Buenaventura Announces Second 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 second 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 second quarter was US$152.6 million, which was 23% lower than the figure reported in 2Q11 (US$197.6 million). EBITDA from Buenaventura’s Direct Operations was US$112.9 million, 38% lower than the figure reported in 2Q11 (US$182.5 million), while EBITDA including Affiliates decreased 16%, from US$406.3 million in 2Q11 to US$341.9 million in 2Q12.

These results were mainly explained by the higher cost of and exploration costs at non-operating mining sites.

Financial Highlights (in millions of US$, except EPS figures):
			2Q12			2Q11			Var%			6M12			6M11			Var%
Total Revenues			350.5			343.3			2%			727.5			719.0			1%
Operating Income			79.4			147.9			-46%			210.9			326.3			-35%
EBITDA (BVN Direct Operations)†			112.9			182.5			-38%			284.0			390.9			-27%
EBITDA (inc. Affiliates) †			341.9			406.3			-16%			755.0			804.3			-6%
Net Income			152.6			197.6			-23%			360.0			422.3			-15%
EPS*			0.60			0.78			-23%			1.41			1.66			-15%

(*) As of June 30, 2012, Buenaventura had 254,442,328 shares outstanding.

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