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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001013131-03-000013.txt : 20030801
<SEC-HEADER>0001013131-03-000013.hdr.sgml : 20030801
<ACCEPTANCE-DATETIME>20030731195357
ACCESSION NUMBER:		0001013131-03-000013
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20030801

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:		03816107

	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>bvnpr310703.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>FOR IMMEDIATE RELEASE</TITLE>
<META NAME="_AdHocReviewCycleID" CONTENT="-1826647351">
<META NAME="_EmailSubject" CONTENT="Press release">
<META NAME="_AuthorEmail" CONTENT="gnieri@buenaventura.com.pe">
<META NAME="_AuthorEmailDisplayName" CONTENT="Gloria Nieri">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<FONT FACE="Courier"><P ALIGN="CENTER"></P>
</FONT><FONT SIZE=2>
<P>&nbsp;</P>
</FONT><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 June 2003</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>

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

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

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

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

<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________________.</P>
<FONT SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT><P>This report consists of a press release issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (the "Company") on July 31, 2003, announcing the Company's Second Quarter, cumulative 2003 results and cash dividend payment.</P>
<P ALIGN="JUSTIFY"></P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=580>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">FOR IMMEDIATE RELEASE</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For More Information Please Contact:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Roque Benavides or Carlos Galvez                               </P>
<P ALIGN="JUSTIFY">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A</P>
<P ALIGN="JUSTIFY">51-1-419-2538 or 51-1-471-8337</P>
<P ALIGN="JUSTIFY">e-mail: </FONT><FONT SIZE=2>dhuguet@buenaventura.com.pe</FONT></A></P>
<FONT SIZE=2><P ALIGN="JUSTIFY">Web site:  </FONT><FONT SIZE=2>http://www.buenaventura.com</FONT></A></P>
<FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&nbsp;</B></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Patrick Kilhaney</P>
<P ALIGN="JUSTIFY">Citigate Dewe Rogerson Inc.Financial Intelligence</P>
<P ALIGN="JUSTIFY">(212) 419-8308840-0008</P>
<P ALIGN="JUSTIFY">e-mail: Patrick.Kilhaney@citigatedr-ny.citigatefi.com</P>
<P ALIGN="JUSTIFY"></P>
</FONT><I><FONT SIZE=4><P ALIGN="RIGHT">&nbsp;</I></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><I><U><FONT SIZE=3><P ALIGN="CENTER">COMPA&Ntilde;IA DE MINAS BUENAVENTURA S.A.A </P>
<P ALIGN="CENTER"> ANNOUNCES SECOND QUARTER 2003 RESULTS</P>
<P ALIGN="JUSTIFY"></P>
</B></I></U></FONT><P ALIGN="JUSTIFY">(Lima, Peru, July 31, 2003) - Compa&ntilde;ia de Minas Buenaventura S.A.A. &quot;Buenaventura&quot; (NYSE: BVN / Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, today announced a net income of S/.89.4 million, or US$25.8 million, for the three-month period ended June 30, 2003. This represents a 64% increase over the net income of S/. 54.5 million in the corresponding quarter of 2002. The net income reported in 2Q2003 includes a loss of S/. 31.0 million, or US$8.9 million, due to Mark to Market Value variation in this quarter, while there was no variation reported in 2002.   The Company's operating margin income was S/.36.0 million, or US$10.4 million, during 2Q2003, representing a 62 % increase over the compared to an operating margin income of S/.&nbsp;22.2 million operating income operating margin in the corresponding quarter of 2002.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Buenaventura's EBITDA in the second quarter of 2003 was US$75.6 million, which represents a 72% increase when comparedover the an EBITDA of US$43.9 million in the same quarter of 2002.</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Sales</P>
</B></U><FONT SIZE=1><P>During 2Q2003, Buenaventura reported total sales of S/. 167.4 million, compared to S/.&nbsp;127.7 million during the same period in 2002.  The Company attributes this increase of 31 % to the higher volume of gold sold from Orcopampa, and the higher volume  of silver sold  from Uchucchacua, respectively, as shown below, as well as to and higher gold prices.. </P></FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=481>
<TR><TD VALIGN="TOP" COLSPAN=4>
<B><U><P ALIGN="CENTER">Sales content for the three-month period ended June 30</P>
</B></U><FONT SIZE=2></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><U><P ALIGN="CENTER">2003</B></U></TD>
<TD WIDTH="25%" VALIGN="TOP">
<B><P>                <U>2002</P>
</B></U><P ALIGN="RIGHT"></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><U><P ALIGN="RIGHT">Var.</B></U></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<B><P ALIGN="JUSTIFY">Gold</B></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="RIGHT">75,613oz</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="RIGHT">57,220oz</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="RIGHT">+ 32%</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<B><P ALIGN="JUSTIFY">Silver</B></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="RIGHT">3,347,139oz</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="RIGHT">2,665,123oz</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="RIGHT">+ 26%</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<B><P ALIGN="JUSTIFY">Lead</B></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="RIGHT">             7,534MT</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="RIGHT">5,462 MT</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="RIGHT">+ 38%</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<B><P ALIGN="JUSTIFY">Zinc</B></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="RIGHT">12,477MT </TD>
<TD WIDTH="25%" VALIGN="TOP">
<P ALIGN="RIGHT">11,504 MT</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="RIGHT">+   8%</TD>
</TR>
</TABLE>
</P>

<U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">Operations</P>
</B></U><P ALIGN="JUSTIFY">In 2Q2003, Buenaventura improved operations at its Orcopampa mine. The Company is pleased to report that gold production at Orcopampa increased 10.0 % to 43,394 oz. of gold during 2Q2003, from 39,327 oz. in the corresponding quarter of 2002.  The cash operating cost at Orcopampa during 2Q2003 was US$177.69/oz. of gold, up slightly from US$173.88/oz. in 2Q2002.  This higher cost is mainly due to higher exploration and development work to increase reserves and the life of mine.</P>
<P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">Uchucchacua's silver production of 2,374,295 oz. in 2Q2003 was similar to the 2,348,339 oz. produced in 2Q2002, while its operating cash cost was cut by 5% during 2Q2003 to US$2.99/oz. of silver, compared to US$3.15/oz. of silver during 2Q&nbsp;2002.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Antapite's production in 2Q2003 increased by 3% to 18,929 oz. from 18,308 oz. in 2Q2003, at a cash operating cost of US$166.67/oz, which is  21% higher than US$ 137.84/oz. in 2Q2002.  This mining unit finished during the quarter its project to increase capacity from 300 tons/day to 500 tons/day.  The increased cash operating cost is due to the TtestingofofTesting of the new mill, the fine -tuning theof processprocesses the process and higher development and preparation volumes to feed the new plant capacity. explains this higher cost. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Buenaventura's total production during 2Q2003, which includes 100% of its operating units, 78.06% of the production of the Ishihuinca and Antapite mines, 32.83 % of the production of El Brocal, and 100.0% of the production at CEDIMIN, wasis as follows:</P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=525>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><P ALIGN="CENTER">2Q03</U></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><P ALIGN="CENTER">2Q02</U></TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>          <U>Var. </U></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Silver</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">2,895,634</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">2,850,802</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="CENTER">+1.57%</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Gold</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">69,574</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">63,968</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="CENTER">  +8.06%</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Zinc</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">6,359</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">6,526</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="CENTER">  -2.56%</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="JUSTIFY">Lead</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">3,304</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P ALIGN="RIGHT">3,072</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P ALIGN="CENTER">   +7.55%</TD>
</TR>
</TABLE>
</CENTER></P>

<B><U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Earnings</P>
</B></U><P ALIGN="JUSTIFY">Earnings per ADS for the three-month period ended June 30, 2003 were US$0.40, compared to US$0.25 in the corresponding period of 2002.</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Exploration</P>
</B></U><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Highlights of this year's exploration campaign are the infill drilling of La Zanja's Pampa Verde oxide gold deposit and the drill-indicated extensions of the Marcapunta copper, arsenic and gold-bearing massive sulfide deposit.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Geological and geochemical mapping at La Zanja, coupled with airborne electromagnetic surveying and scout drilling are generating and evaluating new targets in the San Pedro Norte, Alcaparrosa and Chinchimal areas. Infill drilling of the Pampa Verde resource is ongoing, with two rigs, and will address continuity of recoverable grade and geological extensions for the known oxide gold deposit with inferred 11.8 million MT with 0.89 gr/ton of gold. This required land acquisition, which in turn demanded negotiation with private owners and dialogue with community and political authorities. Land acquisition and engineering studies for a 15,000 tpd open pit / heap leach operation are advancing in parallel with exploration. The partners of the project (BVN 54%, NEM 46%) will reach a decision point whether or not to build the project before year year-eend. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">At Marcapunta, a 7000 m campaign of diamond drilling has indicated a significant sub-horizontal extension of the previously known pyritic, enargite and gold deposit in mining concessions controlled by Sociedad Minera El Brocal S.A.A. and has provided initial samples for metallurgical test work. Selected intercepts that display a variety of oxide gold, arsenical copper-gold and non-arsenical copper-gold ore potential are:</P>
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=604 ALIGN="LEFT" HSPACE=9>
<TR><TD WIDTH="19%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">DDH</B></FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">Thickness (m)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">% Copper</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">% Arsenic</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">g/t Gold</B></FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">g/t Silver</B></FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<B><FONT SIZE=2><P ALIGN="CENTER">Type</B></FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">CM1-484-03</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">65.25</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.04</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.12</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">3.10</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">50.28</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">Oxide gold</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">CM1-468-03</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">143.10</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">1.87</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.49</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.52</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">8.47</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">Enargite</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">CM1-476-03</FONT></TD>
<TD WIDTH="18%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">35.40</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">1.89</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.06</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">0.50</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">25.28</FONT></TD>
<TD WIDTH="17%" VALIGN="MIDDLE">
<FONT SIZE=2><P ALIGN="CENTER">Chalcocite</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P ALIGN="JUSTIFY">The above intercepts are between 200 m and 300 m below the surface and therefore will most probably be mined by a combination of open pit and underground methods. Resource delineation at 100 m centres for the western extensions of Marcapunta will require a third and final diamond drilling campaign of 10,000 m. This will provide adequate samples for definitive test work and will firm-up technical and economic parameters at the prefeasibility stage.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">A combination of underground exploration drifting and short drill holes at the Minera Paula, Mesa de Plata and Jatun Orcco prospects hashave, so far,has -so far-  demonstrated narrow veins with relatively small, but high-grade gold and/or silver ore shoots.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">A rResurgence of generative exploration in Per&uacute; has prompted a new joint venture with Minera Gold Fields Per&uacute; S.A.C. to address precious-metal mineral potential in the Puquio region. Gold Fields will assume operatorshipmanagement of the venture.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><U><P ALIGN="JUSTIFY">Non-consolidated affiliates</P>
</B></U><FONT SIZE=2>
</FONT><P ALIGN="JUSTIFY">Buenaventura's income from non-consolidated affiliates, attributable mainly to Yanacocha, was S/. 107.4 million in 2Q2003, representing a 161% increase when  compared to S/. 41.2 million in the corresponding quarter of 2002. This increase was due mainly to a higher gold production at a lower cash cost and also to higher prices. In fact, during the second quarter of 2003, Yanacocha's production increased 42% to 682,105 oz. of gold (297,739 oz. of which represent Buenaventura's share), from 479,119 oz. (209,135 oz. of which represents Buenaventura's share) in the corresponding quarter of 2002.  On the other hand, there was a decrease in cash operating costs to US$127/oz. of gold during 2Q2003 from US$148/oz. of gold during 2Q2002.   The price of gold sold increased by 11% to US$346/oz. of gold, compared to US$312/oz. of gold in the same period of 2002. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><U><P ALIGN="JUSTIFY">Board of Directors</P>
</B></U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In view of the current cash position, on July 31, 2003, Buenaventura's Board of Directors decided to pay an extraordinary cash dividend of S/.0.5453 per share (as per today's exchange rate, S/.0.5453 equals US$0.314/ADS), to be paid on August 25, 2003, to shareholders who purchase shares until august 14, 2003, establishing August 21, 2003 as Record Date.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Buenaventura is Peru's largest precious metals mining company and a major holder of mining rights in Peru.  The Company focuses on exploration and production through its wholly-owned mines, as well as through its participation in joint exploration projects.  Buenaventura currently operates four mines in Peru, has controlling interests in two mining companies, which own two mines in Peru, and has minority interests in several other mining companies in Peru.  The Company has a significant ownership interest in Minera Yanacocha S.R.L.., Latin America's largest producer of gold. Buenaventura is listed on the Lima Stock Exchange and the New York Stock Exchange. </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Exchange rate as of June 30, 2002: S/. 3.472/US$1.00</P>
<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2002 (audited) and June 30, 2003 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Current assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>90,047</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>170,208</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>49,022</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>85,152</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>86,904</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>25,030</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,460</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>31,151</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,972</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Inventories, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>73,919</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>77,548</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22,335</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>30,658</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>42,659</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>12,287</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Total current assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>310,236</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>408,470</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>117,646</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term account receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,910</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,730</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,938</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>13,146</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,137</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,920</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Investments in shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,175,863</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,261,324</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>363,284</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>366,926</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>365,643</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>105,312</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>108,067</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>112,482</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>32,397</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Stripping costs</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>39,153</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,263</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>13,037</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Mining concessions, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>172,640</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>164,579</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>47,402</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Total assets</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,194,941</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,374,628</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>683,936</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Liabilities and shareholders' equity, net</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Current liabilities</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Bank loans</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>43,537</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>34,924</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,059</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Trade accounts payable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>36,106</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>28,897</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,323</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Other current liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>63,077</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>73,378</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>21,134</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,080</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>20,461</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>5,893</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Total current liabilities</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>159,822</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>157,682</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>45,415</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>367,691</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>105,902</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,350</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>18,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>5,251</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>112,586</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>99,616</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>28,691</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Total liabilities</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>289,758</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>643,221</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>185,259</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Minority interest</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>44,676</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>59,633</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>17,175</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Shareholders' equity, net</U></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Capital stock</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>606,773</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>606,773</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>174,762</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Investment shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,642</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,642</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>473</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>541,729</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>541,729</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>156,028</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Legal reserve</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>76,542</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>104,258</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>30,028</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Retained earnings</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>642,100</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>416,224</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>119,880</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,917</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(9,574)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,757)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Unrealized gain on investments carried at fair value</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>25,918</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,465</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Treasury shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,196)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(15,196)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,377)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Total shareholders' equity</U></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,860,507</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,671,774</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>481,502</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P>Total liabilities and shareholders' equity, net</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,194,941</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,374,628</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>683,936</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
</FONT><B><FONT FACE="Arial"><P>&nbsp;</P>
<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=691>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended June 30,</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
period ended June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">__________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Operating revenues</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,674</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">167,402</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">48,215</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">252,886</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">320,130</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">92,203</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">16,034</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,664</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">7,104</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">31,257</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,701</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">14,027</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Total revenues</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">143,708</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">192,066</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">55,319</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">284,143</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">368,831</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">106,230</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">59,547</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">76,174</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,940</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">129,024</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">143,262</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">41,262</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">9,879</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,834</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,120</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,785</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">19,087</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,497</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">17,529</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,192</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,104</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">29,553</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">35,916</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,344</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Total costs of operation</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">86,955</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">108,200</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">31,164</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">177,362</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">198,265</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">57,103</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">56,753</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">83,866</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">24,155</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">106,781</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">170,566</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">49,127</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Operating expenses</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">18,200</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">21,591</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">33,139</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">38,238</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,013</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">7,302</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">14,328</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,127</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,969</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">22,938</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,607</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,884</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,217</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,791</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,370</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">11,091</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,194</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,140</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">5,694</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,640</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">6,111</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,239</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,949</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Total operating expenses</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">34,526</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">47,830</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">13,777</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">61,589</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">82,506</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">23,763</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Operating income</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">22,227</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">36,036</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">10,378</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">45,192</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">88,060</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">25,364</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">41,157</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">107,372</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">30,925</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">71,355</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">171,853</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">49,497</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(31,015)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(8,933)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">60,003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">17,282</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Realized gain in derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">9,732</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">3,488</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,005</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">25,230</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,216</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">638</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,958</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">1,554</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">448</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">4,231</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,732</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">787</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Loss from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,314)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,251)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(936)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,140)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,401)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(692)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,646)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,912)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(551)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,726)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,207)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,212)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,278)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,947)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(1,137)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(8,382)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,896)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,274)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,622)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(889)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(399)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(115)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,713)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">2,246</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">647</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Total other income, net</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">40,720</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">71,890</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">20,706</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">70,233</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">224,546</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">64,673</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Income before income tax and minority interest</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">62,947</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">107,926</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">31,084</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">115,425</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">312,606</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">90,037</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(5,419)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,842)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(2,258)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(11,153)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(14,241)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,101)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Income before minority interest</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">57,528</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">100,084</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">28,826</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">104,272</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">298,365</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">85,936</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,018)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(10,650)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(3,067)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(4,928)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(23,892)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">(6,881)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">Net income</U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">54,510</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">89,434</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">25,759</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">99,344</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">274,473</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="JUSTIFY">79,055</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.43</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.70</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.20</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.78</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">2.16</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">0.62</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=28>
<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>__________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=695>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended June 30,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
period ended June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection from customers</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>141,870</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>144,486</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>41,615</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>258,189</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>319,741</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>92,091</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>90,506</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>26,067</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>90,506</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>26,067</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of royalties </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>15,150</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>23,463</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>6,758</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>30,930</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>47,388</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>13,649</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Collection of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>1,961</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>1,462</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>421</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>4,220</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>3,886</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>1,119</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(70,584)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(63,305)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(18,233)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(129,556)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(140,237)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(40,391)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments to employees</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(34,201)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(28,258)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(8,139)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(61,328)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(60,141)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(17,322)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(22,281)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(31,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(8,993)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(32,077)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(50,232)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(14,468)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,112)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(8,777)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,528)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(10,244)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(19,541)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,628)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,407)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(9,034)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,602)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,852)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(15,358)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(4,423)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Payments of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,464)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,840)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(818)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(5,968)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,639)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,912)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Net cash provided by operating activities</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>21,932</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>116,480</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>33,548</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>48,314</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>169,373</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>48,782</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Investing activities</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from derivative instruments </P><DIR>

<P>settled, net</DIR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>9,732</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>3,488</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>1,005</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>25,230</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,216</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>638</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>612</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>176</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>2,051</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>1,001</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>288</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(9,844)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(10,473)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,016)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(28,348)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(21,218)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,110)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Development expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,352)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(7,222)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(2,080)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(6,352)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(13,223)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,808)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Purchase of investments in shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(9,678)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(13,517)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,490)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(429)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Net cash used in investing activities</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(16,142)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(13,595)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(3,915)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(20,936)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(32,714)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(9,421)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in  financing activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(27,651)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(41,321)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(11,901)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(28,472)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(56,498)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(16,273)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(21,861)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>61,564</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>17,732</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>(1,094)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>80,161</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>23,088</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>106,514</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>108,644</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>31,290</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>85,747</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>90,047</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>25,934</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Cash at period-end</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>84,653</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>170,208</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>49,022</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>84,653</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>170,208</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=2><P>49,022</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P> ________ </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Book Antiqua" SIZE=1><P> ________ </FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1>
<P>&nbsp;</P>
<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=695>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month <BR>
period ended June 30,</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the six-month <BR>
period ended June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<B><FONT FACE="Book Antiqua" SIZE=1><P ALIGN="CENTER">_________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=41>
<B><FONT SIZE=2><P>Reconciliation of net income to net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=41><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>54,510</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>89,434</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>25,759</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>99,344</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>274,473</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>79,055</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>31,015</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,933</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(60,003)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(17,282)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Share in affiliated companies, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(41,157)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(16,866)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,858)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(71,355)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(81,347)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(23,429)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Gain on sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,015)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(293)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,786)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(905)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(261)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>9,926</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>11,175</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>18,953</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>19,908</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>5,734</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,314</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,251</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>936</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,140</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,401</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>692</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of development costs in operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,064</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,610</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,328</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,315</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,455</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,435</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,278</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,947</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,137</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>8,382</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,896</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,274</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,445</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,074</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>310</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>7,525</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,349</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>675</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,018</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>10,650</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,067</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>4,928</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>23,892</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,881</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Deferred income tax </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,076</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,395</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>402</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>882</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>254</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Loss on sale of investments in shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>6,622</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Net changes in assets and liabilities accounts</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Trade and other accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,117</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(10,942)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(3,152)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(36,005)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,766)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(797)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Inventories</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,316)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,444</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>415</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>1,888</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,126)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(612)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(5,460)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(7,288)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,099)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>2,214</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(8,992)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,590)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Stripping costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,560)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(4,730)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,362)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(10,084)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(6,110)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(1,760)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>   Accounts payable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(7,323)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(674)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(194)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>3,014</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(8,634)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>(2,487)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Book Antiqua" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<U><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">Net cash provided by operating activities</U></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>21,932</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>116,480</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>33,548</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>48,314</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>169,373</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>48,782</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Book Antiqua" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

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

<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</P>

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

<P>&nbsp;</P></DIR>
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<P>Date: July, 31, 2003</P>
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