Buenaventura Announces Second Quarter And Six Month 2017 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, today announced results for the second quarter (2Q17) and six-month (6M17) period ended June 30, 2017. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Second Quarter 2017 Highlights:
  • In 2Q17, EBITDA from direct operations was US$56.5 million; a 48% decrease compared to US$108.3 million reported in 2Q16. 2Q17 Adjusted EBITDA (including associated companies) reached US$ 110.2 million; a 40% decrease compared to US$ 183.6 million in 2Q16.
  • Total attributable production in 2Q17 was 145k gold ounces and 6.7 million silver ounces, compared to 153k gold ounces and 6.0 million silver ounces in 2Q16.
  • Production remained in line with the annual budget at most of the Company's mines.
  • Tambomayo showed a steady improvement in the ramp up process.
  • El Brocal reported its third consecutive quarter of positive operating performance and financial results despite challenges at the mill engine (20x30)
  • At Cerro Verde, the syndicated loan has been refinanced with subsequent repayment of the shareholder´s loan.

Financial Highlights (in millions of US$, except EPS figures) :
      2Q17     2Q16     Var%     6M17     6M16     Var%
Total Revenues     256.7     285.3     -10%     535.0     512.6     4%
Operating Profit     19.8     60.5     -67%     42.9     73.6     -42%
EBITDA Direct Operations     56.5     108.3     -48%     137.3     170.3     -19%
Adjusted EBITDA (Inc Associates)     110.2     183.6     -40%     288.3     326.7     -12%
Net Income     -6.2     55.5     N.A.     64.5     107.0     -40%
EPS*     -0.02     0.22     N.A.     0.25     0.42     -40%

(*) as of June 30, 2017 Buenaventura had a weighted average number of shares outstanding of 253,986,867.

Operating Revenues

During 2Q17, net sales were US$252.1 million; a 10% decrease compared to US$279.4 million reported in 2Q16. This result was primarily due to a decrease in silver prices as well as to a lower volume of gold sold.

Royalty income decreased 21%; from US$5.9 million in 2Q16 to US$4.6 million in 2Q17 due to a 21% sequential decrease in revenues at Yanacocha.
Operating Highlights     2Q17     2Q16     Var%     6M17     6M16     Var%
Net Sales

(in millions of US$)
    252.1     279.4     -10%     524.9     500.1     5%
Average Realized Gold Price (US$/oz) (1) (2)     1,265     1,275     -1%     1,248     1,242     0%
Average Realized Gold Price (US$/oz) inc. Affiliates (3)     1,256     1,268     -1%     1,236     1,232     0%
Average Realized Silver Price (US$/oz) (1) (2)     16.75     17.80     -6%     16.70     16.14     3%
Average Realized Lead Price (US$/MT) (1) (2)     2,199     1,783     23%     2,245     1,783     26%
Average Realized

Zinc Price (US$/MT) (1) (2)
    2,644     2,112     25%     2,781     1,894     47%
Average Realized Copper Price (US$/MT) (1) (2)     5,446     4,754     15%     5,719     4,587     25%
                       
Volume Sold     2Q17     2Q16     Var%     6M17     6M16     Var%
Consolidated Gold Oz 1     82,582     92,752     -11%     160,919     173,741     -7%
Gold Oz inc Associated Companies 3     147,996     174,827     -15%     303,058     346,917     -13%
Consolidated Silver Oz 1     5,390,786     5,634,615     -4%     11,390,394     10,949,395     4%
Consolidated Lead MT 1     9,401     7,669     23%     19,120     14,236     34%
Consolidated Zinc MT 1     14,198     15,484     -8%     30,889     27,826     11%
Consolidated Copper MT 1     10,050     10,572     -5%     19,879     21,670     -8%
(1)   Buenaventura's Direct Operations includes 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal.
(2) The realized price considers the adjustments of quotational periods.
(3) Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of El Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.

Production and Operating Costs

In 2Q17, Buenaventura's gold equity production from direct operations was 79,330; a 7% decrease (84,997 gold ounces) as compared to 2Q16. In 2Q17, gold production including associated companies was 144,804 ounces; a 5% decrease as compared to the same period in 2016. This decline is due to a decrease in production at La Zanja, Coimolache and Yanacocha mines; these three mines are located in northern Peru and were affected by heavy rains associated with the Coastal El Niño. This was partially offset by initial contribution by Tambomayo in the amount of 12,454 gold ounces. Silver and lead equity production increased during 2Q17 compared to 2Q16 primarily due to increased production at Uchucchacua (10% QoQ) and El Brocal (103% QoQ).

Buenaventura´s 6M17 gold equity production from direct operations decreased by 14% compared to the figure reported in 6M16. Silver equity production from direct operations in 6M17 was 4% higher compared to 6M16, this was mainly due to higher production coming from the Uchuchacua (3%) and El Brocal (101%) mines. Buenaventura´s zinc equity production increased 11% in 6M17 compared to 6M16. This increase is explained by higher production from the Uchuchacua (34%) and El Brocal (23%) mines.
Equity Production     2Q17     2Q16     Var%     6M17     6M16     Var%
Gold Oz Direct Operations (1)     79,330     84,997     -7%     142,424     164,709     -14%
Gold Oz including Associated (2) Companies     144,804     152,884     -5%     280,497     311,317     -10%
Silver Oz Direct Operations (1)     6,389,751     5,737,314     11%     12,215,489     11,734,124     4%
Silver Oz including Associated Companies     6,745,235     5,976,999     13%     12,931,320     12,190,679     6%
Lead MT     9,405     7,065     33%     17,497     14,047     25%
Zinc MT     12,712     12,573     1%     27,133     22,644     20%
Copper MT Direct Operations (1)     6,377     6,911     -8%     13,276     13,370     -1%
Copper MT including Associated Companies     29,495     31,609     -7%     59,645     62,233     -4%
                       
Consolidated Production     2Q17     2Q16     Var%     6M17     6M16     Var%
Gold Oz (3)     95,889     89,038     8%     176,169     173,292     2%
Silver Oz (3)     6,796,606     5,886,953     15%     13,058,871     12,043,971     8%
Lead MT (3)     11,482     8,337     38%     21,802     16,520     32%
Zinc MT (3)     17,418     18,247     -5%     38,377     32,652     18%
Copper MT (3)     10,364     11,751     -12%     21,578     23,169     -7%
(1)   Buenaventura's Direct Operations includes 100% of Buenaventura's operating units, 53.06% of La Zanja and 61.32% of El Brocal.
(2) Consider 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.32% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
(3) Considers 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal.

Orcopampa (100% owned by Buenaventura)

Production
      2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   Oz 46,917   47,826   -2%   89,248   91,962   -3%
Silver   Oz 123,146   166,186   -26%   263,241   313,600   -16%
                           
Cost Applicable to Sales
      2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   US$/Oz 768   704   9%   774   696   11%

Gold production at Orcopampa in 2Q17 was in line with 2Q16. Cost Applicable to Sales (CAS) in 2Q17 increased 9%, to 768 US$/Oz, compared to 704 US$/Oz in 2Q16, mainly due to a power transformer failure which temporarily impacted power supply, requiring a thermoelectric generator (TEG), also resulting in extraordinary expenses (fuel consumption and special services) which will be partially offset by insurance compensation.

Gold production guidance for 2017 is 190k - 200k ounces.

Uchucchacua (100% owned by Buenaventura)*
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   Oz   4,311,194   3,921,199   10%   8,332,916   8,083,174   3%
Zinc   MT   2,949   1,890   56%   4,831   3,615   34%
Lead   MT   4,000   2,591   54%   6,794   5,097   33%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   US$/Oz   10.66   11.11   -4%   10.81   10.75   1%

Silver production in 2Q17 increased 10% quarter on quarter, due to a 16% sequential increase in ore treated (see Appendix 2). Cost Applicable to Sales (CAS) in 2Q17 (10.66 US$/Oz) increased 4% compared to 2Q16 (11.11 US$/Oz), mainly due to a decrease commercial deductions and an increase in by-product contribution increase volume of lead & zinc sold.

Silver production guidance for 2017 is 17.0 million - 18.0 million ounces; this represents a 1.0 million ounce increase to the initial guidance.

*Includes a pilot production of 82,525 Ag Oz, 82 Zn MT and 71 Pb MT from Uchucchacua´s material treated at Mallay´s processing plant.

Mallay (100% owned by Buenaventura)
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   Oz   380,369   431,346   -12%   700,742   839,964   -17%
Zinc   MT   2,244   2,632   -15%   4,418   5,396   -18%
Lead   MT   1,374   1,873   -27%   2,696   3,942   -32%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   US$/Oz   14.10   12.57   12%   13.65   12.27   11%

Mallay silver, lead and zinc production were lower in 2Q17 in order to accommodate the pilot production of Uchucchacua´s ore.

Silver production guidance for 2017 from Mallay´s mining operation is 1.0 million - 1.3 million ounces to permit the treatment of Uchucchacua´s ore (more value).

Julcani (100% owned by Buenaventura)
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   Oz   647,883   837,937   -23%   1,314,118   1,690,989   -22%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Silver   US$/Oz   17.85   11.40   57%   14.79   11.05   34%

Silver production in 2Q17 was 23% lower than the production reported in 2Q16; primarily due to a decrease in ore treated (12% QoQ) and lower ore grades (13% QoQ). Cost Applicable to Sales (CAS) in 2Q17 (17.85 US$/Oz) was 57% higher than 2Q16 (11.40 US$/Oz), primarily explained by lower productivity due to the change in the mining procedures for enhanced safety, resulting in an increase in mining support expenses. This temporary issue will be addressed through high grade production and controlled volumes for the subsequent quarters.

Silver production guidance for 2017 is 2.6 million - 2.8 million ounces.

La Zanja (53.06% owned by Buenaventura)
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   Oz   30,647   35,384   -13%   62,902   69,577   -10%
Silver   Oz   61,878   49,468   25%   130,810   108,703   20%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   US$/Oz   802   533   25%   762   535   21%

Gold production in 2Q17 decreased by 13% quarter on quarter, but remains in line with the mine production plan. Cost Applicable to Sales (CAS) in 2Q17 (802 US$/Oz) increased by 25% compared to 2Q16 (533 US$/Oz), mainly due to i) increased reagent consumption (associated with higher volumes of water treated due to heavy rains associated with the Coastal El Niño), ii) a 32% sequential decrease in ounces sold and iii) lower ore grades.

Gold production guidance for 2017 is 115k - 125k ounces.

Tantahuatay (40.10% owned by Buenaventura)
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   Oz   31,725   36,733   -14%   62,970   71,295   -12%
Silver   Oz   172,943   180,578   -4%   306,217   424,568   -28%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Gold   US$/Oz   469   469   0%   466   449   4%

Gold production in 2Q17 decreased 14% quarter on quarter, but remains in line with the mine production plan of a strong 2H17 with higher grades coming from Cienaga Norte. Cost Applicable to Sales (CAS) in 2Q17 was in line with the figure reported in 2Q16.

Gold production guidance for 2017 is 145k - 155k ounces

El Brocal (61.32% owned by Buenaventura)
Production
        2Q17   2Q16   Var%   6M17   6M16   Var%
Copper   MT   10,308   11,677   -12%   21,463   23,020   -7%
Zinc   MT   12,166   13,725   -11%   29,069   23,641   23%
Silver   Oz   976,757   480,818   103%   2,021,665   1,007,541   101%
                             
Cost Applicable to Sales
        2Q17   2Q16   Var%   6M17   6M16   Var%
Copper   US$/MT   4,864   4,815   1%   4,870   4,808   1%
Zinc   US$/MT   1,838   1,688   9%   1,914   1,610   19%

Copper production in 2Q17 decreased 12% compared to 2Q16 mainly due to a decrease of ore treated and lower ore grades. In 2Q17 zinc production decreased 11% compared to 2Q16 mainly due to less ore treated and lower ore grades.

In 2Q17, zinc Cost Applicable to Sales (CAS) increased 9% quarter on quarter, mainly due to higher commercial deductions triggered by a 28% sequential increase in zinc prices which triggered the treatment charge (TC) escalator. Copper CAS in 2Q17 was in line with the figure reported in 2Q16.

Zinc production guidance for 2017 is 50k - 60k MT, while copper production guidance for 2017 is 55k - 65k MT.

Among the Company's achievements at El Brocal, it's important to note an improved metallurgical performance which resulted in: a) a 90% increase (QoQ) in the silver recovery rate in the lead concentrate, with a 27% sequential reduction of the silver recovery rate from the zinc concentrate (better silver payments); b) a 5% sequential increase in the lead recovery from the lead concentrate; and c) 5% sequential increase in the copper recovery rate from the copper concentrate.

General and Administrative Expenses

2Q17 General and Administrative expenses were US$18.3 million; an 8% year-on-year decrease, from US$19.8 million in 2Q16, primarily due to savings in administrative expenses resulting from initial synergies between Buenaventura and El Brocal which will end next year.

Exploration in Non-Operating Areas

2Q17 Exploration costs in Non-Operating Areas were US$5.5 million compared with US$5.0 million in 2Q16. During the period, Buenaventura primarily focused its exploration efforts on the Marcapunta Norte (US$0.81 million) and San Gabriel projects (US$0.36 million).

Share in Associated Companies

During 2Q17, Buenaventura's share in associated companies was US$44.9 million, compared to US$28.4 million reported in 2Q16, comprised of:
Share in the Result of Associates

(in millions of US$)
    2Q17     2Q16     Var %     6M17     6M16     Var %
Cerro Verde     20.4     15.8     29%     56.4     34.8     62%
Coimolache     3.7     6.4     -42%     8.0     12.1     -34%
Yanacocha     (27.2)     (1.5)     1676%     (22.6)     2.2     N.A.
Total     -3.1     20.7     N.A.     41.8     49.1     -15%

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 2Q17 gold production was 120,856 ounces (52,754 ounces attributable to Buenaventura); a 22% decrease as compared to the 155,524 ounces (67,886 ounces attributable to Buenaventura) produced in 2Q16.

Gold production guidance at Yanacocha for 2017 is 530k - 560k ounces.

In 2Q17, Yanacocha reported a net loss of US$62.2 million, compared to a net loss of US$3.5 million reported in 2Q16.

CAS in 2Q17 was US$1,129/oz; a 43% increase as compared to the US$790/oz reported in 2Q16 mainly due to higher mining cost per ton, milling cost per ton and leaching cost.

The Quecher Main project engineering (oxide deposit) is the process of being developed, a decision to progress is expected in 2H17. In the case of Yanacocha Sulfides, technical and economic viability studies have been progressing, with an updated report expected in 2H17.

Capital expenditures at Yanacocha were US$10.9 million in 2Q17.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 2Q17 copper production was 118,071 MT (23,118 MT attributable to Buenaventura), a 6% decrease compared to 2Q16 (126,143 MT and 24,699 MT attributable to Buenaventura).

During 2Q17, Cerro Verde reported a net income of US$104.1 million compared to net income of US$80.8 million in 2Q16. This increase was primarily due to a higher realized price (US$2.62/Lb in 2Q17 compared to US$2.15/Lb in 2Q16).

Capital expenditures at Cerro Verde were US$37.8 million in 2Q17.

Copper production guidance at Cerro Verde for 2017 is 500k MT - 550k MT.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), 2Q17 attributable contribution to net income was US$3.7 million (US$5.7 million in 2Q16).

Project Development and Exploration

The Tambomayo Ramp up Process (100% ownership)
  • 2Q17 results:
    • Gold ounces: 12,454
    • Silver ounces 295,379
    • CAS: 723 US$/Oz Au
  • Full capacity expected by 3Q17.
  • 2017 Production Guidance of 60k - 90k Au Oz.

The San Gabriel Project (100% ownership)
  • Geomechanical studies in progress to complete:
    • Mining method and rock support analysis
    • Metallurgical test to optimize processing plant design and recovery rate

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo project.

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company's 2016 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company's web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Yanacocha's and Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

**Tables to follow**

APPENDIX 1
Equity Participation in

Subsidiaries and Associates (as of June 30, 2017)
      BVN       Operating
        Equity %       Mines / Business
El Molle Verde S.A.C*       100.00       Trapiche Project
Minera La Zanja S.A*       53.06       La Zanja
Sociedad Minera El Brocal S.A.A*       61.32       Colquijirca and Marcapunta
Compañía Minera Coimolache S.A **       40.10       Tantahuatay
Minera Yanacocha S.R.L **       43.65       Yanacocha
Sociedad Minera Cerro Verde S.A.A **       19.58       Cerro Verde
Processadora Industrial Rio Seco S.A*       100.00       Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*       100.00       Energy - Huanza Hydroelectrical plant
Buenaventura Ingenieros S.A*       100.00       Engineering Consultant
(*)Consolidates
(**) Equity Accounting

APPENDIX 2

        GOLD PRODUCTION
            2Q17     2Q16     %     6M17     6M16     %
Mining Unit     Operating Results     Underground
Orcopampa Ore Milled DMT 121,984     118,341     3%     236,469     228,930     3%
Ore Grade OZ/MT 0.39 0.40 -3% 0.38 0.40 -5%
Recovery Rate % 97.0% 94.9% 2% 96.9% 95.5% 1%
      Ounces Produced*     46,917     47,826     -2%     89,248     91,962     -3%
Mining Unit     Operating Results     Open Pit
La Zanja Ounces Produced 30,647 35,384 -13% 62,902 69,577 -10%
Tantahuatay     Ounces Produced     31,725     36,733     -14%     62,970     71,295     -12%
* Includes ounces from retreatment of taling dams
                                       
SILVER PRODUCTION
            2Q17     2Q16     %     6M17     6M16     %
Mining Unit     Operating Results     Underground
Uchucchacua Ore Milled DMT 353,236     304,241     16%     686,113     622,623     10%
Ore Grade OZ/MT 14.81 15.37 -4% 14.60 15.49 -6%
Recovery Rate % 82.4% 83.9% -2% 83.2% 83.8% -1%
      Ounces Produced     4,311,194     3,921,199     10%     8,332,916     8,083,174     3%
Julcani Ore Milled DMT 38,587 43,796 -12% 76,929 88,778 -13%
Ore Grade OZ/MT 17.40 19.97 -13% 17.66 19.91 -11%
Recovery Rate % 96.5% 95.8% 1% 96.7% 95.7% 1%
      Ounces Produced     647,883     837,937     -23%     1,314,118     1,690,989     -22%
Mallay Ore Milled DMT 54,558 52,413 4% 103,940 100,959 3%
Ore Grade OZ/MT 7.84 8.95 -12% 7.46 8.97 -17%
Recovery Rate % 88.9% 92.0% -3% 90.4% 92.8% -3%
      Ounces Produced     380,369     431,346     -12%     700,742     839,964     -17%
Mining Unit     Operating Results     Open Pit
Colquijirca     Ounces Produced     755,230     302,623     150%     1,568,228     660,322     137%
                                       
ZINC PRODUCTION
            2Q17     2Q16     %     6M17     6M16     %
Mining Unit     Operating Results     Underground
Uchucchacua Ore Milled DMT 353,236     304,241     16%     686,113     622,623     10%
Ore Grade % 1.71% 1.17% 46% 1.48% 1.15% 28%
Recovery Rate % 48.67% 52.9% -8% 47.3% 50.2% -6%
      MT Produced     2,949     1,890     56%     4,831     3,615     34%
Mallay Ore Milled DMT 54,558 52,413 4% 103,940 100,959 3%
Ore Grade % 4.7% 5.7% -18% 4.82% 6.10% -21%
Recovery Rate % 88.0% 88.2% 0% 88.1% 87.6% 1%
      MT Produced     2,220     2,632     -16%     4,418     5,396     -18%
Mining Unit     Operating Results     Open Pit
Colquijirca     MT Produced     12,166     13,725     -11%     29,069     23,641     23%
 

APPENDIX 3: EBITDA Reconciliation (in thousand US$)

                       
      2Q17     2Q16     6M17     6M16
Net Income     -5,739     58,473     70,511     109,721
Add / Substract:     62,262     49,834     66,757     60,618
Provision for income tax, net     12,492     14,197     9,033     7,408
Share in associated companies by the equity method, net     3,055     -20,675     -41,809     -49,072
Provision for contingencies     -666     -1,087     11,816     -202
Interest income     -1,182     -1,965     -2,473     -4,312
Interest expense     8,257     7,694     15,469     15,674
Loss on currency exchange difference     -1,212     891     -4,215     -5,488
Long Term Compensation provision     0     590     -4     590
Depreciation and Amortization     36,826     45,842     81,135     92,680
Workers´ participation provision     608     2,418     1,444     3,694
Impairment of long-term lived assets     0     0     0     0
Write-Down adjustment     0     0     0     0
Loss from discontinued operations     4,084     1,929     -3,639     -354
EBITDA Buenaventura Direct Operations     56,523     108,307     137,268     170,339
EBITDA Yanacocha (43.65%)     -12,543     20,221     413     45,625
EBITDA Cerro Verde (19.58%)     56,333     46,315     132,096     94,548
EBITDA Coimolache (40.095%)     9,838     8,774     18,510     16,203
EBITDA Buenaventura + All Associates     110,151     183,617     288,287     326,715

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers' profit sharing and provision for long-term officers' compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura's equity share of EBITDA (Yanacocha) (2) Buenaventura's equity share of EBITDA (Cerro Verde), plus (3) Buenaventura's equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura's, affiliates operating performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization,
to consolidated Cost applicable to sales:            
                   
For the 3 months ended June 30

For the 6 months ended June 30
2017 2016 2017 2016
(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization 136,414 126,383 277,734 241,793
Add:
Consolidated Exploration in units in operation 21,541 22,105 41,202 41,221
Consolidated Commercial deductions 56,663 59,375 122,818 113,717
Consolidated Selling expenses 5,854 5,342 10,167 10,115
Consolidated Cost applicable to sales 220,472 213,205 451,921 406,846
 
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization
(by mine and mineral) to consolidated Cost of sales:
               
For the 3 months ended June 30

For the 6 months ended June 30
2017 2016 2017 2016

Cost of sales by mine and mineral
(in thousands of US$)
Julcani, Gold -19 5 -13 5
Julcani, Silver 3,888 5,077 11,664 9,082
Julcani, Lead 516 498 1,138 885
Julcani, Copper 40 21 82 49
Mallay, Gold 93 245 193 364
Mallay, Silver 2,635 2,577 5,015 4,668
Mallay, Lead 1,328 1,230 2,808 2,525
Mallay, Zinc 2,790 1,872 4,873 3,381
Orcopampa, Gold 23,870 20,761 47,840 42,532
Orcopampa, Silver 1,081 959 2,231 2,040
Orcopampa, Copper 59 0 79 6
Uchucchacua, Gold 32 31 52 48
Uchucchacua, Silver 24,465 24,885 50,566 46,443
Uchucchacua, Lead 2,508 1,363 4,994 2,670
Uchucchacua, Zinc 2,203 1,047 3,759 1,931
Tambomayo, Gold 3,149 0 3,149 0
Tambomayo, Silver 716 0 716 0
La Zanja, Gold 24,190 24,049 47,158 41,767
La Zanja, Silver 658 398 1,345 834
El Brocal, Gold 1,739 1,805 3,136 3,769
El Brocal, Silver 4,660 2,429 9,571 5,131
El Brocal, Lead 4,055 2,262 8,047 4,419
El Brocal, Zinc 9,819 10,684 23,425 17,974
El Brocal, Copper 20,279 21,485 39,778 45,595
Non Mining Units 1,662 2,702 6,127 5,676
Consolidated Cost of sales, excluding depreciation and amortization 136,414 126,383 277,734 241,793
 
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
               
For the 3 months ended June 30

For the 6 months ended June 30
2017 2016 2017 2016

Exploration expenses in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold -12 3 -6 3
Julcani, Silver 2,443 2,602 5,517 4,813
Julcani, Lead 324 255 538 469
Julcani, Copper 25 11 39 26
Mallay, Gold 32 89 63 130
Mallay, Silver 924 940 1,644 1,668
Mallay, Lead 465 449 921 902
Mallay, Zinc 978 683 1,598 1,208
Orcopampa, Gold 8,481 9,392 17,056 17,579
Orcopampa, Silver 384 434 795 843
Orcopampa, Copper 21 0 28 2
Uchucchacua, Gold 7 8 10 13
Uchucchacua, Silver 5,611 6,598 10,078 12,335
Uchucchacua, Lead 575 361 995 709
Uchucchacua, Zinc 505 277 749 513
Tambomayo, Gold 333 0 333 0
Tambomayo, Silver 76 0 76 0
La Zanja, Gold 357 3 746 7
La Zanja, Silver 10 0 21 0
El Brocal, Gold 0 0 0 0
El Brocal, Silver 0 0 0 0
El Brocal, Lead 0 0 0 0
El Brocal, Zinc 0 0 0 0
El Brocal, Copper 0 0 0 0
Non Mining Units 0 0 0 0
Consolidated Exploration expenses in units in operation 21,541 22,105 41,202 41,221
 
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
to consolidated Commercial deductions:
               
For the 3 months ended June 30

For the 6 months ended June 30
2017 2016 2017 2016

Commercial Deductions in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold -2 1 -2 1
Julcani, Silver 575 1,435 1,917 2,870
Julcani, Lead 71 140 184 275
Julcani, Copper 7 7 15 18
Mallay, Gold 26 80 64 124
Mallay, Silver 661 1,149 1,569 2,259
Mallay, Lead 334 550 886 1,231
Mallay, Zinc 701 1,302 1,882 2,672
Orcopampa, Gold 268 48 367 150
Orcopampa, Silver 63 0 95 16
Orcopampa, Copper 10 0 14 1
Uchucchacua, Gold 10 12 17 18
Uchucchacua, Silver 7,845 10,384 17,471 19,640
Uchucchacua, Lead 788 561 1,698 1,129
Uchucchacua, Zinc 2,452 1,431 3,996 2,743
Tambomayo, Gold 3 0 3 0
Tambomayo, Silver 0 0 0 0
La Zanja, Gold 52 107 115 165
La Zanja, Silver 1 7 2 8
El Brocal, Gold 2,418 2,408 4,457 4,602
El Brocal, Silver 3,536 2,092 7,714 4,120
El Brocal, Lead 2,340 1,266 5,133 2,321
El Brocal, Zinc 7,556 8,599 20,948 13,954
El Brocal, Copper 26,950 27,796 54,274 55,401
Non Mining Units 0 0 0 0
Consolidated Commercial deductions in units in operation 56,663 59,375 122,818 113,717
 
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
Selling expenses:
               
For the 3 months ended June 30

For the 6 months ended June 30
2017 2016 2017 2016

Selling expenses by mine and mineral
(in thousands of US$)
Julcani, Gold -1 0 0 0
Julcani, Silver 129 207 234 385
Julcani, Lead 17 20 23 38
Julcani, Copper 1 1 2 2
Mallay, Gold 5 17 10 26
Mallay, Silver 150 176 253 337
Mallay, Lead 75 84 141 182
Mallay, Zinc 159 128 245 244
Orcopampa, Gold 284 161 438 320
Orcopampa, Silver 13 7 20 15
Orcopampa, Copper 1 0 1

0
Uchucchacua, Gold 1 2 2

2
Uchucchacua, Silver 989 1,214 1,668 2,023
Uchucchacua, Lead 101 67 165 116
Uchucchacua, Zinc 89 51 124 84
Tambomayo, Gold 16 0 16 0
Tambomayo, Silver 4 0 4 0
La Zanja, Gold 331 269 505 486
La Zanja, Silver 9 4 14 10
El Brocal, Gold 129 131 196 251
El Brocal, Silver 345 176 598 342
El Brocal, Lead 300 164 503 294
El Brocal, Zinc 727 776 1,464 1,197
El Brocal, Copper 1,501 1,560 2,486 3,036
Non Mining Units 477 127 1,057 725
Consolidated Selling expenses 5,854 5,342 10,167 10,115

                                                       
JULCANI
2Q 2017 2Q 2016     6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) -19 3,888 516 - 40 4,425 5 5,077 498 - 21 5,600 Cost of Sales (without D&A) (US$000) -13 11,664 1,138 - 82 12,871 5 9,082 885 - 49 10,021
Add: Add:
Exploration Expenses (US$000) -12 2,443 324 - 25 2,781 3 2,602 255 - 11 2,871 Exploration Expenses (US$000) -6 5,517 538 - 39 6,088 3 4,813 469 - 26 5,311
Commercial Deductions (US$000) -2 575 71 - 7 650 1 1,435 140 - 7 1,583 Commercial Deductions (US$000) -2 1,917 184 - 15 2,113 1 2,870 275 - 18 3,165
Selling Expenses (US$000) -1 129.16 17.15 - 1 147 0.21 206.79 20.27 - 0.84 228 Selling Expenses (US$000) -0 234 23 - 2 258 0 385 38 - 2 425
Cost Applicable to Sales (US$000) -34 7,035 929 - 72 8,003 9 9,321 913 - 39 10,282 Cost Applicable to Sales (US$000) -22 19,332 1,883 - 137 21,330 9 17,151 1,666 - 96 18,922
Divide: Divide:
Volume Sold 4 394,077 291 - 9 Not Applicable 11 817,511 787 - 13 Not Applicable Volume Sold 8 1,306,733 883 - 25 Not Applicable 11 1,551,735 1,365 - 31

Not Applicable
CAS - 17.85 3,189 - 8,103 Not Applicable 812 11.40 1,160 - 3,015 Not Applicable CAS - 14.79 2,134 - 5,536

Not Applicable
847 11.05 1,220 - 3,057

Not Applicable
                                                   
MALLAY
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 92.53 2,635 1,328 2,790 - 6,845 245 2,577 1,230 1,872 - 5,923 Cost of Sales (without D&A) (US$000) 193 5,015 2,808 4,873 - 12,889 364 4,668 2,525 3,381 - 10,938
Add: Add:
Exploration Expenses (US$000) 32.43 924 465 978 - 2,399 89 940 449 683 - 2,161 Exploration Expenses (US$000) 63 1,644 921 1,598 - 4,226 130 1,668 902 1,208 - 3,909
Commercial Deductions (US$000) 26 661 334 701 - 1,721 80 1,149 550 1,302 - 3,081 Commercial Deductions (US$000) 64 1,569 886 1,882 - 4,401 124 2,259 1,231 2,672 - 6,285
Selling Expenses (US$000) 5.26 150 75 159 - 389 17 176 84 128 - 404 Selling Expenses (US$000) 10 253 141 245 - 649 26 337 182 244 - 790
Cost Applicable to Sales (US$000) 156 4,369 2,202 4,627 - 11,354 430 4,842 2,312 3,985 - 11,569 Cost Applicable to Sales (US$000) 331 8,480 4,756 8,598 - 22,165 644 8,932 4,841 7,506 - 21,922
Divide: Divide:
Volume Sold 152 309,975 1,236 2,169 - Not Applicable 459 385,120 1,771 2,231 - Not Applicable Volume Sold 345 621,133 2,512 3,640 - Not Applicable 699 727,710 3,570 4,526 - Not Applicable
CAS 1,027 14.10 1,782 2,133 - Not Applicable 937.10 12.57 1,305 1,786 - Not Applicable CAS 960 13.65 1,893 2,362 -

Not Applicable
921 12.27 1,356 1,658 -

Not Applicable
 
                                                   
ORCOPAMPA
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 23,870 1,081 - - 59 25,010 20,761 959 - - - 21,720 Cost of Sales (without D&A) (US$000) 47,840 2,231 - - 79 50,150 42,532 2,040 - - 6 44,578
Add: - Add:
Exploration Expenses (US$000) 8,481 384 - - 21 8,886 9,392 434 - - - 9,826 Exploration Expenses (US$000) 17,056 795 - - 28 17,879 17,579 843 - - 2 18,424
Commercial Deductions (US$000) 268 63 - - 10 341 48 - - - - 48 Commercial Deductions (US$000) 367 95 - - 14 476 150 16 - - 1 167
Selling Expenses (US$000) 284 13 - - 1 298 161 7 - - - 168 Selling Expenses (US$000) 438 20 - - 1 459 320 15 - - 0 335
Cost Applicable to Sales (US$000) 32,903 1,540 - - 91 34,535 30,362 1,400 - - - 31,762 Cost Applicable to Sales (US$000) 65,701 3,142 - - 121 68,964 60,580 2,914 - - 9 63,504
Divide: Divide:
Volume Sold 42,821 142,569 - - 24 Not Applicable 43,130 155,889 - - - Not Applicable Volume Sold 84,921 292,704 - - 31 Not Applicable 87,081 342,097 - - 3 Not Applicable
CAS 768 10.81 - - 3,849 Not Applicable 704 8.98 - - - Not Applicable CAS 774 10.74 - - 3,944

Not Applicable
696 8.52 - - 3,073

Not Applicable
                                                       
UCHUCCHACUA
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 32 24,465 2,508 2,203 - 29,208 31 24,885 1,363 1,047 - 27,326 Cost of Sales (without D&A) (US$000) 52 50,566 4,994 3,759 - 59,372 48 46,443 2,670 1,931 - 51,092
Add: Add:
Exploration Expenses (US$000) 7 5,611 575 505 - 6,699 8 6,598 361 277 - 7,245 Exploration Expenses (US$000) 10 10,078 995 749 - 11,833 13 12,335 709 513 - 13,570
Commercial Deductions (US$000) 10 7,845 788 2,452 - 11,095 12 10,384 561 1,431 - 12,388 Commercial Deductions (US$000) 17 17,471 1,698 3,996 - 23,182 18 19,640 1,129 2,743 - 23,530
Selling Expenses (US$000) 1 989 101 89 - 1,181 2 1,214 67 51 - 1,333 Selling Expenses (US$000) 2 1,668 165 124 - 1,958 2 2,023 116 84 - 2,225
Cost Applicable to Sales (US$000) 51 38,910 3,972 5,250 - 48,183 53 43,080 2,353 2,806 - 48,292 Cost Applicable to Sales (US$000) 81 79,783 7,852 8,629 - 96,345 81 80,440 4,625 5,271 - 90,417
Divide: Divide:
Volume Sold 37 3,651,304 2,921 2,180 - Not Applicable 68 3,876,108 2,199 1,367 - Not Applicable Volume Sold 79 7,383,706 5,178 3,298 - Not Applicable 101 7,484,129 3,990 2,728 - Not Applicable
CAS 1,376 10.66 1,360 2,408 -

Not Applicable
782 11.11 1,070 2,052 -

Not Applicable
CAS 1,036 10.81 1,516 2,617 -

Not Applicable
802 10.75 1,159 1,932 -

Not Applicable
                                                       
TAMBOMAYO
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 3,148.76 716 - - - 3,865 Cost of Sales (without D&A) (US$000) 3,149 716 - - - 3,865
Add: Add:
Exploration Expenses (US$000) 333 76 - - - 409 Exploration Expenses (US$000) 333 76 - - - 409
Commercial Deductions (US$000) 3 - - - - 3 Commercial Deductions (US$000) 3 - - - - 3
Selling Expenses (US$000) 16 4 - - - 20 Selling Expenses (US$000) 16 4 - - - 20
Cost Applicable to Sales (US$000) 3,501 796 - - - 4,297 Cost Applicable to Sales (US$000) 3,501 796 - - - 4,297
Divide: Divide:
Volume Sold 4,840 81,454 - - - Not Applicable         Volume Sold 4,840 81,454 - - - Not Applicable        
CAS 723 9.77 - - -

Not Applicable
- - - - -

Not Applicable
CAS 723 9.77 - - -

Not Applicable
- - - - - Not Applicable
                                                       
LA ZANJA  
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 24,190 658 - - - 24,848 24,049 398 - - - 24,447 Cost of Sales (without D&A) (US$000) 47,158 1,345 - - - 48,503 41,767 834 - - - 42,601
Add: Add:
Exploration Expenses (US$000) 357 10 - - - 367 3 0 - - - 3 Exploration Expenses (US$000) 746 21 - - - 767 7 0 - - - 7
Commercial Deductions (US$000) 52 1 - - - 53 107 7 - - - 114 Commercial Deductions (US$000) 115 2 - - - 117 165 8 - - - 173
Selling Expenses (US$000) 331 9 - - - 340 269 4 - - - 274 Selling Expenses (US$000) 505 14 - - - 519 486 10 - - - 496
Cost Applicable to Sales (US$000) 24,931 677 - - - 25,609 24,428 410 - - - 24,838 Cost Applicable to Sales (US$000) 48,523 1,383 - - - 49,905 42,425 851 - - - 43,277
Divide: Divide:
Volume Sold 31,105 61,330 - - - Not Applicable 45,856 57,602 - - - Not Applicable Volume Sold 63,676 128,849 - - - Not Applicable 79,288 126,389 - - - Not Applicable
CAS 802 11.05 - - - Not Applicable 533 7.11 - - - Not Applicable CAS 762 10.73 - - -

Not Applicable
535 6.74 - - - Not Applicable
                                                       
BROCAL
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 1,739 4,660 4,055 9,819 20,279 40,551 1,805 2,429 2,262 10,684 21,485 38,665 Cost of Sales (without D&A) (US$000) 3,136 9,571 8,047 23,425 39,778 83,957 3,769 5,131 4,419 17,974 45,595 76,887
Add: Add:
Exploration Expenses (US$000) - - - - - - - - - - - - Exploration Expenses (US$000) - - - - - - - - - - - -
Commercial Deductions (US$000) 2,418 3,536 2,340 7,556 26,950 42,800 2,408 2,092 1,266 8,599 27,796 42,160 Commercial Deductions (US$000) 4,457 7,714 5,133 20,948 54,274 92,526 4,602 4,120 2,321 13,954 55,401 80,397
Selling Expenses (US$000) 129 345 300 727 1,501 3,002 131 176 164 776 1,560 2,808 Selling Expenses (US$000) 196 598 503 1,464 2,486 5,247 251 342 294 1,197 3,036 5,119
Cost Applicable to Sales (US$000) 4,285 8,541 6,696 18,102 48,730 86,353 4,344 4,698 3,692 20,059 50,841 83,633 Cost Applicable to Sales (US$000) 7,789 17,884 13,683 45,837 96,538 181,730 8,622 9,592 7,033 33,124 104,032 162,403
Divide: Divide:
Volume Sold 3,623 750,077 4,953 9,849 10,018 Not Applicable 3,228 342,385 2,912 11,886 10,560 Not Applicable Volume Sold 7,051 1,575,817 10,547 23,951 19,823 Not Applicable 6,561 717,335 5,310 20,573 21,636 Not Applicable
CAS 1,183 11.39 1,352 1,838 4,864 Not Applicable 1,346 13.72 1,268 1,688 4,815 Not Applicable CAS 1,105 11.35 1,297 1,914 4,870

Not Applicable
1,314 13.37 1,324 1,610 4,808 Not Applicable
                                                       
NON MINING COMPANIES
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) - - - - - 1,662 - - - - - 2,702 Cost of Sales (without D&A) (US$000) - - - - - 6,127 - - - - - 5,676
Add: - Add: -
Selling Expenses (US$000) - - - - - 477 - - - - - 127 Selling Expenses (US$000) - - - - - 1,057 - - - - - 725
Total (US$000) - - - - - 2,139 - - - - - 2,829 Total (US$000) - - - - - 7,184 - - - - - 6,401
 
                                                       
BUENAVENTURA CONSOLIDATED
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 53,053 38,103 8,407 14,812 20,378 136,414 46,896 36,325 5,353 13,602 21,506 126,383 Cost of Sales (without D&A) (US$000) 101,515 81,109 16,987 32,057 39,939 277,734 88,485 68,196 10,499 23,286 45,651 241,793
Add: Add:
Exploration Expenses (US$000) 9,199 9,448 1,365 1,483 46 21,541 9,495 10,574 1,065 960 11 22,105 Exploration Expenses (US$000) 18,202 18,132 2,454 2,347 67 41,202 17,731 19,660 2,081 1,721 29 41,221
Commercial Deductions (US$000) 2,775 12,680 3,533 10,709 26,967 56,663 2,657 15,067 2,516 11,333 27,802 59,375 Commercial Deductions (US$000) 5,021 28,768 7,901 26,826 54,302 122,818 5,060 28,913 4,955 19,368 55,420 113,717
Selling Expenses (US$000) 766 1,639 494 975 1,503 5,854 579 1,785 335 955 1,561 5,342 Selling Expenses (US$000) 1,166 2,791 832 1,833 2,488 10,167 1,085 3,111 630 1,525 3,038 10,115
Cost Applicable to Sales (US$000) 65,794 61,869 13,799 27,978 48,894 220,472 59,627 63,751 9,269 26,850 50,880 213,205 Cost Applicable to Sales (US$000) 125,904 130,799 28,174 63,064 96,796 451,921 112,362 119,880 18,165 45,900 104,137 406,846
Divide: Divide:
Volume Sold 82,582 5,390,786 9,401 14,198 10,050 Not Applicable 92,752 5,634,615 7,669 15,484 10,572 Not Applicable Volume Sold 160,919 11,390,394 19,120 30,889 19,879 Not Applicable 173,741 10,949,395 14,236 27,826 21,670 Not Applicable
CAS 797 11.48 1,468 1,971 4,865 Not Applicable 643 11.31 1,209 1,734 4,812 Not Applicable CAS 782 11.48 1,474 2,042 4,869 Not Applicable 647 10.95 1,276 1,650 4,806 Not Applicable
                                                       
COIMOLACHE
2Q 2017 2Q 2016 6M 2017 6M 2016
  GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL   GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
Cost of Sales (without D&A) (US$000) 14,565 1,145 - - - 15,710 13,952 993 - - - 14,945 Cost of Sales (without D&A) (US$000) 28,095 1,962 - - - 30,057 26,374 2,100 - - - 28,474
Add: Add:
Exploration Expenses (US$000) 256 20 - - - 276 2,756 196 - - - 2,952 Exploration Expenses (US$000) 503 35 - - - 538 3,950 315 - - - 4,265
Commercial Deductions (US$000) 55 17 - - - 73 190 17 - - - 207 Commercial Deductions (US$000) 226 26 - - - 252 320 33 - - - 353
Selling Expenses (US$000) 169 13 - - - 182 270 19 - - - 289 Selling Expenses (US$000) 327 23 - - - 350 512 41 - - - 553
Cost Applicable to Sales (US$000) 15,045 1,196 - - - 16,241 17,167 1,225 - - - 18,392 Cost Applicable to Sales (US$000) 29,151 2,046 - - - 31,197 31,157 2,488 - - - 33,645
Divide: Divide:
Volume Sold 32,103 184,622 - - - Not Applicable 36,596 191,812 - - - Not Applicable Volume Sold 62,596 308,518 - - - Not Applicable 69,404 430,003 - - - Not Applicable
CAS 469 6.48 - - - Not Applicable 469 6.39 - - - Not Applicable CAS 466 6.63 - - -

Not Applicable
449 5.79 - - - Not Applicable

APPENDIX 5: ALL-IN SUSTAINING COST

       
Buenaventura
All-in Sustaining Cost for 2Q17
 
Buenaventura 1

La Zanja
Tantahuatay Attributable 2

2Q17

2Q17

2Q17

2Q17
Au Ounces Sold BVN 47,854
Au Ounces bought from La Zanja
Au Ounces Sold Net 47,854 31,105 32,103 77,230
 
2Q17 2Q17 2Q17 2Q17
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
 
Cost of Sales 3 76,426 1,597 24,948 802 15,709 489 95,962 1,243
Exploration in Operating Units 21,174 442 367 12 1,822 57 22,099 286
Royalties 4,426 92 0 0 0 0 4,426 57

Commercial Deductions 4
13,810 289 72 2 73 2 13,877 180
Selling Expenses 2,127 44 248 8 183 6 2,332 30
Administrative Expenses 11,958 250 593 19 790 25 12,589 163
Other, net 2,024 42 -87 -3 48 1 1,997 26
Sustaining Capex 5 6,828 143 2,133 69 2,324 72 8,892 115
 
By-product Credit -97,810 -2,044 -753 -24 -3,168 -99 -1,670 -22
 
All-in Sustaining Cost 40,963 856 27,520 885 17,780 554 62,694 812
 
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
 

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Buenaventura        
All-in Sustaining Cost for 2Q16
 
Buenaventura 1 La Zanja Tantahuatay Attributable 2

2Q16

2Q16

2Q16

2Q16
Au Ounces Sold BVN 88,930
Au Ounces bought from La Zanja -45,262
Au Ounces Sold Net 43,669 45,566 36,596 82,519
 

2Q16

2Q16

2Q16

2Q16
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
 
Cost of Sales 3 78,168 1,790 19,818 435 14,945 408 94,676 1,147
Exploration in Operating Units 22,102 506 678 15 2,952.23 81 23,645 287
Royalties 4,682 107 0 0 0 0 4,682 57

Commercial Deductions 4
17,101 392 1,188 26 207 6 17,814 216
Selling Expenses 2,136 49 273.75 6 289 8 2,397 29
Administrative Expenses 5 11,680 267 534 12 498 14 12,163 147
Other Expenses 0 0 2,204 48 1,332 36 1,704 21
Other Incomes -1,408 -32 -3,353 -74 -1,709 -47 -3,872 -47
Administrative charges 0 0 615.74 14 182 5 400 5
Sustaining Capex 6 5,098 117 2,550 56 5,065 138 8,482 103
 
By-product Credit -109,859 -2,516 -1,071 -24 -3,332 -91 -111,763 -1,354
 
All-in Sustaining Cost 29,700 680 23,436 514 20,430 558 50,326 610
 
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
 
Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Buenaventura        
All-in Sustaining Cost for 1S17
 
Buenaventura 1 La Zanja Tantahuatay Attributable 2
1H17

1H17

1H17

1H17
Au Ounces Sold BVN 117,471
Au Ounces bought from La Zanja -27,278
Au Ounces Sold Net 90,193 63,353 62,596 148,906
 

1H17

1H17

1H17

1H17
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
 
Cost of Sales 3 152,851 1,695 48,211 761 30,056 480 190,483 1,279
Exploration in Operating Units 40,435 448 767 12 3,542 57 42,262 284
Royalties 8,805 98 0 0 0 0 8,805 59

Commercial Deductions 4
30,175 335 781 12 252 4 30,690 206
Selling Expenses 3,476 39 387 6 350 6 3,822 26
Administrative Expenses 27,386 304 1,086 17 1,699 27 28,643 192
Other, net 3,664 41 163 3 -180 -3 3,678 25
Sustaining Capex 5 13,857 154 2,676 42 4,327 69 17,012 114
 
By-product Credit -200,144 -2,219 -1,920 -30 -5,294 -85 -3,141 -21
 
All-in Sustaining Cost 80,505 893 52,151 823 34,752 555 122,110 820
 
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
 
Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Buenaventura      

All-in Sustaining Cost for 1S16
 
Buenaventura 1 La Zanja Tantahuatay Attributable 2

1S16

1S16

1S16

1S16
Au Ounces Sold BVN 166,478
Au Ounces bought from La Zanja -78,586
Au Ounces Sold Net 87,892 71,996 69,404 153,921
 

1S16

1S16

1S16

1S16
Income Statement & Cash Flow US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au US$ 000' US$/Oz Au
 
Cost of Sales 3 136,579 1,554 36,824 511 28,474 410 167,535 1,088
Exploration in Operating Units 41,214 469 1,272 18 4,265.25 61 43,599 283
Royalties 9,356 106 0 0 0 0 9,356 61

Commercial Deductions 4
33,147 377 -1,808 -25 353 5 32,329 210
Selling Expenses 3,777 43 496 7 553 8 4,262 28
Administrative Expenses 5 24,418 278 1,026 14 1,053 15 25,384 165
Other Expenses 0 0 4,094 57 2,139 31 3,030 20
Other Incomes -2,169 -25 -7,156 -99 -2,820 -41 -7,097 -46
Administrative charges 0 0 1,199 17 504 7 838 5
Sustaining Capex 6 16,078 183 2,821 39 8,872 128 21,132 137
 
By-product Credit -193,054 -2,196 -1,786 -25 -6,896 -99 -196,766 -1,278
 
All-in Sustaining Cost 69,346 789 36,982 514 36,496 526 103,602 673
 
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
 
Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries    
Consolidated Statement of Financial Position
As of June 30, 2017 and December 31, 2016
2017 2016
Assets US$(000) US$(000)
Current assets
Cash and cash equivalents 150,650 80,544
Trade and other accounts receivable, net 260,134 269,089
Inventory, net 151,695 120,947
Income tax credit 18,128 19,956
Prepaid expenses 11,761 11,392
Embedded derivatives for sale of concentrate, net 1,061 -
593,429 501,928
 
Non-current assets
Trade and other receivables, net 41,177 166,048
Long-term income tax credit 3,786 3,660
Long-term inventory 8,393 14,027
Investment in associates 1,571,872 1,536,607
Mining concessions, development costs, property, plant and equipment, net 2,014,567 1,960,025
Investment properties, net 9,838 10,089
Deferred income tax asset, net 27,976 25,881
Prepaid expenses 27,906 30,431
Other assets 20,780 17,719
3,726,295 3,764,487
   
Total assets 4,319,724 4,266,415
 
 
Liabilities and shareholders' equity, net
Current liabilities
Bank loans 135,000 55,000
Trade and other payables 235,511 273,440
Provisions 64,684 62,502
Income tax payable 1,337 8,686
Embedded derivatives for sale of concentrate, net - 1,524
Hedge derivative financial instruments 1,883 3,863
Financial obligations 41,030 40,110
479,445 445,125
 
 
Non-current liabilities
Trade and other payables 616 15,982
Provisions 167,427 174,190
Financial obligations 538,027 552,232
Contingent consideration liability 19,343 19,343
Deferred income tax liability, net 13,375 12,330
738,788 774,077
   
Total liabilities 1,218,233 1,219,202
 
Shareholders' equity, net
Capital stock 750,497 750,497
Investment shares 791 791
Additional paid-in capital 218,450 218,450
Legal reserve 163,071 162,744
Other reserves 269 269
Retained earnings 1,740,180 1,690,123
Other reserves of equity -350 (1,783)
Shareholders' equity, net attributable to owners of the parent 2,872,908 2,821,091
Non-controlling interest 228,583 226,122
Total shareholders' equity, net 3,101,491 3,047,213
   
Total liabilities and shareholders' equity, net 4,319,724 4,266,415

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income
For the three and six-month periods ended June 30, 2017 and 2016
           
 
For the three-month period ended June 30, For the six-month period ended June 30,
2017 2016 2017 2016
Continuing operations US$(000) US$(000) US$(000) US$(000)
Operating income
Net sales of goods 246,065 273,746 512,354 488,826
Net sales of services 6,025 5,693 12,528 11,261
Royalty income 4,640   5,861   10,110   12,546  
Total operating income 256,730 285,300 534,992 512,633
 
Operating costs
Cost of sales, without considering depreciation and amortization (135,411 ) (115,963 ) (272,018 ) (223,120 )
Cost of services, without considering depreciation and amortization (1,003 ) (10,420 ) (5,716 ) (18,673 )
Depreciation and amortization (36,826 ) (45,842 ) (81,135 ) (92,680 )
Exploration in operating units (21,541 ) (22,105 ) (41,202 ) (41,221 )
Mining royalties (7,290 ) (5,963 ) (13,648 ) (12,131 )
Total operating costs (202,071 ) (200,293 ) (413,719 ) (387,825 )
       
Gross profit 54,659   85,007   121,273   124,808  
 
Operating expenses, net
Administrative expenses (18,259 ) (19,758 ) (40,714 ) (41,169 )
Selling expenses (5,854 ) (5,342 ) (10,167 ) (10,115 )
Exploration in non-operating areas (5,535 ) (4,955 ) (7,828 ) (8,469 )
Recovery (expense) for provision for contingencies 666 1,087 (11,816 ) 202
Other, net (5,922 ) 4,505   (7,871 ) 8,320  
Total operating expenses, net (34,904 ) (24,463 ) (78,396 ) (51,231 )
 
Operating profit 19,755   60,544   42,877   73,577  
 
Other income (expense), net
Share in the results of associates (3,055 ) 20,675 41,809 49,072
Financial income 1,182 1,965 2,473 4,312
Net gain (loss) from currency exchange difference 1,212 (891 ) 4,215 5,488
Financial costs (8,257 ) (7,694 ) (15,469 ) (15,674 )
Total other income, net (8,918 ) 14,055 33,028 43,198
 
Profit before income tax 10,837 74,599 75,905 116,775
 
Current income tax (4,398 ) (12,214 ) (10,658 ) (19,217 )
Deferred income tax (8,094 ) (1,983 ) 1,625 11,809
       
Profit (loss) from continuing operations (1,655 ) 60,402   66,872   109,367  
 
Discontinued operations
Profit (loss) from discontinued operations (4,084 ) (1,929 ) 3,639   354  
Net profit (loss) (5,739 ) 58,473   70,511   109,721  
 
Attributable to:
Owners of the parent (6,160 ) 55,461 64,536 107,023
Non-controlling interest 421   3,012   5,975   2,698  
(5,739 ) 58,473   70,511   109,721  
 
Basic and diluted profit (loss) per share attributable to
equity holders of the parent, stated in U.S. dollars (0.02 ) 0.22   0.25   0.42  
 
Weighted average number of shares outstanding
(common and investment), in units 253,986,867   253,715,190   253,986,867   253,715,190  

 
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three and six-month periods ended June 30, 2017 and 2016
         
For the three-month period ended June 30, For the six-month period ended June 30,
2017 2016 2017 2016
US$(000) US$(000) US$(000) US$(000)
 
Operating activities
Proceeds from sales 276,918 234,024 532,234 415,845
Value Added Tax recovered 54,059 17,779 61,997 70,872
Royalty received 5,300 13,501 11,509 21,058
Proceeds from dividends 2,102 2,769 5,175 136,784
Interest received 2,156 60 3,117 1,714
Payments to suppliers and third-parties (263,416 ) (164,963 ) (438,590 ) (333,019 )
Payments to employees (44,279 ) (33,389 ) (86,999 ) (69,154 )
Payment of income taxes (5,105 ) (9,304 ) (16,539 ) (11,461 )
Payments of interest (8,234 ) (14,083 ) (14,171 ) (17,873 )
Payments of mining royalties (4,426 ) (4,887 ) (8,805 ) (9,356 )
 
Net cash and cash equivalents provided by operating activities 15,075   41,507   48,928   205,410  
 
Investing activities
Proceeds from loans 107,120 - 124,800 -
Acquisitions of mining concessions, development costs, property, plant and equipment (5,133 ) 1,962 1,438 2,072
Proceeds from sales of intangibles - 227 - 227
Proceeds from sales of mining concessions, property, plant and equipment (67,296 ) (69,340 ) (148,908 ) (121,368 )
       
 
Net cash and cash equivalents provided by (used in) investing activities 34,691   (67,151 ) (22,670 ) (119,069 )
 
Financing activities
Proceeds of bank loans 80,000 15,851 245,000 175,851
Payments of bank loans (135,000 ) (252,000 ) (165,000 ) (412,000 )
Proceeds of financial obligations - 273,814 - 275,000
Payments of financial obligations (12,123 ) (8,299 ) (15,736 ) (16,883 )
Dividends paid to non-controlling interest (1,527 ) (1,980 ) (3,196 ) (4,060 )
Acquisition of non-controlling interest - (1,149 ) - (1,307 )
Increase of restricted bank accounts (1,050 ) 4,395 (2,741 ) (1,988 )
Dividends paid to controlling interest (14,479 ) (9 ) (14,479 ) (9 )
 
Net cash and cash equivalents provided by (used in) financing activities (84,179 ) 30,623   43,848   14,604  
 
Net increase in cash and cash equivalents during the period (34,413 ) 4,979 70,106 100,945
Cash and cash equivalents at the beginning of the period 185,063 174,485 80,544 78,519
       
Cash and cash equivalents at period-end 150,650   179,464   150,650   179,464  
 
 
 
For the three-month period ended June 30, For the six-month period ended June 30,
2017 2016 2017 2016
US$(000) US$(000) US$(000) US$(000)
 
Reconciliation of net profit to cash and cash equivalents provided
by operating activities
 
Net loss (6,160 ) 55,461 64,536 107,023
 
Plus (less):
Depreciation and amortization 36,826 45,842 81,135 92,680
Provision for employee bonus - (5,658 ) - -
Recovery (expense) for provision for contingencies (666 ) (1,087 ) 11,816 (202 )
Loss attributable to non-controlling interest 421 3,012 5,975 2,698
Hedge derivative instruments (218 ) - 5,729 -
Accretion expense of provision for closure of mining units and exploration projects 1,218 960 1,508 1,698
Reversal (provision) for impairment loss of inventories 2,472 (2,943 ) 808 (8,854 )
Net share in results of associates 3,055 (20,675 ) (41,809 ) (49,072 )
Net loss (gain) from currency exchange difference (1,212 ) 891 (4,215 ) (5,488 )
Provision for estimated fair value of embedded derivatives related to concentrate 6,460 (16,928 ) (3,806 ) (29,949 )
sales and adjustments on open liquidations
Deferred income tax expense (income) 8,094 1,983 (1,625 ) (11,809 )
Net loss (gain) on sales of mining concessions, property, plant and equipment (1,438 ) 2,182 (1,438 ) 2,072
(72 ) (7,778 ) (3,402 ) (385 )
 
Net changes in operating assets and liabilities:
Decrease (increase) in operating assets -
Trade and other accounts receivable 36,408 (37,715 ) 14,403 (36,178 )
Inventories (25,020 ) (7,978 ) (24,074 ) 1,821
Income tax credit (5,113 ) 10,057 1,702 18,001
Prepaid expenses 3,010 (558 ) 3,515 (6,924 )
Increase (decrease) in operating liabilities -
Trade and other accounts payable (29,051 ) 14,321 (45,053 ) (16,337 )
Provisions (7,375 ) 5,386 (14,603 ) 8,425
Income tax payable (8,666 ) (37 ) (7,349 ) (594 )
 
Proceeds from dividends 2,102 2,769 5,175 136,784
       
Net cash and cash equivalents provided by operating activities 15,075   41,507   48,928   205,410  

 

 

 

 

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