Buenaventura Announces First Quarter 2012 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 first quarter 2012. All figures have been prepared in accordance with 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 in the first quarter reached US$207.5, 8% lower than the figure reported in 1Q11 (US$224.8 million). EBITDA from Buenaventura’s Direct Operations was US$171.1 million, 17% lower than the figure reported in 1Q11 (US$207.0 million), while EBITDA including Yanacocha and Cerro Verde increased 2%, from US$396.6 million in 1Q11 to US$403.1 million in 1Q12.

The Company reported higher operating costs and expenses in 1Q12, while sales remained flat, which led to lower than expected results.

Financial Highlights (in millions of US$, except EPS figures):
					1Q12			1Q11			Var%
		Total Revenues			377.0			375.7			0%
		Operating Income			131.5			178.4			-26%
		EBITDA (BVN Direct Operations)†			171.1			207.0			-17%
		EBITDA (inc. Yanacocha and Cerro Verde) †			403.1			396.6			2%
		Net Income			207.5			224.8			-8%
		EPS*			0.82			0.88			-8%

(*) As of March 31, 2012, Buenaventura had 254,442,328 shares outstanding.

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