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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%

(BVN Direct Operations)†
    112.9     182.5     -38%     284.0     390.9     -27%

(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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