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Buenaventura Announces Third Quarter 2012 Results

Production and Operating Costs

Buenaventura’s equity production 1 in 3Q12 was 112,750 ounces of gold, 5% higher than the 107,157 ounces reported in 3Q11 mainly due to an increase in Orcopampa and Tantahuatay production. Silver production in 3Q12 was 4.7 million ounces, a 12% increase when compared to the figure reported in 3Q11 (4.2 million oz).

Equity production 1 in the first nine-month period 2012 was 337,761 ounces of gold and 13.2 million ounces of silver. This represented a 2% decrease in gold production (344,751 ounces in 2011), and a 17% increase in silver production compared to 2011 (11.2 million ounces).
Equity Production 1
    3Q12   3Q11   Var%   9M12   9M11   Var%
Gold (oz) Direct Operations   112,750   107,157   5%   337,761   344,751   -2%
Gold (oz) inc. Yanacocha   267,144   256,887   4%   822,327   769,089   7%
Silver (oz)   4,678,811   4,189,062   12%   13,203,863   11,244,038   17%
Lead ( MT)   7,942   5,698   39%   19,450   13,819   41%
Zinc ( MT)   13,073   9,971   31%   32,328   19,474   66%
Copper (MT) inc. Cerro Verde   15,648   16,297   -4%   44,683   52,779   -15%

1 Production includes 100% of Buenaventura’s operating units, 100% of CEDIMIN, 53.06% of La Zanja, 40.04% of Tantahuatay and 53.76% of El Brocal.

Orcopampa’s (100% owned by Buenaventura) total gold production in 3Q12 was 70,588 ounces, 17% higher than the 60,171 ounces reported in 3Q11. Production from the Chipmo mine in 3Q12 was 65,362 ounces, 25% higher compared to the 52,265 ounces reported in 3Q11 due to a 16% increase in tonnage treated and 6% higher ore grade (See Appendix 2). The old tailings treatment produced 5,226 gold ounces (compared to 7,906 ounces in 3Q11). Accumulated total gold production in the first nine-month period 2012 was 200,599 ounces, a 6% decrease when compared to 2011 (213,906 ounces).

Cash operating cost in 3Q12 was US$537/oz, 3% lower when compared to 3Q11 (US$554/oz). This was mainly explained by the 16% increase in gold ounces recovered due to higher tonnage treated and better ore grades.

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