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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001013131-02-000003.txt : 20021112
<SEC-HEADER>0001013131-02-000003.hdr.sgml : 20021111
<ACCEPTANCE-DATETIME>20021112174931
ACCESSION NUMBER:		0001013131-02-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020930
FILED AS OF DATE:		20021112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUENAVENTURA MINING CO INC
		CENTRAL INDEX KEY:			0001013131
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14370
		FILM NUMBER:		02818162

	BUSINESS ADDRESS:	
		STREET 1:		AVE CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
		BUSINESS PHONE:		5114192538

	MAIL ADDRESS:	
		STREET 1:		AV. CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>bvn6k12112002.htm
<DESCRIPTION>INTERIM UNAUDITED CONSOLIDATED FINANCIAL INFORMATION AS OF SEPTEMBER 30, 2002
<TEXT>
<HTML>
<HEAD>

<TITLE>PEREZ COMPANC DEL PERU S</TITLE>
<META NAME="Template" CONTENT="C:\Program Files\Microsoft Office\Templates\AA-Informes FAS-Estilos.dot">
</HEAD>
<BODY>

<P ALIGN="CENTER"></P>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><U><FONT SIZE=3><P ALIGN="CENTER">FORM 6-K</P>
</U><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Pursuant to Rule 13a-16 or 15d-16 of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">For the month of November 2002</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>

<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P ALIGN="CENTER">Form 20-F  <U> X </U>&#9;&#9;Form 40-F  ___</P>

<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No  <U> X&#9;</U> </P>

<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________________.</P>
</FONT><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
</FONT><FONT SIZE=3><P>This report consists of an English translation of the original Spanish language version of a Peruvian filing of the report on the interim unaudited consolidated financial statements of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. as of September 30, 2002 and for the three-month and nine-month periods then ended, as filed with the Peruvian National Supervisory Commission on Companies and Securities.</P>
</FONT><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
<P>&nbsp;</P><DIR>
<DIR>

</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B><P>Interim unaudited consolidated financial information as of September 30, 2002 and for the three-month and nine-month periods then ended</P>
</DIR>
</DIR>

<B><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Interim unaudited consolidated financial information as of </P>
<P>September 30, 2002 and for the three-month and nine-month</P>
<P>periods then ended together with the report of<BR>
Independent Public Accountants</P>
</FONT><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>Content</P>

<P>&nbsp;</P>
<P>Report of Independent Public Accountants</P>

<P>Consolidated Financial Statements </P>
</B>
<P>Consolidated Balance Sheets</P>
<P>Consolidated Statements of Income</P>
<P>Consolidated Statements of Changes in Shareholders' Equity</P>
<P>Consolidated Statements of Cash Flows</P>
<P>Notes to the Consolidated Financial Statements </P>

</FONT><FONT FACE="Arial"><P>&nbsp;</P>
</FONT><FONT SIZE=3><P>&nbsp;</P>
<P>To the Shareholders of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>
</B>
<P>&nbsp;</P>
<P>We have made a limited review of the accompanying consolidated balance sheet of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B> (a Peruvian company) <B>and subsidiaries</B> (together, &quot;the Company&quot;) as of September 30, 2002 and the related consolidated statements of income and cash flows for the three-month and nine-month periods then ended, and the statement of changes in shareholders' equity for the nine-month period then ended, stated in Peruvian Nuevos Soles.  The preparation of these financial statements is a responsibility of the Company's management.</P>

<P>We conducted our limited review in accordance with auditing standards generally accepted in Peru.  A limited review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries to persons responsible for financial and accounting matters.  It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express such an opinion. </P>

<P>Based on our review, we are not aware of any material modifications that should be made to the interim consolidated financial information referred to above for them to be in conformity with the accounting principles generally accepted in Peru.</P>

<P>&nbsp;</P>
<P>Countersigned by:</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<U><P>&#9;</P>
</U><P>V&iacute;ctor Burga</P>
<P>C.P.C. Register No.14859</P>

<P>Lima, Peru</P>
<P>October 17, 2002</P>
</FONT><FONT FACE="Arial" SIZE=1>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2001 (audited) and September 30, 2002 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,529</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,526</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,489</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">67,752</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">78,789</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,622</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,160</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,639</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,133</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71,995</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71,742</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,688</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,927</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,471</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,460</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">275,363</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">311,167</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,392</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term account receivable</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1(e)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,621</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,091</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,957</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,339</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,112</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investments</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">918,715</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,116,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">306,320</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">356,387</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">360,897</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">99,039</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">133,810</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">145,949</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,052</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mining concessions, net</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">186,099</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">183,027</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">50,227</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,892,331</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,136,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">586,233</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">111,377</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">92,434</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,366</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,515</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,614</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,127</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,068</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">86</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">49,267</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,638</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,994</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,117</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,444</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,238</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">204,344</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">192,216</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">52,749</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,989</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,324</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,480</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">132,984</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">122,227</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,542</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">350,317</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">330,767</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">90,771</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,731</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,732</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,178</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Capital stock</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">185,173</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">605,125</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">166,060</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">499</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,637</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">449</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">520,757</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">540,258</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">148,260</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,035</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,691</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,381</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">782,000</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">533,007</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">146,270</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,910</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,169</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,023</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Treasury shares</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,091)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,154)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,159)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,512,283</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,764,733</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">484,284</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,892,331</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,136,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">586,233</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=635>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30,</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net sales</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">134,259</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">159,875</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43,873</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">368,749</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">437,271</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">119,998</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalty income, Note 12(a)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,709</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,185</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,088</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,722</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">53,361</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,644</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total revenues</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">148,968</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">182,060</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">49,961</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">408,471</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">490,632</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">134,642</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Operating costs</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(64,838)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(68,994)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,934)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(180,194)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(197,684)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(54,249)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Depreciation</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,077)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,373)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,847)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(22,047)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,109)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,988)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operative mining sites</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,820)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,237)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,730)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(43,265)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(46,713)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,819)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(91,735)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(96,604)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(26,511)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(245,506)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(273,506)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(75,056)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Gross margin</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">57,233</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,456</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,450</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">162,965</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,126</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,586</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>General and administrative</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,083)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,699)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,857)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(41,802)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(50,752)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,928)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Sales</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,147)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,696)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,563)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(21,343)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,036)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,675)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operative mining areas</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,549)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,447)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,044)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,759)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,388)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,046)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,824)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,604)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,263)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,285)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,699)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,936)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(37,603)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(35,446)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,727)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(108,189)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(96,875)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(26,585)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating income</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,630</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">50,010</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,723</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,776</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">120,251</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,001</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, Note 6(c)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,993</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">92,930</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,502</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">133,919</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">164,100</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,033</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Financial income</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,883</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,074</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">569</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,601</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,295</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,727</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain (loss) from exposure to inflation </DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">985</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,952)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(810)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,405</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,084)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,670)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Financial expenses</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,929)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,163)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,142)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,485)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,869)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,257)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,554)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,060)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,389)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,669)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,421)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,683)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from sale of subsidiary's shares, Note 1(e)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,605)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,813)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other, net</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(911)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,327</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,188</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,469)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(374)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(103)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total other income, net</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">52,467</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">87,156</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,918</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,302</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">132,042</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,234</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before income tax and minority interest </DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">72,097</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,166</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,641</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">184,078</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">252,293</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">69,235</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Income tax</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,876)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,236)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,711)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,173)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,360)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,764)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,221</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">130,930</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,930</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,905</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">234,933</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">64,471</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,826</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,899)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,168)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(435)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,814)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,516)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">68,047</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">123,031</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,762</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,470</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">222,119</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,955</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted net income per share, stated in Peruvian nuevos soles and U.S. dollars, Note 14</DIR>
</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.54</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.97</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.27</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.35</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.75</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.48</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"></P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Changes in Shareholders' Equity (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the nine-month periods ended September 30, 2001 and 2002</P>
</FONT><FONT FACE="Arial" SIZE=1></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=1090>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Capital Stock</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of shares</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Common shares </B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Investment shares</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additional </P>
<P ALIGN="CENTER">paid-in </P>
<P ALIGN="CENTER">capital</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Legal </P>
<P ALIGN="CENTER">reserve </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retained earnings</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative translation adjustment</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Treasury shares</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1, 2001</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">185,173</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">499</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">511,927</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,035</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">609,944</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,583</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(121,649)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,229,512</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, net of dividends paid to subsidiary, Note 10(d)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(31,941)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(31,941)</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss of investment in Minera Yanacocha S.R.L., Note 6(b)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,089)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,089)</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of treasury ADR, Note 10(c)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,763</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,619</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,382</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,470</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">170,470</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">551</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">551</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1>
<P>Balance as of September 30, 2001</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">185,173</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">499</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">520,690</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,035</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">749,024</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,494</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(117,030)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,377,885</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1, 2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">185,173</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">499</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">520,757</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,035</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">782,000</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,910</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,091)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,512,283</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, net of dividends paid to subsidiary, Note 10(d)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(27,366)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(27,366)</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Capitalization of retained earnings, Note 10(a) <BR>
and (b)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">419,952</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,138</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(421,090)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Transfer to legal reserve </FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,656</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(22,656)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of treasury ADR, Note 10(c)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,501</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,086</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,587</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Acquisition of investment shares of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(149)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(149)</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation gain of investment in Minera Yanacocha S.R.L., Note 6(b)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,259</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,259</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">222,119</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">222,119</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1>
<P>Balance as of September 30, 2002</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">605,125</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,637</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">540,258</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,691</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">533,007</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,169</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,154)</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,764,733</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=654>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods <BR>
ended September 30,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month periods <BR>
ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">136,384</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">152,909</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">41,962</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">384,499</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">435,595</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">119,537</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,258</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,425</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,563</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,271</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,721</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">46,413</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,738</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,958</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,206</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,154</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,691</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,415</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,309</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment to suppliers and third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(38,874)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(65,768)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,047)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(181,386)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(180,574)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(49,554)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment to employees</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(24,441)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(24,480)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,718)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(75,725)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(85,649)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(23,504)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Exploration expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(23,955)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(20,259)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,560)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(64,996)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(52,252)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,339)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment of royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,301)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,934)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,903)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,762)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,771)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,504)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,447)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,475)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,502)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,997)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,427)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,136)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment of income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,574)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,702)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,565)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,507)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,920)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,369)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash and cash equivalents provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,175</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">44,060</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,092</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">86,796</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">131,830</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,178</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Purchase of property, plant and equipment, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(48,129)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,913)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,367)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(93,608)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(42,142)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,565)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(45,900)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,330)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,560)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(70,093)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,186)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,284)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Purchase of investments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,127)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,806)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,482)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,700)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash and cash equivalents used in investing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(95,156)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(25,243)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,927)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(169,507)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(85,810)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(23,549)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Financing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of bank loans, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,478</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,221)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(611)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">57,033</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(22,679)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,223)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of long-term debt, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,765</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,600)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(988)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">105,356</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,616)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,090)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of treasury ADR</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,382</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,382</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,587</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,473</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(31,941)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(27,366)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,510)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Acquisition of treasury shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(149)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(41)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash and cash equivalents provided by (used in) financing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,625</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,821)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,599)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">143,830</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,391)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net increase in cash and cash equivalents during the period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,644</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,996</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,566</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">61,119</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,797</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,238</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation of cash and cash equivalents</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(44)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(904)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(248)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(98)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(800)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(220)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents at beginning of period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">81,468</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">84,434</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,171</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,047</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,529</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,471</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Cash and equivalents at period-end</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">83,068</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,526</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,489</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">83,068</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,526</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,489</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=654>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods <BR>
ended September 30,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month periods <BR>
ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash and cash equivalents provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>68,047</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>123,031</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>33,762</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>170,470</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>222,119</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>60,955</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>9,077</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>10,373</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,847</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>22,047</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>29,109</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>7,988</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,554</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>5,060</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,389</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,669</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>13,421</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,683</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operative mining units</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,414</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,425</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,214</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>12,028</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>12,849</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,526</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,826)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>7,899</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,168</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>435</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>12,814</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,516</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Net cost of property, plant and equipment retired</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,973</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,192</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>327</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,477</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,633</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>723</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(985)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>2,952</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>810</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(3,405)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>6,084</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,670</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing expense</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>124</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>34</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,335</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>915</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Loss on sale of property, plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>4,283</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,175</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Loss on sale of subsidiary's shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>6,605</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,813</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(56,993)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(92,930)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(25,502)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(118,661)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(164,100)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(45,033)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets - </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>   Trade and other accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(26,289)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(11,319)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(3,106)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>31,916</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(22,172)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(6,085)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>   Inventories</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>6,602</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(786)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(216)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,207</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,097</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>301</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>   Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(4,570)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(3,728)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,023)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(15,681)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(1,520)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(417)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>   Trade accounts payable and other current liabilities</DIR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>44,171</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(2,233)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(612)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(21,706)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>5,273</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>1,448</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash and cash equivalents provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>45,175</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>44,060</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>12,092</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>86,796</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>131,830</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>36,178</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_______</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"></P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Notes to the interim consolidated financial statements (unaudited) </P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of September 30, 2002</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  1.&#9;Interim unaudited consolidated financial statements</P><DIR>
<DIR>

</B><P>(a)&#9;The accompanying interim consolidated financial statements have been prepared from the Company's accounting records, which are carried out in nominal monetary terms adjusted to reflect the changes in the National Wholesale Price Level Index (IPM).  According to such index, prices decreased 0.6 percent and increased 1.9 percent in the nine-month periods ended September 30, 2001 and 2002, respectively.</P>

<P>The figures corresponding to the consolidated financial statements as of December 31, 2001 and for the three-month and nine-month periods ended September 30, 2001 were adjusted to the IPM prevailing at September 30, 2002.</P>

<P>(b)&#9;The criteria and the accounting principles used by management in the preparation of the interim unaudited consolidated financial statements, which should be read in conjunction with the 2001 audited consolidated financial statements, are similar to those used in preparing the annual consolidated financial statements of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries (hereinafter &quot;the Company&quot; or &quot;Buenaventura&quot;).  Furthermore, in preparing the interim consolidated financial statements, management made certain estimates and assumptions.  Accordingly, actual results may differ from those presented in this report.</P>

<P>(c)&#9;The interim consolidated financial statements are not necessarily indicative of the results expected for the year 2002.</P>

<P>(d)&#9;Certain figures of the consolidated financial statements as of December 31, 2001 and for the three-month and nine-month periods ended September 30, 2001 have been reclassified to make them comparable with the current period figures.</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(e)&#9;The interim consolidated financial statements include the financial statements of the following subsidiaries:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=869>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ownership as of </B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">____________________________________________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">December 31, 2001</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">September  30, 2002</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Subsidiaries</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Economic activity</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Advisory and engineering services related to the mining industry.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cedimin S.A.C.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Holds investments in S.M.R.L. Chaupiloma Dos de Cajamarca, Minas Conga S.R.L. and other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Holds investments in Buenaventura, Yanacocha and in other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.63</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">73.63</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead.  Currently selling electric power.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">99.99</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.01</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">99.99</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.01</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Transmission of electric power to mining companies.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Contacto Corredores de Seguros S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">99.99</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">99.99</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Placing insurance contracts and providing administrative and technical services in insurance matters.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A. (i)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">59.66</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">59.08</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead, through its subsidiary Sociedad Minera El Brocal S.A.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">78.04</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">78.04</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of gold in bars and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Treatment of minerals and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Paula 49 S.A.C.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">51.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">51.00</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of concentrates, mainly gold.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">60.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">60.00</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Effective December 19, 2000, it transferred to Yanacocha its rights to explore and exploit the S.M.R.L. Chaupiloma Dos de Cajamarca's mining concessions.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Shila S.A.C.</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">50.00</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of concentrates, mainly gold.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Huallanca S.A.C. (ii)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of polymetallic concentrates, mainly lead and zinc.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Yanaquihua S.A.C. (iii)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">-</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of concentrates, mainly gold.</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">40.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20.00</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">40.00</FONT></TD>
<TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Owner of the mining concessions explored and exploited by Yanacocha.</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
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<DIR>
<DIR>
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<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

</FONT><FONT FACE="Arial" SIZE=1><P>(i)&#9;During the first quarter of 2002, the Company sold to third parties 307,360 shares of its subsidiary Inversiones Colquijirca S.A. at a price of S/312,582.  Furthermore, the Company made a capital contribution of S/35,340, equivalent to 34,750 shares, which diluted the participation of the other stockholders in that subsidiary.  Consequently, Buenaventura's participation in Inversiones Colquijirca S.A. decreased from 59.66% as of December 31, 2001 to 59.08% as of September 30, 2002.</P>

<P>(ii)&#9;On March 31, 2002, the Company transferred its participation in Minera Huallanca S.A.C. (Huallanca) to BHL - Per&uacute; S.A.C., by selling its Huallanca's shares at a price of US$2,000,000. From this amount, US$1,500,000 will be collected in semi-annual installments until September 2004 and the remaining US$500,000 would be collected on September 30, 2006 as long as: (i) the level of economic reserves measured between September 30, 2004 and September 30, 2006 allows Huallanca to produce 15,000 MT/month of mineral and (ii) the average price of zinc is higher than US$1,050/MT in that period.  If these conditions are not met, the final price of the transaction would be US$1,500,000.  This transaction has originated a loss amounting to S/6,605,000 (considering a sales price of US$1,500,000), which is presented in the consolidated statement of income.</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></DIR>

</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">The maturity of the related account receivable is as follows:</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Period</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Current</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">750</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,731</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Non-current</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">600</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,186</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Total </B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,350</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,917</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(iii)&#9;On April 2, 2002, the Company sold to third parties its participation in Minera Yanaquihua S.A.C.  Under the sale agreement, the buyers will pay royalties on the net sales of Minera Yanaquihua S.A.C. of:  5% in 2004, 6% in 2005, 7% in 2006 and 8% in 2007.  If at December 31, 2007, the buyers have not exercised its option to purchase the royalties agreed in favor of the Company at a price of US$3,000,000, the royalties will increase  to 10% effective January 1<SUP>st</SUP>, 2008.  The amount of the investment of S/5,435,000 (US$1,492,000) is shown as a long - term account receivable.  No income was recognized in this transaction.</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

</FONT><B><FONT FACE="Arial" SIZE=1><P>  2.&#9;Translation of Peruvian nuevos soles amounts into <BR>
U.S. dollar amounts</P>
</B><P>The consolidated financial statements are stated in Peruvian Nuevos Soles.  The amounts in U.S. dollars are included solely for the convenience of the reader and were obtained by dividing the amounts in Peruvian nuevos soles by the exchange rate for selling published by the Superintendencia de Banca y Seguros at September 30, 2002 (S/3.644 for each US$1).  The convenience translation should not be construed as representations that the Peruvian Nuevos Soles amounts have been, could have been or could in the future be converted into U.S. dollars at said or any other exchange rate.</P>
<B>
<P>  3.&#9;Foreign currency transactions</P>
</B><P>Foreign currency transactions are made at free market exchange rates. As of September 30, 2002, the market weighted average exchange rates for transactions in U.S. dollars were S/3.643 for buying and S/3.644 for selling (S/3.441 for buying and S/3.446 for selling as of December 31, 2001).  </P>

<P>The Company had the following assets and liabilities in foreign currency:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of  </P>
<P ALIGN="CENTER">December 31, 2001</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of</P>
<P ALIGN="CENTER">September 30,<BR>
2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Cash and cash equivalents</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,225</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,859</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Trade and other accounts receivable</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,156</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,500</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,029</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,654</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term account receivable (includes current portion)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,842</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,410</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,855</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,733</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,077</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">965</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,695</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,458</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,690</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term debt (includes current portion)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,224</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,781</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">61,380</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">70,243</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net liability position</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(33,970)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(35,388)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  4.&#9;Cash and cash equivalents</P><DIR>
<DIR>

</B><P>(a)&#9;This item is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=396>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of</P>
<P ALIGN="CENTER">December 31,</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of </P>
<P ALIGN="CENTER">September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">839</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,505</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Demand accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,481</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,612</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Time deposits</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>In local currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">70,788</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">73,000</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>In foreign currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,421</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,409</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,529</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,526</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(b)&#9;The Company maintains its demand accounts in domestic banks, in Peruvian Nuevos Soles and U.S. dollars.  They are unrestricted funds and earn interest at domestic market rates.</P>

<P>(c)&#9;The Company maintains a time deposit in domestic currency for S/73,000,000, at an annual interest rate of 12 percent for a 101-day term.  Simultaneously, and with the purpose of hedging the foreign currency exchange risk, the Company signed a US$20,555,053 forward contract at a settled exchange rate of S/3.6714 for each U.S. dollar and for a 101-day term.  The time deposit and the forward contract will expire on January 9, 2003.</P>

<P>The financial income obtained from the time deposits and forward contracts maintained during the three-month and nine-month periods ended September 30, 2002 amounts to S/1,829,000 and S/5,292,000, respectively.</P>

<B><P>&nbsp;</P></DIR>
</DIR>

<P>  5.&#9;Inventories, net</P><DIR>
<DIR>

</B><P>(a)&#9;This item is composed of the following:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=397>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31,</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Concentrates </FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,404</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,083</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Supplies</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,283</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,351</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,687</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,434</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Less - Reserve for write-down of <BR>
supplies</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,692)</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,692)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71,995</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71,742</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>The Company expects to use all the supplies during the normal course of operations.  Supplies with slow rotation appear in this caption in the current assets because its balance amount is not significant.</P>
<B>
</B><P>In Management's opinion, the reserve for write-down of supplies balance is enough to cover the obsolescence risk at the consolidated balance sheets dates.</P>
<B>
<P>&nbsp;</P></DIR>
</DIR>

<P>  6.&#9;Investments</P><DIR>
<DIR>

</B><P>(a)&#9;This item is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=389>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Share in the</P>
<P ALIGN="CENTER">net equity</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount of </P>
<P ALIGN="CENTER">the investment</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2001</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of<BR>
September 30, 2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2001</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
September 30, 2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Investments at cost</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Sociedad Minera Cerro Verde S. A.</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,205</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,205</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,412</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,905</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,617</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,110</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Equity method investments</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">894,146</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,089,685</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">952</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,437</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">895,098</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,092,122</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">918,715</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,116,232</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(b)&#9;The amount of the investment in Yanacocha S.R.L. was determined from its financial statements as of December 31, 2001 (audited) and September 30, 2002 (unaudited).</P>

<P>Minera Yanacocha S.R.L. is engaged in exploration and production of gold in the Carachugo, San Jos&eacute;, Maqui Maqui, Cerro Yanacocha and La Quinua open pit mines, located in Cajamarca.  </P>

<P>Yanacocha keeps its accounting records in U.S. dollars.  For purpose of calculating the equity share in this subsidiary, the Yanacocha's equity denominated in U.S. dollars is translated into Peruvian Nuevos Soles, thus generating a translation effect that is recorded in an equity account called &quot;cumulative translation effect&quot;.<BR>
</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>The movement of the investment in Yanacocha follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=432>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended <BR>
September 30,</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended <BR>
September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Partners' equity of Yanacocha at the beginning</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,496,261</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,000,507</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,356,288</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,791,887</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Participation percentage</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">43.65%</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Participation in Yanacocha as of January 1<SUP>st </SUP></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>653,118</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>873,221</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>592,021</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>782,158</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payment over the book value of Yanacocha's shares, net of cumulative amortization (i)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>127,502</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>116,437</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>130,781</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>124,315</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Elimination of intercompany gains (ii)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(13,220)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(11,930)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(13,220)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(12,327)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Beginning balance</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>767,400</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>977,728</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>709,582</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>894,146</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Participation in the current income</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>58,636</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>95,161</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>138,905</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>170,933</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of payment above the book value of Yanacocha's shares </FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,641)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,468)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,925)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,389)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Dividends received</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(15,258)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Realization of intercompany gains (ii)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>296</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>693</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Translation cumulative gain (loss)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(180)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,936</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,089)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>34,259</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>32</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,957)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Ending balance</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>824,215</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,089,685</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>824,215</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,089,685</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
</FONT><FONT FACE="Arial" SIZE=1><P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

</FONT><FONT FACE="Arial" SIZE=1><P>(i)&#9;Corresponds to an amount paid over the book value of Yanacocha's shares, in prior years, when the Company acquired an additional participation of 11.35 percent in Yanacocha, exercising its preferential rights.</P>

<P>(ii)&#9;The elimination of related intercompany gains corresponds to profits generated in the sale of assets and transfers of contractual rights to Yanacocha (see Note 2 to the 2001 audited consolidated financial statements), and is shown net of the investment in Yanacocha for reporting purposes.  This amount increase the investment and the share in affiliated companies (as revenues) as Yanacocha depreciates and amortizes the acquired assets.</P>
</FONT><FONT FACE="Arial" SIZE=1></DIR>

<P>(c)&#9;The share in the gains (losses) of affiliated companies shown in the consolidated statements of income is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=421>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended <BR>
September 30,</B></FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended <BR>
September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________</B></FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L.</DIR>
</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,995</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">92,989</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">133,980</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">164,237</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other</DIR>
</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(59)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(61)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(137)</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,993</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">92,930</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">133,919</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">164,100</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>The share in Yanacocha's income has increased in the nine-month period ended September 30, 2002, as compared to the same period of 2001, due mainly to the following reasons: (i) increase in the selling price of gold from US$268 per ounce during the first nine months of 2001 to US$306 per ounce in the same period of 2002; (ii) increase in the volume of gold sold from 1,401,254 ounces during the first nine months of 2001 to 1,602,940 ounces in the same period of 2002.  <BR>
</P>

<P>Higher revenues have been partially offset by: (i) the increase of cash cost per ounce from US$125 during the first nine months of 2001 to US$139 in the same period of 2002 as a result of the start-up of a new mining unit, La Quinua, beginning October 2001; (ii) increase of depreciation expense mainly as a consequence of the increase of La Quinua's fixed assets, and (iii) increase of financial expenses.</P>

<P>(d)&#9;Following are certain figures of Yanacocha's financial statements adjusted to conform them to the accounting practices of the Company:</P>

<P>&#9;Figures of the balance sheet as of December 2001 (audited) and as of September 30, 2002 (unaudited):</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=381>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>928,693</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>988,399</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>417,272</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>367,493</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Partners' equity</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>511,421</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>620,906</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>Figures of the income statement for the three-month and nine-month periods ended September 30, 2001 and 2002 (unaudited):</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=381>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods ended September 30,</B></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month periods ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total income</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>140,709</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>206,067</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>377,116</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>495,609</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>55,527</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>83,414</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>131,228</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>147,806</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>38,512</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>60,322</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>90,733</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>109,484</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  7.&#9;Mining concessions, net</P>
</B><P>This caption includes the amounts paid above the fair value of net assets as a consequence of the acquisition of additional share holding in certain subsidiaries.  The movement of the cost and accumulated amortization follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=423>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Beginning balance</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ending balance</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Cost</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cedimin S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">167,553</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">167,553</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A. </DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,765</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,765</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,530</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,530</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,349</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,349</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">215,848</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,349</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">226,197</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Accumulated amortization</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cedimin S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,771</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,023</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,794</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,907</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,187</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,094</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">71</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">656</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">727</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">555</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">555</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,749</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,421</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43,170</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net cost</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">186,099</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">183,027</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>During the first semester of 2002, Buenaventura acquired through the Lima Stock Exchange 4,447,342 shares of Sociedad Minera El Brocal S.A. for S/11,911,000, amount which exceeds the fair value of the investment in S/10,349,000.</P>

<B><P>&nbsp;</P>
<P>  8.&#9;Bank loans</P>
</B><P>The detail of the bank loans, borrowed in U.S. dollars, follows:</P>
<B></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</B></FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=423>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Range of annual<BR>
interest<BR>
rate</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, <BR>
2001</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
September 30,<BR>
2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.61% to 2.62%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>35,450</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,864</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.449% to 2.69%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>28,079</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>25,508</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.03% to 13.50%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>10,530</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,746</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.74% to 6.05%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,775</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,124</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco Internacional del Per&uacute; - Interbank</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.50% to 5.78%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,493</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,903</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco Interamericano de Finanzas - BIF</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">4.32% to 4.48%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>878</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,644</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Inversiones Mineras <BR>
del Sur S.A.</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.76% to 4.19%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,949</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,477</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.01%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,510</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,644</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,713</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>524</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>_______</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>_______</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>111,377</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>92,434</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
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<DIR>
<DIR>
<DIR>
<DIR>

<P>The bank loans were obtained to finance working capital needs and have a current maturity.  The loans of Sociedad Minera El Brocal S.A. are guaranteed by inventories of lead and zinc concentrates.  Other loans have no specific guarantees.</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  9.&#9;Long-term debt</P><DIR>
<DIR>

</B><P>(a)&#9;The breakdown of the long-term debt, borrowed mainly in U.S. dollars, follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=951>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Entity</B></FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Guarantee</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual <BR>
interest <BR>
rate</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Maturity date</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, 2001</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
September 30, <BR>
2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Inversiones Mineras del Sur S.A. </B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Banco de Cr&eacute;dito del Per&uacute; </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11.00%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">January 2008</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">70,197</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">72,880</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Consorcio Energ&eacute;tico de Huancavelica S.A. </B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">BBVA Banco Continental</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Libor plus 1.2% <BR>
(2.96% as of <BR>
September 30, 2002)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">September 2003</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,996</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,594</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Sociedad Minera El Brocal S.A.</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Banco de Cr&eacute;dito del Per&uacute; (i)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Have no specific guarantees </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Libor plus 3.75% <BR>
(5.51% as of <BR>
September 30, 2002)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">September 2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,304</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,042</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Teck Cominco Metals Ltd. (ii)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Have no specific guarantees</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Libor plus 6% <BR>
(7.76% as of <BR>
September 30, 2002)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">September 2008</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,492</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,049</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Other</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">957</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,106</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Other subsidiaries</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,155</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">140,101</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,671</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Less - Current portion</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,117</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,444</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Long-term portion</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">132,984</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">122,227</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(i)&#9;The financial agreement with Banco de Cr&eacute;dito del Per&uacute; contains certain covenants that require the compliance of certain annual financial ratios.  As of September 30, 2002, the Company expects to be in compliance with these financial ratios.</P>
</FONT><FONT FACE="Arial" SIZE=1>
</FONT><FONT FACE="Arial" SIZE=1><P>(ii)&#9;This debt is subordinated to the obligations of the financial agreement with Banco de Cr&eacute;dito del Per&uacute; mentioned in (i) and has a long-term maturity.</P>
</FONT><B><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
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</B><P>(b)&#9;The maturity breakdown of the long-term debt follows:</P>
</DIR>
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</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="75%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Year ended September 30,</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount</B></FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2004</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>31,147</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2005</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>7,892</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2006</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>7,892</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2007</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,208</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Thereafter</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>74,088</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>122,227</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>10.&#9;Shareholders' equity</P><DIR>
<DIR>

</B><P>(a)&#9;Capital stock -</P>
<P>The Mandatory Annual Shareholders' meeting held on March 26, 2002 decided to increase the Company's capital stock from S/185,173,000 to S/605,125,000 through the capitalization of a part of the retained earnings as of December 31, 2001, by increasing the nominal value of the common shares - Series A and B from S/1 to S/4. From the capitalized amount of S/419,952,000, S/131,651,000 correspond to common shares - Series A and S/288,301,000 to common shares - Series B.</P>

<P>The shareholders' meeting held on April 30, 2002 approved the redesignation of common shares - Serie B Share as common shares - Serie A, and the immediate redesignation of these latter shares as common shares.  Both decisions were effective May 3, 2002, date on which the Company's capital stock is made up of 137,444,962 common shares with a nominal value of S/4 each one.</P>

<P>The Company can issue additional common shares for a total value of S/55,345,000, arising from inflation accounting adjustment as of September 30, 2002.</P>

<P>&nbsp;</P>
<P>(b)&#9;Investment shares -</P>
<P>The Mandatory Annual Shareholders' meeting mentioned in paragraph (a) above, decided to increase the investment shares account from S/499,000 to S/1,637,000, by increasing the nominal value of such shares from S/1 to S/4, through the capitalization of part of the retained earnings for S/1,138,000.</P>

<P>The Company can issue additional investment shares for a total value of S/148,000, arising from inflation accounting adjustment as of September 30, 2002.</P>

<P>(c)&#9;Treasury shares - </P>
<P>In January 2001, in compliance with Article  104 of the General Corporations Law, Buenaventura sold through the Lima Stock Exchange its treasury shares (628,856 common shares - Series A with a total value of S/8,253,000) to its subsidiary Compa&ntilde;&iacute;a Minera Condesa S.A. (&quot;Condesa&quot;) for a total value of S/17,534,000.  The related gain amounting to S/9,281,000, was eliminated in the consolidation of the financial statements as it was treated as an intercompany transaction.</P>

<P>In September 2001, with the participation of the Bank of New York, Condesa exchanged through the Lima Stock Exchange 1,000,000 of Buenventura's common shares - Series B for 500,000 ADR (one ADR equals to two common shares).</P>

<P>In the first semester of 2002, Condesa sold to third parties 327,000 treasury ADR for approximately S/23,587,000, realizing a gain of S/19,501,000 which is presented as additional paid-in capital in the consolidated statements of changes in shareholders' equity.</P>

<P>In the first semester of 2001, Condesa sold to third parties 178,000 treasury ADR for approximately S/13,382,000, realizing a gain of S/8,763,000 which is presented as additional paid-in capital in the consolidated statements of changes in shareholders' equity.</P>

<P>&nbsp;</P>
<P>(d)&#9;Declared and paid dividends -</P>
<P>The Mandatory Annual Shareholders meeting held on March 26, 2002 approved a cash dividend of S/29,624,000 (equivalent to S/0.21 per share), which includes dividends paid to a subsidiary of S/2,258,000, from retained earnings as of December 31, 2001.  The dividends were available for shareholders from April 2002.</P>

<P>The Mandatory Annual Shareholders meeting held on March 29, 2001 approved a cash dividend of S/34,869,000 (equivalent to S/0.25 per share), which includes dividends paid to a subsidiary of S/2,928,000, from retained earnings as of December 31, 2000.  The dividends were available for shareholders from April 2001.</P>

<P>The distribution of annual profits to non-Peruvian residents and entities generated from January 1<SUP>st</SUP>, 2003 will be subject to an income tax of 4.1 percent.  This tax must be withhold to the shareholders by the Company.</P>
</DIR>
</DIR>

<B><P>11.&#9;Legal proceedings</P>
</B><P>In February 2002, the Company and Condesa, together with Newmont Mining, Newmont Second and certain individuals, were defendants in the United States District Court for the District of Colorado by a French citizen.  The plaintiff alleges that he was engaged as advisory to Normandy in the two lawsuits that finished in October 1998, and were settled definitively by means of a settlement Agreement entered into between the Company, BRGM, Mine Or, Normandy and their related entities (SEREM).  In December 2000, the controversy was definitively solved by a one-time payment of US$80 million of which the Company paid US$40 million through Compa&ntilde;&iacute;a Minera Condesa S.A.</P>

<P>The plaintiff asserts that he was injured because Normandy had promised to pay him if the case reached a favorable result, which did not occur, and seeks damages of not less than US$25 million plus interest (which could be subject to trebling), added to unspecified punitive damages.  Likewise, he alleges violations of the federal RICO statute and similar provisions of Colorado laws, interference with claimed contract rights, defamation and other injuries.</P>
<P>The defendants have filed motions to dismiss the action based on various grounds.  At this date is not possible to predict when the court will rule on the motions.</P>
<B>
<P>12.&#9;Transactions with affiliated companies</P><DIR>
<DIR>

</B><P>(a)&#9;S.M.R.L. Chaupiloma Dos de Cajamarca (&quot;Chaupiloma&quot;) as owner of the mining rights exploited by Yanacocha, is entitled to receive royalties equivalent to 3 percent of the net sales of Yanacocha.  For the three-month and nine-month periods ended September 30, 2002, the royalties amounted to S/22,185,000 and S/53,361,000, respectively (S/14,709,000 and S/39,722,000 for the three-month and nine-month periods ended September 30, 2001, respectively) and are reported as royalty income in the consolidated statements of income. </P>

<P>(b)&#9;According to a contract signed with Yanacocha on December 19, 2000, Buenaventura engaged in the administration of the China Linda lime plant.  This contract, which originally matured in December 18, 2010, was terminated by Yanacocha in 2001 through a payment of S/6,426,000 (US$1,800,000) made in January 2002.</P>

<P>(c)&#9;In February 2002, Buenaventura granted a loan to Compa&ntilde;ia Minera Totoral S.A. amounting to S/1,956,000 (US$537,000) to finance technical studies in the Lancones Project and capital resources borrowings amounting to S/644,000.  These loans have no specific maturity and earn no interest.</P>

<P>&#9;As of September 30, 2002, the Company has recorded an allowance for this receivable of S/1,773,000.  In management's opinion, the allowance is enough to cover the recovery risk at the consolidated balance sheet date.  This allowance is reported as exploration expense in non-operative mining areas in the consolidated statements of income as the Company plans to take control of this project.</P>

<P>(d)&#9;As a result of these and other minor transactions, the Company has the following accounts receivable from affiliated companies:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=397>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, 2001</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
September 30,<BR>
2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,930</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,186</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Totoral S.A.</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">991</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,547</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">239</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">679</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,160</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,412</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Less - Reserve for doubtful accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,773)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">27,160</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,639</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<B><FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>13.&#9;Derivative financial instruments </P><DIR>
<DIR>

</B><P>(a)&#9;Following is the detail of the derivative instruments opened as of September 30, 2002:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=441>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>
<B><FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minas Buenaventura S.A.A.</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>
<B><FONT FACE="Arial" SIZE=1><P>Future and option contracts</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</B></FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Range of price</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Silver (i)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,954,000 Oz</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$6/Oz to</P>
<P ALIGN="RIGHT">US$6.5/Oz</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - August 2006</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Gold (ii)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,568,000 Oz</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$343/Oz to</P>
<P ALIGN="RIGHT">US$420/Oz</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2011</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">600 TM</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$1,300/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>
<B><FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>
<B><FONT FACE="Arial" SIZE=1><P>Call option contracts</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>2,175 MT</FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$925/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>1,200 MT</FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$915/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>5,625 MT</FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$920/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" COLSPAN=5>
<B><FONT FACE="Arial" SIZE=1><P>Put option contracts</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>2,625 MT</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$770/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P>Future contracts</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Zinc (iii)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>4,500 MT</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$860/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Zinc (iv)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>4,500 MT</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$870/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2002 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Zinc (iv)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>10,800 MT</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$895/MT</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">January 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$4.63/Oz</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">October 2003 - December 2002</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">900,000 Oz</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">US$5.08/Oz</FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">January 2003 - December 2003</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(i)&#9;Includes 3,800,000 Oz Ag guaranteed at a minimum price of US$5.80 Oz/Ag (only if silver price is above US$4.15 Oz/Ag) and a maximum price of US$6.20 Oz/Ag.</P>

<P>Also, includes 1,175,000 Oz Ag guaranteed at a price of US$6 Oz/Ag only if silver price is above US$4 Oz/Ag.</P>

<P>(ii)&#9;Includes 210,000 Oz Au guaranteed only if gold price is above US$265 Oz/Au.</P>

<P>(iii)&#9;If zinc price is US$770/MT or lower, the derivative instrument would not apply (in proportion to percentages calculated over the base of tonnage and days).</P>

<P>(iv)&#9;If zinc price is US$750/MT or lower, the derivative instrument would not apply (in proportion to percentages calculated over the base of tonnage and days).</P>
</FONT><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P></DIR>

<P>For the three-month and nine-month periods ended September 30, 2002, the Company recognized revenues of S/11,863,000 and S/41,133,000, respectively (S/13,904,000 and S/45,241,000 in the three-month and nine-month periods ended September 30, 2001, respectively) related to derivative operations settled on those periods.</P>

<P>The mark-to-market value of the open hedging contracts as of September 30, 2002 is negative in US$82,369,000.  This value varies according to the metals price volatility.  The gains or losses originated by operations with derivative instruments are recorded at the maturity date of the related contracts and not according to their mark-to-market value.</P>

<P>(b)&#9;See Note 4(c) regarding a foreign currency forward contract related to a time deposit in local currency.</P>
<B></DIR>
</DIR>

<P>14.&#9;Basic and diluted net income per share</P>
</B><P>The computation of the basic and diluted net income per share for the three-month and nine-month periods ended September 30, 2001 and 2002 is presented below:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=463>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods ended September 30, 2001</B></FONT></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month periods ended September 30, 2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________</B></FONT></TD>
<TD WIDTH="36%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income (numerator)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>S/68,047,000</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">S/123,031,000</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">S/170,470,000</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">S/222,119,000</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Shares (denominator)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>126,604,552</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>127,221,219</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,604,552</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,221,219</FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Income per share</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>S/0.54</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>S/0.97</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">S/1.35</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/1.75</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>The determination of the number of shares used in the calculation of the basic and diluted income per share as of September 30, 2001 and 2002 is as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Common shares </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Less - Treasury shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,212,730)</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,596,063)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,604,552</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,221,219</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
</TABLE>
</P>

<B><FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>15.</B>&#9;<B>Statistical data </P>
</B><P>Statistical data of the Company related to the volume of inventories sold and average sale prices for the three-month and nine-month periods ended September 30, 2001 and 2002 follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<OL TYPE="a">
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<OL TYPE="a">

<LI>Volume sold:</LI></OL>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</OL>

</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=439>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30,</B></FONT></TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">____________________________</B></FONT></TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">64,973 Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">69,363 Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">156,287 Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">189,317 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3,670,815 Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2,791,858 Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">9,297,482 Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">8,569,450 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Lead </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">6,710 MT</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5,001 MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">17,017 MT</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15,698 MT</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">13,203 MT</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">14,802 MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">39,399 MT</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">37,706 MT</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(b)&#9;Average sales prices:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=441>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
periods ended September 30,</B></FONT></TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the nine-month <BR>
periods ended September 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">____________________________</B></FONT></TD>
<TD WIDTH="43%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">270.64/Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">315.92/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">270.23/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">305.00/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.29/Oz</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.78/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.40/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.71/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Lead </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">463.39/TM</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">434.39/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">472.32/TM</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">453.56/TM</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">843.69/TM</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">774.81/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">906.83/TM</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">782.31/TM</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>16.&#9;Explanation added for translation into the English language</P>
</B><P>The consolidated financial statements are presented on the basis of accounting principles generally accepted in Peru.  Certain accounting practices applied by the Company that conform with generally accepted accounting principles in Peru may not conform with generally accepted accounting principles in other countries.</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>


</FONT><FONT SIZE=3><P ALIGN="CENTER">Signature</P>

<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>

<P>&nbsp;</P><DIR>
<DIR>

<U><P>/s/ CARLOS E. GALVEZ PINILLOS</P></DIR>
</DIR>

</U><P>Carlos E. G&aacute;lvez Pinillos</P>
<P>Chief Financial Officer</P>

<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">Date: November 12, 2002</P></FONT></BODY>
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