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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001013131-03-000007.txt : 20030428
<SEC-HEADER>0001013131-03-000007.hdr.sgml : 20030428
<ACCEPTANCE-DATETIME>20030425185621
ACCESSION NUMBER:		0001013131-03-000007
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030303
FILED AS OF DATE:		20030428

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:		03665533

	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>bvnpr25032003.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>FOR IMMEDIATE RELEASE</TITLE>
</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. and subsidiaries on April 25, 2003, announcing the Company's First Quarter 2003 results.</P>
<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></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: </FONT><FONT SIZE=2>dhuguet@buenaventura.com.pe</FONT></A></P>
<FONT SIZE=2><P ALIGN="JUSTIFY">Web site:  </FONT><FONT SIZE=2>http://www.buenaventura.com</FONT></A></P>
<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&nbsp;</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</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) 840-0008 ext. 273</P>
<P ALIGN="JUSTIFY">e-mail: Patrick.Kilhaney@citigatefi.com</P>
<P ALIGN="JUSTIFY"></P>
</FONT><I><FONT SIZE=4><P ALIGN="RIGHT">&nbsp;</I></FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><I><U><P ALIGN="CENTER">COMPA&Ntilde;IA DE MINAS BUENAVENTURA S.A.A </P>
<P ALIGN="CENTER"> ANNOUNCES FIRST QUARTER 2003 RESULTS</P>
<FONT SIZE=3><P ALIGN="JUSTIFY"></P><DIR>

</B></I></U></FONT><P ALIGN="JUSTIFY">(Lima, Peru, April 25, 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, announced net income of S/.186.3 million or US$53.6 million for the three-month period ended March 31, 2003.  This represents an increase of 313% over the net income of S/.45.1 million in the corresponding quarter of 2002.  The Company's operating profit was S/.52.4&nbsp;million or US$15.1 million during the first quarter of 2003, representing a 126% increase when compared to the S/.23.2 million recorded in the corresponding quarter of 2002.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Buenaventura's EBITDA in the first quarter of 2003 was US$78.2 million, which represents an 85% increase when compared to the EBITDA of US$42.3 million in the same quarter of 2002.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Sales</P>
</U><P ALIGN="JUSTIFY">During the first quarter of 2003, Buenaventura reported total sales of S/.153.7 million, compared to S/.126.1 million during the same period of 2002. The higher sales revenue this quarter was due mainly to a 22% increase in the volume of gold sold, as shown below, and a 22% increase in gold price (US$349.81 in the first quarter of 2003, compared to US$287.89 in the first quarter of 2002).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P></DIR>

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=472>
<TR><TD VALIGN="TOP" COLSPAN=3>
<B><U><P ALIGN="CENTER">Sales content for the three-month period ended March 31,</P>
</B></U><FONT SIZE=2></FONT></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=20>
<B><U><P ALIGN="CENTER">2002</B></U></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=20>
<B><U><P ALIGN="CENTER">2003</P>
<P ALIGN="CENTER"></B></U></TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP">
<B><P ALIGN="JUSTIFY">Gold</B></TD>
<TD WIDTH="36%" VALIGN="TOP">
<P ALIGN="RIGHT">62,734 oz </TD>
<TD WIDTH="36%" VALIGN="TOP">
<P ALIGN="RIGHT">76,668 oz</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=23>
<B><P ALIGN="JUSTIFY">Silver</B></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=23>
<P ALIGN="RIGHT">3,112,469 oz</TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=23>
<P ALIGN="RIGHT">2,062,064 oz</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=21>
<B><P ALIGN="JUSTIFY">Lead</B></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=21>
<P ALIGN="RIGHT"> 5,234 MT</TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=21>
<P ALIGN="RIGHT">4,566 MT</TD>
</TR>
<TR><TD WIDTH="28%" VALIGN="TOP" HEIGHT=24>
<B><P ALIGN="JUSTIFY">Zinc</B></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=24>
<P ALIGN="CENTER">                11,340 MT </P>
<P ALIGN="CENTER"></TD>
<TD WIDTH="36%" VALIGN="TOP" HEIGHT=24>
<P ALIGN="RIGHT">13,603 MT</TD>
</TR>
</TABLE>
</CENTER></P>

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

<P ALIGN="JUSTIFY">Operations</P>
</U><P ALIGN="JUSTIFY">In the first quarter of 2003, Orcopampa increased its gold production by 18.4% (43,621 ounces of gold for the first quarter of 2003 and 36,856 ounces of gold in the first quarter of 2002) and reduced its cash cost by 7% (US$159.29/oz of gold in the first quarter of 2003, compared to US$170.51/oz of gold recorded in same quarter of 2002). Uchuchacua decreased its production by 3% (2,368,140 ounces of silver in the first quarter of 2003, compared to 2,431,242 ounces in the same period of 2002). The cash operating cost at Uchucchacua during the first quarter of 2003 was US$3.10 per ounce of silver, compared to US$2.71 in the same period of 2002, this increase is mainly due to higher, labor and supply costs to prepare future areas of production and lower by-product credits.    </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Antapite produced 17,927 ounces of gold during the first quarter of 2003 at a cash operating cost of US$163.33/oz (7,850.72 ounces of gold production in the same period of 2002 at a cash operating cost of US$148.52).  We have to mention that Antapite's treatment plant expansion is in process and the mine is expanding its preparation to increase production from April onward.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Buenaventura's total production, which includes 100% of its operating units, 78.06% of the production of the Ishihuinca and Antapite mines, 32.42% of the production of El Brocal, and 100.0% of the production of Cedimin, was:</P>
<P ALIGN="JUSTIFY"> </P></DIR>

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=485>
<TR><TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">1Q 2002</B></U></TD>
<TD WIDTH="31%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">1Q 2003</B></U></TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">Var %</B></U></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Gold</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="JUSTIFY">          58,830 oz</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="JUSTIFY">             67,654oz</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>       15.0  %</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Silver</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="JUSTIFY">     3,064,133 oz</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="JUSTIFY">        2,911,776 oz</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="CENTER"> ( 5.0  %)</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Zinc</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="JUSTIFY">            8,612 MT</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="JUSTIFY">                6,361MT</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="CENTER">(26.0 %)</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Lead</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="JUSTIFY">            3,316 MT</TD>
<TD WIDTH="31%" VALIGN="TOP">
<P ALIGN="JUSTIFY">                3,438MT</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="CENTER">  4.0  %</TD>
</TR>
</TABLE>
</CENTER></P>
<DIR>

<U><P ALIGN="JUSTIFY">Earnings</P>
</U><P ALIGN="JUSTIFY">Earnings per ADS for the three-month period ended March 31, 2003 were US$0.84, compared to US$0.20 during the corresponding 2002 period.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As it has been disclosed, the company adjusted its financial statements to conform to the NIC 39, equivalent to FAS 133, to report derivative results, and due to this, US$0.41/ADS of the above mentioned earnings per ADS correspond to derivatives.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Non-consolidated affiliates </P>
</U><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates, attributable mainly to Yanacocha, was S/.64.9 million or US$18.7 million during the first quarter of 2003, compared to S/.30.4 million in the corresponding period in 2002.  According to mining plans, Yanacocha's production increased 36% to 639,359 ounces of gold (279,080 ounces being Buenaventura equity ounces) in the first quarter of 2003, from 471,467 ounces of gold (205,795 ounces being Buenaventura equity ounces) in the same period of 2002.  The cash cost was US$134/oz, in the first quarter of 2003, compared to US$146/oz. in the first quarter of 2002. </P>
<P ALIGN="JUSTIFY">In the first quarter of 2003, Yanacocha changed accounting principles related to FAS 143 (Reclamation Cost). The cumulative effect of the change was US$36.4 million in expenses in this period (US$15.9 million Buenaventura's share).</P>
<P ALIGN="JUSTIFY"></P>
<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 its participation in joint exploration projects.  Buenaventura currently operates four mines in Peru, has controlling interests in two mining companies, which own two mines in Peru, and has minority interests in several other mining companies in Peru.  The Company has a significant ownership interest in Minera Yanacocha S.A., Latin America's largest producer of gold. Buenaventura is listed on the Lima Stock Exchange and the New York Stock Exchange. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Exchange rate as of March 31, 2003: S/.3.475/US$1.00</P>
<FONT SIZE=2><P ALIGN="JUSTIFY"></P></DIR>

</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2002 (audited) and March 31, 2003 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</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">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<OL START=16>

<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Assets</U></FONT></TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Current assets</U></FONT></TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>90,642</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>109,361</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>31,471</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>85,932</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>79,330</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22,829</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,661</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>30,338</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,730</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>74,408</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>80,423</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,143</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>30,860</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>36,308</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,448</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total current assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>312,503</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>335,760</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>96,621</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<FONT SIZE=2><P>Long - term account receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,969</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>9,456</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,721</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>13,233</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>9,500</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,734</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Investments in shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,184,448</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,237,043</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>355,984</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>369,352</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>368,313</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>105,989</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>148,194</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>151,002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>43,454</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Mining concessions, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>173,768</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>169,627</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>48,814</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,210,467</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,280,701</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>656,317</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Liabilities and shareholders' equity, net</U></FONT></TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Current liabilities</U></FONT></TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<FONT SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>43,826</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>35,205</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,131</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>36,344</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>27,953</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,044</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Dividends payable </FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,343</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>43,394</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>12,488</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Other current liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>62,285</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>58,941</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>16,961</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,192</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>18,643</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>5,365</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total current liabilities</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>161,012</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>184,158</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>52,995</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Derivative instruments</B></U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>335,552</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>96,562</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Deferred income tax and workers' profit sharing</B></U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>16,948</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,877</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>113,331</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>105,223</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>30,280</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total liabilities</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>291,807</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>641,881</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>184,714</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Minority interest</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,986</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>65,623</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>18,884</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Shareholders' equity, net</U></FONT></TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<FONT SIZE=2><P>Capital stock</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>610,735</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>610,735</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>175,751</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Investment shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,652</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,652</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>475</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>545,266</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>545,266</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>156,911</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>77,042</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>95,416</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>27,458</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>646,313</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>335,579</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>96,570</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,961</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(16,192)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,660)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Unrealized gain on investments carried at fair value</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>16,036</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,615</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Treasury shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,295)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,295)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,401)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total shareholders' equity</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,872,674</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,573,197</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>452,719</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" 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="47%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,210,467</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,280,701</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>656,317</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</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 (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-months periods ended March 31, 2002 and 2003</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=626>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating revenues</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Net sales</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>126,082</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>153,738</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>44,241</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Royalty income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,325</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>24,196</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>6,963</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total revenues</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>141,407</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>177,934</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>51,204</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Costs of operation</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Operating costs</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>69,940</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>67,532</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>19,434</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>8,965</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>8,308</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,391</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>12,104</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>14,821</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>4,265</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>91,009</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>90,661</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>26,090</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Gross margin</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>50,398</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>87,273</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>25,114</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating expenses</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>General and administrative</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,038</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>16,757</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>4,822</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Sales</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>5,522</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>4,906</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>1,412</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>3,692</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>8,667</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>2,494</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Royalties</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,990</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>4,575</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>1,317</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total operating expenses</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>27,242</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>34,905</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>10,045</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating income</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>23,156</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>52,368</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>15,069</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Gain from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>91,620</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>26,365</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>30,399</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>64,907</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>18,678</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Realized gain (loss) in derivative instruments</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,566</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(1,288)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(371)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Interest income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,289</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>1,186</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>341</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Gain from exposure to inflation </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>175</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>856</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>246</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(4,107)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(2,310)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(665)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(4,120)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(3,975)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,144)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,680)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Other, net</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,849)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>2,662</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>766</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Total other income, net</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>29,673</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>153,658</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>44,216</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Income before income tax and minority interest</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>52,829</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>206,026</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>59,285</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Income tax</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,772)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(6,441)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(1,854)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Income before minority interest</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>47,057</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>199,585</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>57,431</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,923)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(13,330)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>(3,836)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net income</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>45,134</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>186,255</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>53,595</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" 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="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="RIGHT">0.35</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="RIGHT">1.46</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="RIGHT">0.42</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=28>
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">127,225,692</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">127,225,692</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=28>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">127,225,692</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>___________</B></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-months periods ended March 31, 2002 and 2003</P>
<P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=604>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection from customers</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">117,130</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">176,414</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">50,767</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of royalties </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">15,886</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">24,083</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">6,930</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of interest</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,275</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,440</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">702</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(46,289)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(76,052)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(21,885)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments to employees</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(30,491)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(32,094)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(9,236)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(11,517)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(19,135)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(5,506)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of income tax</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,615)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(10,835)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,118)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of royalties</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,467)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(6,366)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,832)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of interest</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,527)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,824)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,100)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net cash provided by operating activities</U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">36,385</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">54,631</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">15,722</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Investing activities</U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(18,628)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(10,816)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,112)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from (payments by) derivative instruments</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">15,566</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,288)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(371)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">2,055</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">392</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">113</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Development expenditures</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(9,782)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(7,422)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(2,136)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of investments in shares, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(3,865)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(1,500)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(432)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net cash used in investing activities</U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(14,654)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(20,634)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(5,938)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in  financing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(825)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(15,278)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(4,397)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Net increase in cash during the year</FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">20,906</FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">18,719</FONT></TD>
<TD WIDTH="16%" VALIGN="MIDDLE" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">5,387</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Cash at beginning of year</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">86,317</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">90,642</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">26,084</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Cash at year-end</U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">107,223</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">109,361</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">31,471</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P> ________ </FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P> </P>

<P>&nbsp;</P>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=642>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" 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="56%" 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="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,134</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>186,255</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>53,595</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Gain from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(91,620)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(26,365)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(30,399)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(64,907)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(18,678)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,923</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>13,330</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,836</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>9,087</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,791</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,530</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,120</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,975</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,144</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of development costs in operative mining sites</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,279</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,870</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,114</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>1,357</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>391</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Gain from exposure to inflation</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(175)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(856)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(246)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Deferred income tax </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,157</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(516)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(148)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of plant and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,332</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>37</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of investments in shares</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,680</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net changes in assets and liabilities accounts</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Trade and other accounts receivable</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(24,507)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,237</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,371</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Inventories</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,246</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(3,594)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,034)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,724</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,715)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(493)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Decrease of operating liabilities -</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Trade and other accounts payable</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(216)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(8,013)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,306)</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="56%" 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="56%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net cash provided by operating activities</OL>
</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>36,385</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>54,631</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>15,722</FONT></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
</FONT><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
</FONT><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>
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<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>

<P>&nbsp;</P><DIR>
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<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>
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<P>Date: April 25, 2003</P>
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