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<SEC-DOCUMENT>0001013131-03-000008.txt : 20030428
<SEC-HEADER>0001013131-03-000008.hdr.sgml : 20030428
<ACCEPTANCE-DATETIME>20030425195249
ACCESSION NUMBER:		0001013131-03-000008
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:		03665565

	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>bvn1q2003auding.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 ALIGN="JUSTIFY">This report consists of consolidated Financial Statements 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>.</P><DIR>
<DIR>

</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B><P>Interim unaudited consolidated financial information as of March 31, 2003 and for the three-month period then ended</P>
</DIR>
</DIR>

<B><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Interim unaudited consolidated financial information as of </P>
<P>March 31, 2003 and for the three-month</P>
<P>period then ended together with the report of<BR>
Independent Auditors</P>
</FONT><FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>Content</P>

<P>&nbsp;</P>
<P>Report of Independent Auditors</P>

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

</FONT><FONT FACE="Arial"><P>&nbsp;</P>
</FONT><FONT SIZE=3><P>&nbsp;</P>
<P>To the Shareholders of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>
</B>
<P>&nbsp;</P>
<P>We have made a limited review of the accompanying consolidated balance sheet of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B> (a Peruvian company) <B>and subsidiaries</B> (together, &quot;the Company&quot;) as of March 31, 2003 and the related consolidated statements of income, changes in shareholders'equity and cash flows for the three-month period then ended, stated in Peruvian nuevos soles.  The preparation of these consolidated financial statements is a responsibility of the Company's management.</P>

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

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

<P>Effective January 1, 2003, the Company has adopted IAS 39 &quot;Financial Instruments - Recognition and Measurement&quot; which effects are described in notes 5 and 12 to the consolidated financial statements. </P>

<P>Countersigned by:</P>

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

<P>Lima, Peru</P>
<P>April 22, 2003</P>
</FONT><FONT FACE="Book Antiqua,Times New Roman" SIZE=2>
</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=617>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</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">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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<OL START=16>

<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Assets</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Current assets</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">3</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">11</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">4</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total current assets</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term account receivable</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Investments in shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">5</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Mining concessions, net</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">6</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total assets</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Liabilities and shareholders' equity, net</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Current liabilities</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">7</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">11</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Dividends payable</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">9(e)</FONT></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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Other current liabilities</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">8</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total current liabilities</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="BOTTOM">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Derivative instruments</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">12(a)</FONT></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="48%" 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="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">8</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total liabilities</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Minority interest</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Shareholders' equity, net</U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">9</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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Capital stock</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Investment shares</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT SIZE=2><P>Treasury shares</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total shareholders' equity</U></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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><P ALIGN="JUSTIFY"></P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month period ended March 31, 2002 and 2003</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=600>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating revenues</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Net sales</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>126,082</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>153,738</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>44,241</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Royalty income</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">11(a)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>15,325</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>24,196</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>6,963</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total revenues</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>141,407</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>177,934</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>51,204</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Costs of operation</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Operating costs</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>69,940</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>67,532</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>19,434</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>8,965</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>8,308</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,391</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Exploration and development costs in operational<BR>
mining sites</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>12,104</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>14,821</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>4,265</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>91,009</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>90,661</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>26,090</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Gross margin</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>50,398</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>87,273</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>25,114</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating expenses</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>General and administrative</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>15,038</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>16,757</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>4,822</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>3,692</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>8,667</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>2,494</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Sales</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>5,522</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>4,906</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>1,412</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Royalties</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,990</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>4,575</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>1,317</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Total operating expenses</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>27,242</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>34,905</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>10,045</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Operating income</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>23,156</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>52,368</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>15,069</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Gain from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">12(a)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>91,620</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>26,365</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">5(d)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>30,399</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>64,907</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>18,678</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Realized gain (loss) on derivative instruments</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">12(b)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>15,566</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(1,288)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(371)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Interest income</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>2,289</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>1,186</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>341</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Gain from exposure to inflation </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>175</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>856</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>246</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(4,107)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(2,310)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(665)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">6</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(4,120)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(3,975)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(1,144)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="CENTER">1(d)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(6,680)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Other, net</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(3,849)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>2,662</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>766</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Total other income, net</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>29,673</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>153,658</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>44,216</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Income before income tax and minority interest</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>52,829</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>206,026</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>59,285</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Income tax</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(5,772)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(6,441)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(1,854)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Income before minority interest</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>47,057</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>199,585</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>57,431</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>(1,923)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(13,330)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>(3,836)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net income</U></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>45,134</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P>186,255</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>53,595</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" 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="9%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">13</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">0.35</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">1.46</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">0.42</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">13</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">127,225,692</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">127,225,692</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">127,225,692</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<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 Changes in Shareholders' Equity (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month period ended March 31, 2002 and 2003</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=1264>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Capital stock</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7><P></P></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=3 HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Common shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Investment shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additional paid-in capital </B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Legal <BR>
reserve</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retained earnings</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative translation adjustment</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Unrealized gain on investments carried at fair value</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Treasury shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><FONT SIZE=2><P>Balance as of January 1, 2002</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>186,922</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>504</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>525,585</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>37,375</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>789,231</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>5,964</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(19,418)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>1,526,163</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Declared and paid dividends, net of dividends paid to a subsidiary, note 9(e)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(27,601)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(27,601)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Capitalization of retained earnings, notes 9(a) and (b)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>423,813</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,148</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(424,961)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Transfer to legal reserve</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,621</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,621)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>Gain from sale of ADR, note 9(c)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>19,681</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,123</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,804</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>Cumulative gain for translation of investment in Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,971</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,971</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,134</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,134</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><FONT SIZE=2><P>Balance as of March 31, 2002</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>610,735</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,652</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>545,266</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>41,996</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>377,182</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,935</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,295)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,572,471</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Balance as of January 1, 2003 </U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>610,735</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,652</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>545,266</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>77,042</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>646,313</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,961</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,295)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,872,674</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Declared dividends, note 9(e)</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(41,759)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(41,759)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Investments kept at fair value, note 5(a)</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(5,627)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>16,036</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,409</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Loss on derivative instruments, note 12(a)</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(431,229)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(431,229)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Transfer to legal reserve</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>18,374</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(18,374)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Cumulative loss for translation of investment in Minera Yanacocha S.R.L.</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(23,153)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(23,153)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Net income</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>186,255</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>186,255</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<B><FONT SIZE=2><P>Balance as of March 31, 2003</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>610,735</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,652</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>545,266</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>95,416</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>335,579</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(16,192)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>16,036</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,295)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,573,197</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<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>&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P>For the three-month period ended March 31, 2002 and 2003</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" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" 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" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" 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" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" 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" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" 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" HEIGHT=1>
<FONT SIZE=2><P>117,130</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>176,414</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>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" HEIGHT=1>
<FONT SIZE=2><P>15,886</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>24,083</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>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" HEIGHT=1>
<FONT SIZE=2><P>2,275</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,440</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>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" HEIGHT=1>
<FONT SIZE=2><P>(46,289)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(76,052)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>(30,491)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(32,094)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>(11,517)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(19,135)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>(3,615)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(10,835)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>(3,467)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,366)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>(3,527)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,824)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,100)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">36,385</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>54,631</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,722</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</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" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" 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" HEIGHT=1>
<FONT SIZE=2><P>(18,628)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(10,816)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,112)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from (payments by) derivative instruments settled</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,566</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,288)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(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" HEIGHT=1>
<FONT SIZE=2><P>2,055</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>392</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>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" HEIGHT=1>
<FONT SIZE=2><P>(9,782)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(7,422)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,136)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of investments in shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,865)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,500)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(432)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">(14,654)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(20,634)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,938)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY"><LI>Financing Activities</U></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Decrease of bank loans, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(26,845)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(8,621)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,481)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of long - term debt, net</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,216</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,657)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,916)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of treasury ADR</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,804</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></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" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(825)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(15,278)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(4,397)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>Net increase in cash during the period</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>20,906</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>18,719</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=2><P>5,387</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>86,317</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>90,642</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>26,084</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=2><P>Cash at period-end </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P ALIGN="JUSTIFY">107,223</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>109,361</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>31,471</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=5>
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P> _______ </FONT></TD>
</TR>
</TABLE>

<FONT FACE="Book Antiqua,Times New Roman" SIZE=2>
</FONT><FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></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 </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>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>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>Amortization of development costs in operational 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>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>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>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>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>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 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 SIZE=2>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P>&nbsp;</P>
</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Notes to the interim consolidated financial statements (unaudited) </P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of March 31, 2003 and 2002</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

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

<OL TYPE="a">

</B><LI>The accompanying interim consolidated financial statements have been prepared from the accounting books and records of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (&quot;Buenaventura&quot;) and subsidiaries (together, &quot;the Company&quot;), which are maintained in nominal Peruvian currency and adjusted to reflect changes in the National Wholesale Price Level Index (IPM).  According to such index, prices decreased 0.5 percent and increased 1.1 percent during the three-month period ended March 31, 2002 and 2003, respectively.</LI></OL>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</OL>

<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>Figures presented in the consolidated financial statements as of December 31, 2002 and for the three-month period ended March 31, 2002 have been inflation adjusted to reflect the change in the National Wholesale Price Index (IPM) at March 31, 2003.</P>

<P>(b)&#9;The criteria and accounting principles used by Management in the following interim consolidated financial statements preparation, which should be read together with the 2002 audited report, are similar to those used in the preparation of Buenaventura's annual consolidated financial statements, except for matters related to the adoption of IAS 39, Recognition and Measurement of Financial Instruments, effective January 1, 2003 (see notes 5 and 12).  Additionally, in preparing the interim consolidated financial statements, Management made certain estimates and assumptions; accordingly actual results may differ from those presented in this report.</P>

<P>(c)&#9;Certain figures of the consolidated financial statements as of December 31, 2002 and for the three-month period ended March 31, 2002 have been reclassified to conform to presentation standards adopted for 2003 financial reporting purposes.</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P>(d)&#9;The interim consolidated financial statements include the financial statements of the following subsidiaries:</P>
</FONT><FONT FACE="Book Antiqua,Times New Roman" SIZE=2></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=1020>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ownership percentages as of </B></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_________________________________________________________</B></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">December 31, 2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">March 31, 2003</B></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Subsidiaries</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Economic activity</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Advisory and engineering services related to the mining industry.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Cedimin S.A.C.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">44.83</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">55.17</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Holds investments in S.M.R.L. Chaupiloma Dos de Cajamarca, Minas Conga S.R.L. and other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Holds investments in Buenaventura,  Yanacocha and other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">73.63</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">73.63</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead.  Currently is also engaged in electric power sales.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Transmission of electric power to mining companies.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Contacto Corredores de Seguros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Placement of insurance contracts and provision of administrative and technical services in insurance matters.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">59.02</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">59.90</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead, through its subsidiary Sociedad Minera El Brocal S.A.A.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of gold in bars and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Treatment of minerals and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Paula 49 S.A.C.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">51.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">51.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of concentrates, primarily gold.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Effective December 19, 2000, this entity transferred to Yanacocha its exploration and exploitation rights to the S.M.R.L. Chaupiloma Dos de Cajamarca's mining concessions.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Shila S.A.C.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">50.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">50.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of concentrates, primarily gold.  This Company was absorbed by Cedimin S.A.C. effective January 2, 2003.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=1><P>Owner of the mining concessions explored and exploited by Yanacocha.</FONT></TD>
</TR>
</TABLE>
</P>

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

<P>During the first quarter of 2003, the Company purchased 1,572,000 shares of its subsidiary Inversiones Colquijirca S.A. for S/1 per share.  As a result of this transaction the Company's ownership in Inversiones Colquijirca S.A. increased from 59.02% as of December 31, 2002 to 59.90% as of March 31, 2003.</P>

<P>On March 31, 2002, the Company transferred its participation in Minera Huallanca S.A.C. (Huallanca) to BHL - Per&uacute; S.A.C., by selling its Huallanca's shares for US$2,000,000. From this amount, US$1,500,000 will be collected in three equal semi-annual installments finishing on September 30, 2004 and the remaining US$500,000 will be collected on September 30, 2006 provided that: (i) the level of economic reserves measured between September 30, 2004 and September 30, 2006 allows Huallanca to produce 15,000 MT/month of mineral and (ii) the average price of zinc is higher than US$1,050/MT in that period.  If these conditions are not met, the final price of the transaction will be reduced to US$1,500,000. This transaction has generated a loss amounting to S/6,680,000, assuming a sales price of US$1,500,000, which is separately presented in the consolidated statements of income.</P>
<P ALIGN="JUSTIFY"></P>
<P>On April 2, 2002, the Company sold to third parties its participation in Minera Yanaquihua S.A.C.  Under the sale agreement, the buyers will pay royalties equal to a percentage of the net sales of Minera Yanaquihua S.A.C.; the royalty payment percentages will be equal to 5% in 2004, 6% in 2005, 7% in 2006 and 8% in 2007.  Under the contract, the buyers have an option to forego continued royalty payments and to buy out the annual royalties section of the agreement for an amount equal to US$ 3,000,000; if this option has not been exercised at December 31, 2007, the royalties will increase to 10% of yearly net sales effective January 1st, 2008.  The Company's former carrying amount of the investment of S/5,189,000 (US$1,492,000) is shown as a long-term account receivable.  No income was recognized on this transaction.</P>
<P ALIGN="JUSTIFY"></P>
<P>(e)&#9;The interim consolidated financial statements of the Company as of March 31, 2002 and for the three-month period then ended were reviewed by other independent auditors, whose report dated April 23, 2002 expressed that based on their review, they were not aware of any material modifications that should be made to those financial statements.</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  2.&#9;Convenience Translation of Peruvian Nuevos Soles amounts into <BR>
U.S. dollar amounts</P>
</B><P>The consolidated financial statements are stated in Peruvian Nuevos Soles.  U.S. dollars amounts are included solely for the convenience of the reader, and were obtained by dividing Peruvian Nuevos Soles amounts by the exchange rate for selling U.S. dollars at March 31, 2003 (S/3.475 to US$1), as published by the Superintendencia de Banca y Seguros (Superintendent of Bank and Insurance, or &quot;SBS&quot;).  The convenience translation should not be construed as representation that the amounts of the consolidated financial statements in Peruvian Nuevos Soles have been, or could be converted into U.S. dollars at the foregoing or any other rate of exchange.</P>
<B>
<P>  3.&#9;Cash and cash equivalents</P><DIR>
<DIR>

</B><P>(a)&#9;This item is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=396>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of</P>
<P ALIGN="CENTER">December 31,</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of </P>
<P ALIGN="CENTER">March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,143</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,343</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>Current demand deposit accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,887</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">13,570</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>Saving accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">6,786</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>Time deposits</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>In local currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">73,805</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">69,804</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P>In foreign currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,021</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">24,644</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">90,642</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">109,361</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>(b)&#9;The Company maintains a time deposit in Peruvian currency for S/69,800,000 at an annual interest rate of 5.7 percent with maturity on April 9, 2003.</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>(c)&#9;On March 2003, the Company opened time deposits in foreign currency for US$6,000,000 with annual interest rates ranging from 1.10% to 1.25% and maturities between 15 and 30 days.  </P>
</DIR>
</DIR>

<B><P>  4.&#9;Inventories, net</P><DIR>
<DIR>

</B><P>(a)&#9;This item is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=381>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December, 31 2002</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
March 31,<BR>
2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Mineral concentrates </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,669</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,858</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Supplies</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">48,678</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">48,504</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">80,347</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">86,362</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Less - Slow moving and obsolescence supplies reserves </FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,939</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,939</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">74,408</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">80,423</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>In Management's opinion, the reserve above created by current and prior year write-offs, is sufficient to cover the risks of slow moving and obsolete supplies at December 31, 2002 and March 31, 2003.</P>

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

<P>  5.&#9;Investments in shares</P><DIR>
<DIR>

</B><P>This item is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=389>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Equity ownership percentage</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Amount </B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">___________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December31, 2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2003</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Investments carried at fair value (a)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Sociedad Minera Cerro Verde S. A.</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"></P>
<P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"></P>
<P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P>&#9;</P>
<P>19,383</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P>29,792</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4,783</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,103</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">24,166</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">34,895</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<B><FONT SIZE=1><P>Equity method investments</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Yanacocha S.R.L. (c)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"></P>
<P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"><BR>
43.65</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">1,159,467</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,201,387</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Sociedad Minera Coshuro de Responsabilidad Limitada</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">45.90</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">45.90</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">815</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">761</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,160,282</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,202,148</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,184,448</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,237,043</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</P>

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<P>(a)&#9;Until December 31, 2002, the Company carried at cost the investments in shares in entities in which its ownership is less than 20 percent, less any impairment recognized as a result of declines in value deemed to be permanent.  Effective January 1, 2003, the Company has adopted IAS 39, &quot;Financial Instruments - Recognition and Measurement&quot;, which requires that these investments be measured at fair value, and changes in this value be recognized separately in the statement of changes in shareholders' equity.  The initial effect on the adoption of this IAS must be recorded as a debit or credit to retained earnings.  Accordingly, the Company has recorded a charge of S/5,627,000 to retained earnings, and presents the change in its fair value occurred during the first quarter of 2003 of S/16,036,000 in the caption &quot;unrealized gain on investments in shares carried at fair value&quot; in the consolidated statement of shareholders' equity.</P>

<P>The Company has determined the fair value as of March 31, 2003 based on the quoted market price of Sociedad Minera Cerro Verde S.A.'s shares as of that date.  The Company has not considered the fair value of the other investments due to the effect is not material to the interim consolidated financial statements.</P>

<P>(b)&#9;The amount to be recorded as equity participation in Minera Yanacocha S.R.L (hereinafter, &quot;Yanacocha&quot;) was determined from audited financial statements as of December 31, 2002 and unaudited financial statements as of March 31, 2003.</P>

<P>(c)&#9;The calculation of the equity investment in Yanacocha is as follows:</P>
</FONT><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="CENTER"></P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=389>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="45%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="CENTER">_______________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Yanacocha shareholders' equity at beginning</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,808,431</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>2,414,002</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Participation percentage</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65%</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65%</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Company's participation in Yanacocha equity as of January 1<SUP>st </SUP></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>789,380</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,053,712</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Payment over the book value of Yanacocha's shares, net of cumulative amortization (i)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>125,461</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>117,213</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Elimination of intercompany gains (ii)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(12,441)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(11,458)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Balance of investment as of January 1<SUP>st</SUP> </FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>902,400</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,159,467</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Participation in Yanacocha income</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>32,716</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>66,791</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Amortization of payment above the book value of Yanacocha's shares (i)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(2,484)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(2,035)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Realization of intercompany gains (ii)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>199</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>317</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Cumulative translation effect</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>4,971</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(23,153)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(2,977)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Balance as of March 31,</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT SIZE=1><P>934,825</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,201,387</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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<P>(i)&#9;Corresponds to a premium paid over the book value of Yanacocha shares in previous years, in connection with the Company's acquisition of an additional 11.35 percent interest in Yanacocha, through exercise of its preferential rights.</P>

<P>(ii)&#9;The elimination of related inter-company gains corresponds to profits generated in past years, and is presented net of the investment in Yanacocha for reporting purposes.  The Company increases the investment and recognizes a gain in the share in affiliated companies as Yanacocha depreciates and amortizes the acquired assets. </P>
</FONT><FONT FACE="Arial" SIZE=1></DIR>

<P>(d)&#9;The amount recognized in the consolidated statements of income as &quot;share in affiliated companies, net&quot; is made up as follows:</P>
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</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=397>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month period </P>
<P ALIGN="CENTER">ended as of March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,431</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">65,073</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Other</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(32)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(166)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,399</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">64,907</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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<P>The share in Yanacocha's income has increased in the three-month period ended March 31, 2003, as compared to the same period of 2002, due mainly to the following reasons: (i) the increase of the realized gold price from US$290 per ounce during the three-month period ended March 31, 2002 to US$352 per ounce during the three-month period ended March 31, 2003, (ii) increase of the volume of ounces of gold sold from 483,201 during the three-month period ended March 31, 2002 to 652,655 during the three-month period ended March 31, 2003, and (iii) decrease of cash cost per ounce from US$146 during the three-month period ended March 31, 2002 to US$134 during the three-month period ended March 31, 2003.  Increased revenues have been partially offset by an increase in asset retirement and restoration obligations of US$36 million (Buenaventura equity participation of US$16 million).</P>

<P>(e)&#9;Presented below is selected information about Yanacocha, the Company's most significant investment:</P>

<B><P>Economic activity -</P>
</B><P>Yanacocha is engaged in the exploration for and exploitation of gold in the open pit mines of Carachugo, San Jos&eacute;, Maqui Maqui, Cerro Yanacocha and La Quinua; all mines are located in the department of Cajamarca, Peru.</P>

<B><P>Summary financial information based on the Yanacocha financial statements -</P>
</B><P>&#9;Presented below is certain summary financial information extracted from the Yanacocha financial statements and adjusted to conform to accounting practices and principles of the Company:</P>

<P>Summary data from the Yanacocha balance sheet as of December 31, 2002 (audited) and March 31, 2003 (unaudited):</P>
</DIR>
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</DIR>
</DIR>
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</DIR>
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</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,055,280</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,199,409</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">374,755</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">475,345</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Shareholders' equity</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">680,525</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">724,064</FONT></TD>
</TR>
</TABLE>
</P>

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

<P>&#9;Summary data from the Yanacocha statements of income for the three-month period ended March 31, 2002 and 2003 (unaudited) :</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">140,303</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">230,041</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">26,710</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">70,169</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">20,846</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">43,606</FONT></TD>
</TR>
</TABLE>
</P>

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

<B><P>  6.&#9;Mining concessions, net</P>
</B><P>Corresponds to the amount paid over the fair value of net assets as a result of the additional purchase of ownerships in subsidiaries.  Movements within the mining concession cost and accumulated amortization accounts were as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=439>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance <BR>
as of December 31, 2002</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retirements</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance </P>
<P ALIGN="CENTER">as of </P>
<P ALIGN="CENTER">March 31, 2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">  </FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<OL START=16>

<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"><LI>Cost</OL>
</U></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Cedimin S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">166,128</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">166,128</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Inversiones Colquijirca S.A. </DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">40,132</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">40,132</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM"><DIR>

<FONT SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">8,609</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">8,609</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM"><DIR>

<FONT SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,409</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(166)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,243</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">220,278</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(166)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">220,112</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<B><FONT SIZE=1><P>Accumulated amortization</DIR>
</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Cedimin S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,416</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,572</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">32,988</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Inversiones Colquijirca S.A.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">14,213</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,035</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">15,248</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM"><DIR>

<FONT SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">955</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">213</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,168</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">926</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">155</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,081</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">46,510</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,975</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">50,485</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<B><FONT SIZE=1><P>Net cost</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">173,768</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">169,627</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>  7.&#9;Bank loans</P>
</B><P>Bank loans, contracted in U.S. dollars, are as follows:</P>
<B></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</B></FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=446>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual</P>
<P ALIGN="CENTER">interest rate</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, <BR>
2002</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
March 31, <BR>
2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Ranging from 3.68% to 4.45%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>10,661</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>4,795</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>5.27%</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>4,922</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>3,875</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Banco Internacional del Per&uacute; - Interbank</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Ranging from 5.18% to 5.32%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>7,107</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5,352</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Banco Interamericano de Finanzas - BIF</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Ranging from  4.32% to 4.48 %</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3,127</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Inversiones Mineras del<BR>
Sur S.A.</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3.38%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>7,722</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3.88%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>6,397</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Ranging from 2.62% to 3.07%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3,554</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>19,808</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Other subsidiaries</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>336</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,375</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>_______</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P>_______</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>43,826</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P>35,205</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>Bank loans were obtained to finance working capital needs and have short-term maturities.  Loans obtained by Sociedad Minera El Brocal S.A.A. are guaranteed by the related shipments of lead and zinc concentrates inventories.  The other bank loans do not have specific guarantees.</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P>  8.&#9;Long term debt</P><DIR>
<DIR>

</B><P>(a)&#9;Long-term debt is composed of the following loans, principally denominated in U.S. dollars:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=951>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Guarantee</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual interest rate</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Maturity rate</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, 2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
March 31, <BR>
2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Inversiones Mineras del Sur S.A. </B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">Banco de Cr&eacute;dito del Per&uacute; (i)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">4.50%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">January 2008</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">71,075</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">69,500</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Consorcio Energ&eacute;tico de Huancavelica S.A. </B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">BBVA Banco Continental</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">Libor plus 1.20% <BR>
(2.866% as of <BR>
March 31, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">April 2005</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">33,109</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">28,900</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Sociedad Minera El Brocal S.A.A.</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=1><P>No specific guarantees</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">Libor plus 3.75% <BR>
(5.029% as of March 31, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">September 2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">19,546</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">19,111</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Teck Cominco Metals Ltd. (ii)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT SIZE=1><P>No specific guarantees</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">Libor plus 6.00% <BR>
(7.279% as of March 31, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">December 2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">6,007</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,819</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Other</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">786</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">536</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">130,523</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">123,866</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Less  Current portion</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">17,192</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">18,643</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Long-term portion</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">113,331</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">105,223</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<B><FONT FACE="Arial" SIZE=1>
<OL TYPE="i">
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<OL TYPE="i">

</B></FONT><FONT FACE="Arial" SIZE=1><LI>This note contains a quarterly roll over provisi&oacute;n, has a final maturity date in 2006 and is fully guaranteed by Buenaventura.  In January 2003, this loan was rolled over and an annual interest rate of 4.50% was established.</LI>

<LI>This loan is subordinated to the obligations established in the loan agreement signed with Banco de Cr&eacute;dito del Per&uacute;, see (i).</LI></OL>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</OL>


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

</B><P>(b)&#9;The long-term debt maturity schedule of the non-current portion of long-term debt is as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="75%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Year ended March 31,</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount</B></FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT SIZE=1><P>2005</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">22,095</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT SIZE=1><P>2006</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">9,240</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT SIZE=1><P>2007</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4,388</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT SIZE=1><P>2008</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">69,500</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">105,223</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

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

</B><P>(a)&#9;Capital stock -</P>
<P>As of March 31, 2003 the capital stock is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Nominal<BR>
value</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Restatement for inflation effect</B></FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Capital stock</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">549,780</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">60,955</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">610,735</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">_______</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">______</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>The Mandatory Annual Shareholders' meeting held on March 26, 2002 decided to increase the Company's capital stock from S/137,444,962 to S/549,779,848 (from S/186,922,000 to S/610,735,000, in constant values as of March 31, 2003) through the capitalization of a portion of retained earnings as of December 31, 2001, and by increasing the nominal value of the common shares - Series A and B from S/1 to S/4. From the capitalized amount of S/412,334,886 (S/423,813,000 in constant values as of March 31, 2003), </P>
<P>S/129,266,262 corresponds to common shares - Series A and S/283,068,624 to common shares - Series B.</P>

<P>&nbsp;</P>
<P>The Shareholders' Meeting held on April 30, 2002 approved the re-designation of common shares - Series B as common shares - Series A, and then immediately approved the re-designation of common shares  Series A as common shares.  Both decisions were effective May 3, 2002, at which date the Company's capital stock is comprised of 137,444,962 common shares with a nominal value of S/4 each.</P>

<P>(b)&#9;Investment shares -</P>
<P>As of March 31, 2003 the investment shares is made up as follows:</P>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Nominal<BR>
value</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Restatement for inflation effect</B></FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,489</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">163</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,652</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">_____</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">_____</B></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=2><P ALIGN="JUSTIFY">   ___</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><DIR>
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<P>The Annual Shareholders' meeting mentioned in paragraph (a) above, also decided to increase the investment shares account from S/372,320 to S/1,489,280 (From S/504,000 to S/1,652,000, in constant values as of March 31, 2003), by increasing the nominal value of investment shares from S/1 to S/4, concurrent with capitalization of a portion of retained earnings equal to S/1,116,960 (S/1,148,000 in constant values as of March 31, 2003).  As a consequence, effective May 3, 2002, there are 372,320 investment shares with a nominal value of S/4 each.</P>

<P>(c)&#9;Additional paid-in capital -</P>
<P>The additional paid-in capital principally relates to the premium received on the issuance of Series B common shares.  Additionally, it includes a gain that resulted from the sale of treasury ADR.</P>

<P>In the first quarter of 2002, Condesa sold to third parties an additional 314,500 ADR for approximately S/23,804,000, realizing a gain of S/19,681,000, which is presented as additional paid-in capital in the consolidated statements of changes in shareholders' equity.</P>

<P>&nbsp;</P>
<P>(d)&#9;Legal reserve -</P>
<P>According to the <I>Ley General de Sociedades </I>(General Corporations Law), applicable to individual and unconsolidated financial statements, a minimum of 10% of distributable income in each year, after deducting income tax, shall be transferred to a legal reserve, until such reserve is equal to 20 percent of capital stock. This legal reserve may be used to offset losses or may be capitalized; however, if used to offset losses or if capitalized, the reserve must be replenished with future profits.</P>

<P>(e)&#9;Declared dividends -</P>
<P>The Annual Shareholders meeting held on March 26, 2002 approved a cash dividend of S/29,897,000 (equivalent to S/0.21 per share) from retained earnings as of December 31, 2001.  The cash dividend includes dividends of S/2,296,000 paid to a subsidiary.  The dividends were available to shareholders from April 2002.</P>

<P>The Annual Shareholders meeting held on March 31, 2003 approved a cash dividend of S/41,759,000 (equivalent to S/0.303 per share) from retained earnings as of December 31, 2002.  These dividends will be available to shareholders from April 25, 2003 and are included as dividends payable in the consolidated balance sheets as of March 31, 2003.</P>
</DIR>
</DIR>

<B><P>10.&#9;Legal proceedings</P><DIR>
<DIR>

</B><P>Damages claimed by a French citizen</P></DIR>
</DIR>

<P>In February of 2002, the Company and Condesa, together with Newmont Mining, Newmont Second and certain individual persons, were defendants in an action initiated by a French citizen, with jurisdiction before the District Court of the state of Colorado in the United States.  The plaintiff alleges that he was engaged as an advisor to Normandy respective to a lawsuit that concluded in October of 1998, and that such lawsuit separately motivated the execution of a Global Transaction Agreement in 2000 between the Company, BRGM, Mine Or, Normandy and their related entities (SEREM).  The Global Transaction Agreement provided for full and permanent </P>

<P>revocation and annulment of any preferential rights on the shares of Cedimin S.A.C. in exchange for a one-time payment of US$80 million by the Company, of which the Company paid US$40 million.</P>

<P>The plaintiff asserts that he was injured because Normandy had promised to pay him a commission based fee if he was able to increase the amount of the Company's payment as ordered by the Court, which did not occur, and seeks damages of not less than US$25 million plus interest, in addition to unspecified punitive damages that could increase the amount by threefold. Additionally, the plaintiff alleges violations of the federal RICO statute and similar provisions of Colorado law, interference with contract rights, defamation and other damages.</P>

<P>The defendants have filed various motions to dismiss the action and believe the arguments presented for dismissal have solid legal ground; however, rather than responding to these motions for dismissal, the plaintiff has filed another demand.  The Company and Condesa have presented motions to reject the new demand.</P>

<P>At this date is not possible to predict when the court will rule on the motions, the possible outcome of such motions or a possible range of loss.</P>

<B><P>  11.&#9;Transaction with affiliated companies</P><DIR>
<DIR>

</B><P>(a)&#9;S.M.R.L. Chaupiloma Dos de Cajamarca (&quot;Chaupiloma&quot;) is the legal owner of the mineral rights on the mining concessions exploited by Yanacocha., and receives a 3 percent royalty on the net sales of Yanacocha.  For the three-month period ended March 31, 2003, royalties earned amounted to S/24,196,000 (S/15,325,000 for the three-month period ended March 31, 2002) and are presented as royalty income in the consolidated statements of income. </P>

<P>(b)&#9;In March 2002, Buenaventura Ingenieros S.A. signed a technical service agreement with Yanacocha to perform a number of specialized activities and services.  Pursuant to the agreement, the services performed will be related to the construction of mining projects and will include completion of analysis and studies, work plan design, and functions related to planning, monitoring and administrating the infrastructure projects required by Yanacocha in its </P>
<P>operations.  This contract will expire on December 31, 2003.  The revenues related to this service contract amounted to approximately S/2,746,000 for the three-month period ended March 31, 2003.</P>
<B>
</B><P>(c)&#9;In November 2000, Consorcio Energ&eacute;tico de Huancavelica S.A. signed an agreement with Yanacocha for the construction of a 220 kW transmission line between Trujillo and Cajamarca, a 60 kW transmission line between Cajamarca and La Pajuela, and the Cajamarca Norte substation; this agreement also encompassed activities necessary to enlarge the Trujillo substation.  Pursuant to this contract, the construction work should be finished in October of 2001. Concurrently, Yanacocha and the Company signed a 10-year agreement covering electric energy transmission and infrastructure operation beginning November 2001. In exchange for Buenaventura operating and managing the transmission project, Yanacocha will pay an annual fee of US$3.7 million. The revenues for these services for the three-month period ended March 31, 2002 and 2003 amounted to approximately S/3,308,000 and S/3,384,000, respectively. </P>

<P>(d)&#9;As a result of these and other minor transactions, the Company has the following accounts receivable and payable from affiliated companies:</P>
</DIR>
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</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
December 31, 2002</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of <BR>
March 31,<BR>
2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Receivable</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,481</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,163</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">180</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">175</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,661</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,338</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Payable</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a Minera Coimolache S.A.</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">22</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">22</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<B><FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
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<P>12.&#9;Derivative financial instruments</P><DIR>
<DIR>

</B><P>(a)&#9;Until December 31, 2002, the Company did not account for the fair value of the derivative instruments and only disclosed the amount in notes to the consolidated financial statements.  Effective January 1, 2003, the Company has adopted IAS 39, &quot;Financial Instruments - Recognition and Measurement&quot;, which requires that the derivative instruments be recognized as assets or liabilities in the consolidated balance sheet, and measured at their fair value.  The initial effect on the adoption of this IAS must be recorded as a debit or credit to retained earnings. Subsequent changes in the fair value must be recognized in the results of the period, unless certain criteria specified in IAS 39 are met.</P>

<P>Management's intention is to hold derivative instruments to hedge the fluctuations in metal prices, mainly gold and silver, and not for trading purposes; however, the Company does not meet all the criteria stated in IAS 39 to accounted for the derivative instruments as a hedge.  Accordingly, the Company has recorded their derivative instruments as follow:</P>
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<UL>
<LI>Recorded a charge of S/431,229,000 to retained earnings that includes a minority interest effect of S/4,057,000, and</LI></UL>
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<UL>
<LI>Recognized a gain of S/91,620,000 due to the change in fair value occurred during the first quarter of 2003, which is presented as other income in the consolidated statement of income.</LI></UL>
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<P>In addition, S/335,552,000 is presented as a liability in the consolidated balance sheet in connection with the fair value of the open derivate instruments as of March 31, 2003, as detailed in the paragraph (c) below.</P>
<B>
</B><P>(b)&#9;For the three-month period ended March 31, 2003, the Company recognized expenses amounting to S/1,288,000 (revenues amounting to S/15,566,000 for three-month period ended March 31, 2002) in connection with derivative operations settled in those periods.</P>

<P>(c)&#9;The tables below present details related to commodity derivative instruments outstanding as of March 31, 2003:</P>
<B>
</B><P>&#9;Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. -</P>
<B></DIR>
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</DIR>
</DIR>
</DIR>
</DIR>
</B></FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</P>
<P ALIGN="CENTER">(ounces)</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Collared price range </B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">______________________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Minimum</B></FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Maximum</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(US$/Oz)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">5,350,000(i)</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">9,575,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>US$5.80 to US$6.20 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>April 2003 - August 2006</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P>Gold</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">692,500(ii)</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="RIGHT">3,404,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>US$332.13 to US$420 </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>April 2003 - December 2011</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<OL TYPE="i">
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<OL TYPE="i">

</FONT><FONT FACE="Arial" SIZE=1><LI>Includes:</LI>

<UL>
<LI>3,200,000 Oz Ag with a guaranteed minimum sale price of US$5.80 Oz/Ag (minimum price valid only and when silver price is above US$4.15 Oz/Ag) and a maximum sale price of US$6.20 Oz/Ag.</LI></UL>
</OL>
</DIR>
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</DIR>
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</DIR>
</DIR>
</UL>



<UL>
<UL><DIR>
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<DIR>


<UL>
<LI>1,025,000 Oz Ag with a guaranteed sales price of US$6 Oz/Ag, only and when the silver price is above US$4 Oz/Ag.</LI></UL>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</UL>
</UL>

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<DIR>

<P>(ii)&#9;Includes guaranteed sales 135,000, 202,500 and 45,000 Oz Au only and when gold prices are above US$279.50, US$265 and US$290 Oz/Au, respectively.</P>
</FONT><B><FONT FACE="Arial" SIZE=1>
</B><P>&nbsp;</P></DIR>

<P>&#9;Sociedad Minera El Brocal S.A.A.</P>
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</DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=421>
<TR><TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity</B></FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price</B></FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT SIZE=1><P>Call options </B></FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>8,100 MT</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$900/MT</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT SIZE=1><P>Put options </B></FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>16,200 MT</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$775/MT</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=1><P>Future contracts</B></FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Zinc (*)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>8,100 MT</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$895/MT</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Zinc </FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>8,100 MT</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$869/MT</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>4,050 MT</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$860/MT</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003  December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>450,000 Oz</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$5.10/Oz</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>225,000 Oz</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">US$5.05/Oz</FONT></TD>
<TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=1><P>April 2003 - December 2003</FONT></TD>
</TR>
</TABLE>
</P>

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</FONT><FONT FACE="Arial" SIZE=1><P>(*)&#9;This derivative instrument has a daily fade-out provision if zinc price is at or below US$ 750/MT.</P>
</FONT><FONT FACE="Arial" SIZE=1></DIR>

<P>(d)&#9;The Company maintains a foreign currency forward contract for US$20,186,391 that expires on April 9, 2003 and has a specific exchange rate of S/3.5081 for each U.S. dollar.</P>
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<B><P>13.&#9;Basic and diluted earnings per share</P>
</B><P>&#9;The computation of the basic and diluted earnings per share for the three-month period ended March 31, 2002 and 2003 is presented below:</P>
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</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=397>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month</P>
<P ALIGN="CENTER">period ended March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Net income (numerator) </FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">S/45,134,000</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">S/186,255,000</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Shares (denominator) </FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">127,225,692</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,225,692</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Earnings per share</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">S/0.35</FONT></TD>
<TD WIDTH="24%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">S/1.46</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
<P>&nbsp;</P><DIR>
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<P>&#9;The number of shares to be used as the denominator in the calculation of basic and diluted earnings per share for the three-month period ended March 31, 2002 and 2003 was determined as follows:</P>
</DIR>
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</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=381>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Less - treasury shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,591,590</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,591,590</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,225,692</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,225,692</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua,Times New Roman" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>
</P>

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<P>14.</B>&#9;<B>Statistical data </P>
</B><P>Statistical data of the Company related to the volume of inventories sold and average sale prices by product for the three-month period ended March 31, 2002 and 2003 are as follows:</P>
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<P>(a)&#9;Mineral volumes sold were:</P>
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</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=340>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">62,734 Oz</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">76,668 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,112,469 Oz</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,062,064 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Lead </FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,234 MT</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4,565 MT</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">11,340 MT</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">13,603 MT</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Copper</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">66 MT</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P><DIR>
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<P>(b)&#9;Average sales prices were:</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P></DIR>
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</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=340>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">287.89/Oz</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">349.80/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4.43/Oz</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4.67/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Lead </FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">489.66/MT</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">459.45/MT</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">793.36/MT</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">785.96/MT</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Copper </FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,656.11/MT</FONT></TD>
</TR>
</TABLE>
</P>

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<B><P>15.&#9;Explanation added for English language translation</P>
</B><P>The accompanying consolidated financial statements are presented on the basis of accounting principles generally accepted in Peru.  Certain accounting practices applied by the Company that conform with generally accepted accounting principles in Peru may differ in certain respects to generally accepted accounting principles in other countries.</P></DIR>
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</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>
<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>
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<P>Date: April 25, 2003</P>
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