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Buenaventura Announces First Quarter 2012 Results

Within this release, Buenaventura presents financial measures in accordance with Peruvian GAAP, as well as on a non-GAAP basis. EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) included in this release are non-GAAP financial measures. Please see the consolidated financial information below for information reconciling non-GAAP financial measures with Peruvian GAAP financial measures.

Operating Revenue

During 1Q12, net sales were US$359.0 million, similar to the US$363.5 million reported in 1Q11. Lower base metal prices, as well as a decrease in silver, copper and zinc volume sold offset higher precious metal prices. It is important to mention that due to logistic constraints at the Callao Port and warehouses, lead-silver concentrate inventories tripled when comparing 1Q12 with 1Q11, representing a US$31 million increase at market value.

Royalty income increased 47%, from US$12.3 million reported in 1Q11 to US$18.1 million in 1Q12 due to higher revenues at Yanacocha.
Operating Highlights       1Q12     1Q11     Var%  

Net Sales (in millions of US$)
      359.0     363.5     -1%  
Average Realized Gold Price Gold (US$/oz)*       1,721     1,393     24%  
Average Realized Gold Price (US$/oz) inc. Yanacocha       1,707     1,234     38%  
Average Realized Silver Price (US$/oz)*       32.20     31.78     1%  
Average Realized Lead Price (US$/MT)*       2,085     2,601     -20%  
Average Realized

Zinc Price (US$/MT)*
      2,042     2,423     -16%  
Average Realized Copper Price (US$/MT)*       8,361     9,642     -13%  

(*) Buenaventura’s Direct Operations
Sales Content    
          1Q12       1Q11       Var    
Gold (in oz)*       127,017       120,426       5%  
Gold (in oz) inc. Yanacocha       280,718       243,849       15%  
Silver (in oz)*       2,810,762       3,697,027       -24%  
Lead (in MT)*       2,135       2,772       -23%  
Zinc (in MT)*       7,943       7,888       1%  
Copper (in MT)*       5,714       7,166       -20%  

(*) Buenaventura Direct Operations

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