Buenaventura Announces First Quarter 2013 Results

LIMA, Peru--(BUSINESS WIRE)--

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; BVL: BUE.LM), Peru’s largest, publicly-traded precious metals mining company, announced today results for the first quarter 2013 (1Q13) ended March 31, 2013. All figures have been prepared in accordance with International Financial Reporting Standards (IFRS) and are stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

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

“Net income for the first quarter 2013 was US$102.7 million, 51% lower than the figure reported in 1Q12 (US$208.1 million). EBITDA from Buenaventura’s direct operations was US$93.8 million, 45% lower than the figure reported in 1Q12 (US$171.5 million), while EBITDA, including affiliates, decreased 36%, from US$418.1 million in 1Q12 to US$267.9 million in 1Q13.

These results were mainly due to lower metal prices, higher operating costs and lower contributions from both affiliates: Yanacocha and Cerro Verde.

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

				1Q13				1Q12				Var%
Total Revenues				354.7				377.0				-6%
Operating Income				59.4				131.9				-55%
EBITDA Direct Operations				93.8				171.5				-45%
EBITDA Including Affiliates				267.9				418.1				-36%
Net Income				102.7				208.1				-51%
EPS *				0.40				0.82				-51%

(*) 254,232,571 shares outstanding, as of March 31, 2013.

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

Operating Revenues

During 1Q13, net sales were US$340.9 million, a 5% decrease compared to the US$359.0 million reported in 1Q12, due to lower metal prices (except lead) and a decline in gold and copper volume sold.

Royalty income decreased 24% from US$18.1 million in 1Q12, to US$13.8 million reported in 1Q13 and was due to lower revenues at Yanacocha.

Operating Highlights				1Q13				1Q12				Var%
Net Sales (in millions of US$)				340.9				359.0				-5%
Average Realized Gold Price Gold (US$/oz)*				1,606				1,721				-7%
Average Realized Gold Price (US$/oz) inc. Associates				1,619				1,707				-5%
Average Realized Silver Price (US$/oz)*				29.92				32.20				-7%
Average Realized Lead Price (US$/MT)*				2,257				2,085				8%
Average Realized Zinc Price (US$/MT)*				1,983				2,042				-3%
Average Realized Copper Price (US$/MT)*				7,896				8,361				-6%

(*) Buenaventura’s Direct Operations

Sales Content
				1Q13				1Q12				Var%
Gold Oz*				124,626				127,017				-2%
Gold Oz inc Associates				259,077				291,826				-11%
Silver Oz*				3,240,735				2,810,762				15%
Lead MT*				6,683				2,135				213%
Zinc MT*				10,204				7,943				28%
Copper MT*				5,108				5,714				-11%

(*) Buenaventura’s Direct Operations

Production and Operating Costs

Equity production¹ in 1Q13 was 119,201 ounces of gold, 1% higher than the 117,852 ounces reported in 1Q12, mainly due to higher production in La Zanja and Tantahuatay despite the temporary stop production at Poracota and Antapite, while we continue developing additional resources. Silver production during 1Q13, including affiliates, was 4.7 million ounces, a 14% increase compared to the figure reported in 1Q12 (4.2 million oz.).

Equity Production 1
			1Q13				1Q12				Var%
Gold (oz) Direct Operations			119,201				117,852				1%
Gold (oz) inc. Associates			243,811				277,798				-12%
Silver (oz) inc. Associates			4,724,682				4,160,842				14%
Lead ( MT)			7,052				4,907				44%
Zinc ( MT)			9,614				7,735				24%
Copper (MT) inc. Affiliates			13,359				15,338				-13%

Orcopampa’s² total gold production in 1Q13 was 62,480 ounces, 10% lower than the 69,265 ounces reported in 1Q12. Production from the Chipmo mine in 1Q13 was 58,369 ounces, 6% lower compared to the 62,358 ounces reported in 1Q12, due to a 8% decrease in ore grade (see Appendix 2). The old tailings’ treatment produced 4,112 gold ounces (compared to 6,907 oz. in 1Q12).

Cash operating cost in 1Q13 was US$639/oz., 38% higher when compared to 1Q12 (US$463/oz.). This was a result of lower gold production and higher labor and supply expenses due to greater exploration efforts.

At Uchucchacua,³ total silver production in 1Q13 was 2.93 million ounces, 7% higher when compared to 2.74 million ounces in 1Q12. This was due to an 11% increase in the recovery rate (see Appendix 2). Zinc production in 1Q13 was 1,998 MT, 10% lower than the figure reported in 1Q12 (2,215 MT), while lead production increased 13% (2,205 MT in 1Q13 vs. 1,952 MT in 1Q12).

Cash operating cost in 1Q13 was US$17.73/oz, 1% lower than the figure reported in 1Q12 (US$17.89/oz) and mainly due to the higher production, lower treatment charges and higher by-product contributions that were partially offset by higher expenses for labor and contractors due to productivity bonuses that were paid in March.

At Julcani⁴, total production in 1Q13 was 612,034 ounces of silver, 3% lower compared to 1Q12 (631,627 ounces).

Silver cash operating cost in 1Q13 was US$14.49/oz, 13% higher than 1Q12 (US$12.77/oz), mainly due to an increase in labor and contractor expenses in preparation for the plant expansion from 400 TPD to 500 TPC.

Breapampa⁵ commenced operations in November 2012. Total production in 1Q13 was 20,484 ounces of gold and a cash cost of US$501/oz.

La Zanja⁶ total production in 1Q13 was 31,206 ounces of gold (16,558 oz attributable to Buenaventura), a 19% increase when compared to 1Q12 (26,329 oz or 13,970 oz attributable to Buenaventura).

Cash operating cost in 1Q13 was US$645/oz., 30% higher than 1Q12 (US$495/oz.) due to higher contractor costs due to an increase in ore mined as well as supply costs increases (mainly the result by an increase of reagent consumption and prices).

Tantahuatay⁷ total production in 1Q13 was 34,307 ounces of gold (13,737 oz. attributable to Buenaventura) vs 26,329 oz reported in 1Q12 (11,053 oz attributable to Buenaventura). Cash operating cost in 1Q13 was US$341/oz, 32% lower than the US$497/oz in 1Q12.

At El Brocal⁸(53.76% owned by Buenaventura), silver, zinc and lead production in 1Q13 was 484,914 oz, 6,950 MT and 2,892 MT, respectively. This represented a 9% increase in silver (443,942 oz in 1Q12), a 9% decrease in zinc (7,607 MT in 1Q12) and a 27% increase in lead (2,279 MT). Zinc cash cost decreased 45% from US$1,346/MT to US$742/MT, due to lower treatment charges and higher silver by-product contribution.

Copper production was 4,536 MT, 22% lower than the 5,614 MT reported in 1Q12. Copper cash cost was US$6,230/MT, 25% higher than 1Q12 (US$4,984/MT).

General and Administrative Expenses

General and administrative expenses in 1Q13 reached US$16.0 million, 46% lower than the figure reported in 1Q12 (US$29.8 million).

Exploration in non-operating areas

Exploration in non-operating areas during 1Q13 reached US$21.8 million, 12% higher than the figure reported in 1Q12 (US$19.4 million). During the period, Buenaventura’s main exploration efforts were focused at the projects of Tambomayo (US$6.3 million), Trapiche (US$4.7 million) and Chancas (US$2.8 million).

Operating Income

Operating income in 1Q13 was US$59.4 million, a 55% decrease compared to the US$131.9 million reported in 1Q12. This decrease was mainly due to a 30% rise in operating costs as well as 12% higher exploration expenses, despite 46% lower General and Administrative expenses, while revenues also decreased 6%.

Share in Associated Companies

During 1Q13, Buenaventura’s share in associated companies was US$84.2 million, 38% lower than the US$136.2 million reported in 1Q12. Yanacocha’s contribution to these results declined 42%, from US$88.2 million in 1Q12 to US$51.0 million in 1Q13, while Cerro Verde’s contribution decreased 40% from US$45.1 million in 1Q12 to US$27.2 million in 1Q13.

YANACOCHA

At Yanacocha⁹, 1Q13 gold production was 285,475 ounces of gold, 22% lower than 1Q12 production (366,428 oz.) higher than budget.

Costs applicable to sales (CAS) at Yanacocha in 1Q13 were US$607/oz., 26% higher than the figure reported in 1Q12 (US$481/oz.) due to lower production. Net income at Yanacocha in 1Q13 was US$116.8 million, 42% lower compared to 1Q12 (US$202.0 million).

During 1Q13, EBITDA totaled US$260.9 million, a 28% decrease compared to 1Q12 (US$364.0 million). This decrease was mainly due to a 23% decrease in sales.

Capital expenditures at Yanacocha were US$97.7 million in 1Q13 compared to US$227.4 million in 2Q12.

CERRO VERDE

At Cerro Verde¹⁰ 1Q13 copper production was 55,214 MT, a 13% decrease compared to 1Q12 (63,295 MT).

During 1Q13, Cerro Verde reported net income of US$138.8 million, a 40% decrease compared to US$232.3 million in 1Q12. This was mainly due to a 31% decrease in sales revenues (US$393.6 million in 1Q13 versus US$568.8 million in 1Q12).

Capital expenditures at Cerro Verde in 1Q13 totaled US$170.0 million versus US$82.1 million in 1Q12.

COIMOLACHE (Tantahuatay operation)

Coimolache’s¹¹, attributable contribution decreased by 2% (US$8.1 million in 1Q13 vs. US$8.3 million in 1Q12).

CANTERAS DEL HALLAZGO (Chucapaca project)

At the Chucapaca Project¹², a value-engineering phase was initiated to improve the project’s financial returns after the completion of a Feasibility Study. Additional studies will be directed towards evaluating potential options, especially an underground mining scenario, a review of capital expenditures, along with re-commencement of an exploration phase at the Chucapaca Area of Interest (AOI).

In 1Q13, Buenaventura’s total disbursement at the Chucapaca project was US$2.1 million.

Net Income

Buenaventura’s 1Q13 net income was US$102.7 million (US$0.40 per share), a 51% decrease compared to the US$208.1 million (US$0.82 per share) reported in 1Q12.

Project Development

LA ZANJA DEVELOPMENT PROGRAM

• The Pampa Verde Project will allow the development of a new open pit, an expansion of the current leach pad and improvements to the operation’s road access. Construction began in 2Q11. Total investment in this project is US$78 million. Completion is expected for 3Q13.
• Additional geotechnical study for slope stability was developed during 1Q13.

RIO SECO MANGANESE SULFATE PLANT

• Buenaventura continued the construction of the manganese sulphate plant. Total budget for the project is US$ 90.0 million. As of the end of 1Q13, total expenditures reached US$ 82.0 million.
• The project includes an acid leaching plant, a sulphuric acid plant and a manganese sulphate crystallization plant. Additionally, it includes a warehouse for storing low manganese Ag-Pb concentrate and the finished manganese sulphate crystals.
• As of 1Q13, electrical and automation installations were completed. Mechanical assembly, electrical and automation installations for the sulphuric acid and crystallization plants are expected to be completed during 2Q13.
• The project is expected to begin operations during 2Q13.

HUANZA HYDROELECTRICAL PLANT

• Construction progress at the Huanza Project during the quarter included:

								1.			Water Conduction Tunnel: 10,074 meters of construction - 100% complete.
								2.			Power plant: civil work - 100% complete.
								3.			Pallca Dam: 100% complete.
								4.			Penstock: 100% complete.
								5.			Construction of electromechanical equipment is nearly complete (50%).
								6.			Commissioning of the Pallca Dam began February 26, 2013 and will continue on different sections on a progressive basis (Tunnel May 15, Penstock June, Test Running Unit 1 June 30).

* * *

About the Company

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

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

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

For a printed version of the Company’s 2012 Form 20-F, please contact th investor relations contacts located on the first page of this report or download the from the Company’s web site at www.buenaventura.pe.

(*) 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, economical, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

APPENDIX 1

Equity Participation in Subsidiaries and Affiliates (as of March 31, 2013)
				BVN				Operating
				Equity %				Mines / Business
Cedimin S.A.C*				100.00				Shila / Paula
Consorcio Energetico de Huancavelica S.A*				100.00				Energy – Huanza Hydroelectrical Project
Buenaventura Ingenieros S.A*				100.00				Engineering Consultant
Minera La Zanja S.A*				53.06				La Zanja
Sociedad Minera El Brocal S.A.A*				53.76				Colquijirca and Marcapunta
Canteras del Hallazgo S.A **				49.00				Chucapaca Project
Compañía Minera Coimolache S.A **				40.04				Tantahuatay
Minera Yanacocha S.R.L **				43.65				Yanacocha
Sociedad Minera Cerro Verde S.A.A **				19.58				Cerro Verde
(*)Consolidates
(**) Equity Accounting

APPENDIX 2

		GOLD PRODUCTION
		Three Months Ended March 31
		Orcopampa						Orcopampa Old Tailings
		2013		2012		%		2013		2012		%
Ore Milled DST		132,200		129,497		2%		136,524		139,756		-2%
Ore Grade OZ/ST		0.46		0.50		-8%		0.04		0.06		-34%
Recovery Rate %		95.8%		95.7%		0%		72.6%		79.6%		-9%
Ounces Produced		58,369		62,358		-6%		4,112		6,907		-40%
Orcopampa Total Production				1Q13		62,480				1Q12		69,265
		La Zanja						Tantahuatay
		1Q13		1Q12		%		1Q13		1Q12		%
Ounces Produced		31,206		26,329		19%		34,307		27,606		24%
		SILVER PRODUCTION
		Three Months Ended March 31
		Uchucchacua						Colquijirca
		2013		2012		%		2013		2012		%
Ore Milled DST		288,774		285,874		1%		408,296		365,236		12%
Ore Grade OZ/ST		12.60		13.26		-5%		1.40		1.16		20%
Recovery Rate %		80.6%		72.4%		11%		70.8%		63.8%		11%
Ounces Produced		2,928,556		2,744,686		7%		405,193		270,538		50%
		SILVER PRODUCTION
		Three Months Ended March 31
		Julcani
		2013		2012		%
Ore Milled DST		36,000		35,500		1%
Ore Grade OZ/ST		18.16		19.09		-5%
Recovery Rate %		93.6%		93.2%		0%
Ounces Produced		612,034		631,627		-3%
		ZINC PRODUCTION
		Three Months Ended March 31
		Uchucchacua						Colquijirca
		2013		2012		%		2013		2012		%
Ore Milled DST		288,774		285,874		1%		408,296		365,236		12%
Ore Grade %		1.2%		1.5%		-23%		2.91%		3.24%		-10%
Recovery Rate %		66.3%		57.1%		16%		64.5%		70.8%		-9%
ST Produced		2,203		2,442		-10%		7,661		8,385		-9%

APPENDIX 3: EBITDA RECONCILIATION (in thousand US$)

			1Q13			1Q12
Net Income			110,933			222,015
Add / Substract:			-17,149			-50,500
Provision for income tax, net			32,511			47,236
Share in associated companies by the equity method, net			-84,168			-136,191
Interest income			-956			-2,749
Interest expense			1,203			1,296
Loss on currency exchange difference			-112			285
Long Term Compensation provision			-8,866			7,315
Depreciation and Amortization			39,176			23,404
Workers´ participation provision			4,063			8,904
EBITDA Buenaventura Direct Operations			93,784			171,515
EBITDA Yanacocha (43.65%)			113,892			158,906
EBITDA Cerro Verde (19.58%)			44,629			73,100
EBITDA Coimolache (40%)			15,554			14,605
EBITDA Buenaventura + All Associates			267,860			418,126

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

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

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

APPENDIX 4

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statement of Financial Position
As of March, 31 2013 and December, 31 2012
			2013			2012
Assets			US$(000)			US$(000)
Current assets
Cash and cash equivalents			163,633			186,712
Financial asset at fair value through profit and loss			54,421			54,509
Trade and other accounts receivable, net			300,318			362,904
Inventory, net			167,090			157,533
Income tax credit			28,164			24,629
Prepaid expenses			17,331			11,837
			730,957			798,124
Non- current assets
Trade and other accounts receivable, net			46,830			40,079
Long-term inventory			31,949			40,253
Investment in associates			2,525,236			2,441,039
Mining concessions, development cost and property,			1,196,398			1,159,805
plant and equipment, net
Deferred income tax asset, net			101,939			111,701
Other assets			4,945			5,123
			3,907,297			3,798,000
Total assets			4,638,254			4,596,124
Liabilities and shareholders’ equity, net
Current liabilities
Trade and other accounts payable			306,919			259,537
Provisions			52,903			71,780
Embedded derivatives for concentrates sales, net			5,104			4,939
Income tax payable			4,114			7,935
Financial obligations			8,623			5,815
Total current liabilities			377,663			350,006
Trade accounts payable and others liabilities			5,356			731
Other non-current provisions			84,187			100,041
Financial obligations			170,625			173,489
			260,168			274,261
Total liabilities			637,831			624,267
Shareholders’ equity net
Capital stock, net of treasury shares of US$(000) 62,622			750,540			750,540
US$762			1,399			1,399
Additional paid-in capital			219,471			219,471
Legal reserve			162,663			162,663
Other reserves			269			269
Retained earnings			2,599,351			2,572,943
Others reserves of equity			980			925
			3,734,673			3,708,210
Non-controlling interest			265,750			263,647
Total shareholders’ equity, net			4,000,423			3,971,857
Total liabilities and shareholders’ equity, net			4,638,254			4,596,124

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Income Statements
For the three month period ended March 31, 2013 and March 31, 2012
			For the three month period
			ended March, 31
			2013				2012
			US$(000)				US$(000)
Operating income
Net sales			340,873				358,981
Royalty income			13,802				18,057
Total income			354,675				377,038
Operating costs
Cost of sales, without considering			(158,135	)			(132,956	)
depreciation and amortization
Exploration in units in operation			(46,369	)			(28,669	)
Depreciation and amortization			(39,176	)			(23,404	)
Royalties			(9,666	)			(9,878	)
Total operating costs			(253,346	)			(194,907	)
Gross income			101,329				182,131
Operating expenses
Administrative expenses			(15,959	)			(29,818	)
Exploration in non-operating areas			(21,760	)			(19,427	)
Selling			(4,510	)			(2,773	)
Other, net			311				1,779
Total operating expenses			(41,918	)			(50,239	)
Operating income			59,411				131,892
Other income (expenses), net
Share in the results of associates			84,168				136,191
Interest incomes			956				2,749
Interest expenses			(1,203	)			(1,296	)
Loss (income) from currency exchange difference, net			112				(285	)
Total other income, net			84,033				137,359
Income before income tax and minority interest			143,444				269,251
Income tax			(32,511	)			(47,236	)
Net income			110,933				222,015
Attributable to:
Non-controlling interest			8,256				13,920
Owners of the parent			102,677				208,095
			110,933				222,015
Basic and diluted earnings per share attributable to
Buenaventura, stated in U.S. dollars			0.40				0.82
(common and investment), in units			254,202,571				254,412,328

Compañía de Minas Buenaventura S.A.A. and subsidiaries
Consolidated Statements of cash flows
For the three month period ended March 31, 2013 and March 31, 2012
			For the three month period
			ended March, 31
			2013				2012
			US$(000)				US$(000)
Operating activities
Proceeds from sales			404,462				393,773
Value Added Tax (VAT) recovered			13,800				8,772
Royalties received			12,202				14,408
Interest received			976				2,045
Dividends received			-				2,406
Payments to suppliers and third parties			(258,128	)			(155,218	)
Payments to employees			(70,083	)			(98,796	)
Income tax paid			(24,078	)			(21,476	)
Payment of royalties			(8,786	)			(9,683	)
Payments of interest			(222	)			(242	)
Net cash and cash equivalents provided by operating activities			70,143				135,989
Investment activities
Additions of mining concessions, development cost, property,			(86,041	)			(76,471	)
plant and equipment
Payments for purchase of investments shares and			(3,685	)			(4,742	)
contibution to associates
Decrease (increase) in time deposits			(772	)			7,596
Net cash and cash equivalents used in invesment activities			(90,498	)			(73,617	)
Financing activities
Dividen paid to non-controlling interest			(3,440	)			(29,222	)
Decrease in financial obligations			(56	)			-
Increase in financial obligations			-				10,095
Net cash and cash equivalents used in financing activities			(3,496	)			(19,127	)
(Decrease) increase in cash and cash equivalents during the period, net			(23,851	)			43,245
Cash and cash equivalents at beginning of period			186,712				470,847
Cash and cash equivalents at period-end			162,861				514,092

					For the three month period
					ended March, 31
					2013				2012
					US$(000)				US$(000)
Reconciliation of net income to cash and cash equivalents
provided by operating activities
Net income attributable to owners of the parent					102,677				208,095
Add (less)
Depreciation and amortization					47,634				27,773
Deferred income tax					10,281				13,874
Net income attributable to minority interest					8,256				13,920
Provision for estimated fair value of embedded derivatives related
of concentrates sales and adjustments on open liquidations					4,309				(19,349	)
Accretion expense of the provision for closure of					893				1,054
mining units and units in exploration
Loss (gain) from currency exchange differences					(112	)			285
Share in the results of associates, net of dividends received in cash					(84,168	)			(133,785	)
Provisions					3,475				7,314
Net changes in operating assets and liabilities accounts
Decrease (increase) in operating assets
Trade and other accounts receivable, net					54,906				23,308
Income tax credit					(3,646	)			445
Inventory					(158	)			(17,098	)
Prepaid expenses					(5,494	)			15,323
Increase (decrease) of operating liabilities
Trade and other accounts payable					(33,635	)			30,600
Provisions					(31,256	)			(33,067	)
Income tax payable					(3,819	)			(2,703	)
Net cash and cash equivalents provided by operating activities					70,143				135,989

________________________
1		Production from Direct Operations includes 100% of Buenaventura’s operating units, 100% of CEDIMIN, 53.06% of La Zanja, 40.04% of Tantahuatay and 53.76% of El Brocal.
2		100% owned by the Company
3		100% owned by the Company
4		100% owned by the Company
5		100% owned by the Company
6		53.06% owned by the Company
7		40.04% owned by the Company
8		53.76% owned by the Company
9		43.65% owned by the Company
10		19.58% owned by the Company
11		40.04% owned by the Company
12		49% owned by the Company