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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