CORRECTING and REPLACING Buenaventura Announces Fourth Quarter and Full Year 2013 Results

Business Wire

LIMA, Peru--(BUSINESS WIRE)--

Under Share in Affiliated Companies, YANACOCHA section: second graph, first sentence should read ...US$1.0 billion impairment (sted US$1.0 million impairment) . Also same graph, last sentence should read ... lower than 2012 (sted lower than 2013).

The corrected release reads:

BUENAVENTURA ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the fourth quarter 2013 (4Q13) and full year (FY13) periods, ended December 31, 2013. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards), on a non GAAP basis and stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

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

“During the fourth quarter, Buenaventura’s operating income was US$13.8 million, 84% lower than in 4Q12. Net income was negative US$288.4 million, including a US$453.3 million non-cash impairment from Yanacocha. EBITDA from Direct Operations was US$67.3 million, 48% lower than in 4Q12.

EBITDA including Affiliates was US$163.6 million, 42% lower than the figure reported in 4Q12.

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

      4Q13     4Q12     Var%     FY13     FY12     Var%
Total Revenues     299.2     424.2     -29%     1,285.5     1,563.5     -18%
Operating Income     13.8     86.7     -84%     132.3     422.5     -69%
EBITDA Direct Operations     67.3     130.2     -48%     293.8     574.2     -49%
EBITDA Including Affiliates     163.6     281.5     -42%     813.3     1,443.1     -44%
Net Income     -288.4     154.1     -287%     -101.7     703.6     -114%
Adjusted Net Income     164.9     154.1     7%     351.7     703.6     -50%
EPS     -1.13     0.61     -287%     -0.40     2.77     -114%
Adjusted EPS     0.65     0.61     7%     1.38     2.77     -50%

(*) as of December, 2013, Buenaventura had 254,186,867 shares outstanding.

Operating Revenues

During 4Q13, net sales were US$292.0 million, a 29% decrease compared to the US$411.6 million reported in 4Q12. This was explained by lower metal prices as well as a reduction in silver and copper volumes sold.

Royalty income decreased 43%, to US$7.2 million in 4Q13 compared to the US$12.6 million reported in 4Q12. This was due to lower revenues at Yanacocha (42% lower QoQ).

Operating Highlights     4Q13     4Q12     Var%     FY13     FY12     Var%  
Net Sales

(in millions of US$)

    292.0     411.6     -29%     1,241.3     1,496.3     -17%  
Average Realized Gold Price (US$/oz)*     1,270     1,704     -25%     1,392     1,678     -17%  
Average Realized Gold Price (US$/oz) inc. Affiliates     1,272     1,710     -26%     1,408     1,669     -16%  
Average Realized Silver Price (US$/oz)*     20.82     31.94     -35%     22.33     31.07     -28%  
Average Realized Lead Price (US$/MT)*     2,106     2,240     -6%     2,105     2,076     1%  
Average Realized

Zinc Price (US$/MT)*

    1,885     1,947     -3%     1,869     1,919     -3%  
Average Realized Copper Price (US$/MT)*     7,158     7,909     -9%     7,179     7,938     -10%  

(*) Buenaventura’s Direct Operations

Sales Content
      4Q13     4Q12     Var%     FY13     FY12     Var%
Gold Oz Direct Operations     101,442     92,417     10%     458,499     439,630     4%
Gold Oz inc. Affiliates     196,342     212,489     -8%     962,087     1,078,659     -11%
Silver Oz     3,980,486     5,530,127     -28%     16,329,314     17,483,490     -7%
Lead MT     5,908     5,522     7%     26,584     25,587     4%
Zinc MT     7,866     5,267     49%     38,084     43,149     -12%
Copper MT     8,333     12,033     -31%     25,406     22,348     14%

Net sales for the twelve months of 2013 were US$1,241.3 million, 17% lower than in 2012 (US$1,496.3 million), while royalty income was US$44.2 million in 2013, a 34% decrease compared to the US$67.2 million reported in the same period 2012.

Production and Operating Costs

Buenaventura’s equity production1 in 4Q13 was 103,868 ounces of gold, 4% lower than the 108,489 ounces reported in 4Q12, mainly due to the lower production from Orcopampa. Silver production, including affiliated companies, during 4Q13 was 4.8 million ounces, 5% higher compared to the figure reported in 4Q12 (4.6 million oz.).

Equity production1 in FY 2013 was 451,311 ounces of gold and 18.9 million ounces of silver. This represented a 1% decrease in gold production (446,443 oz. in 2012) and a 4% increase in silver production compared to FY 2012 (18.3 million oz.).

Equity Production 1  
      4Q13     4Q12     Var%     FY13     FY12     Var%  
Gold (oz) Direct Operations     103,868     108,489     -4%     451,311     446,443     1%  
Gold (oz) inc. Affiliated     184,323     211,448     -13%     895,345     1,033,969     -13%  
Silver (oz) inc. Affiliated     4,803,361     4,593,711     5%     18,905,280     18,262,156     4%  
Lead ( MT)     5,999     5,844     3%     25,579     25,345     1%  
Zinc ( MT)     7,904     6,787     16%     34,980     39,139     -11%  
Copper (MT) inc. Affiliated     18,685     20,670     -10%     64,647     66,221     -2%  

Orcopampa’s (100% owned by Buenaventura) total gold production in 4Q13 was 48,117 ounces, 20% lower than the 59,779 ounces reported in 4Q12. Production from the Chipmo mine during 4Q13 was 45,981 ounces, 17% lower compared to the 55,652 ounces reported in 4Q12, as a result of lower ore grade and tonnage treated in consequence of the 17-day strike in October (see Appendix 2). The old tailings treatment produced 2,136 ounces of gold (compared to 4,128 oz. in 4Q12). Total gold production in FY 2013 was 224,671 ounces, a 14% decrease compared to FY 2012 (260,379 oz.).

Cost Applicable to Sales (CAS) in 4Q13 was US$830/oz, 7% higher compared to 4Q12 (US$775/oz.). The higher cost was mainly explained by the lower gold production. CAS for the FY 2013 was US$802/oz compared to US$604/oz in 2012.

At Uchucchacua (100% owned by Buenaventura), total silver production in 4Q13 was 2.9 million ounces, in line with the 3.0 million ounces produced in 4Q12. Zinc production in 4Q13 was 2,154 MT, 27% lower than the figure reported in 4Q12 (2,931 MT), while lead production increased 29% (1,821 MT in 4Q13 vs. 2,556 MT in 4Q12). During 2013, silver production was 11.4 million ounces; zinc production was 8,146 MT, while lead production was 8,363 MT compared to 11.3 million ounces, 9,820 MT and 8,742 MT, respectively, in FY 2012.

Cost Applicable to Sales (CAS) in 4Q13 was US$12.86/oz, 8% lower than the figure reported in 4Q12 (US$13.94/oz.) due to higher grade ore. CAS for the FY 2013 was US$13.01/oz compared to US$13.58/oz in 2012.

At Mallay (100% owned by Buenaventura), total production in 4Q13 was 329,727 ounces of silver, 16% higher than in 4Q12 (284,161 oz), and 1.3 million ounces in FY 2013, 87% higher than the 0.7 million reported in FY 2012. Cost Applicable to Sales (CAS) in 4Q13 was US$11.30/oz, a decrease of 47% compared to US$21.46/oz in 4Q12. CAS for the FY 2013 was US$14.53/oz compared to US$27.98/oz in 2012.

1 Production from Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Tantahuatay

At Julcani (100% owned by Buenaventura), total production in 4Q13 was 771,296 ounces of silver, 25% higher compared to 4Q12 (615,712 ounces), due to higher ore treated explained by the increase in plant capacity (from 400 TPD to 500 TPD). During FY 2013, silver production was 2.7 million ounces, 11% higher than the 2.4 million reported in FY 2012.

Cost Applicable to Sales (CAS) in 4Q13 was US$8.33/oz, 28% lower than 4Q12 (US$15.87/oz.), mainly explained by a reduction in exploration activities. CAS for the FY 2013 was US$10.32/oz compared to US$12.10/oz in 2012.

Breapampa’s (100% owned by Buenaventura) total production in 4Q13 was 21,918 ounces of gold with a CAS of US$447/oz. For the twelve months of 2013, gold production was 81,882 oz with a CAS of US$601/oz.

La Zanja’s (53.06% owned by Buenaventura) total production in 4Q13 was 33,451 ounces of gold, a 17% increase compared to 4Q12 (28,670 oz) and was due to an increase in ore grade (0.75 g/MT in 4Q13 vs. 0.64 g/MT in 4Q12). FY 2013 gold production was 137,395 ounces, 22% higher than in FY 2012 (112,387 oz.), in-line with La Zanja’s mining plan.

CAS in 4Q13 was US$617/oz, 29% lower than 4Q12 (US$866/oz.), due to the higher grade. CAS for the FY 2013 was US$643/oz compared to US$713/oz in 2012.

Tantahuatay’s (40.10% owned by Buenaventura) total production in 4Q13 was 33,417 ounces of gold (13,399 oz attributable to Buenaventura) 5% lower than the figure reported in 4Q12 (35,340 oz, 14,170 attributable to Buenaventura). During FY 2013, gold production was 142,667 ounces (57,202 oz. attributable to Buenaventura) compared to 141,268 (56,641 oz attributable to Buenaventura) in 2012.

CAS in 4Q13 was US$375/oz., 40% lower than in 4Q12 (US$624/oz.) due to the lower tonnage treated, in order to remain within the limits of its permits. CAS for the FY 2013 was US$536/oz compared to US$502/oz in 2012.

At El Brocal (54.07% owned by Buenaventura), copper production was 9,345 MT vs. 13,166 MT reported in 4Q12 (29% decrease). For FY 2013, copper production increased 13% (27,174 MT in 4Q13 versus 22,785 MT in 4Q12). Copper CAS was US$2,842/MT, 27% lower than the figure reported in 4Q12 (US$3,904/MT).

Silver production, from polymetallic and copper ores, increased 207%, from 0.2 million ounces in 4Q12 to 0.6 million ounces in 4Q13, due to lower tonnage treated and ore grade. During FY 2013, silver production decreased 36% from 3.1 million oz to 2.0 million oz in 2012.

During 4Q13, total zinc production was 4,321 MT versus no production in 4Q12. In FY 2013, zinc production decreased 31% (24,220 MT in 2013 versus 34,949 MT in 2012). Zinc CAS was US$757/MT in 4Q13. CAS for the FY 2013 was US$887/MT compared to US$903/MT in 2012.

General and Administrative Expenses

General and administrative expenses in 4Q13 were US$21.0 million, 3% lower than the figure reported in 4Q12 (US$21.6 million) due to lower worker’s profit sharing. For the FY 2013, general and administrative expenses were US$77.5 million versus US$99.3 million in the same period of 2012, representing a 22% decline.

Exploration in Non-Operating Areas

Exploration in non-operating areas during 4Q13 was US$9.4 million, compared to US$22.3 million reported in 4Q12. During the period, Buenaventura’s main exploration efforts were focused on the following projects: Marcapunta Oeste (US$5.2 million), La Zanja Underground (US$0.6 million) and Chanca (US$1.2 million). For FY 2013, exploration in non-operating areas were US$32.8 million versus US$95.5 million in FY 2012, representing a decrease of 66%.

Operating Income

Operating income in 4Q13 was US$13.8 million, 84% lower compared to the US$86.7 million reported in 4Q12 due to lower revenues.

During FY 2013, operating income was US$132.3 million, versus US$422.5 million in FY 2012, representing a 69% decrease.

Share in Affiliated Companies

During 4Q13, Buenaventura’s share in affiliated companies was negative US$282.3 million (compared to the US$105.1 million reported in 4Q12). Yanacocha’s contribution towards these results was a negative US$322.6 million due to an impairment of US$453.3. Cerro Verde’s contribution increased 12%, from US$31.0 million in 4Q12 to US$34.6 million in 4Q13. Coimolache’s (Tantahuatay mine) contribution decreased 35% (US$5.7 million in 4Q13 vs. US$8.8 million in 4Q12).

During FY 2013, Buenaventura’s share in affiliated companies was negative US$108.5 million compared to the US$481.8 million reported in 2012.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 4Q13 gold production was 184,318 ounces of gold, 22% lower than 4Q12 production (235,875 oz). Accumulated gold production in 2013 was 1,017,259 ounces, 24% lower than 2013 (1,345,992 oz.).

Net income, without considering the effect of the US$1.0 billion impairment, was negative US$27.8 million (compared to US$75.7 million in 4Q12) explained by lower revenues and higher costs applicable to sales due to a US$43.1 million (cash) write-down from La Quinua, Yanacocha and Maqui Maqui pads. Accumulated net income in 2013 was US$154.9 million, 75% lower than 2012 (US$626.5 million). During 4Q13, EBITDA totaled US$43.5 million, a 77% decrease compared to 4Q12 (US$186.0 million). Accumulated EBITDA in 2013 was US$602.4 million, 52% lower than 2012 (US$1.2 billion).

Capital expenditures at Yanacocha were US$48.9 million in 4Q13 (US$172.5 million in 4Q12) and US$333.4 million in FY 2013 (US$995.0 million in FY 2012).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 4Q13 copper production was 69,318 MT (13,572 MT attributable to Buenaventura), a 1% increase compared to 4Q12 (68,874 MT and 13,486 MT attributable to Buenaventura). Accumulated total copper production in 2013 was 252,760 MT (49,490 MT attributable to Buenaventura), 6% lower than 269,649 MT in 2012 (52,797 MT attributable to Buenaventura).

During 4Q13, Cerro Verde reported net income of US$196.8 million, a 35% higher compared to US$146.2 million in 4Q12. This was mainly due to a 12% increase in sales revenues (US$562.3 million in 4Q13 versus US$501.0 million in 4Q12). Accumulated net income in 2013 was US$613.3 million, 21% lower than US$772.1 million in 2012.

Capital expenditures at Cerro Verde in 4Q13 totaled US$357.1 million and US$1,073.2 million in 2013.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution was US$5.7 million (US$8.8 million in 4Q12). During FY 2013, attributable contribution was US$20.8 million (US$40.2 million in FY 2012).

Net Income

Buenaventura’s 4Q13 net income was a negative US$288.4 million (negative US$1.13 per share), including a US$453.3 million (US$1.78 per share) non-cash impairment provision from Yanacocha, compared to US$154.1 million (US$0.61 per share) reported in 4Q12. Accumulated net income in FY 2013 was negative US$101.7 million (negative US$0.40 per share) compared to US$703.6 million in 2012 (US$2.69 per share).

Project Development and Exploration

Rio Seco Plant (100% ownership)

The plant is in ramp-up stage. This facility will allow:

1. Mining from accessible areas with high silver and manganese content.

2. Improving the quality of lead-silver concentrates from Uchucchacua mine by reducing manganese content.

3. Resultant manganese sulfate concentrate with commercial value.

Huanza Hydroelectric Plant (100% ownership)

Unit 2 started generating 46.3 MW, while Unit 1 will start its commissioning in March. This plant will assure energy supply for direct operations.

El Brocal Expansion (54.07% ownership)

El Brocal expansion from 6 ktpd to 18 ktpd was completed. Production will start in March to treat 11 ktpd of polymetallic ore from Colquijirca and 7 ktpd of copper ore from Marcapunta.

Tambomayo Project (100% ownership)

Advanced exploration includes drilling of new structures. Mine development and engineering studies are in progress. Environmental Impact Assessment and permits are expected in 2014 to initiate production in 2016.

Board Resolutions

At the Board of Directors meeting held February 27, 2014, the following resolutions were passed:

1. To accept the resignation of Mr. Aubrey Paverd as board member, due to age limit, thanking him for the 12 years that he served and contribute to Buenaventura; and to appoint Mr. Igor Gonzales as new board member to complete the current period.

2. To modify the following requirement to qualify as independent board member:

When the board member is an officer of a company that maintains commercial relationship with Buenaventura:

  • Previous requirement: the company’s billing to Buenaventura should be less than US$1 million and represent less than 2% of such company’s revenues.
  • New requirement: the company’s billing to Buenaventura should be less than US$1 million and represent less than 5% of such company’s revenues.

3. To approve Buenaventura’s compliance policy:

a. Anti – Money Laundering (AML) and Counter-Terrorism Financing (CTF)

b. Anti-Bribery Policy (FCPA:Foreign Corrupt Practices Act.)

4. To call for the Annual Shareholders Meeting to be held on March 27, 2014 to:

a. Approve the Annual Report as of December, 31, 2013.

b. Approve the Financial Statements as of December, 31, 2013

c. Appoint Ernst and Young (Medina, Zaldivar, Paredes y Asociados) as External Auditors for fiscal year 2014.

d. Ratify the dividend policy amendment, which has been proposed by the Board of Directors.

e. Approve the payment of a cash dividend of 1.1 cents (US$) per share or ADS according to the Company’s dividend policy.

f. Elect the new members of the board for the period 2014 – 2016.

Company Description

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

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

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

For a printed version of the Company’s 2012 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

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

**Tables to follow**

APPENDIX 1

Equity Participation in

Subsidiaries and Affiliates (as of September 30, 2013)

    BVN     Operating
      Equity %     Mines / Business
Consorcio Energético de Huancavelica S.A*     100.00     Energy – Huanza Hydroelectrical Project
Buenaventura Ingenieros S.A*     100.00     Engineering Consultant
Processadora Industrial Rio Seco S.A*     100.00     Rio Seco chemical plant
El Molle Verde S.A.C*     100.00     Trapiche project
Minera La Zanja S.A*     53.06     La Zanja
Sociedad Minera El Brocal S.A.A*     54.07     Colquijirca and Marcapunta
Canteras del Hallazgo S.A **     49.00     Chucapaca project
Compañía Minera Coimolache S.A **     40.10     Tantahuatay
Minera Yanacocha S.R.L **     43.65     Yanacocha
Sociedad Minera Cerro Verde S.A.A **     19.58     Cerro Verde

(*)Consolidates

(**) Equity Accounting

APPENDIX 2

 

                                                   
GOLD PRODUCTION
Three Months Ended December 31 Full Year
Orcopampa           Orcopampa Old Tailings               Orcopampa                 Orcopampa Old Tailings
2013 2012 % 2013 2012 % 2013 2012 % 2013 2012 %
Ore Milled DMT 99,093 110,783 -11% 48,125 106,442 -55% 443,537 461,436 -4% 425,639 446,593 -5%
Ore Grade OZ/MT 0.477 0.53 -10% 0.059 0.053 12% 0.487 0.543 -10% 0.048 0.060 -19%
Recovery Rate % 97.2% 95.6% 2% 75.7% 73.8% 3% 96.2% 95.9% 0% 76.1% 76.1% 0%
Ounces Produced 45,981 55,652 -17% 2,136 4,128 -48% 208,774 240,134 -13% 15,897 20,245 -21%
 

Orcopampa Total Production

4Q13

48,117

4Q12

59,780

FY2013

224,671

FY2012

260,379
 
La Zanja Tantahuatay
4Q13 4Q12 % FY2013 FY2012 % 4Q13 4Q12 % FY2013 FY2012 %
Ounces Produced 33,451 28,670 17% 137,395 112,387 22% 33,417 35,340 -5% 142,667 141,268 1%
 
Breapampa
4Q13 4Q12 % FY2013 FY2012 %
Ounces Produced 21,918 8,817 149% 81,882 8,817 829%
 
SILVER PRODUCTION
Three Months Ended December 31 Full Year
Uchucchacua Colquijirca Uchucchacua Colquijirca
      2013     2012     %     2013     2012     %         2013     2012     %     2013     2012     %
Ore Milled DMT 238,390 265,335 -10% 198,885 1,001,102 1,049,301 -5% 1,268,781 1,689,846 -25%
Ore Grade OZ/MT 15.209 14.00 9% 2.89 14.18 14.33 -1% 1.41 1.32 7%
Recovery Rate % 79.2% 77.4% 2% 67.0% 80.6% 73.5% 10% 66.2% 63.2% 5%
Ounces Produced 2,871,959 3,012,187 -5% 385,221 11,444,751 11,263,322 2% 1,186,022 1,410,027 -16%
 
ZINC PRODUCTION
Three Months Ended December 31 Full Year
Uchucchacua Colquijirca Uchucchacua Colquijirca
      2013     2012     %     2013     2012     %         2013     2012     %     2013     2012     %
Ore Milled DMT 238,390 265,335 -10% 198,885 1,001,102 1,049,301 -5% 1,268,781 1,689,846 -25%
Ore Grade % 1.32% 1.63% -19% 3.40% 1.23% 1.51% -18% 2.97% 2.93% 1%
Recovery Rate % 68.4% 67.8% 1% 63.98% 66.0% 62.0% 7% 64.26% 67.1% -4%
MT Produced 2,154 2,931 -27% 4,321 8,146 9,820 -17% 24,219 33,268 -27%
 

APPENDIX 3: EBITDA RECONCILIATION (in thousands of US$)

      4Q13     4Q12     FY 2013     FY 2012
Net Income     -280,492     163,323     -74,154     763,046

Add / Subtract:

    347,819     -33,133     367,985     -188,837
Provision for income tax, net     14,493     28,551     86,614     144,236
Share in associated companies by the equity method, net     282,323     -105,105     108,483     -481,826
Interest income     -4,270     -1,725     -6,623     -9,486
Interest expense     1,460     3,608     10,970     8,290
Loss on currency exchange difference     303     -1,969     7,012     -1,715
Long Term Compensation provision     4,487     -5,592     -15,979     1,720
Depreciation and Amortization     39,729     38,803     165,477     123,043
Workers´ participation provision     2,700     6,679     5,437     23,284
Impairment of Long-Lived Assets     6,594     3,617     6,594     3,617
EBITDA Buenaventura Direct Operations     67,327     130,190     293,831     574,209
EBITDA Yanacocha (43.65%)     18,986     81,185     262,837     542,067
EBITDA Cerro Verde (19.58%)     64,586     53,276     206,061     256,050
EBITDA Coimolache (40%)     12,713     16,836     50,610     70,793
EBITDA Buenaventura + All Associates     163,611     281,487     813,338     1,443,119
               

Note:

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

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

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

APPENDIX 4: PROVEN AND PROBABLE RESERVES

           
GOLD % Ownership   MT (000)   Grade Oz / MT  

Oz (000)

  Attributable
Orcopampa 100.00 634 0.527 334 334
Breapampa 100.00 2,279 0.042 96 96
Poracota 100.00 108 0.343 37 37
Antapite 100.00 37 0.335 13 13
Julcani 100.00 373 0.018 7 7
Mallay 100.00 123 0.042 5 5
Shila - Paula 100.00 13 0.351 4 4
El Brocal Marcapunta (Sulphides) 54.07 16,421 0.011 180 97
La Zanja 53.06 14,248 0.023 333 176
La Zanja (On Pads) 53.06 27 14
Yanacocha 44.35 199,184 0.032 5,751 2,551
Yanacocha (Conga) 44.35 536,015 0.023 12,582 5,580
Tantahuatay (Oxides) 40.10 51,955 0.014 735 295
Total 821,392 0.024 20,104 9,209
 
SILVER % Ownership   MT (000)   Grade Oz / MT   Oz (000)   Attributable
Uchucchacua (Silver - Sulphides) 100.00 3,485 16.854 58,738 58,738
Uchucchacua (Zinc - Sulphides) 100.00 64 7.496 486 486
Uchucchacua (Silver - Oxides) 100.00 287 19.742 5,660 5,660
Julcani 100.00 373 20.249 7,555 7,555
Breapampa 100.00 2,279 0.823 1,876 1,876
Mallay 100.00 123 12.632 1,562 1,562
Orcopampa 100.00 634 1.389 881 881
Recuperada 100.00 64 9.899 630 630
Shila - Paula 100.00 13 0.694 9 9
Poracota 100.00 108 0.024 3 3
El Brocal (Tajo Norte - La Llave) 54.07 56,111 0.830 46,572 25,182
El Brocal Marcapunta (Sulphides) 54.07 16,421 0.530 8,703 4,706
La Zanja 53.06 14,248 0.201 2,869 1,522
La Zanja (On Pads and Plant) 53.06 919 487
Yanacocha 44.35 292,435 0.254 75,590 33,524
Yanacocha (Conga) 44.35 536,015 0.066 37,784 16,757
Tantahuatay Oxides 40.10 51,955 0.346 18,035 7,231
Cerro Verde (Sulphides) 19.58 4,047,372 0.047 192,860 37,762
Cerro Verde (Oxides) 19.58 563,840 0.010 5,430 1,063
Total 5,585,829 0.083 466,163 205,634
 
Prices used for Reserve calculation:
Gold US$1,200/oz
Silver US$20/oz
 
 

PROVEN AND PROBABLE RESERVES

 
ZINC % Ownership   MT (000)   Grade Oz / MT   MT (000)   Attributable
Uchucchacua (Silver - Sulphides) 100.00 3,485 1.42 49 49
Uchucchacua (Zinc - Sulphides) 100.00 64 6.60 4 4
Mallay 100.00 123 8.47 10 10
Recuperada 100.00 64 6.49 4 4
El Brocal (Tajo Norte - La Llave) 54.07 56,111 2.38 1,335 722
Total 59,848 2.35 1,404 790
 
LEAD % Ownership   MT (000)   Grade Oz / MT   MT (000)   Attributable
Uchucchacua (Silver - Sulphides) 100.00 3,485 1.05 37 37
Uchucchacua (Zinc - Sulphides) 100.00 64 5.10 3 3
Julcani 100.00 373 2.27 8 8
Mallay 100.00 123 6.64 8 8
Recuperada 100.00 64 3.55 2 2
El Brocal (Tajo Norte - La Llave) 54.07 56,111 0.78 438 237
Total 60,221 0.82 496 268
 
COPPER % Ownership   MT (000)   Grade Oz / MT   MT (000)   Attributable
Julcani 100.00 373 0.44 2 2
El Brocal Marcapunta (Sulphides) 54.07 16,421 1.99 327 177
Yanacocha (Conga) 44.35 536,015 0.28 1,501 666
Cerro Verde (Sulphides) 19.58 4,047,372 0.37 14,975 2,932
Cerro Verde (Oxides) 19.58 563,840 0.49 2,763 541
Total 5,164,022 0.38 19,567 4,317
 
MOLYBDENUM   % Ownership   MT (000)   Grade Oz / MT   MT (000)   Attributable
Cerro Verde (Sulphides) 19.58 4,047,372 0.014 567 111
Cerro Verde (Oxides) 19.58 563,840 0.003 17 3
Total 4,611,213 0.013 584 114
 
Prices used for Reserve calculation:
Zinc US$1,900/MT
Lead US$2,050/MT
Copper US$6,600/MT
 

APPENDIX 5

     
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2013 and 2012
2013 2012
Assets US$(000) US$(000)
Current assets
Cash and cash equivalents 61,898 186,712
Financial assets at fair value through profit or loss - 54,509
Trade and other accounts receivable, net 260,434 362,904
Income tax credit 37,370 24,629
Prepaid expenses 14,597 11,837
Embedded derivatives for concentrate sales, net 1,857 -
Inventory, net 175,719 157,533
Total current assets 551,875 798,124
 
Non-current assets
Trade and other accounts receivable, net 20,607 40,079
Long-term inventory 23,366 40,253
Investment in associates 2,358,410 2,469,888

Mining concessions, development costs and property,
plant and equipment, net

1,515,460 1,159,805
Deferred income tax asset, net 83,525 111,701
Other assets 7,132 5,123
Total non-current assets 4,008,500 3,826,849
   
Total assets 4,560,375 4,624,973
 
 
Liabilities and shareholders’ equity
Current liabilities
Trade and other accounts payable 303,951 267,472
Provisions 69,800 71,780
Hedge derivatives financial instruments 1,093 -
Embedded derivatives for concentrate sales, net - 4,939
Financial obligations 11,370 5,815
Total current liabilities 386,214 350,006
 
Non-current liabilities
Trade and other accounts payable 12,229 731
Provisions 106,376 100,041
Financial obligations 223,027 173,489
Total non-current liabilities 341,632 274,261
   
Total liabilities 727,846 624,267
 
Shareholders’ equity
Issued capital, net of treasury shares for US$(000)62,665 750,497 750,540
Investment shares, net of treasury shares for US$(000)765 1,396 1,399
Additional paid-in capital 219,055 219,471
Legal reserve 162,663 162,663
Other reserves 269 269
Retained earnings 2,421,238 2,601,792
Other equity reserves 104 925
3,555,222 3,737,059
Non-controlling interest 277,307 263,647
Total shareholders’ equity 3,832,529 4,000,706
   
Total liabilities and shareholders’ equity 4,560,375 4,624,973

 

 

 
         
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Income Statement
For the three and twelve month periods ended December 31, 2013 and 2012

For the three month period ended
December, 31

     

For the twelve month period ended
December, 31

2013 2012 2013 2012
US$(000) US$(000) US$(000) US$(000)
Operating income
Net sales 292,001 411,613 1,241,256 1,496,349
Royalty income 7,152   12,557   44,185   67,178  
Total operating income 299,153 424,170 1,285,441 1,563,527
 
Operating costs
Cost of sales, without considering depreciation and amortization (159,568 ) (194,530 ) (653,536 ) (625,181 )
Exploration in operating units (31,953 ) (55,865 ) (167,143 ) (153,018 )
Depreciation and amortization (39,729 ) (38,803 ) (165,477 ) (123,043 )
Royalties (6,756 ) (7,547 ) (30,623 ) (37,667 )
Total operating costs (238,006 ) (296,745 ) (1,016,779 ) (938,909 )
       
Gross profit 61,147   127,425   268,662   624,618  
 
Operating expenses
Administrative expenses (20,992 ) (21,643 ) (77,476 ) (99,295 )
Exploration in non-operating areas (9,444 ) (22,262 ) (32,805 ) (95,491 )
Selling expenses (3,492 ) (5,809 ) (16,035 ) (18,090 )
Long-term asset impairment (6,594 ) (3,617 ) (6,594 ) (3,617 )
Excess of workers' profit participation (704 ) (2,164 ) (704 ) (2,164 )
Other, net (6,104 ) 14,753   (2,746 ) 16,584  
Total operating expenses (47,330 ) (40,742 ) (136,360 ) (202,073 )
 
Operating profit 13,817   86,683   132,302   422,545  
 
Other income, net
 
Share in the results of associates under equity method (282,323 ) 105,105 (108,483 ) 481,826
Financial income 4,270 1,725 6,623 9,486
Financial expenses (1,460 ) (3,608 ) (10,970 ) (8,290 )
Net loss from currency exchange difference (303 ) 1,969   (7,012 ) 1,715  
Total other income, net (279,816 ) 105,191 (119,842 ) 484,737
 
Profit before income taxes and non-controlling interest (265,999 ) 191,874 12,460 907,282
 
Income taxes (14,493 ) (28,551 ) (86,614 ) (144,236 )
       
Net profit (lost) (280,492 ) 163,323   (74,154 ) 763,046  
 
Attributable to:
Owners of the parent (288,419 ) 154,086 (101,675 ) 703,626
Non-controlling interest 7,927   9,237   27,521   59,420  
(280,492 ) 163,323   (74,154 ) 763,046  
 
Basic and diluted earnings per share attributable
to owners of the parent, stated in U.S. dollars (1.13 ) 0.61   (0.40 ) 2.77  
 
Weighted average number of shares outstanding
(common and investment), in units 254,186,867   254,202,571   254,186,867   254,202,571  
 
     
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three and twelve month periods ended December 31, 2013 and 2012

For the three month period ended
December, 31

 

For the twelve month period ended
December, 31

2013 2012 2013 2012
US$(000) US$(000) US$(000) US$(000)
Operating activities
Proceeds from sales 311,879 352,963 1,351,359 1,410,120
Value Added Tax (VAT) recovered 7,815 10,779 66,921 40,940
Royalties received 10,738 21,035 50,562 76,106
Dividends received 2,027 5,613 9,803 16,467
Interest received 4,102 1,700 8,235 8,606
Payments to suppliers and third-parties (87,594 ) (230,558 ) (742,191 ) (838,250 )
Payments to employees (46,522 ) (45,973 ) (216,799 ) (201,494 )
Payment of income tax (47 ) (29,279 ) (66,427 ) (136,336 )
Payment of royalties (2,632 ) (9,187 ) (30,623 ) (38,985 )
Payment of interest (2,936 ) (206 ) (11,494 ) (1,485 )
 
Net cash and cash equivalents provided by operating activities 196,830   76,887   419,346   335,689  
 
Investing activities
Settlement of financial assets at fair value through profit or loss 12,944 - 52,944 -
Proceeds from associate loan's collections 4,043 - 24,537 ... -
Proceeds from sales of mining concessions, property, plant and equipment 47 136 5,010 255
Acquisitions of mining concessions, development costs, property, plant and equipment (147,494 ) (134,007 ) (503,576 ) (442,927 )
Payment for purchase of investments - 32,184 -
Proceeds from sales of investments shares - 3,658 3,658
Contributions to associates (1,649 ) (36,633 ) (6,988 ) (58,594 )
Decrease in time-deposits -   539   -   10,121  
-
Net cash and cash equivalents used in investing activities (132,109 ) (134,123 ) (428,073 ) (487,487 )
 
Financing activities
Increase in financial obligations 176,975 19,945 236,975 74,258
Bank loans received - - -
Payment of financial obligations (281,215 ) (48 ) (260,231 ) (1,068 )
Dividends paid (2,567 ) (50,887 ) (78,836 ) (152,666 )
Dividends paid to non-controlling interest - (5,764 ) (13,533 ) (44,881 )
Purchase of treasury shares - - (462 ) -
Purchase of associates' shares -   -   -   (7,980 )
 
Net cash and cash equivalents provided by (used in) financing activities (106,807 ) (36,754 ) (116,087 ) (132,337 )
 
Net increase (decrease) in cash and cash equivalents during the period (42,086 ) (93,990 ) (124,814 ) (284,135 )
Cash and cash equivalents at the beginning of the period 103,984 280,702 186,712 470,847
       
Cash and cash equivalents at period-end 61,898   186,712   61,898   186,712  
 

APPENDIX 6

                           

CAS FY2013 VS FY2012

 
JULCANI
FY13 FY12
 
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) 171 15,938 1,158 - 318 17,585 449 21,960 1,292 - 156 23,857
Exploration Expenses (US$000) 69 6,393 465 - 128 7,054 138 6,745 397 - 48 7,328
Selling Expenses (US$000) 7 685 50 - 14 755 12 586 34 - 4 637
Total (US$000)   247   23,015   1,673   -   460   25,395       599   29,291   1,723   -   208   31,821
Volume Sold 384 2,229,452 1,713 - 140 Not Applicable 925 2,420,785 2,120 - 69 Not Applicable

CAS

644 10.32 976 3,281

Not Applicable

648 12.10 813 3,018

Not Applicable

 
MALLAY
FY13 FY12
 
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) - 11,547 6,253 6,481 - 24,282 - 10,720 5,135 5,383 - 21,238
Exploration Expenses (US$000) - 4,442 2,406 2,493 - 9,342 - 4,047 1,939 2,032 - 8,019
Selling Expenses (US$000) - 677 366 380 - 1,423 - 470 225 236 - 932
Total (US$000)   -   16,666   9,026   9,355   -   35,046       -   15,238   7,299   7,652   -   30,188
Volume Sold - 1,147,210 6,570 7,614 -

Not Applicable

544,509 3,883 4,438 Not Applicable

CAS

14.53 1,374 1,229

Not Applicable

27.98 1,880 1,724

Not Applicable

 
BREAPAMPA
FY13 FY12
 
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) 46,139 3,395 - - - 49,535 - - - - - -
Exploration Expenses (US$000) 2,771 204 - - - 2,974 - - - - - -
Selling Expenses (US$000) - - - - - - - - - - - -
Total (US$000)   48,910   3,599   -   -   -   52,509       -   -   -   -   -   -
Volume Sold 81,436 373,595 - - - Not Applicable - - - - - Not Applicable

CAS

601 9.63

Not Applicable

Not Applicable

 
RECUPERADA
FY13 FY12
 
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) - 7,331 4,831 6,121 - 18,283 - 9,619 4,567 5,102 - 19,288
Exploration Expenses (US$000) - 2,643 1,741 2,207 - 6,591 - 3,728 1,770 1,978 - 7,476
Selling Expenses (US$000) - 460 303 384 - 1,148 - 563 267 298 - 1,128
Total (US$000)   -   10,434   6,875   8,713   -   26,022       -   13,910   6,604   7,378   -   27,892
Volume Sold - 417,180 2,907 4,119 - Not Applicable - 432,521 3,057 3,724 - Not Applicable

CAS

 

25.01 2,365 2,115

Not Applicable

32.16 2,160 1,981

Not Applicable

 
ORCOPAMPA
FY13 FY12
 
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) 124,129 5,489 - - - 129,617 112,054 4,750 - - - 116,805
Exploration Expenses (US$000) 55,420 2,450 - - - 57,870 47,083 1,996 - - - 49,079
Selling Expenses (US$000) 3 0 - - - 3 16 1 - - - 17
Total (US$000)   179,552   7,939   -   -   -   187,491       159,153   6,747   -   -   -   165,900
Volume Sold 223,998 617,433 - - - Not Applicable 263,695 598,511 - - - Not Applicable

CAS

802 12.86

Not Applicable

604 11.27

Not Applicable

 
UCHUCCHACUA
FY13 FY12
 
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) - 102,915 6,874 5,586 - 115,376 - 112,754 4,155 4,732 - 121,641
Exploration Expenses (US$000) - 22,578 1,508 1,225 - 25,311 - 27,165 1,001 1,140 - 29,306
Selling Expenses (US$000) - 2,985 199 162 - 3,346 - 4,661 172 196 - 5,029
Total (US$000)   -   128,478   8,582   6,973   -   144,033       -   144,580   5,328   6,067   -   155,976
Volume Sold - 9,877,877 6,977 6,340 - Not Applicable - 10,646,579 5,841 7,253 - Not Applicable

CAS

13.01 1,230 1,100

Not Applicable

13.58 912 837

Not Applicable

 
LA ZANJA
FY13 FY12
 
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) 85,063 917 - - - 85,981 79,469 1,175 - - - 80,644
Exploration Expenses (US$000) 1,222 13 - - - 1,236 2,481 37 - - - 2,517
Selling Expenses (US$000) 523 6 - - - 528 440 7 - - - 447
Total (US$000)   86,809   936   -   -   -   87,745       82,390   1,218   -   -   -   83,608
Volume Sold 135,037 90,770 - - - Not Applicable 115,571 91,467 - - - Not Applicable

CAS

643 10.31

Not Applicable

713 13.32

Not Applicable

 
EL BROCAL
FY13 FY12
 
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) 2,859 14,291 7,759 16,546 78,515 119,969 5,774 36,654 9,964 23,759 77,282 153,433
Exploration Expenses (US$000) - - - - - - - - - - - -
Selling Expenses (US$000) 209 1,044 567 1,209 5,735 8,763 310 1,969 535 1,276 4,152 8,243
Total (US$000)   3,068   15,335   8,326   17,754   84,250   128,732       6,084   38,623   10,500   25,035   81,434   161,676
Volume Sold 4,690 1,461,659 8,392 20,011 25,266 Not Applicable 7,764 2,654,243 10,686 27,734 22,279 Not Applicable

CAS

654 10.49 992 887 3,335

Not Applicable

784 14.55 983 903 3,655

Not Applicable

 
OTHER SMALL UNITS
FY13 FY12
 
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) 13,218 1,867 39 - - 15,124 28,278 1,007 - - - 29,285
Exploration Expenses (US$000) 49,611 7,009 145 - - 56,765 47,601 1,695 - - - 49,295
Selling Expenses (US$000) 59 8 0 - - 68 1,600 57 - - - 1,657
Total (US$000)   62,888   8,885   184   -   -   71,957       77,479   2,759   -   -   -   80,238
Volume Sold 12,955 114,138 25 Not Applicable 51,675 94,874 Not Applicable
 
NON MINING COMPANIES
FY13 FY12
 
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) 77,785 58,991
 
TANTAHUATAY (COIMOLACHE)
FY13 FY12
 
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) 60,338 4,726 - - - 65,064 65,453 7,858 - - - 73,311
Exploration Expenses (US$000) 15,543 1,217 - - - 16,760 4,538 545 - - - 5,083
Selling Expenses (US$000) 484 38 - - - 522 626 75 - - - 701
Total (US$000)   76,365   5,981   -   -   -   82,346       70,617   8,478   -   -   -   79,095
Volume Sold 142,432 695,412 Not Applicable 140,682 904,234 Not Applicable

CAS

536 8.60

Not Applicable

502 9.38

Not Applicable

 
                       
CAS 4Q13 VS 4Q12
 
JULCANI
 
4Q13 4Q12
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) 20 5,056 369 - 56 5,500 141 7,133 406 - 24 7,704
Exploration Expenses (US$000) 8 2,103 153 - 23 2,288 47 2,383 136 - 8 2,574
Selling Expenses (US$000) 1 163 12 - 2 178 3 159 9 - 1 172
Total (US$000)   28   7,322   534   -   82   7,966   192   9,675   551   -   33   10,450
Volume Sold 67 878,684 605 49 Not Applicable 230 609,749 518 - 8 Not Applicable
CAS 425 8.33 882 1,658 Not Applicable 834 15.87 1,062 3,853 Not Applicable
 
MALLAY
 
4Q13 4Q12
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) - 2,177 1,285 1,380 - 4,842 - 3,492 1,755 1,953 - 7,201
Exploration Expenses (US$000) - 849 501 538 - 1,889 - 1,385 696 775 - 2,855
Selling Expenses (US$000) - 133 79 84 - 296 - 218 110 122 - 450
Total (US$000)   -   3,160   1,865   2,003   -   7,028   -   5,095   2,561   2,850   -   10,506
Volume Sold - 279,502 1,615 1,830 - Not Applicable 237,430 1,762 2,219 Not Applicable

CAS

11.30 1,155 1,095 Not Applicable 21.46 1,454 1,284 Not Applicable
 
BREAPAMPA
 
4Q13 4Q12
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) 9,055 775 - - - 9,830 - - - - - -
Exploration Expenses (US$000) 185 16 - - - 201 - - - - - -
Selling Expenses (US$000) - - - - - - - - - - - -
Total (US$000)   9,240   791   -   -   -   10,031   -   -   -   -   -   -
Volume Sold 20,679 108,665 - - - Not Applicable - - - - - Not Applicable
CAS 447 7.28 Not Applicable Not Applicable
 
RECUPERADA
 
4Q13 4Q12
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) - 1,818 1,156 1,613 - 4,587 - 2,913 1,322 1,487 - 5,723
Exploration Expenses (US$000) - 396 251 351 - 998 - 1,181 536 603 - 2,320
Selling Expenses (US$000) - 85 54 75 - 214 - 154 70 79 - 303
Total (US$000)   -   2,299   1,461   2,039   -   5,798   -   4,249   1,928   2,169   -   8,346
Volume Sold - 99,835 621 914 - Not Applicable - 113,694 762 970 - Not Applicable
CAS 23.02 2,352 2,229 Not Applicable 37.37 2,531 2,236 Not Applicable
 
ORCOPAMPA
 
4Q13 4Q12
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) 26,809 1,295 - - - 28,104 28,763 1,309 - - - 30,073
Exploration Expenses (US$000) 11,455 553 - - - 12,008 13,821 629 - - - 14,450
Selling Expenses (US$000) 3 0 - - - 3 - - - - - -
Total (US$000)   38,267   1,848   -   -   -   40,115   42,584   1,939   -   -   -   44,523
Volume Sold 46,078 136,363 - - - Not Applicable 54,956 131,429 - - - Not Applicable
CAS 830 13.55 Not Applicable 775 14.75 Not Applicable
 
UCHUCCHACUA
 
4Q13 4Q12
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) - 19,555 1,181 1,411 - 22,148 - 43,654 1,840 1,388 - 46,882
Exploration Expenses (US$000) - 4,468 270 322 - 5,060 - 9,237 389 294 - 9,920
Selling Expenses (US$000) - 565 34 41 - 640 - 1,628 69 52 - 1,749
Total (US$000)   -   24,589   1,485   1,775   -   27,848   -   54,519   2,298   1,734   -   58,551
Volume Sold - 1,911,587 1,135 1,502 - Not Applicable - 3,909,947 2,433 2,078 - Not Applicable
CAS 12.86 1,309 1,182 Not Applicable 13.94 944 834 Not Applicable
 
LA ZANJA
 
4Q13 4Q12
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) 20,146 259 - - - 20,405 23,815 519 - - - 24,334
Exploration Expenses (US$000) 26 0 - - - 26 1,118 24 - - - 1,142
Selling Expenses (US$000) 163 2 - - - 165 108 2 - - - 110
Total (US$000)   20,334   262   -   -   -   20,596   25,040   546   -   -   -   25,586
Volume Sold 32,975 26,031 - - - Not Applicable 28,901 33,111 - - - Not Applicable
CAS 617 10.05 Not Applicable 866 16.49 Not Applicable
 
EL BROCAL
 
4Q13 4Q12
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) 574 4,177 1,522 2,576 22,117 30,967 3,131 6,892 48 - 44,511 54,582
Exploration Expenses (US$000) - - - - - - - - - - - -
Selling Expenses (US$000) 37 269 98 166 1,426 1,996 171 377 3 - 2,433 2,983
Total (US$000)   612   4,446   1,621   2,742   23,543   32,963   3,302   7,268   51   -   46,944   57,565
Volume Sold 1,210 539,368 1,932 3,620 8,284 Not Applicable 3,908 476,154 47 - 12,024 Not Applicable
CAS 505 8.24 839 757 2,842 Not Applicable 845 15.26 1,089 3,904 Not Applicable
 
OTHER SMALL UNITS
 
4Q13 4Q12
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) 931 16 - - - 947 4,519 359 - - - 4,878
Exploration Expenses (US$000) 9,326 157 - - - 9,483 20,939 1,663 - - - 22,602
Selling Expenses (US$000) - - - - - - 39 3 - - - 42
Total (US$000)   10,258   172   -   -   -   10,430   25,497   2,025   -   -   -   27,522
Volume Sold 433 452 - - - Not Applicable 4,422 18,613 - - - Not Applicable
 
NON MINING COMPANIES
 
4Q13 4Q12
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) 32,229 13,153
 
 
TANTAHUATAY (COIMOLACHE)
 
4Q13 4Q12
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) 11,869 745 - - - 12,613 19,930 2,694 - - - 22,625
Exploration Expenses (US$000) 1,079 68 - - - 1,147 3,448 466 - - - 3,915
Selling Expenses (US$000) 58 4 - - - 61 170 23 - - - 193
Total (US$000)   13,005   816   -   -   -   13,821   23,549   3,183   -   -   -   26,732
Volume Sold 34,678 133,517 Not Applicable 37,736 267,999 Not Applicable
CAS 375 6.11 Not Applicable 624 11.88 Not Applicable
 

Contact:
Compañia de Minas Buenaventura S.A.A.
Contacts in Lima:
Carlos Galvez, 511-419-2540
Chief Financial Officer
or
Daniel Dominguez, 511-419-2591
Director of Treasury and Investor Relations
daniel.dominguez@buenaventura.pe
or
Contacts in New York:
i-advize Corporate Communications
Maria Barona, 212-406-3691
or
Rafael Borja, 212-406-3693
buenaventura@i-advize.com

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