price considers the adjustments of quotational periods
(3)                                           Considers 100% of Buenaventura’s operating units, 100% of La Zanja,
                                              100% of El Brocal, 40.95% of Coimolache and 43.65% of Yanacocha
                                               

Net sales increased 16%, from US$897.1 million in FY15 to US$1,044.5 million in FY16. Royalty income for FY16 was US$24.3 million, 25% lower than US$32.4 million during FY15.

Production and Operating Costs

In 4Q16, Buenaventura’s gold equity production from direct operations was 68,268, 4% lower compared to the figure reported in 4Q15 (70,910 gold ounces). Gold production including associated companies in 4Q16 was 159,212 ounces, 13% lower than the amount reported in the same period 2015. This decline is explained by a decrease in production from Yanacocha. Zinc and Copper equity production were higher during 4Q16 compared to 4Q15 mainly as a result of higher production coming from El Brocal.

Buenaventura’s gold equity production from direct operations in FY16 was in line compared to the figure reported in FY15. Silver equity production from direct operations in FY16 was 11% higher compared to FY15, this was mainly due to higher production coming from the Uchuchacua (16% YoY) and Mallay (27% YoY) mines. Buenaventura’s Zinc equity production increased 18% in FY16 compared to FY15. This increment is explained by higher production from the Uchuchacua mine (27% YoY), Mallay mine (14% YoY) and El Brocal (8% YoY). Buenaventura’s copper production increased 65% in FY15 compared to FY15 due to higher production from El Brocal (53% YoY).

                                                                                                               
            Equity Production                   4Q16          4Q15       Var%        FY16           FY15                Var%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Gold Oz Direct Operations(1)                   68,268        70,910       -4%       281,086        286,178               -2%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Gold Oz including Associated Companies         159,212       182,247     -13%       627,434        744,800              -16%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Silver Oz Direct Operations(1)                6,109,374     6,201,646     -1%     23,448,833     21,194,300              11%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Silver Oz including Associated Companies      6,382,558     6,506,921     -2%     24,672,571     22,131,806              11%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Lead MT                                         7,396         8,779      -16%       28,531         28,412                0%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Zinc MT                                        15,646        12,642       24%       51,465         43,694                18%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Copper MT Direct Operations(1)                  8,218         5,034       63%       29,195         17,674                65%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Copper MT including Associated Companies       34,222        23,757       44%       127,584        66,032                93%
---------------------------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                     
                                                                                              
 Consolidated Production       4Q16          4Q15       Var%        FY16           FY15                Var%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Gold Oz(2)                    86,803        90,490       -4%       356,367        357,570               0%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Silver Oz(2)                 6,624,276     6,786,872     -2%     24,648,761     23,035,110              7%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Lead MT(2)                     9,174        11,924      -23%       33,850         37,135                -9%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Zinc MT(2)                    23,896        19,975       20%       75,075         68,240                10%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
Copper MT(2)                  13,929         9,244       51%       49,460         32,400                53%
----------------------- -------------------- -------------------- --------- -------------------- -------------------- --------- -------------------- -------------------- ---- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                    
(1)     Buenaventura’s Direct Operations includes 100% of Buenaventura’s
                                              operating units, 53.06% of La Zanja and 61.32% of El Brocal
(2)                                           Considers 100% of Buenaventura’s operating units, 100% of La Zanja
                                              and 100% of El Brocal
                                               
 
Orcopampa (100% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                   Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     4Q16                      4Q15                      Var%                     FY16                     FY15                     Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- -------------------- -------------------- -------------------- ----------------------------------------- -------------------- --------------------
Gold                              Oz                      45,973                    48,606                      -5%                    191,102                  204,629                    -7%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- -------------------- -------------------- -------------------- ----------------------------------------- -------------------- --------------------
Silver                            Oz                      199,509                   170,254                     17%                    692,318                  562,795                    23%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- -------------------- -------------------- -------------------- ----------------------------------------- -------------------- --------------------
                                              
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- ------------------------------------------ -------------------- -------------------- -------------------- -------------------- ----------------------------------------- -------------------- --------------------
                                                                                                                                                                                                                            Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
               4Q16                                  4Q15                                                            Var%                                                                                         FY16                                                             FY15                                   Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------
Gold                            US$/Oz                772                                   682                                                             13%                                                                                          704                                                              678                                    4%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------
                                                 

Gold production at Orcopampa decreased 5% in 4Q16 (compared to 4Q15) mainly due to lower ore treated and lower ore grade (see Appendix 2). Cost Applicable to Sales (CAS) in 4Q16 (772 US$/Oz) increased 13% compared to 4Q15 (682 US$/Oz), mainly due to lower volume sold (12% QoQ) and higher exploration efforts from the Pucara, Pucarina and Lucia areas.

Gold production guidance for 2017 is 180k - 190k ounces.

 
Uchucchacua (100% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                     FY16                     FY15                     Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                            Oz                    4,042,722                4,118,509                   -2%                  16,212,746               13,919,922                   16%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Zinc                              MT                      1,662                    1,602                     4%                      7,227                    5,692                     27%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Lead                              MT                      2,855                    2,565                     11%                    10,724                    8,433                     27%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                           Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                     FY16                     FY15                     Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                          US$/Oz                    11.53                    12.82                    -10%                     11.03                    13.93                    -21%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                              

Silver production in 4Q16 was in line with the figure reported in 4Q15. In FY16, silver production increased 16% compared to FY15, mainly due to more ore treated (16% YoY) (see Appendix 2).

Cost Applicable to Sales (CAS) in 4Q16 decreased 10% compared to 4Q15, an improvement primarily explained by i) increasing efficiencies as a result of massive mining using the bench & fill method and ii) lower commercial deductions.

Silver production guidance for 2017 is 16.0 million - 17.0 million ounces.

 
Mallay (100% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                   Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                     FY16                      FY15                      Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ----------------------
Silver                            Oz                     374,756                  357,236                    5%                    1,627,246                 1,285,361                    27%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ----------------------
Zinc                              MT                      2,326                    2,407                     -3%                    10,463                     9,173                      14%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ----------------------
Lead                              MT                      1,476                    1,841                    -20%                     7,383                     7,193                      3%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ----------------------
                                            
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------ -------------------- ----------------------
                                                                                                                                                                                                                            Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                                                FY16                                                                 FY15                                 Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------
Silver                          US$/Oz                    13.48                    13.77                     -2%                                                12.78                                                                13.90                                 -8%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            

Silver production in 4Q16 increased 5% compared to 4Q15, mainly due to more ore treated). In FY16, silver production increased 16% compared to FY15, explained by more ore treated (29% YoY) (see Appendix 2).

Cost Applicable to Sales (CAS) in 4Q16 was in line with the figure reported in 4Q15.

Silver production guidance for 2017 is 1.5 million - 1.7 million ounces.

 
Julcani (100% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                     FY16                     FY15                     Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                            Oz                     790,618                  868,662                    -9%                   3,264,420                3,266,453                   0%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                           Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var%                     FY16                     FY15                     Var%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                          US$/Oz                    12.50                    11.32                     10%                     11.62                    12.30                     -6%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                              

Silver production in 4Q16 was 9% lower compared to 4Q15, mainly due to lower ore grades. FY16 production was 3,264,420 in line with FY15. Cost Applicable to Sales (CAS) in 4Q16 was 10% higher than 4Q15, primarily explained by lower volume sold.

Silver production guidance for 2017 is 3.0 million - 3.4 million ounces.

 
La Zanja (53.06% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gold                              Oz                     32,739                   37,709                    -13%                    139,724                  141,071                    -1%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                            Oz                     58,279                   89,111                    -35%                    217,292                  331,080                   -34%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                           Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gold                            US$/Oz                     730                      517                      41%                      607                      753                     -19%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                              

Gold production in 4Q16 decreased 13% compared to 4Q15. CAS in 4Q16 increased 41% compared to 3Q15, primarily due to i) less volume sold ii) more hauling expenses.

Gold production guidance for 2017 is 115k - 125k ounces.

Tantahuatay (40.10% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gold                              Oz                     39,926                   47,697                    -16%                    150,816                  144,782                    4%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                            Oz                     123,786                  281,440                   -56%                    711,337                  879,832                   -19%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                           Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Gold                            US$/Oz                     534                      388                      38%                      492                      489                      1%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                              

Gold production in 4Q16 decreased 16% compared to the figure reported in 4Q15. CAS in 4Q16 increased 38% compared to 4Q15 mainly due to lower volume sold and higher exploration expenses.

Gold production guidance for 2017 is 145k - 155k ounces

 
El Brocal (61.32% owned by Buenaventura)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                  Production
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Copper                            MT                     13,858                    9,165                     51%                    49,170                   32,061                     53%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Zinc                              MT                     19,908                   15,966                     25%                    57,385                   53,319                     8%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Silver                            Oz                    1,158,392                1,183,101                   -2%                   2,634,739                3,669,500                  -28%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                           Cost Applicable to Sales
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                     Var %                    FY16                     FY15                     Var %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Copper                          US$/Lb                    1.97                     2.47                     -20%                     2.11                     2.41                     -13%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Zinc                            US$/Lb                    0.84                     0.65                      28%                     0.82                     0.73                      13%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                              

During 4Q16, copper production increased 51% compared to 4Q15 and 53% in FY16 compared to FY15 due to a higher ore volume treated and ore grade. In 4Q16 zinc production increased 25% compared to 4Q15 and 8% in FY16 compared to FY15 as a result of higher ore treated and ore grade.

In 4Q16, zinc Cost Applicable to sales (CAS) increased 28% compared to 4Q15 mainly due to lower silver by-product contribution and a higher stripping ratio (9.4 in 4Q16 compared to 4.5 in 4Q16). Copper CAS in 4Q16 decreased 20% compared to 4Q15 mainly explained by more volume sold due to better ore grades and better commercial terms.

Zinc production guidance for 2017 is 70k - 80k MT, while copper production guidance for 2017 is 55k - 65k MT.

General and Administrative Expenses

General and administrative expenses in 4Q16 were US$23.6 million, 8% lower compared to the US$25.6 million in 4Q15 mainly due to lower insurance expenses (65% QoQ). For FY16, the expense was US$81.7 million (US$84.4 million in FY15).

Exploration in Non-Operating Areas

Exploration costs in non-operating areas during 4Q16 were US$11.8 million compared with US$5.0 million in 4Q15. During the period, Buenaventura’s main exploration efforts were focused on the San Gabriel project (US$5.15 million), the Tambomayo project (US$2.30 million), and Marcapunta Norte (US$0.41 million). For FY16, the expense was US$26.6 million (US$30.6 million in FY15).

Share in Associated Companies

During 4Q16, Buenaventura’s share in associated companies was negative US$402.5 million, compared to negative US$235.0 million reported in 4Q15, composed by:

                                                                                           
Share in the Result of Associates      4Q16       4Q15       Var %     FY16       FY15              Var %
(in millions of US$)
--------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- --------------------
Cerro Verde                            22.5       -3.6       N.A.      66.8        6.5              924%
--------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- --------------------
Coimolache                              6.5        7.5       -14%      23.5       16.6               42%
--------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- --------------------
Yanacocha                             -431.5     -238.9       81%     -455.6     -196.5             132%
--------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- --------------------
Total                                 -402.5     -235.0       71%     -365.3     -173.4             111%
--------------------------------- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- ----- -------------------- -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                 

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 4Q16, gold production was 171,675 ounces, 19% lower than 4Q15 production (211,256 ounces). For FY16, gold production was 654,934 ounces, 29% lower than 917,690 ounces in FY15.

Gold production guidance at Yanacocha for 2017 is 530k - 560k ounces.

In 4Q16, Yanacocha reported a net loss of US$988.6 million, this includes a US$889.4 million non-cash impairment (US$ 388.2 million attributable to Buenaventura) and a US$ 78.5 million non-cash reclamation provision (US$ 34.3 million attributable to Buenaventura), compared to a net loss of US$547.4 million reported in 4Q15.

CAS in 4Q16 was US$829/oz, 11% higher than the US$747/oz reported in 4Q15 mainly due to lower volume sold (158,227 gold ounces in 4Q16 vs 216,733 gold ounces in 4Q15).

Quecher Main (oxide deposit) is expected to extend the life of the Yanacocha operation to 2025 with an average annual production of approximately 200,000 gold ounces per year between 2020 and 2025. The estimated CAPEX of the project is $275 and $325 million. A project decision is expected in 2H17.

Studies are in process for Yanacocha sulfides. The project added 2 million ounces to resources.

Capital expenditures at Yanacocha were US$20.4 million in 4Q16, while for FY16 total capital expenditures were US$83.1 million.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 4Q16 copper production was 132,814 MT (26,005 MT attributable to Buenaventura), a 39% increase compared to 4Q15 (95,619 MT and 18,722 MT attributable to Buenaventura). For FY16, copper production was 502,495 MT (98,388 MT attributable to Buenaventura).

During 4Q16, Cerro Verde reported a net income of US$114.9 million compared to net loss of US$13.2 million in 4Q15. This increase was primarily due to: i) higher volumes sold and ii) higher realized price (US$2.72/Lb in 4Q16 compared to US$2.07/Lb). For FY16, net income was US$340.9 million (compared to US$33.8 million in FY15).

Capital expenditures at Cerro Verde were US$72.2 million in 4Q16, while for FY16 was US$421.6 million.

Syndicated Loan (US$1.8B): US$400 million have been prepaid. It is expected to be fully paid by 2018, depending on copper prices.

Copper production guidance at Cerro Verde for 2017 is 500k MT - 550k MT.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to net income in 4Q16 was US$6.5 million (US$7.5 million in 4Q15). For FY16, the contribution was US$23.5 million, compared to US$16.6 million reported in FY15.

Project Development and Exploration

The Tambomayo Project (100% ownership)

-- The first dore bar was produced in December 2016.

-- Working on Ramp-up, full capacity expected by 2Q17.

-- 2017 Production Guidance of 120 - 150 Au Oz.

-- Total CAPEX: US$ 362 million.

The San Gabriel Project (100% ownership)

-- Updating the economic model with 2016 exploration results.

-- Approval of the Environmental Impact Assessment (EIA) expected by 1H17.

-- Project decision for next stage is expected in 1H17.

-- During 2H17 basic and detailed engineering will be delivered.

Other

During the February 28, 2017 Board meeting, the Directors passed the following resolution:

-- To call for the Annual Shareholders Meeting to be held on March 28, with the following items to be proposed for approval:

a. Approval of the Annual Report as of December 31, 2016

b. Approval of the Financial Statements as of December 31, 2016

c. Appointment of Ernst and Young (Paredes, Zaldivar, Burga y Asociados) as External Auditors for fiscal year 2017.

d. Declaration of cash dividend of US$ 0.057 per share or ADS, payable on May 2, 2017.

e. Election of the new members of the board for the period 2017 - 2019.

Company Description

Compania 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*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo project.

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 2015 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 Decemberr 31, 2016)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   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*                                  61.32                  Colquijirca and Marcapunta
----------------------------------------------------------- -------------------- -------------------- -------- -------------------- -------------------- --------------------------------------------------
Compania 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 Energetico 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
                                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                       %                      FY16                     FY15                       %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                           Underground
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Orcopampa                                                      Ore Milled DMT                                                        113,723                                                        120,878                                                          -6%                                                          464,366                                                        458,222                                                          1%
                                                               Ore Grade OZ/MT                                                        0.41                                                           0.42                                                            -3%                                                           0.41                                                           0.46                                                           -12%
                                                               Recovery Rate %                                                        97.3%                                                          93.9%                                                           4%                                                            96.3%                                                          95.3%                                                           1%
      Ounces Produced*                45,973                   48,606                     -5%                    191,102                  204,629                    -7%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                            Open Pit
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
La Zanja                                                       Ounces Produced                                                       32,739                                                         37,709                                                          -13%                                                          139,724                                                        141,071                                                          -1%
Tantahuatay              Ounces Produced                 39,926                   47,697                    -16%                    150,816                  144,782                    4%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                             
                                                                                                                              -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                              SILVER PRODUCTION
                                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                       %                      FY16                     FY15                       %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                           Underground
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Uchucchacua                                                    Ore Milled DMT                                                        324,291                                                        318,219                                                          2%                                                          1,267,752                                                      1,121,474                                                         13%
                                                               Ore Grade OZ/MT                                                        14.82                                                          15.38                                                           -4%                                                           15.23                                                          14.80                                                           3%
                                                               Recovery Rate %                                                        84.1%                                                          84.2%                                                           0%                                                            83.9%                                                          83.9%                                                           0%
      Ounces Produced                4,042,722                4,118,509                   -2%                  16,212,746               13,919,922                   16%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Julcani                                                        Ore Milled DMT                                                        42,440                                                         45,024                                                           -6%                                                          173,865                                                        177,948                                                          -2%
                                                               Ore Grade OZ/MT                                                        19.23                                                          20.06                                                           -4%                                                           19.51                                                          19.22                                                           2%
                                                               Recovery Rate %                                                        96.9%                                                          96.2%                                                           1%                                                            96.3%                                                          95.5%                                                           1%
      Ounces Produced                 790,618                  868,662                    -9%                   3,264,420                3,266,453                   0%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mallay                                                         Ore Milled DMT                                                        51,613                                                         42,812                                                           21%                                                          204,035                                                        158,124                                                          29%
                                                               Ore Grade OZ/MT                                                        7.66                                                           8.93                                                           -14%                                                           8.49                                                           8.66                                                            -2%
                                                               Recovery Rate %                                                        94.7%                                                          93.4%                                                           1%                                                            93.9%                                                          93.8%                                                           0%
      Ounces Produced                 374,756                  357,236                    5%                    1,627,246                1,285,361                   27%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                            Open Pit
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Colquijirca              Ounces Produced                 897,695                 1,030,199                  -13%                   1,835,242                2,811,391                  -35%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                             
                                                                                                                              -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                               ZINC PRODUCTION
                                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                    4Q16                     4Q15                       %                      FY16                     FY15                       %
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                           Underground
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Uchucchacua                                                    Ore Milled DMT                                                        324,291                                                        318,219                                                          2%                                                          1,267,752                                                      1,121,474                                                         13%
                                                               Ore Grade %                                                            1.20%                                                          1.04%                                                           15%                                                           1.17%                                                          1.05%                                                           11%
                                                               Recovery Rate %                                                        42.4%                                                          48.0%                                                          -12%                                                           48.8%                                                          48.2%                                                           1%
      MT Produced                      1,662                    1,602                     4%                      7,227                    5,693                     27%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mallay                                                         Ore Milled DMT                                                        51,613                                                         42,812                                                           21%                                                          204,035                                                        158,123                                                          29%
                                                               Ore Grade %                                                            5.03%                                                          6.51%                                                          -23%                                                           5.79%                                                          6.60%                                                          -12%
                                                               Recovery Rate %                                                        89.6%                                                          86.3%                                                           4%                                                            88.3%                                                          87.9%                                                           0%
      MT Produced                      2,326                    2,407                     -3%                    10,463                    9,172                     14%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Mining Unit              Operating Results                                                                                                                                                                            Open Pit
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Colquijirca              MT Produced                     19,908                   15,966                     25%                    57,385                   53,319                     8%
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                          

APPENDIX 3: EBITDA Reconciliation (in thousand US$)

 
                                                                                        
                                                                                                           -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                          4Q16                     4Q15                    FY 2016                  FY 2015
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net Income                                                                 -409,169                 -315,297                 -327,814                 -375,545
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Add / Substract:                                                            490,123                  335,185                  994,094                  479,294
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Provision for income tax, net                                      15,879                   18,697                   53,504                   14,763
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Share in associated companies by the equity method, net            402,543                  234,996                  365,321                  173,375
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Interest income                                                     -769                    -8,585                   -6,830                   -11,026
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Interest expense                                                    4,995                    6,494                   31,580                   27,572
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Loss on currency exchange difference                               -1,383                    6,176                   -2,638                   13,693
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Long Term Compensation provision                                   54,606                   63,505                   192,647                  232,583
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Depreciation and Amortization                                       1,561                    -134                     8,133                     495
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Workers’ participation provision                                      0                        0                        0                      3,803
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Loss from discontinued operations                                  12,691                   14,036                   19,073                   20,233
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
         Impairment of Long-Lived Assets                                       0                        0                     333,304                   3,803
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   EBITDA Buenaventura Direct Operations                                    80,954                   19,888                   666,280                  103,749
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
      EBITDA Yanacocha (43.65%)                                                0                        0                        0                        0
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
      EBITDA Cerro Verde (19.58%)                                              0                        0                        0                        0
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
      EBITDA Coimolache (40.01%)                                               0                        0                        0                        0
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Adjusted EBITDA (including Associated companies)                         80,954                   19,888                   666,280                  103,749
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                     

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: PRELIMINARY PROVEN AND PROBABLE RESERVES

                                                                                                 
GOLD
                                                                              % Ownership    MT (000)     Grade Oz/TMS     Oz (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                 
Orcopampa                                                                         100.00                                                764                                                  0.472                                                361                                                            361
Julcani                                                                           100.00                                                295                                                  0.009                                                  3                                                              3
Mallay                                                                            100.00                                                162                                                  0.015                                                  2                                                              2
Tambomayo                                                                         100.00                                              2,128                                                  0.281                                                597                                                            597
La Zanja                                                                           53.06                                             15,116                                                  0.017                                                253                                                            134
La Zanja (on Pads and Plant)                                                       53.06                                                                                                                                                           11                                                              6
Tantahuatay (Oxides)                                                               40.10                                             81,267                                                  0.013                                              1,023                                                            410
Tantahuatay PAD                                                                    40.10                                                                                                                                                           11                                                              5
El Brocal Marcapunta (Sulphides)*                                                  61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
Yanacocha                                                                          43.65                                                                                                                                                        5,057                                                          2,207
                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                 
SILVER
                                                                              % Ownership    MT (000)     Grade Oz/TMS     Oz (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                 
Uchucchacua (Silver - Zinc - Lead)                                                100.00                                              4,653                                                 14.220                                             66,170                                                         66,170
Julcani                                                                           100.00                                                295                                                 20.960                                              6,182                                                          6,182
Mallay                                                                            100.00                                                162                                                  9.200                                              1,492                                                          1,492
Orcopampa                                                                         100.00                                                764                                                  1.520                                              1,158                                                          1,158
Tambomayo                                                                         100.00                                              2,128                                                  9.650                                             20,539                                                         20,539
La Zanja                                                                           53.06                                             15,116                                                  0.270                                              4,156                                                          2,205
La Zanja (on Pads and Plant)                                                       53.06                                                                                                                                                          162                                                             86
Tantahuatay Oxidos                                                                 40.10                                             81,267                                                  0.259                                             21,078                                                          8,451
Tantahuatay PAD                                                                    40.10                                                                                                                                                           50                                                             20
El Brocal (Tajo Norte - La Llave)*                                                 61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
El Brocal Marcapunta (Sulphides)*                                                  61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
Yanacocha                                                                          43.65                                                                                                                                                       55,333                                                         24,153
Cerro Verde (Sulphides)                                                            19.58                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                 
ZINC
                                                                              % Ownership    MT (000)         % Zn         MT (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
Uchucchacua (Silver - Zinc - Lead)                                                100.00                                              4,653                                                   1.87                                                 87                                                             87
Mallay                                                                            100.00                                                162                                                   7.69                                                 12                                                             12
Tambomayo                                                                         100.00                                              2,128                                                   2.41                                                 51                                                             51
El Brocal (Tajo Norte - La Llave)*                                                 61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                 
LEAD
                                                                              % Ownership    MT (000)         % Pb         MT (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
Uchucchacua (Silver - Sulphides)                                                  100.00                                              4,653                                                   1.42                                                 66                                                             66
Julcani                                                                           100.00                                                295                                                   2.30                                                  7                                                              7
Mallay                                                                            100.00                                                162                                                   4.65                                                  8                                                              8
Tambomayo                                                                         100.00                                              2,128                                                   1.20                                                 26                                                             26
El Brocal (Tajo Norte - La Llave)*                                                 61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
                                                                                                                                                                                                                                                                                                 
* To be included in the annual report.
                                                                                                                                                                                                                                                                                                 
COPPER
                                                                              % Ownership    MT (000)         % Cu         MT (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
Julcani                                                                           100.00                                                295                                                   0.49                                                  1                                                              1
El Brocal Marcapunta (Sulphides)*                                                  61.32                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
Cerro Verde (Sulphides)*                                                           19.58                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
Cerro Verde (Oxides)*                                                              19.58                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                 
MOLYBDENUM
                                                                              % Ownership    MT (000)         % Mo         Oz (000)      Attributable (000)
                                                                             ----------- -------------------- -------------------- -------- -------------------- -------------------- ------------ -------------------- -------------------- -------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                 
Cerro Verde (Sulphides)*                                                           19.58                                               N.A.                                                   N.A.                                               N.A.                                                           N.A.
                                                                                                                                                                                                                                                                                                 
Prices used for Reserves calculation:
Gold 1,250 US$/Oz - Silver 19 US$/Oz - Zinc 2,100
US$/MT - Lead 1,800 US$/MT - Copper 5,000 US$/MT
 
* To be included in the annual report.
 

APPENDIX 5: 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 nine months ended September 30, 2015 and 2016, 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 nine months ended September 30, 2015 and 2016 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 December 31                                                                                            For the 12 months ended December 31
                                                                                                             --------------------------------------------------------------------------------                                              --------------------------------------------------------------------------------
                                                                                                                     2016                     2015                                                           2016                     2015
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                             (in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization                                                  137,021                                                        145,874                                                        508,566                                                        573,102
Add:
   Consolidated Exploration in units in operation                                                                   29,943                                                         23,691                                                         96,149                                                         89,699
   Consolidated Commercial deductions                                                                               73,107                                                         60,998                                                         244,413                                                        196,145
   Consolidated Selling expenses                                                                                     6,087                                                          6,664                                                         21,733                                                         19,365
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
   Consolidated Cost applicable to sales                                                                            246,158                                                        237,227                                                        870,861                                                        878,311
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                           
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 December 31                                                                         For the 12 months ended December 31
                                                                                                             --------------------------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
                                                                                                                     2016                                                           2015                                                           2016                                                           2015
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
Cost of sales by mine and mineral                                                                                                                                                                           (in thousands of US$)
------------------------------------------------------------------
   Julcani, Gold                                                                                                       0                                                              9                                                             15                                                             49
   Julcani, Silver                                                                                                   5,485                                                          6,739                                                         20,032                                                         23,134
   Julcani, Lead                                                                                                      510                                                            484                                                           1,855                                                          1,906
   Julcani, Copper                                                                                                    26                                                             53                                                             83                                                             242
   Mallay, Gold                                                                                                       53                                                             148                                                            512                                                            201
   Mallay, Silver                                                                                                    2,292                                                          2,234                                                          9,461                                                          8,014
   Mallay, Lead                                                                                                      1,327                                                          1,343                                                          4,943                                                          5,190
   Mallay, Zinc                                                                                                      2,095                                                          1,317                                                          7,371                                                          6,256
   Orcopampa, Gold                                                                                                  21,376                                                         25,886                                                         88,213                                                         104,204
   Orcopampa, Silver                                                                                                 1,108                                                           877                                                           4,271                                                          3,512
   Orcopampa, Copper                                                                                                  54                                                              0                                                             92                                                              0
   Uchucchacua, Gold                                                                                                  56                                                              7                                                             123                                                            25
   Uchucchacua, Silver                                                                                              25,190                                                         31,325                                                         92,188                                                         110,351
   Uchucchacua, Lead                                                                                                 1,927                                                          1,714                                                          5,763                                                          6,356
   Uchucchacua, Zinc                                                                                                 1,324                                                          1,038                                                          4,262                                                          4,825
   La Zanja, Gold                                                                                                   25,017                                                         19,179                                                         89,816                                                         105,795
   La Zanja, Silver                                                                                                   652                                                            454                                                           1,787                                                          3,213
   El Brocal, Gold                                                                                                   1,539                                                          1,759                                                          6,773                                                          4,258
   El Brocal, Silver                                                                                                 4,161                                                          7,066                                                         12,161                                                         21,024
   El Brocal, Lead                                                                                                   3,024                                                          5,641                                                          9,878                                                         15,244
   El Brocal, Zinc                                                                                                  14,093                                                         10,475                                                         45,506                                                         42,157
   El Brocal, Copper                                                                                                22,826                                                         22,449                                                         92,224                                                         68,711
   Non Mining Units                                                                                                  2,886                                                          5,678                                                         11,237                                                         38,435
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
Consolidated Cost of sales, excluding depreciation and                                                              137,021                                                        145,874                                                        508,566                                                        573,102
amortization
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                           
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 December 31                                                                         For the 12 months ended December 31
                                                                                                             --------------------------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
                                                                                                                     2016                                                           2015                                                           2016                                                           2015
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
Exploration expenses in units in operation by mine and                                                                                                                                                      (in thousands of US$)
mineral
------------------------------------------------------------------
   Julcani, Gold                                                                                                       0                                                              4                                                              8                                                             25
   Julcani, Silver                                                                                                   2,764                                                          2,641                                                         10,086                                                         11,597
   Julcani, Lead                                                                                                      257                                                            190                                                            934                                                            956
   Julcani, Copper                                                                                                    13                                                             21                                                             42                                                             121
   Mallay, Gold                                                                                                       21                                                             60                                                             183                                                            77
   Mallay, Silver                                                                                                     893                                                            902                                                           3,379                                                          3,073
   Mallay, Lead                                                                                                       517                                                            542                                                           1,765                                                          1,990
   Mallay, Zinc                                                                                                       816                                                            532                                                           2,633                                                          2,399
   Orcopampa, Gold                                                                                                  13,701                                                          9,680                                                         42,985                                                         40,344
   Orcopampa, Silver                                                                                                  710                                                            328                                                           2,081                                                          1,360
   Orcopampa, Copper                                                                                                  34                                                              0                                                             45                                                              0
   Uchucchacua, Gold                                                                                                  19                                                              2                                                             38                                                              6
   Uchucchacua, Silver                                                                                               8,589                                                          8,075                                                         28,292                                                         25,160
   Uchucchacua, Lead                                                                                                  657                                                            442                                                           1,769                                                          1,449
   Uchucchacua, Zinc                                                                                                  452                                                            267                                                           1,308                                                          1,100
   La Zanja, Gold                                                                                                     487                                                             6                                                             591                                                            41
   La Zanja, Silver                                                                                                   13                                                              0                                                             12                                                              1
   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                                                             29,943                                                         23,691                                                         96,149                                                         89,699
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                           
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 December 31                                                                         For the 12 months ended December 31
                                                                                                             --------------------------------------------------------------------------------------------------------                      ------------------------------------------------------------------------------------
                                                                                                                     2016                                                           2015                                                           2016                                                           2015
                                                                                                             --------------------                                           --------------------                                           --------------------                                           --------------------
Commercial Deductions in units in                                                                                                                                                                           (in thousands of US$)
operation by mine and mineral
------------------------------------------------------------------
   Julcani, Gold                                                                                                       0                                                              3                                                              3                                                             14
   Julcani, Silver                                                                                                   1,129                                                          2,007                                                          5,021                                                          7,258
   Julcani, Lead                                                                                                      104                                                            144                                                            465                                                            591
   Julcani, Copper                                                                                                     5                                                             17                                                             25                                                             81
   Mallay, Gold                                                                                                       26                                                             60                                                             192                                                            89
   Mallay, Silver                                                                                                    1,167                                                          1,216                                                          4,745                                                          4,098
   Mallay, Lead                                                                                                       668                                                            735                                                           2,471                                                          2,655
   Mallay, Zinc                                                                                                      1,587                                                          1,158                                                          5,796                                                          4,313
   Orcopampa, Gold                                                                                                    164                                                            55                                                             496                                                            255
   Orcopampa, Silver                                                                                                  67                                                              0                                                             149                                                             0
   Orcopampa, Copper                                                                                                  12                                                              0                                                             21                                                              0
   Uchucchacua, Gold                                                                                                  19                                                              2                                                             46                                                              7
   Uchucchacua, Silver                                                                                               9,552                                                         12,517                                                         37,877                                                         37,753
   Uchucchacua, Lead                                                                                                  727                                                            675                                                           2,348                                                          2,161
   Uchucchacua, Zinc                                                                                                 1,805                                                          1,499                                                          6,006                                                          5,457
   La Zanja, Gold                                                                                                     112                                                            53                                                             293                                                            194
   La Zanja, Silver                                                                                                    2                                                              6                                                             15                                                             18
   El Brocal, Gold                                                                                                   2,487                                                          1,925                                                          9,028                                                          4,847
   El Brocal, Silver                                                                                                 3,876                                                          3,992                                                          9,971                                                         13,583
   El Brocal, Lead                                                                                                   2,072                                                          2,269                                                          5,490                                                          6,669
   El Brocal, Zinc                                                                                                  16,196                                                          6,903                                                         39,944                                                         24,622
   El Brocal, Copper                                                                                                31,330                                                         25,762                                                         114,012                                                        81,479
   Non Mining Units                                                            0                                                              0                                          0                                                              0
                                                                     --------------------                                           --------------------                       --------------------                                           --------------------
Consolidated Commercial deductions in units in operation                    73,107                                                         60,998                                     244,413                                                        196,145
                                                                     --------------------                                           --------------------                       --------------------                                           --------------------
                                                                                                                                                                                                                                               
Set forth below is a reconciliation of Selling expenses (by mine and
mineral) to consolidated
Selling expenses:
                                                                                                          
                                                                     -------------------- -------------------- -------------------- --------------------                       -------------------- -------------------- -------------------- --------------------
                                                                                              For the 3 months ended December 31                                                     For the 12 months ended December 31
                                                                     --------------------------------------------------------------------------------------------------------  ------------------------------------------------------------------------------------
                                                                             2016                                                           2015                                       2016                                                           2015
                                                                     --------------------                                           --------------------                       --------------------                                           --------------------
Selling expenses by mine and mineral                                                                                                                      (in thousands of US$)
------------------------------------------------------------------
   Julcani, Gold                                                               0                                                              0                                          1                                                              2
   Julcani, Silver                                                            216                                                            180                                        770                                                            963
   Julcani, Lead                                                              20                                                             13                                         71                                                             79
   Julcani, Copper                                                             1                                                              1                                          3                                                             10
   Mallay, Gold                                                                3                                                             11                                         36                                                             15
   Mallay, Silver                                                             136                                                            163                                        658                                                            580
   Mallay, Lead                                                               78                                                             98                                         344                                                            376
   Mallay, Zinc                                                               124                                                            96                                         512                                                            453
   Orcopampa, Gold                                                            454                                                            190                                       1,024                                                           823
   Orcopampa, Silver                                                          24                                                              6                                         50                                                             28
   Orcopampa, Copper                                                           1                                                              0                                          1                                                              0
   Uchucchacua, Gold                                                           3                                                              0                                          6                                                              1
   Uchucchacua, Silver                                                       1,136                                                          1,060                                      4,173                                                          3,225
   Uchucchacua, Lead                                                          87                                                             58                                         261                                                            186
   Uchucchacua, Zinc                                                          60                                                             35                                         193                                                            141
   La Zanja, Gold                                                             251                                                            244                                       1,032                                                          1,171
   La Zanja, Silver                                                            7                                                              6                                         21                                                             36
   El Brocal, Gold                                                            88                                                             134                                        419                                                            255
   El Brocal, Silver                                                          239                                                            539                                        752                                                           1,258
   El Brocal, Lead                                                            174                                                            431                                        611                                                            912
   El Brocal, Zinc                                                            809                                                            799                                       2,815                                                          2,522
   El Brocal, Copper                                                         1,310                                                          1,713                                      5,704                                                          4,110
   Non Mining Units                                                           867                                                            886                                       2,278                                                          2,220
                                                                     --------------------                                           --------------------                       --------------------                                           --------------------
Consolidated Selling expenses                                                6,087                                                          6,664                                     21,733                                                         19,365
                                                                     --------------------                                           --------------------                       --------------------                                           --------------------
                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                   
                                                                                                       
                                                          -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                               JULCANI
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          4Q 2016                                                                                                                                                                                                                                  4Q 2015
                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                          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)                                0                                       5,485                                      510                                        -                                        26                                       6,022                                       9                                       6,739                                      484                                        -                                        53                                       7,285
   Add:
      Exploration Expenses (US$000)                                 0                                       2,764                                      257                                        -                                        13                                       3,034                                       4                                       2,641                                      190                                        -                                        21                                       2,855
      Commercial Deductions (US$000)                               -0                                       1,129                                      104                                        -                                         5                                       1,237                                       3                                       2,007                                      144                                        -                                        17                                       2,171
      Selling Expenses (US$000)                                     0                                        216                                       20                                         -                                         1                                        237                                        0                                        180                                       13                                         -                                         1                                        195
Cost Applicable to Sales (US$000)                                   0                                       9,594                                      891                                        -                                        45                                      10,530                                      16                                      11,567                                      832                                        -                                        92                                      12,506
   Divide:
      Volume Sold                                1                   767,334                  587                     -                     17               Not Applicable               18                  1,022,162                 674                     -                     26               Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                                 515                   12.50                  1,517                    -                    2,630             Not Applicable               870                   11.32                  1,233                    -                    3,543             Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                    
                                                          -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                               JULCANI
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          FY 2016                                                                                                                                                                                                                                  FY 2015
                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                          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)                               15                   20,032                  1,855                    -                     83                   21,985                   49                   23,134                  1,906                    -                     242                  25,332
   Add:
      Exploration Expenses (US$000)                                 8                                      10,086                                      934                                        -                                        42                                      11,069                                      25                                      11,597                                      956                                        -                                        121                                     12,699
      Commercial Deductions (US$000)                                3                                       5,021                                      465                                        -                                        25                                       5,514                                      14                                       7,258                                      591                                        -                                        81                                       7,944
      Selling Expenses (US$000)                                     1                                        770                                       71                                         -                                         3                                        845                                        2                                        963                                       79                                         -                                        10                                       1,055
Cost Applicable to Sales (US$000)                                  27                                      35,908                                     3,325                                       -                                        153                                     39,413                                      90                                      42,953                                     3,533                                       -                                        454                                     47,030
   Divide:
      Volume Sold                               32                  3,090,967                2,679                    -                     54               Not Applicable               94                  3,493,166                2,478                    -                     103               No Aplicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                                 825                   11.62                  1,241                    -                    2,837              No Applicable               955                   12.30                  1,425                    -                    4,416              No Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                  
                                     -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                          MALLAY
                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     4Q 2016                                                                                                                                                                                                                                  4Q 2015
                        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)          53                    2,292                  1,327                  2,095                    -                    5,767                                      148                   2,234                  1,343                  1,317                    -                    5,041
   Add:
      Exploration Expenses (US$000)           21                                        893                                       517                                       816                                        -                                       2,247                                      60                                        902                                       542                                       532                                        -                                       2,035
      Commercial Deductions (US$000)          26                                       1,167                                      668                                      1,587                                       -                                       3,447                                      60                                       1,216                                      735                                      1,158                                       -                                       3,168
      Selling Expenses (US$000)                3                                        136                                       78                                        124                                        -                                        341                                       11                                        163                                       98                                        96                                         -                                        367
Cost Applicable to Sales (US$000)             103                                      4,487                                     2,590                                     4,622                                       -                                      11,802                                      278                                      4,514                                     2,717                                     3,102                                       -                                      10,611
   Divide:
      Volume Sold                             109                  332,930                 1,360                  1,925                    -               Not Applicable               292                  327,697                 1,765                  1,981                    -               Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                               950                   13.48                  1,905                  2,400                    -               Not Applicable               954                   13.77                  1,540                  1,566                    -               Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                  
                                                                                                                         
                                                          --------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                              MALLAY
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                FY 2016                                                                                                                                                                                                                                           FY 2015
                     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)                            512         9,461                                     4,943                                     7,371                                         -                                    22,287                                       201                                     8,014                                     5,190                                     6,256                                         -                                    19,660
   Add:
      Exploration Expenses (US$000)                             183                            3,379                                     1,765                                     2,633                                         -                                     7,960                                        77                                     3,073                                     1,990                                     2,399                                         -                                     7,539
      Commercial Deductions (US$000)                            192                            4,745                                     2,471                                     5,796                                         -                                    13,204                                        89                                     4,098                                     2,655                                     4,313                                         -                                    11,155
      Selling Expenses (US$000)                                  36                              658                                       344                                       512                                         -                                     1,549                                        15                                       580                                       376                                       453                                         -                                     1,424
Cost Applicable to Sales (US$000)                               923                           18,242                                     9,523                                    16,312                                         -                                    45,000                                       381                                    15,765                                    10,211                                    13,421                                         -                                    39,778
   Divide:
      Volume Sold                          1,041     1,426,986                  6,775                  8,728                      -      Not Applicable                       396              1,134,528                  6,612                  7,482                      -      Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                              886         12.78                  1,406                  1,869                      -       No Applicable                       960                  13.90                  1,544                  1,794                      -       No Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                               
                                                          ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                  ORCOPAMPA
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     4Q 2016                                                                                                                                                                                                                                4Q 2015
                     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)                        21,376        1,108          -           -                                  54                                      22,537                                    25,886                                      877                                        -                                         -                                         -                                      26,763
   Add:                                                                                                                                                                                           -
      Exploration Expenses (US$000)                         13,701                            710                              -                              -                                  34                                      14,445                                     9,680                                      328                                        -                                         -                                         -                                      10,008
      Commercial Deductions (US$000)                          164                             67                               -                              -                                  12                                        243                                       55                                         -                                         -                                         -                                         -                                        55
      Selling Expenses (US$000)                               454                             24                               -                              -                                   1                                        479                                       190                                        6                                         -                                         -                                         -                                        196
Cost Applicable to Sales (US$000)                           35,694                           1,908                             -                              -                                  102                                     37,704                                    35,810                                     1,212                                       -                                         -                                         -                                      37,022
   Divide:
      Volume Sold                        46,239       156,126         -           -               24               Not Applicable             52,488                 139,557                   -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           772         12.22          -           -              4,244             Not Applicable               682                   8.68                     -                      -                      -               Not Applicable
            CAS
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                    
                                                          ---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                        ORCOPAMPA
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                           FY 2016                                                                                                                                                                                                                  FY 2015
                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        88,213        4,271          -                                   -                                        92                                      92,576                                    104,204                                    3,512                                       -                                         -                                         -                                      107,716
   Add:
      Exploration Expenses (US$000)                         42,985                           2,081                             -                                   -                                        45                                      45,111                                    40,344                                     1,360                                       -                                         -                                         -                                      41,704
      Commercial Deductions (US$000)                          496                             149                              -                                   -                                        21                                        667                                       255                                        0                                         -                                         -                                         -                                        255
      Selling Expenses (US$000)                              1,024                            50                               -                                   -                                         1                                       1,075                                      823                                       28                                         -                                         -                                         -                                        851
Cost Applicable to Sales (US$000)                           132,718                          6,552                             -                                   -                                        159                                     139,429                                   145,626                                    4,900                                       -                                         -                                         -                                      150,526
   Divide:
      Volume Sold                        188,511      680,708         -                -                     48               Not Applicable             214,821                555,314                   -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            704         9.62           -                -                    3,305              No Applicable               678                   8.82                     -                      -                      -                No Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                               
                                                          ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                 UCHUCCHACUA
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     4Q 2016                                                                                                                                                                                                             4Q 2015
                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                          56         25,190        1,927       1,324                                 -                                      28,497                                       7                                      31,325                                     1,714                                     1,038                                       -                                      34,084
   Add:
      Exploration Expenses (US$000)                           19                             8,589                            657                            452                                  -                                       9,717                                       2                                       8,075                                      442                                       267                                        -                                       8,786
      Commercial Deductions (US$000)                          19                             9,552                            727                           1,805                                 -                                      12,103                                       2                                      12,517                                      675                                      1,499                                       -                                      14,694
      Selling Expenses (US$000)                                3                             1,136                            87                             60                                   -                                       1,285                                       0                                       1,060                                      58                                        35                                         -                                       1,153
Cost Applicable to Sales (US$000)                             97                            44,467                           3,398                          3,641                                 -                                      51,602                                      11                                      52,977                                     2,890                                     2,839                                       -                                      58,718
   Divide:
      Volume Sold                          127       3,856,346      2,218       1,254              -               Not Applicable               12                  4,132,034                1,993                  1,520                    -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            763         11.53        1,532       2,903              -                No Applicable               920                   12.82                  1,450                  1,868                    -                No Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                               
                                                          ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                 UCHUCCHACUA
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     FY 2016                                                                                                                                                                                                             FY 2015
                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                          123        92,188        5,763       4,262                                 -                                      102,336                                     25                                      110,351                                    6,356                                     4,825                                       -                                      121,557
   Add:
      Exploration Expenses (US$000)                           38                            28,292                           1,769                          1,308                                 -                                      31,406                                       6                                      25,160                                     1,449                                     1,100                                       -                                      27,715
      Commercial Deductions (US$000)                          46                            37,877                           2,348                          6,006                                 -                                      46,277                                       7                                      37,753                                     2,161                                     5,457                                       -                                      45,379
      Selling Expenses (US$000)                                6                             4,173                            261                            193                                  -                                       4,632                                       1                                       3,225                                      186                                       141                                        -                                       3,552
Cost Applicable to Sales (US$000)                             212                           162,529                         10,140                         11,770                                 -                                      184,651                                     39                                      176,490                                   10,152                                    11,523                                       -                                      198,203
   Divide:
      Volume Sold                          279      14,739,128      8,350       5,295              -               Not Applicable               38                 12,666,673                6,560                  4,750                    -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            758         11.03        1,214       2,223              -                No Applicable              1,014                  13.93                  1,548                  2,426                    -                No Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                    
                                                          ---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                     LA ZANJA
                                     -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        4Q 2016                                                                                                                                                                                                                  4Q 2015
                                     -------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        25,017         652           -                                   -                                         -                                      25,669                                    19,179                                      454                                        -                                         -                                         -                                      19,633
   Add:
      Exploration Expenses (US$000)                           487                             13                               -                                   -                                         -                                        500                                        6                                         0                                         -                                         -                                         -                                         6
      Commercial Deductions (US$000)                          112                              2                               -                                   -                                         -                                        114                                       53                                         6                                         -                                         -                                         -                                        59
      Selling Expenses (US$000)                               251                              7                               -                                   -                                         -                                        258                                       244                                        6                                         -                                         -                                         -                                        250
Cost Applicable to Sales (US$000)                           25,868                            673                              -                                   -                                         -                                      26,541                                    19,482                                      466                                        -                                         -                                         -                                      19,948
   Divide:
      Volume Sold                        35,430       62,569          -                -                      -               Not Applicable             37,706                 68,585                    -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            730         10.76          -                -                      -               Not Applicable               517                   6.79                     -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                    
                                                          ---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                        LA ZANJA
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                           FY 2016                                                                                                                                                                                                                  FY 2015
                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        89,816        1,787          -                                   -                                         -                                      91,603                                    105,795                                    3,213                                       -                                         -                                         -                                      109,008
   Add:
      Exploration Expenses (US$000)                           591                             12                               -                                   -                                         -                                        603                                       41                                         1                                         -                                         -                                         -                                        42
      Commercial Deductions (US$000)                          293                             15                               -                                   -                                         -                                        307                                       194                                       18                                         -                                         -                                         -                                        212
      Selling Expenses (US$000)                              1,032                            21                               -                                   -                                         -                                       1,053                                     1,171                                      36                                         -                                         -                                         -                                       1,207
Cost Applicable to Sales (US$000)                           91,732                           1,835                             -                                   -                                         -                                      93,566                                    107,201                                    3,268                                       -                                         -                                         -                                      110,469
   Divide:
      Volume Sold                        151,189      229,055         -                -                      -               Not Applicable             142,299                324,151                   -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            607         8.01           -                -                      -                No Applicable               753                   10.08                    -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                    
                                                          ---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                         BROCAL
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                           4Q 2016                                                                                                                                                                                                                  4Q 2015
                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                         1,539        4,161        3,024                              14,093                                    22,826                                    45,643                                     1,759                                     7,066                                     5,641                                    10,475                                    22,449                                    47,390
   Add:
      Exploration Expenses (US$000)                            -                               -                               -                                   -                                         -                                         -                                         -                                         -                                         -                                         -                                         -                                         -
      Commercial Deductions (US$000)                         2,487                           3,876                           2,072                              16,196                                    31,330                                    55,962                                     1,925                                     3,992                                     2,269                                     6,903                                    25,762                                    40,851
      Selling Expenses (US$000)                               88                              239                             174                                 809                                      1,310                                     2,620                                      134                                       539                                       431                                       799                                      1,713                                     3,617
Cost Applicable to Sales (US$000)                            4,115                           8,276                           5,270                              31,098                                    55,466                                    104,225                                    3,818                                    11,597                                     8,340                                    18,177                                    49,924                                    91,858
   Divide:
      Volume Sold                         3,931       763,176       4,138           16,784                 12,738             Not Applicable              2,835                 881,192                 5,870                 12,586                  9,150             Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                           1,047        10.84        1,273            1,853                  4,354             Not Applicable              1,347                  13.16                  1,421                  1,444                  5,456             Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                  
                                                                                                                         
                                                          --------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                              BROCAL
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                FY 2016                                                                                                                                                                                                                        FY 2015
                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     GOLD (OZ)   SILVER (OZ)        LEAD (MT)              ZINC (MT)             COPPER (MT)               TOTAL                GOLD (OZ)             SILVER (OZ)             LEAD (MT)              ZINC (MT)             COPPER (MT)               TOTAL
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cost of Sales (without D&A) (US$000)                          6,773        12,161                                     9,878                                    45,506                                    92,224                                   166,542                                     4,258                                    21,024                                    15,244                                    42,157                                    68,711                                   151,394
   Add:
      Exploration Expenses (US$000)                               -                                -                                         -                                         -                                         -                                         -                                         -                                         -                                         -                                         -                                         -                                         -
      Commercial Deductions (US$000)                          9,028                            9,971                                     5,490                                    39,944                                   114,012                                   178,444                                     4,847                                    13,583                                     6,669                                    24,622                                    81,479                                   131,200
      Selling Expenses (US$000)                                 419                              752                                       611                                     2,815                                     5,704                                    10,301                                       255                                     1,258                                       912                                     2,522                                     4,110                                     9,056
Cost Applicable to Sales (US$000)                            16,220                           22,884                                    15,979                                    88,265                                   211,940                                   355,287                                     9,359                                    35,865                                    22,826                                    69,301                                   154,300                                   291,650
   Divide:
      Volume Sold                         13,062     1,696,176                 11,874                 48,806                 45,572      Not Applicable                     7,181              2,637,215                 16,739                 43,297                 28,991      Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            1,242         13.49                  1,346                  1,808                  4,651       No Applicable                     1,303                  13.60                  1,364                  1,601                  5,322      Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                   
                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                NON MINING COMPANIES
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                         4Q 2016                                                                                                                                                                                                 4Q 2015
                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                           -            -            -           -            -        2,886                               -                                         -                                         -                                         -                                         -                                       5,678
Add:
   Selling Expenses (US$000)                -            -            -           -            -         867             -                      -                      -                      -                      -                     886
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Total (US$000)                           -            -            -           -            -        3,753            -                      -                      -                      -                      -                    6,564
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- ----- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                    
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                 NON MINING COMPANIES
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                          FY 2016                                                                                                                                                                                                                    FY 2015
                     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)                           -            -            -           -            -       11,237                                -                                         -                                         -                                         -                                         -                                      38,435
Add:
   Selling Expenses (US$000)                -            -            -           -            -        2,278             -                      -                      -                      -                      -                    2,220
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
   Total (US$000)                           -            -            -           -            -       13,515             -                      -                      -                      -                      -                   40,655
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                    
                                                          -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                               BUENAVENTURA CONSOLIDATED
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          4Q 2016                                                                                                                                                                                                                                  4Q 2015
                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                          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)                                    48,042                 38,887                  6,788                 17,512                 22,906                137,021                 46,987                 48,695                  9,182                 12,829                 22,502                145,874
   Add:
      Exploration Expenses (US$000)                                     14,228                                    12,969                                     1,431                                     1,268                                        48                                    29,943                                     9,751                                    11,946                                     1,174                                       799                                        21                                    23,691
      Commercial Deductions (US$000)                                     2,808                                    15,793                                     3,571                                    19,588                                    31,347                                    73,107                                     2,098                                    19,738                                     3,824                                     9,560                                    25,778                                    60,998
      Selling Expenses (US$000)                                            800                                     1,756                                       359                                       993                                     1,312                                     6,087                                       579                                     1,954                                       599                                       930                                     1,715                                     6,664
Cost Applicable to Sales (US$000)                                       65,877                                    69,406                                    12,149                                    39,361                                    55,613                                   246,158                                    59,416                                    82,333                                    14,779                                    24,119                                    50,016                                   237,227
   Divide:
      Volume Sold                                    85,836              5,938,481                  8,304                 19,963                 12,779      Not Applicable                    93,352              6,571,227                 10,302                 16,087                  9,176      Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                                         767                  11.69                  1,463                  1,972                  4,352      Not Applicable                       636                  12.53                  1,434                  1,499                  5,451      Not Applicable
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                       
                                                          --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                             BUENAVENTURA CONSOLIDATED
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              FY 2016                                                                                                                                                                                                FY 2015
                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        185,451      139,900      22,439      57,140       92,399         508,566        214,531                             169,249                                   28,697                                    53,238                                    68,953                                    573,102
   Add:
      Exploration Expenses (US$000)                         43,804                          43,849                           4,468                          3,941                            87                              96,149                            40,493                              41,191                                     4,395                                     3,499                                      121                                     89,699
      Commercial Deductions (US$000)                        10,058                          57,778                          10,774                         51,746                          114,058                           244,413                            5,405                              62,711                                    12,077                                    34,392                                    81,560                                    196,145
      Selling Expenses (US$000)                              2,517                           6,422                           1,287                          3,520                           5,709                            21,733                             2,267                               6,089                                     1,553                                     3,116                                     4,120                                    19,365
Cost Applicable to Sales (US$000)                           241,831                         247,949                         38,968                         116,346                         212,252                           870,861                           262,696                             279,240                                   46,721                                    94,245                                    154,754                                   878,311
   Divide:
      Volume Sold                        354,116    21,863,019     29,678      62,829       45,674     Not Applicable     364,831        20,811,046               32,389                 55,529                 29,094             Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- -------------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                           683         11.34        1,313       1,852        4,647     Not Applicable       720             13.42                  1,443                  1,697                  5,319             Not Applicable
            CAS
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- ----------- -------------------- -------------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                               
                                                          ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                 COIMOLACHE
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     4Q 2016                                                                                                                                                                                                             4Q 2015
                                                          ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        15,769         686           -           -                                   -                                      16,455                                    16,925                                     1,368                                       -                                         -                                         -                                      18,292
   Add:
      Exploration Expenses (US$000)                          6,001                            261                              -                              -                                   -                                       6,262                                     1,578                                      128                                        -                                         -                                         -                                       1,706
      Commercial Deductions (US$000)                          40                               2                               -                              -                                   -                                        41                                        267                                       30                                         -                                         -                                         -                                        298
      Selling Expenses (US$000)                               306                             13                               -                              -                                   -                                        319                                       381                                       31                                         -                                         -                                         -                                        412
Cost Applicable to Sales (US$000)                           22,116                            962                              -                              -                                   -                                      23,077                                    19,151                                     1,556                                       -                                         -                                         -                                      20,708
   Divide:
      Volume Sold                        41,454       129,123         -           -                -               Not Applicable             49,363                 294,995                   -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            534         7.45           -           -                -               Not Applicable               388                   5.28                     -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                    
                                                          ---------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                       COIMOLACHE
                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                           FY 2016                                                                                                                                                                                                                  FY 2015
                                                          ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                     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)                        58,809        3,886          -                                   -                                         -                                      62,695                                    55,952                                     4,576                                       -                                         -                                         -                                      60,527
   Add:
      Exploration Expenses (US$000)                         12,804                            846                              -                                   -                                         -                                      13,650                                    12,598                                     1,030                                       -                                         -                                         -                                      13,628
      Commercial Deductions (US$000)                          474                             42                               -                                   -                                         -                                        516                                       776                                       71                                         -                                         -                                         -                                        847
      Selling Expenses (US$000)                              1,058                            70                               -                                   -                                         -                                       1,128                                     1,028                                      84                                         -                                         -                                         -                                       1,112
Cost Applicable to Sales (US$000)                           73,145                           4,844                             -                                   -                                         -                                      77,989                                    70,353                                     5,761                                       -                                         -                                         -                                      76,114
   Divide:
      Volume Sold                        148,781      721,891         -                -                      -               Not Applicable             143,791                874,271                   -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
            CAS                            492         6.71           -                -                      -                No Applicable               489                   6.59                     -                      -                      -               Not Applicable
------------------------------------ -------------------- --------- -------------------- ----------- -------------------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

APPENDIX 6: ALL-IN SUSTAINING COST

                                                                                                                         
All-in Sustaining Cost for 4Q16
                                                                                                                                                                                                                                                                                                                                                               
                                                                                       Buenaventura(1)                                                                      La Zanja                                                                         Tantahuatay                                                                         Attributable (2)
                                                                                            4Q16                                                                              4Q16                                                                              4Q16                                                                                   4Q16
                                                                          -------------------------------------                                             -------------------------------------                                             -------------------------------------                                             ------------------------------------------------
Au Ounces Sold BVN                                                                                         81,622
Au Ounces bought from La Zanja                                                                            -35,147
Au Ounces Sold Net                                                                                         46,475                                                                            34,505                                                                            41,454                                                                                       81,405
                                                                                                                                                                                                                                                                                                                                                               
                                                                                            4Q16                                                                              4Q16                                                                              4Q16                                                                                   4Q16
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 Sales(3)                                                            68,722                          1,479                                             26,510                            768                                             16,455                            397                                             89,386                                     1,098
Exploration in Operating Units                                              29,443                            634                                              3,076                             89                                              6,262                            151                                             33,586                                       413
Royalties                                                                    4,325                             93                                                  0                              0                                                  0                              0                                              4,325                                        53
Comercial Deductions(4)                                                     17,032                            366                                                551                             16                                                 41                              1                                             17,341                                       213
Selling Expenses                                                             2,394                             52                                                205                              6                                                319                              8                                              2,631                                        32
Administrative Expenses(5)                                                  12,215                            263                                                338                             10                                              2,345                             57                                             13,335                                       164
Other Expenses                                                                   0                              0                                              2,143                             62                                              1,742                             42                                              1,836                                        23
Other Incomes                                                               -5,093                           -110                                             -4,513                           -131                                             -2,818                            -68                                             -8,618                                      -106
Administrative charges                                                           0                              0                                              1,539                             45                                                514                             12                                              1,023                                        13
Sustaining Capex(6)                                                         21,117                            454                                              3,098                             90                                              8,581                            207                                             26,201                                       322
                                                                                                                                                                                                                                                                                                                                                               
By-product Credit                                                         -110,761                         -2,383                                             -1,063                            -31                                             -2,149                            -52                                           -112,187                                    -1,378
                                                                                                                                                                                                                                                                                                                                                               
All-in Sustaining Cost                                                      39,394                            848                                             31,883                            924                                             31,293                            755                                             68,858                                       846
                                                                                                                                                                                                                                                                                                                                                               
*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 Compania De Minas
                                             Buenaventura S.A.A.
2.                                           Considers 100% from Compania 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 4Q15
                                                                                                                                                                                                                                                                                                                                                               
                                                                                       Buenaventura(1)                                                                      La Zanja                                                                         Tantahuatay                                                                    Attributable Production(2)
                                                                                            4Q15                                                                              4Q15                                                                              4Q15                                                                                   4Q15
                                                                          -------------------------------------                                             -------------------------------------                                             -------------------------------------                                             ------------------------------------------------
Au Ounces Sold BVN                                                                                         90,462
Au Ounces bought from La Zanja                                                                            -37,652
Au Ounces Sold Net                                                                                         52,810                                                                            37,847                                                                            49,363                                                                                       92,684
                                                                                                                                                                                                                                                                                                                                                               
                                                                                            4Q15                                                                                               4Q15                                                                              4Q15                                                                                         4Q15
                                                                                                                                                                                                                                                                                                                         
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 Sales(3)                                                            78,768                          1,492                                             19,617                            518                                             18,292                            371                                             96,511                                     1,041
Exploration in Operating Units                                              25,492                            483                                                549                             15                                              1,706                             35                                             26,467                                       286
Royalties                                                                    5,041                             95                                                  0                              0                                                  0                              0                                              5,041                                        54
Comercial Deductions(4)                                                     20,088                            380                                                873                             23                                                298                              6                                             20,671                                       223
Selling Expenses                                                             1,913                             36                                                254                              7                                                411                              8                                              2,212                                        24
Administrative Expenses(5)                                                  11,481                            217                                              1,051                             28                                                821                             17                                             12,368                                       133
Other Expenses                                                                   0                              0                                              4,018                            106                                              1,502                             30                                              2,734                                        30
Other Incomes                                                               -2,898                            -55                                             -5,638                           -149                                             -2,249                            -46                                             -6,791                                       -73
Other administrative charges                                                     0                              0                                              2,718                             72                                                564                             11                                              1,668                                        18
Sustaining Capex(6)                                                         16,209                            307                                              1,592                             42                                             15,865                            321                                             23,414                                       253
                                                                                                                                                                                                                                                                                                                                                               
By-product Credit                                                          -93,749                         -1,775                                               -977                            -26                                             -4,346                            -88                                            -96,010                                    -1,036
                                                                                                                                                                                                                                                                                                                                                               
All-in Sustaining Cost                                                      62,345                          1,181                                             24,057                            636                                             32,864                            666                                             88,286                                       953
                                                                                                                                                                                                                                                                                                                                                               
*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 Compania De Minas
                                             Buenaventura S.A.A. (Does not consider El Brocal)
2.                                           Considers 100% from Compania 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 FY16
                                                                      
                                                                                      Buenaventura(1)                                                                      La Zanja                                                                         Tantahuatay                                                                         Attributable (2)
                                                                                           FY16                                                                              FY16                                                                              FY16                                                                                   FY16
                                                                         -------------------------------------                                             -------------------------------------                                             -------------------------------------                                             ------------------------------------------------
Au Ounces Sold BVN                                                                                       340,879
Au Ounces bought from La Zanja                                                                          -150,145
Au Ounces Sold Net                                                                                       190,735                                                                           142,207                                                                           148,781                                                                                      325,844
                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                              
                                                                                           FY16                                                                              FY16                                                                              FY16                                                                                   FY16
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 Sales(3)                                                          272,452                          1,428                                             86,514                            608                                             62,695                            421                                            343,494                                     1,054
Exploration in Operating Units                                             95,546                            501                                              5,222                             37                                             13,650                             92                                            103,790                                       319
Royalties                                                                  19,824                            104                                                  0                              0                                                  0                              0                                             19,824                                        61
Comercial Deductions(4)                                                    65,663                            344                                              3,163                             22                                                516                              3                                             67,548                                       207
Selling Expenses                                                            8,216                             43                                                937                              7                                              1,128                              8                                              9,165                                        28
Administrative Expenses(5)                                                 49,286                            258                                              1,979                             14                                              4,144                             28                                             51,998                                       160
Other Expenses                                                                  0                              0                                              8,721                             61                                              6,583                             44                                              7,267                                        22
Other Incomes                                                             -10,255                            -54                                            -17,258                           -121                                             -8,710                            -59                                            -22,904                                       -70
Administrative charges                                                          0                              0                                              4,301                             30                                              1,372                              9                                              2,832                                         9
Sustaining Capex(6)                                                        54,930                            288                                             14,995                            105                                             27,064                            182                                             73,738                                       226
                                                                                                                                                                                                                                                                                                                                                              
By-product Credit                                                        -419,793                         -2,201                                             -3,864                            -27                                            -12,418                            -83                                           -426,822                                    -1,310
                                                                                                                                                                                                                                                                                                                                                              
All-in Sustaining Cost                                                    135,870                            712                                            104,709                            736                                             96,023                            645                                            229,929                                       706
                                                                                                                                                                                                                                                                                                                                                              
*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 Compania De Minas
                                             Buenaventura S.A.A.
2.                                           Considers 100% from Compania 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 FY15
                                                                                                                                                                                                                                                                                                                                                               
                                                                                       Buenaventura(1)                                                                      La Zanja                                                                         Coimolache                                                                     Attributable Production(2)
                                                                                            FY15                                                                              FY15                                                                              FY15                                                                                   FY15
                                                                          -------------------------------------                                             -------------------------------------                                             -------------------------------------                                             ------------------------------------------------
Au Ounces Sold BVN                                                                                        373,548
Au Ounces bought from La Zanja                                                                           -142,129
Au Ounces Sold Net                                                                                        231,419                                                                           138,465                                                                           143,791                                                                                      362,541
                                                                                                                                                                                                                                                                                                                                                               
                                                                                            FY15                                                                              FY15                                                                              FY15                                                                                   FY15
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 Sales(3)                                                           307,709                          1,330                                            106,749                            771                                             60,527                            421                                            388,619                                     1,072
Exploration in Operating Units                                              91,548                            396                                              8,995                             65                                             13,628                             95                                            101,785                                       281
Royalties                                                                   21,942                             95                                                  0                              0                                                  0                              0                                             21,942                                        61
Comercial Deductions(4)                                                     64,799                            280                                              3,367                             24                                                847                              6                                             66,925                                       185
Selling Expenses                                                             7,001                             30                                              1,207                              9                                              1,112                              8                                              8,087                                        22
Administrative Expenses(5)                                                  47,125                            204                                              2,251                             16                                              2,185                             15                                             49,195                                       136
Other Expenses                                                                   0                              0                                             14,174                            102                                              7,136                             50                                             10,382                                        29
Other Incomes                                                               -6,881                            -30                                            -21,676                           -157                                             -9,270                            -64                                            -22,099                                       -61
Other administrative charges                                                     0                              0                                              8,190                             59                                              1,369                             10                                              4,894                                        14
Sustaining Capex(6)                                                         38,861                            168                                             27,615                            199                                             48,509                            337                                             72,964                                       201
                                                                                                                                                                                                                                                                                                                                                               
By-product Credit                                                         -320,485                         -1,385                                             -4,947                            -36                                            -13,468                            -94                                           -328,510                                      -906
                                                                                                                                                                                                                                                                                                                                                               
All-in Sustaining Cost                                                     251,619                          1,087                                            145,926                          1,054                                            112,575                            783                                            374,184                                     1,032
                                                                                                                                                                                                                                                                                                                                                               
*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 Compania De Minas
                                             Buenaventura S.A.A. (Does not consider El Brocal)
2.                                           Considers 100% from Compania 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 7

                                                                                                                      
Compania de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2016 and December 31, 2015
                                                                                                                                                   2,016                                                          2,015
Assets                                                                                                                                    US$(000)                                                       US$(000)
Current assets
Cash and cash equivalents                                                                                                                         80,544                                                         78,519
Trade and other accounts receivable, net                                                                                                         269,089                                                        219,862
Income tax credit                                                                                                                                 19,956                                                         45,919
Prepaid expenses                                                                                                                                  11,392                                                          8,231
Inventory, net                                                                                                                                   120,947                                                        101,473
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                 501,928                                                        454,004
Assets classified as held for sale                                                                                                                     -                                                         15,592
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                 501,928                                                        469,596
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                                                                    
Non-current assets
Trade and other receivables, net                                                                                                                 166,048                                                        162,567
Long-term inventory                                                                                                                               14,027                                                         26,029
Long-term income tax credit                                                                                                                        3,660                                                              -
Investment in associates                                                                                                                       1,536,607                                                      2,043,983
Mining concessions, development costs, property, plant and                                                                                     1,960,025                                                      1,747,624
equipment, net
Investment properties, net                                                                                                                        10,089                                                         10,719
Deferred income tax asset, net                                                                                                                    25,881                                                         41,574
Prepaid expenses                                                                                                                                  30,431                                                         29,235
Other assets                                                                                                                                      17,719                                                         15,854
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                               3,764,487                                                      4,077,585
                                                                                                                                                                                 
                                                                                                                                    --------------------                                           --------------------
Total assets                                                                                                                                   4,266,415                                                      4,547,181
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                                                                    
                                                                                                                                                                                                    
Liabilities and shareholders’ equity, net
Current liabilities
Bank loans                                                                                                                                        55,000                                                        285,302
Trade and other payables                                                                                                                         273,440                                                        247,114
Provisions                                                                                                                                        62,502                                                         49,829
Income tax payable                                                                                                                                 8,686                                                          2,444
Embedded derivatives for sale of concentrate, net                                                                                                  1,524                                                          1,694
Financial obligations                                                                                                                             40,110                                                         33,394
Hedge derivative financial instruments                                                                                                             3,863                                                         10,643
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                 445,125                                                        630,420
                                                                                                                                                                                                    
Liabilities directly associated with assets classified as held for                                                                                     -                                                         20,611
sale
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                 445,125                                                        651,031
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                                                                    
                                                                                                                                                                                                    
Non-current liabilities
Trade and other payables                                                                                                                          15,982                                                         15,057
Provisions                                                                                                                                       174,190                                                        141,885
Financial obligations                                                                                                                            552,232                                                        320,316
Contingent consideration liability                                                                                                                19,343                                                         16,994
Deferred income tax liability, net                                                                                                                12,330                                                         12,662
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                 774,077                                                        506,914
                                                                                                                                                                                 
                                                                                                                                    --------------------                                           --------------------
Total liabilities                                                                                                                              1,219,202                                                      1,157,945
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                                                                    
Shareholders’ equity, net
Capital stock                                                                                                                                    750,497                                                        750,497
Investment shares                                                                                                                                    791                                                          1,396
Additional paid-in capital                                                                                                                       218,450                                                        219,055
Legal reserve                                                                                                                                    162,744                                                        162,714
Other reserves                                                                                                                                       269                                                            269
Retained earnings                                                                                                                              1,690,123                                                      2,024,895
Other reserves of equity                                                                                                                         (1,783)                                                          2,240
                                                                                                                                    --------------------                                           --------------------
Shareholders’ equity, net attributable to owners of the parent                                                      2,821,091                                                      3,161,066
Non-controlling interest                                                                                                                         226,122                                                        228,170
                                                                                                                                    --------------------                                           --------------------
Total shareholders’ equity, net                                                                                     3,047,213                                                      3,389,236
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                                                 
                                                                                                                                    --------------------                                           --------------------
Total liabilities and shareholders’ equity, net                                                                     4,266,415                                                      4,547,181
                                                                                                                                    --------------------                                           --------------------
                                                                                                                                                       -                                                              -
                                                                                                                                                                                                    
                                                                                                                                                             
Compania de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income
For the three and twelve month periods ended December 31, 2016
and 2015
                                                                                                                                   For the three month period                                                                                                    For the twelve month period
                                                                                                                                       ended December, 31                                                                                                            ended December, 31
                                                                                                      --------------------------------------------------------------------------------                                              --------------------------------------------------------------------------------
                                                                                                                     2,016                                                          2,015                                                          2,016                                                          2,015
                                                                                                            US$(000)                                                       US$(000)                                                       US$(000)                                                       US$(000)
Continuing operations
Operating income
Net sales of goods                                                                                                 269,360                                                        219,766                                                      1,015,670                                                        846,269
Net sales of services                                                                                               11,923                                                          8,141                                                         28,782                                                         50,839
Royalty income                                                                                                       5,846                                                          7,214                                                         24,339                                                         32,414
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Total operating income                                                                                             287,129                                                        235,121                                                      1,068,791                                                        929,522
                                                                                                                                                                                                                                                                                                    
Operating costs
Cost of sales, without considering depreciation and amortization                                                 (134,618)                                                      (132,580)                                                      (497,812)                                                      (513,490)
Cost of services, without considering depreciation and amortization                                                (2,403)                                                       (13,294)                                                       (10,754)                                                       (59,612)
Exploration in operating units                                                                                    (29,943)                                                       (23,691)                                                       (96,149)                                                       (89,699)
Depreciation and amortization                                                                                     (54,606)                                                       (63,505)                                                      (192,647)                                                      (232,583)
Mining royalties                                                                                                   (7,236)                                                        (5,344)                                                       (27,611)                                                       (27,188)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Total operating costs                                                                                            (228,806)                                                      (238,414)                                                      (824,973)                                                      (922,572)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                           
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Gross profit (loss)                                                                                                 58,323                                                        (3,293)                                                        243,818                                                          6,950
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Operating expenses, net
Administrative expenses                                                                                           (23,644)                                                       (25,566)                                                       (81,692)                                                       (84,372)
Exploration in non-operating areas                                                                                (11,765)                                                        (4,950)                                                       (26,589)                                                       (30,610)
Selling expenses                                                                                                   (6,087)                                                        (6,664)                                                       (21,733)                                                       (19,365)
Provision for impairment of long-lived assets                                                                            -                                                              -                                                              -                                                        (3,803)
Other, net                                                                                                           7,960                                                        (3,010)                                                         18,392                                                        (5,735)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Total operating expenses, net                                                                                     (33,536)                                                       (40,190)                                                      (111,622)                                                      (143,885)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Operating profit (loss)                                                                                             24,787                                                       (43,483)                                                        132,196                                                      (136,935)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Other income (expense), net
Share in the results of associates under equity method                                                           (402,543)                                                      (234,996)                                                      (365,321)                                                      (173,375)
Financial costs                                                                                                    (4,995)                                                        (6,494)                                                       (31,580)                                                       (27,572)
Net gain (loss) from currency exchange difference                                                                    1,383                                                        (6,176)                                                          2,638                                                       (13,693)
Financial income                                                                                                       769                                                          8,585                                                          6,830                                                         11,026
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Total other income, net                                                                                          (405,386)                                                      (239,081)                                                      (387,433)                                                      (203,614)
                                                                                                                                                                                                                                                                                                    
Profit (loss) before income tax                                                                                  (380,599)                                                      (282,564)                                                      (255,237)                                                      (340,549)
                                                                                                                                                                                                                                                                                                    
Current income tax                                                                                                 (7,085)                                                        (3,666)                                                       (39,444)                                                       (14,222)
Deferred income tax                                                                                                (8,794)                                                       (15,031)                                                       (14,060)                                                          (541)
                                                                                                                                                                                                                                           
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Profit (loss) from continuing operations                                                                         (396,478)                                                      (301,261)                                                      (308,741)                                                      (355,312)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Discontinued operations
Loss from discontinued operations                                                                                 (12,691)                                                       (14,036)                                                       (19,073)                                                       (20,233)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
Net loss                                                                                                         (409,169)                                                      (315,297)                                                      (327,814)                                                      (375,545)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Attributable to:
Owners of the parent                                                                                             (405,864)                                                      (292,554)                                                      (323,492)                                                      (317,210)
Non-controlling interest                                                                                           (3,305)                                                       (22,743)                                                        (4,322)                                                       (58,335)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                 (409,169)                                                      (315,297)                                                      (327,814)                                                      (375,545)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Basic and diluted loss per share attributable to
equity holders of the parent, stated in U.S. dollars                                                                (1.60)                                                         (1.15)                                                         (1.27)                                                         (1.25)
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
Weighted average number of shares outstanding
(common and investment), in units                                                                              254,186,867                                                    254,186,867                                                    254,186,867                                                    254,186,867
                                                                                                      --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                               
Compania de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three and twelve month periods ended December 31, 2016
and 2015
                                                                                                                                     For the three month period                                                              For the twelve month period
                                                                                                                                         ended December, 31                                                                                                            ended December, 31
                                                                                                        --------------------------------------------------------------------------------    -------------------- -------------------- --------------------------------------------------------------------------------
                                                                                                                        2016                                                           2015                                                           2016                                                           2015
                                                                                                              US$(000)                                                       US$(000)                                                       US$(000)                                                       US$(000)
Operating activities
Proceeds from sales                                                                                                  325,469                                                        243,306                                                      1,003,422                                                        965,273
Proceeds from dividends                                                                                                2,414                                                          1,916                                                        142,340                                                          6,691
Value Added Tax recovered                                                                                             11,939                                                          6,908                                                        117,661                                                         81,692
Royalty received                                                                                                       5,974                                                         10,017                                                         25,961                                                         38,983
Interest received                                                                                                        374                                                          1,153                                                          2,140                                                          3,650
Payments to suppliers and third-parties                                                                            (155,803)                                                      (173,546)                                                      (672,419)                                                      (727,017)
Payments to employees                                                                                               (32,894)                                                       (47,409)                                                      (138,113)                                                      (175,329)
Payments of interest                                                                                                (15,197)                                                        (4,235)                                                       (34,138)                                                       (21,518)
Payments of mining royalties                                                                                         (4,643)                                                        (5,429)                                                       (20,052)                                                       (22,836)
Payment of income taxes                                                                                             (21,235)                                                        (4,943)                                                       (35,401)                                                       (22,330)
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Net cash and cash equivalents provided by operating activities                                                       116,398                                                         27,738                                                        391,401                                                        127,259
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Investing activities
Proceeds from sales of mining concessions, property, plant and                                                         1,529                                                          2,892                                                          7,180                                                          5,481
equipment
Acquisitions of mining concessions, development costs, property,                                                   (127,170)                                                       (44,759)                                                      (366,834)                                                      (211,286)
plant and equipment
Loans granted to associates                                                                                                -                                                      (104,000)                                                              -                                                      (124,800)
Loans granted to third parties                                                                                             -                                                          (829)                                                              -                                                          (829)
Payments for acquisitions of other assets                                                                            (5,222)                                                       (10,238)                                                        (5,222)                                                       (10,238)
Proceeds from loan to third parties                                                                                        -                                                          (141)                                                              -                                                              -
Opening of time deposits                                                                                                   -                                                          7,350                                                              -                                                              -
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Net cash and cash equivalents used in investing activities                                                         (130,863)                                                      (149,725)                                                      (364,876)                                                      (341,672)
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Financing activities
Proceeds from financial obligations                                                                                        -                                                        (9,704)                                                        275,210                                                            296
Proceeds from bank loans                                                                                              24,649                                                        104,503                                                        200,500                                                        344,503
Payments of bank loans                                                                                              (27,197)                                                              -                                                      (442,957)                                                       (90,000)
Payments of financial obligations                                                                                    (8,296)                                                           (21)                                                       (33,476)                                                       (29,891)
Dividends paid to controlling interest                                                                               (7,612)                                                             70                                                        (7,621)                                                              -
Dividends paid to non-controlling interest                                                                           (1,691)                                                        (2,440)                                                        (7,400)                                                       (10,488)
Acquisition of non-controlling interest                                                                                    -                                                              -                                                        (5,459)                                                              -
Increase of restricted bank accounts                                                                                   1,924                                                              -                                                        (2,087)                                                              -
Repurchase of treasury shares                                                                                              -                                                              -                                                        (1,210)                                                              -
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Net cash and cash equivalents provided by (used in) financing                                                       (18,223)                                                         92,408                                                       (24,500)                                                        214,420
activities
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
Net increase (decrease) in cash and cash equivalents during the                                                     (32,688)                                                       (29,579)                                                          2,025                                                              7
period
Cash and cash equivalents at the beginning of the period                                                             113,232                                                        108,098                                                         78,519                                                         78,512
                                                                                                                                                                                                                                             
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
Cash and cash equivalents at period-end                                                                               80,544                                                         78,519                                                         80,544                                                         78,519
                                                                                                        --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                      
                                                                                                                                         
                                                                                                            For the three month period                                                    For the twelve month period
                                                                                                                ended December, 31                                                                                                  ended December, 31
                                                                                          ------------------------------------------------------------   -------------------- -------------------- --------------------------------------------------------------------------------
                                                                                                          2016                   2015                                                           2016                     2015
                                                                                                US$(000)                                  US$(000)                                                       US$(000)                                                       US$(000)
Reconciliation of net profit to cash and cash equivalents provided
 by operating activities
                                                                                                                                                                                                                                                                   
Net loss                                                                                             (409,169)                                 (315,297)                                                      (327,814)                                                      (375,545)
                                                                                                                                                                                                                                                                   
Plus (less):
 Depreciation and amortization                                                                          54,606                                    63,505                                                        192,647                                                        232,583
 Reversal (provision) for impairment loss of inventories                                               (2,941)                                     (973)                                                       (12,086)                                                         12,737
 Net loss (gain) on sales of mining concessions, property, plant and                                   (9,252)                                  (14,060)                                                        (7,180)                                                          (440)
 equipment
 Net loss (gain) from currency exchange difference                                                     (1,383)                                     6,176                                                        (2,638)                                                         13,693
 Provision for impairment of long-lived assets                                                  -                                         -                                                          2,043                                                         11,255
 Accretion expense of provision for closure of mining units and                                          2,258                                       412                                                          5,068                                                          3,343
 exploration projects
 Net share in results of associates                                                                    402,543                                   234,996                                                        365,321                                                        173,375
 Loss attributable to non-controlling interest                                                           3,305                                    22,743                                                          4,322                                                         58,335
 Deferred income tax expense (income)                                                                    8,794                                    15,031                                                         14,060                                                            541
 Provision for estimated fair value of embedded derivatives related                                      3,807                                     (732)                                                        (5,491)                                                        (7,079)
 to concentrate
  sales and adjustments on open liquidations
 Hedge derivative instruments                                                                            3,745                                         -                                                          3,745                                                              -
 Other net                                                                                               3,816                                     (508)                                                          (596)                                                       (30,111)
                                                                                                                                                                                                                                                                   
Net changes in operating assets and liabilities:
Decrease (increase) in operating assets -
 Trade and other accounts receivable                                                                    31,225                                 (125,467)                                                       (37,010)                                                       (73,497)
 Inventories                                                                                            13,214                                    58,592                                                          6,437                                                         70,248
 Income tax credit                                                                                     (1,917)                                     2,437                                                         22,303                                                          7,827
 Prepaid expenses                                                                                      (4,361)                                  (27,727)                                                        (7,476)                                                       (20,485)
Increase (decrease) in operating liabilities -
 Trade and other accounts payable                                                                       19,324                                    25,779                                                         41,232                                                        (9,431)
 Income tax payable                                                                                      6,242                                     (165)                                                          6,242                                                        (1,112)
 Provisions                                                                                            (9,872)                                    81,080                                                       (14,068)                                                         54,331
Proceeds from dividends                                                                                  2,414                                     1,916                                                        142,340                                                          6,691
                                                                                                                                                                                                          
                                                                                          --------------------                      --------------------                                           --------------------                                           --------------------
Net cash and cash equivalents provided by operating activities                                         116,398                                    27,738                                                        391,401                                                        127,259
                                                                                          --------------------                      --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                   

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170228007010r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170228007010/en/

SOURCE: Compania de Minas Buenaventura S.A.A.

Contacts in Lima: 
Carlos Galvez, (511) 419 2540 
Chief Financial Officer 
or 
Daniel Dominguez, (511) 419 2591 
Manager of Financial Planning and Investor Relations 
daniel.dominguez@buenaventura.pe 
or 
Rodrigo Echecopar, (511) 419 2609 
Investor Relations Coordinator 
rodrigo.echecopar@buenaventura.pe 
or 
Contacts in NY: 
Barbara Cano, 646-452-2334 
barbara.cano@mbsvalue.com 
or 
Company Website: www.buenaventura.pe/ir


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