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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001013131-03-000002.txt : 20030328
<SEC-HEADER>0001013131-03-000002.hdr.sgml : 20030328
<ACCEPTANCE-DATETIME>20030328123617
ACCESSION NUMBER:		0001013131-03-000002
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030328

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:		03623773

	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>bvn4q2002.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">


<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<U><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 March 2003</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>&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 SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><P>This report consists of a press release issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (the "Company") on March 6, 2003, announcing the Company's Fourth Quarter and cumulative 2002 results</P>
<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>.</P>
</FONT><B><I><U><FONT SIZE=5><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"></P></B></I></U></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=580>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">FOR IMMEDIATE RELEASE</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For More Information Please Contact:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Roque Benavides or Carlos Galvez                               </P>
<P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A</P>
<P ALIGN="JUSTIFY">51-1-419-2538 or 51-1-471-8337</P>
<P ALIGN="JUSTIFY">e-mail:dhuguet@buenaventura.com.pe</FONT></P>
<FONT SIZE=2><P ALIGN="JUSTIFY">Web site:  </FONT>http://www.buenaventura.com</TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Patrick Kilhaney</P>
<P ALIGN="JUSTIFY">Citigate Financial Intelligence</P>
<P ALIGN="JUSTIFY">(212) 419-8308</P>
<P ALIGN="JUSTIFY">e-mail: Patrick.Kilhaney@citigatefi.com</P>
</FONT><I><FONT SIZE=4><P ALIGN="RIGHT"></I></FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><I><U><FONT SIZE=3><P ALIGN="CENTER">COMPA&Ntilde;&Iacute;A DE MINAS BUENAVENTURA S.A.A.</P>
<P ALIGN="CENTER">ANNOUNCES FOURTH QUARTER AND CUMULATIVE 2002 RESULTS</P>
<P ALIGN="CENTER"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</B></I></U></FONT><P ALIGN="JUSTIFY">(Lima, Peru March 6, 2003) - Compa&ntilde;ia de Minas Buenaventura S.A.A. &quot;Buenaventura&quot; (NYSE: BVN / Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, today announced a net income of S/. 166.8 million or US$47.5 million for the three-month period ended December 31, 2002.  This represents an increase of  255% over the net income of S/. 47.0 million in the corresponding quarter of 2001.  The Company recorded an operating profit of S/. 22.7 million or US$6.5 million during the fourth quarter of 2002, compared to an operating loss of S/.&nbsp;9.6 million in the corresponding quarter of 2001.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Buenaventura's EBITDA in the fourth quarter of 2002 was US$67.6 million, which represents a 61% increase when compared to the EBITDA of US$42.1 million in the same quarter of 2001.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For the year ended December 2002, the accumulated net income was S/. 388.5 million or US$110.5 million, representing an increase of 79% when compared to S/. 217.2 million in 2001.  Annual EBITDA in 2002 was US$228.4 million , representing an increase of 60% when compared to an EBITDA of US$143.1 million in 2001.</P>
<B><U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Sales:</P><DIR>

</B></U><P ALIGN="JUSTIFY">During the fourth quarter of 2002, Buenaventura reported net sales of S/. 143.4 million, compared to S/. 145.8 million during the same period in 2001.  This reduction is mainly attributable to an increase in the inventory of gold in the metallurgical process in Orcopampa, which led to a lower overall gold content sold.  On the other hand, the lower volume of silver sold is explained by the extraordinary volume of lead-silver concentrates sold in the fourth quarter of 2001.</P>
<P ALIGN="JUSTIFY"></P></DIR>

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=406>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><U><P ALIGN="JUSTIFY">&nbsp;</U></TD>
<TD WIDTH="79%" VALIGN="TOP" COLSPAN=2>
<B><P ALIGN="CENTER">Sales Content</P>
<P ALIGN="CENTER">For the three-months</P>
<U><P ALIGN="CENTER">ended December 31,</P>
</B></U><P ALIGN="CENTER"></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="40%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">2002</B></U></TD>
<TD WIDTH="40%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">2001</B></U></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<B><P ALIGN="CENTER">Gold</B></TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">57,693oz</TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">64,749 oz</TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<B><P ALIGN="CENTER">Silver</B></TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">2,831,963oz</TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">4,345,233oz</TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<B><P ALIGN="CENTER">Lead</B></TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">7,084MT</TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">5,842MT</TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<B><P ALIGN="CENTER">Zinc</B></TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">14,787MT</TD>
<TD WIDTH="40%" VALIGN="TOP">
<P ALIGN="RIGHT">14,014MT</TD>
</TR>
</TABLE>
</CENTER></P>

<U><P ALIGN="JUSTIFY"></P>
</U><FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><U><P ALIGN="JUSTIFY">Earnings:</P><DIR>

</B></U><P ALIGN="JUSTIFY">Earnings per ADS for the fourth quarter of 2002 were US$0.75, compared to US$0.21 in the same period of 2001.  For the year-ended December 31, 2002, earnings per ADS were US$1.74 compared to US$0.98 in 2001.</P>
<U><P ALIGN="JUSTIFY"></P></DIR>

<B><P ALIGN="JUSTIFY">Operations:</P><DIR>

</B></U><P ALIGN="JUSTIFY">Buenaventura's production during the fourth quarter of 2002 (which includes 100% of the production at the Uchucchacua, Orcopampa, Julcani, and the mining operations of the Company's wholly-owned subsidiary CEDIMIN, as well as 78.04% at the Antapite and Ishihuinca mines, 51% at the Paula mine, and 32.42% at El Brocal's mine) was 2,856,090 oz. of silver, 67,197 oz. of gold, 5,805 MT of zinc, and 3,307 MT of lead, compared to 3,331,734 oz. of silver, 62,414 oz. of gold, 9,321 MT of zinc, and 3,723 MT of lead during the fourth quarter of 2001.</P></DIR>

<P ALIGN="JUSTIFY"> </P><DIR>

<P ALIGN="JUSTIFY">Buenaventura's production for the year ended December 31, 2002 was 11,684,469 oz. of silver, 255,212 oz. of gold, 28,074 MT of zinc, and 12,941 MT of lead, compared to 12,473,284 oz. of silver, 209,472 oz. of gold, 31,693 MT of zinc, and 13,393 MT of lead during 2001. Lower zinc production reported is due to the fact that Huallanca mine (a zinc mine) was sold in March of 2002.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The main achievements in 2002 were: a) Antapite's gold production of 72,380 oz., which represents an increase of 109% from the 34,607 oz. produced in 2001, at a cash cost of US$148.52/oz. (US$160.44/oz. in 2001); b) Uchucchacua's silver production of 9.39 million oz., which represents a decrease of 4% from the 9.78 million oz. produced in 2001, at a cash operating cost of US$3.07/oz. (US$2.86/oz in 2001); and c) Orcopampa's gold production of 160,017 oz., which represents an increase of 10% from the 145,910 oz. produced in 2001, at a cash operating cost of US$169.95/oz. (US$ 150.09/oz in 2001).</P>
<FONT SIZE=2><P ALIGN="JUSTIFY"></P></DIR>

</FONT><B><U><P ALIGN="JUSTIFY">Non-consolidated affiliates:</P><DIR>

</B></U><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates, referring primarily to income from Yanacocha, was S/. 167.0 million for the fourth quarter of 2002, compared to S/.&nbsp;66.5 million during the same period of 2001. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Yanacocha's production increased 33.1% to 696,129 oz. of gold (of which 303,860 oz. represent Buenaventura's share) for the fourth quarter of 2002, from 522,920 oz.  (of which 228,255 oz. represent Buenaventura's share) for the same period of 2001. Yanacocha's weighted average price of gold during the fourth quarter of 2002 increased 16.6% to US$323/oz. in the fourth quarter of 2002, from US$277/oz. in the same period of 2001.  Total production cash cost decreased to US$122/oz. in the fourth quarter of 2002, from US$125/oz. in the same period of 2001.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Income from non-consolidated affiliates for the year-ended December 31, 2002, which is mainly attributable to Yanacocha, was S/. 330.8 million, compared with S/. 200.2 million in 2001. Yanacocha's production increased 20.1% to 2,285,584 oz. of gold (of which 997,657 oz. represent Buenaventura's share) during 2002, from 1,902,489 oz. (of which 830,436 oz. represent Buenaventura's share) during 2001. Yanacocha's weighted average price of gold during 2002 was US$311/oz., or 15.2% more than during 2001 (US$270/oz. in 2001). Total production cash cost increased 8% to US$133/oz. during 2002, from US$123/oz. in 2001. </P>
<P ALIGN="JUSTIFY"></P></DIR>

<B><U><P ALIGN="JUSTIFY">Exploration</P><DIR>

</B></U><P ALIGN="JUSTIFY">Buenaventura's effort in exploration activities in 2002 was focused on precious metals in the prospects of La Zanja, Tantahuatay, Los Pircos, and Mesa de Plata in Cajamarca; Marcapunta in Cerro de Pasco; Hatun Orco in Huancavelica; and Poracota in Arequipa. From these explorations, Buenaventura reports the following:</P>
<FONT SIZE=2>
</FONT><B><P ALIGN="JUSTIFY">La Zanja</B>:  A mineable reserve of 10.4 million MT with 0.97 gr/ton of gold and 7.97 gr/ton of silver, as well as a mineral resource estimated at 11.8 million MT with 0.89 gr/ton of gold and 3.0 gr/ton of silver were discovered at La Zanja.  Upon reaching an agreement to buy surface land rights in the area, Buenaventura will accelerate the infill drilling in the specific areas of interest, in order to justify a pre-feasibility study.</P>
<FONT SIZE=2>
</FONT><B><P ALIGN="JUSTIFY">Tantahuatay</B>:  A deposit with a mineable reserve in leachable oxides of 11.4 million MT with 0.76 gr/ton of gold and 17.86 gr/ton of silver has been proven at Tantahuatay.  Additionally, mineral resource oxides of 12.6 million MT with 0.93 gr/ton of gold and 1.2 gr/ton of silver have been discovered in the Cienaga area.  There are plans to begin infill drilling to convert this resource into reserve.  As at La Zanja, Buenaventura is working toward defining the feasibility of the Tantahuatay project.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Los Pircos</B>:  After completing 22 diamond drill holes in the Diana vein and  5 others in the Maribel vein at Los Pircos, Buenaventura can report a mineral resource of 150,000 MT with 10.5 gr/ton of gold and 22.34 gr/ton of silver.  Additionally, 53,000 MT of ore mineral with 40.4 gr/ton of gold and 1,438.7 gr/ton of silver are indicated in veins Angelica, D-1 and Isabel.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Following these favorable results, our partner, Minera Meridian Peru S.A.C., has decided to invest US$2 million to continue exploration at this prospect.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Marca Punta</B>:  After drilling five holes at the west area of the known Marcapunta ore body, which belongs to our subsidiary Sociedad Minera El Brocal S.A.A., its continuity has been confirmed. The company has decided to invest US$1 million to verify the current mineral resource of 100 million MT with 1.5% copper, 1.0 gr/ton of gold and 0.4% Arsenic.  The program intents to confirm, higher grades of gold after completing 5,000 meters in 12 diamond drill holes.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Buenaventura's exploration division has also been exploring in La Patagonia, Argentina and is looking for new prospects in Ecuador and Bolivia.</P>
<P ALIGN="JUSTIFY"></P></DIR>

<B><U><P ALIGN="JUSTIFY">Board of Directors</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>

<P ALIGN="JUSTIFY">On March 5, 2003, Buenaventura's Board of Directors resolved to call a shareholders' meeting on March 31, 2003 to:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> a) Approve the Annual report and the Financial Statements for the year ended December, 31, 2002; </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">b) Propose a cash dividend payment of S/. 0.303 per share (as of the March 5, 2003 exchange rate, S/. 0.303 per share = US$0.174 per ADS); and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"> c) Select External Auditors.</P>
<P ALIGN="JUSTIFY"></P></DIR>

<P ALIGN="JUSTIFY">Buenaventura is Peru's largest precious metals mining company and a major holder of mining rights in Peru.  The company focuses on exploration and production through its wholly-owned mines, as well as through participation in joint exploration projects.  Buenaventura currently operates three mines in Peru, has controlling interests in two mining companies which own three mines in Peru and has minority interests in several other mining companies in Peru.  The Company has a 43.65% ownership interest in Minera Yanacocha S.A., Latin America's largest producer of gold. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;Buenaventura is listed on the Lima Stock Exchange and the New York Stock Exchange. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P><DIR>

<P ALIGN="JUSTIFY">Exchange rate as of December 31, 2002: S/. 3.51/US$1.00</P>
<P ALIGN="JUSTIFY"></P>
<B><FONT FACE="Arial"><P>&nbsp;</P></DIR>

<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 and 2002</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current assets</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">85,401</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">89,654</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">25,506</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">67,153</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">85,013</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">24,186</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">27,119</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">30,327</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">8,628</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">71,887</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">73,597</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">20,938</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">22,893</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">30,524</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">8,684</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current assets</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">274,453</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">309,115</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">87,942</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Long - term account receivable</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">255</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">8,871</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">2,524</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">21,924</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">13,089</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">3,724</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Investments</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">917,335</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,171,534</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">333,295</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">355,851</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">365,325</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">103,933</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">133,609</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">146,578</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">41,701</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Mining concessions, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">185,819</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">171,856</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">48,892</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total assets</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,889,246</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">2,186,368</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">622,011</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">111,609</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">43,348</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">12,332</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">35,063</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">35,948</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">10,227</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,067</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">6</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Other current liabilities</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">48,453</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">63,123</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">17,958</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">7,107</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">17,005</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">4,838</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">203,299</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">159,446</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">45,361</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">13,953</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">17,274</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">4,915</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">132,785</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">112,095</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">31,891</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">350,037</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">288,815</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">82,167</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Minority interest</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">29,686</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">45,485</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">12,940</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity</B></FONT></TD>
<TD WIDTH="12%" 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="42%" VALIGN="TOP">
<FONT SIZE=2><P>Capital stock</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">184,835</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">604,021</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">171,841</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Investment shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">498</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,634</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">465</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">519,806</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">539,272</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">153,420</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">36,967</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">76,195</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">21,677</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">780,580</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">639,188</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">181,846</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">5,900</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">6,885</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,959</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>Treasury shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">(19,063)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">(15,127)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">(4,304)</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,509,523</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,852,068</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">526,904</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Total liabilities and shareholders' <BR>
equity</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">1,889,246</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">2,186,368</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="JUSTIFY">622,011</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<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 Income</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=700>
<TR><TD WIDTH="37%" 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 <BR>
periods ended December 31,</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month <BR>
periods ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________________________</FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________________________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" 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="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2001</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" 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$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="11%" 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="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">145,812</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">143,402</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">40,797</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">513,897</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">579,886</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">164,975</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">15,519</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,699</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,742</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">55,170</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">76,964</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,896</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">161,331</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">167,101</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,539</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">569,067</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">656,850</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">186,871</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" 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="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">73,981</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">65,133</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,530</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">253,851</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">257,789</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">73,340</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">15,243</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">9,427</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,682</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">37,250</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">38,367</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,915</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration and development costs in operative mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">16,308</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,256</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,047</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">59,495</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">72,580</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">20,649</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">105,532</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">95,816</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">27,259</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">350,596</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">368,736</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">104,904</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">55,799</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">71,285</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">20,280</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">218,471</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">288,114</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">81,967</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="11%" 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="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">19,469</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,245</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,044</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">63,178</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">74,112</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,084</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration costs in non-operative mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">15,567</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">17,016</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,841</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">48,456</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">37,673</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,718</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,023</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,719</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,627</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">26,328</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">22,724</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,465</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,009</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,041</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">865</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,274</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,721</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,904</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Assets impairment loss and write-off</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,351</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,527</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">434</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,351</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,527</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">434</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">65,419</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">48,548</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,811</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">174,587</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">149,757</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">42,605</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(9,620)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">22,737</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,469</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">43,884</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">138,357</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">39,362</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="11%" 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="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">66,498</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">167,008</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,513</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">200,176</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">330,813</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">94,115</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,771)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,978</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">847</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,628</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,095)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(881)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(10,288)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,903)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(826)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(14,949)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(16,300)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,637)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Financial income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,988</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,329</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">663</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,574</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">8,613</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,450</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Financial expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,259)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,762)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,070)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(17,725)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(15,610)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,441)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(14)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,607)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,880)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">12,574</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,281)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(366)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">12,281</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,761</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">786</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Total other income, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">64,742</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">164,355</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">46,757</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">194,985</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">300,575</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">85,512</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Income before workers' profit sharing, income tax and minority interest</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">55,122</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">187,092</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">53,226</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">238,869</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">438,932</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">124,874</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(690)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,508)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(429)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(690)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,508)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(429)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(11,794)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,773)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,211)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(24,943)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(25,102)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,141)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Income before minority interest</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">42,638</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">177,811</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">50,586</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">213,236</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">412,322</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">117,304</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,406</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(11,005)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,131)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,972</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(23,796)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,770)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net income</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,044</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">166,806</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,455</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">217,208</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">388,526</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">110,534</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.37</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">1.31</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.37</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">1.72</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">3.05</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.87</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">126,608,152</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,221,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,221,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">126,608,152</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,221,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,221,219</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 Cash Flows</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=693>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods <BR>
ended December 31,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month periods <BR>
ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="29%" 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="40%" 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="11%" 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="40%" 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$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="11%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>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="11%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection from customers</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">134,167</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">136,528</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">38,842</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">517,974</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">571,339</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">162,543</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">77,663</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">22,095</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">15,238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">77,663</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">22,095</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of royalties </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">14,465</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">28,962</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">8,240</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">53,116</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">75,291</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">21,420</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,286</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">68</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">9,098</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">8,638</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,457</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment to suppliers and third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(41,841)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(56,138)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(15,971)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(271,217)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(253,828)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(72,213)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment to employees</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(22,509)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(23,904)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(6,801)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(89,472)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(95,374)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(27,133)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment for exploration activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(29,482)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(40,005)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(11,381)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(94,361)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(92,163)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(26,220)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,730)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(2,105)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(599)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(14,842)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(13,511)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,844)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment of royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,926)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,133)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(891)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(12,669)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(12,465)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,546)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payment of income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(7,333)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(12,962)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,688)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(20,816)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(28,853)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(8,209)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">44,097</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">105,144</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">29,914</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">92,049</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">236,737</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">67,350</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Investing 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="11%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Development expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(9,398)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,999)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,138)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(40,677)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(34,131)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(9,710)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of investments, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(553)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,311</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">657</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(6,349)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(11,147)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,171)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of property, plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(16,815)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(20,092)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(5,716)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(110,255)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(62,158)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(17,684)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from sale of assets and transfer of contractual rights</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">12,874</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">12,874</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from sale of property, plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">542</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">942</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">268</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">942</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">268</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(13,350)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(20,838)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(5,929)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(143,866)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(106,494)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(30,297)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="11%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by (used in) financing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(28,659)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(90,529)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(25,755)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">114,911</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(124,690)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(35,474)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Net increase (decrease) in cash during the year</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,088</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(6,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,770)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">63,094</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">5,553</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">1,580</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Gain (loss) from exposure to inflation of cash and cash equivalents</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">390</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(501)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(143)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">292</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,300)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(370)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Cash at beginning of year</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">82,923</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">96,378</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">27,419</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">22,015</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">85,401</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">24,296</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="11%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Cash at year-end</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">85,401</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">89,654</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">25,506</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">85,401</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">89,654</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">25,506</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P> ________ </FONT></TD>
<TD WIDTH="11%" 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>
<U><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________ </U></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=673>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods <BR>
ended December 31,</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the twelve-month periods <BR>
ended December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
<TD WIDTH="30%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">&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="39%" VALIGN="BOTTOM">&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="39%" 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="39%" VALIGN="BOTTOM" HEIGHT=41>
<B><FONT SIZE=2><P>Reconciliation of net income to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>47,044</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>166,806</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>47,455</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>217,208</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>388,526</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>110,534</FONT></TD>
</TR>
<TR><TD WIDTH="39%" 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="39%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</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="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(66,491)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(89,345)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(25,418)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(184,938)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(253,150)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(72,020)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,302</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11,392</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,241</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>39,309</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>40,449</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11,507</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,406)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11,005</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,131</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(3,972)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,796</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,770</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,288</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,903</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>826</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>14,949</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>16,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,637</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of development costs in operative mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(475)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,182</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>905</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11,531</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>16,008</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,554</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net cost of retired property, plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,499)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>5,318</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,513</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,972</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,946</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,260</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of subsidiary's share</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,607</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,880</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,818</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(9)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(3)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,818</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,320</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>945</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss (gain) from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,771</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,978)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(847)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,628)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,095</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>881</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Assets impairment loss and write-off</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,351</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,527</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>435</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,351</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,527</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>434</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of investments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,321</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>376</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,321</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>376</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Write-off of development costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,228</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,228</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Allowance for doubtful accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>998</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>308</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>88</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>998</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>308</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>88</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of property, plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>116</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(5,114)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,455)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>116</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(839)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(239)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</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="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Decrease (increase) of operating assets -</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="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,820</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(5,054)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,438)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>35,679</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(27,186)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(7,734)</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Inventories</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,382</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(305)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(87)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,587</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>790</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>225</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,389)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,053</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>869</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(17,042)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,536</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>437</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Increase of operating liabilities -</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="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Trade and other accounts payable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,239</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,134</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>323</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(59,117)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,383</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,815</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" 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="39%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>44,097</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>105,144</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>29,914</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>92,049</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>236,737</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>67,350</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<U><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<U><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><U><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Transactions that did not affect the cash flow</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="39%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Dividend payment with Sociedad Minera<BR>
El Brocal S.A. join stocks</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,612</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>743</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,612</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>743</FONT></TD>
</TR>
<TR><TD WIDTH="39%" 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>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<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>
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<DIR>

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

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

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

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

<P>Date: March 28, 2003</P>
<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></FONT></BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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