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<SEC-DOCUMENT>0001013131-03-000016.txt : 20031030
<SEC-HEADER>0001013131-03-000016.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031029175218
ACCESSION NUMBER:		0001013131-03-000016
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031030

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:		03964641

	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>bvnpr281003.htm
<TEXT>
<HTML>
<HEAD>

<TITLE> </TITLE>
<META NAME="_AdHocReviewCycleID" CONTENT="1905857848">
<META NAME="_EmailSubject" CONTENT="PRESS RELEASE">
<META NAME="_AuthorEmail" CONTENT="mbarona@i-advize.com">
<META NAME="_AuthorEmailDisplayName" CONTENT="Maria Barona">
<META NAME="_PreviousAdHocReviewCycleID" CONTENT="-497175680">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<FONT FACE="Tahoma" SIZE=2><P></P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">FORM 6-K</P>
<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 September 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>Form 20-F   X &#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>Yes ___&#9;&#9;&#9;&#9;No   X&#9;#9; </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>

<P>&nbsp;</P>
<P>This report consists of a press release issued by Compa&ntilde;ia de Minas Buenaventura S.A.A. (the "Company") on October 28, 2003, announcing the Company's Third Quarter, cumulative 2003 results, a cash dividend payment and to split the ADR program from two common shares per ADS, to one common share per ADS.</P>

<P>&nbsp;</P>
<P>For Immediate Release</P>

<P>&nbsp;</P>
<P align="center"><b>Compa&ntilde;&iacute;a de Minas Buenaventura Announces</b></P>
<P align="center"><b>Third Quarter and Nine-Month 2003 Results</b></P>

<P>&nbsp;</P>
<P>Lima, Peru, October 28, 2003 - Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (&quot;Buenaventura&quot; or &quot;the Company&quot;) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced today its results for the third quarter and first nine-month period ended September 30, 2003.  All figures have been prepared in Peruvian GAAP and are stated in Peruvian nuevos soles (S/.) and in U.S. dollars (US$) at a rate of S/3.483 per US$1,for the convenience of the reader.</P>

<P>Comments from the Chief Executive Officer:</P>

<P>Roque Benavides, Chief Executive Officer of Buenaventura stated:  "This quarter Buenaventura's actual net income is S/.185.2 million or US$ 53.2 million (which represents an EPS of S/.1.46 or US$ 0.42), an increase of 49% over the third quarter of 2002. However, due to a charge of S/. 350.2 million, or US$ 100.5 million recorded in the third quarter of 2003 (as per with IAS39 for derivative instruments), the final result is a net loss of S/. 165.0 million, or US$ 47.4 million, (which represents a negative EPS of -US$ 0.37). Our operating income was S/.51.1 million or US$ 14.7 million, 27% above last year. EBITDA rose 66% to S/.392.5 million or US$ 112.7 million when compared to the third quarter of 2002. </P>

<P>These results were mainly due to the improvements in our operations at Orcopampa and Antapite, where gold production rose 20% to 70,631 oz. while our total average realized price of gold rose 16% to US$ 364.92/oz. au. At Yanacocha, our largest affiliate, production rose 35% to 862.393 oz. of gold for the third quarter of 2003, compared to the same quarter of 2002, and contributed with US$ 50.6 million in income from non-consolidated affiliates, an increase of 88% over the third quarter of 2002.&quot;  </P>
<P>   </P>
<P>Financial Highlights (in millions of US$, except income per share):</P>
</FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=475>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>3Q03</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>3Q02</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>Var.%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>9M03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>9M02</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>Var.%</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Operating Revenues</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>61.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>49.8</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>23</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>167.7</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>131.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>27</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Operating Income</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>14.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>11.5</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>28</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>139.6</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>140.8</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>0.85</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>EBITDA</P>
<P>(BVN Direct Operations)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>23.4</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>16.2</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>44</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>59.1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>37.1</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>59</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>EBITDA</P>
<P>(including Yanacocha)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>112.7</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>65.8</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>71</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>268.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>146.7</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>83</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Net Income</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>(47.4)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>35.6</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>-133</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>31.9</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>64.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>-50.4</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>EPS</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>-0.37</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P> 0.28</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>-132</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.25</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.51</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>-51.0</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>EPS (without Mark to market effect)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.42</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.28</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>50</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.90</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>0.51</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" HEIGHT=14>
<FONT FACE="Tahoma" SIZE=2><P>76.5</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2>
<P>Operating Highlights:</P>
</FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=463>
<TR><TD WIDTH="35%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>3Q03</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>3Q02</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>Var.%</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>9M03</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>9M02</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE" BGCOLOR="#808000">
<FONT FACE="Tahoma" SIZE=2><P>Var.%</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Total Sales</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>51.5</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>43.3</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>19</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>143.9</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>116.3</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>24</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Average Realized Price Gold(US$/oz.)</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>364.9</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>315.9</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>16</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>354.45</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>305.01</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>16</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>Average Realized Price Silver(US$/oz.)</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>4.88</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>4.78</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>2</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>4.74</FONT></TD>
<TD WIDTH="12%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>4.71</FONT></TD>
<TD WIDTH="10%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=2><P>-</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>

<P><b>Operating Revenue</b></P>

<P>Operating revenue for the third quarter of 2003 reached S/.213.1 million, or US$ 61.2 million, a 23% increase compared to the 3Q2002, mainly due to a 19% increase in net sales and a 51% increase in royalty income.</P>

<P>For the nine-month period, operating revenue increased 27% to S/.583.9 million, or US$ 167.7 million. This was a result of a 24% increase in net sales and a 54% increase in royalties.</P>

<P>Net sales grew 19% in 3Q2003 versus 3Q2002, mainly driven by a 35% increase in the value of gold sales, due to a 17% increase in ounces sold and a 16% increase in the price of gold. </P>

<P>For the nine-month period, net sales rose 24%, explained by a 43% increase in the value of gold sales, due to a 23% increase in ounces sold and a 16% increase in the price of gold. </P>

<P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=528>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Sales Content </FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3Q03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3Q02</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Var%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9M03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9M02</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Var%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Gold (in oz)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>81,021</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>69,363</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>17</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>233,302</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>189,317</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>23</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Silver (in oz)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>2,930,188</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>2,791,858</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>5</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>8,339,391</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>8,569,450</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>-3</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Lead (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>6,088</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>5,001</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>22</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>18,188</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>15,698</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>16</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Zinc (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>13,022</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>14,802</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>-12</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>39,102</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>37,706</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>4</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>Royalty income also increased 51% for the three-month period and 54% for the nine-month period, due to higher sales in Yanacocha.</P>

<P>&nbsp;</P>
<P><b>Production and Operating Costs</b></P>

<P>Buenaventura's equity production during the 3Q2003, reached 76,957 oz of gold and 3,009,736 oz of silver, representing an increase of 18% in gold production and a 3% increase in silver production.  </P>
</FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=528>
<TR><TD VALIGN="MIDDLE" COLSPAN=7 BGCOLOR="#808000" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Equity Production  </FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18><P></P></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3Q03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3Q02</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Var%</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9M03</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9M02</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Var%</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Gold (in oz)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>76,957</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>65,210</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>18</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>214,185</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>188,008</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>14</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Silver (in oz)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3,009,736</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>2,913,442</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>8,811,145</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>8'828,377</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Lead (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3,282</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>3,246</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>1</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9,983</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>9,634</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>4</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Zinc (in MT)</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>5,759</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>7,131</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>-19</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>18,356</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>22,269</FONT></TD>
<TD WIDTH="13%" VALIGN="MIDDLE" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>-18</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>In Orcopampa (100%), total production value in 3Q2003 was US$14.5 million an increase of 43.5% compared to 3Q2002, due to a 15% increase in gold production (46,625 oz in 3Q2003) and the 16% increase in the price of gold.</P>

<P>Cash operating cost in 3Q2003 was US$185.18/oz. au., an increase of 11% compared to 3Q2002.  Higher services to support additional exploration and development, which include US$ 3.34/oz due to Raise Boring works, explains the US$ 7.00/oz increase. Additionally, while the Cyanidation Plant is under construction, Orcopampa is selling higher volumes of ore concentrates that explains the US$ 6.6/oz.</P>

<P>In Uchucchacua (100%), total production value was US$10.5 million in 3Q2003, an increase of 18% compared to 3Q2002, due to a 5% increase in silver production (2,464,264 oz in 3Q2003) and the 7% increase in the price of silver. </P>

<P>Cash operating cost in 3Q2003 was US$ 2.92 /oz au, a 7% decrease compared to the 3Q2002, due to higher silver production.</P>

<P>In Antapite (78%), total production value in 3Q2003 was US$8.5 million, an increase of 52% compared to 3Q2002, due to a 32% increase in gold production (24,006 oz in 3Q2003) and the 16% increase in the price of gold. </P>

<P>Cash operating cost in 3Q2003 was US$142.37/oz au, an 8% decrease compared to 3Q2002, due to higher gold production. </P>

<P>In Ishihuinca (78%), total production value in 3Q2003 was US$ 2.3 million, an increase of 60% compared to 3Q2002, due to a 39% increase in gold production (6,406 oz in 3Q2003) and the 16% increase in the price of gold.</P>

<P>Cash operating cost in the 3Q2003 was US$ 217.4/oz au., a decrease of 4% compared to 3Q2002, due to higher gold production.</P>

<P>In Shila (100%), total production value in the 3Q2003 was US$ 2.1 million, a decrease of 7.5% compared to 3Q2002, due to a 15% decrease in gold production (4,700 oz in 3Q2003) and the 16% increase in the price of gold.</P>

<P>Cash operating cost in the 3Q2003 was US$221.9/oz au., an increase of 4% compared to the 3Q2002, due to lower gold production. </P>

<P>In Colquijirca (32.77%), total production value in the 3Q2003 was US$8.47M, an increase of 4.3% compared to 3Q2002, due mainly to improved metal prices and to a 8.8% increase in lead production (5,463ST in the 3Q2003) plus a 5.7% increase in silver production (640,985 oz in the 3Q2003). This increase production value is despite a 15% decrease in zinc production (14,856ST in 3Q2003).</P>

<P>Cash operating cost in 3Q2003 was US$ 22.95/MT., a 17% increase compared 3Q2002, basically due to excess overburden stripping costs.</P>

<P>&nbsp;</P>

<P><b>Operating Expenses</b></P>

<P>General and administrative expenses in 3Q2003 increased 82% to US$ 4.2 million due to a US$ 3.8 million provision for the Long-Term Management Compensation Program. </P>

<P>Expenditures in non-operating areas during 3Q2003 increased 80% to US$ 3.9 million due to higher expenditures in new prospects in Huancavelica, and in La Zanja and  Poracota Projects.</P>

<P><b>Operating Income</b></P>

<P>Operating income reached S/.51.1 million or US$ 14.7 million in 3Q2003, a 27% increase compared to 3Q2002.  This was primarily a result of the 23% increase in operating revenues, due to higher sales and metal prices, while operating costs increased only 7%.    </P>

<P>For the nine-month period, operating income increased 63% reaching S/. 139.6 million, or US$ 40.1  million.</P>

<P>&nbsp;</P>
<P><b>Income from Non-Consolidated Affiliates</b></P>
<P> </P>
<P>(See Chart A (page 7) for % ownership)</P>

<P>Buenaventura's income from Non-Consolidated Affiliates reached S/.176.3 million or US$ 50.6 million in 3Q2003, an increase of 88% compared to 3Q2002, mainly attributable to the participation in Yanacocha.</P>

<P>In Yanacocha (43.65%) total gold production increased 35% to 862.393 oz (376.434 oz of which represent Buenaventura's share), compared to the third quarter of 2002. </P>

<P>Total cash cost in the 3Q2003 was US$123/oz.Au, a 2% decrease compared to the same period of 3Q2002, due to the higher production level, reached basically explained by higher grades and according to mining plans.  </P>

<P>&nbsp;</P>
<P><b>Net Income </b> </P>

<P>This quarter Buenaventura reported a net loss of S/.165.0 million, or US$47.3 million, representing a 133% decrease compared to 2Q2002, due to a charge for mark to market value variation of S/.350.2million or US$100.5 million, accordingly with IAS39, for derivative instruments. </P>

<P>Net income, excluding this mark to market value variation charge, was S/.185 million or US$ 53.2 million for 3Q2003, which represents a 49% increase over the net income of the 3Q2002.</P>
<P> </P>
<P>Earnings per ADS, considering mark to market value variation for 3Q2003 were US$ -0.74, compared to US$ 0.56 in the 3Q2002. </P>

<P>Earnings per ADS, excluding mark to market value variation for 3Q2003 were US$ 0.84, compared to US$ 0.56 in the 3Q2002. </P>

<P><b>Hedging Operations </b> </P>

<P>During the 3Q2003 the Company reported a loss of S/. 7.1 million, or US$ 2 million, as a result of the execution of 83,000oz of gold and 750,000oz of silver.</P>

<P>More detailed information may be found in the Hedge Book for the quarter located at www.buenaventura.com under &quot;Press Releases&quot;.</P>

<P>&nbsp;</P>
<P><b>Project Development</b></P>

<P>In Uchucchacua, the new Mine Shaft &quot;Luz&quot; began operations in August. This shaft goes from level 450 to level 120, and will help to facilitate the extraction and development of the lower levels of the mine. The Paton tunnel development is progressing according to schedule with less than 600 meters remaining in the drilling, and is expected to be completed in December. This tunnel will help the drifting process, reducing the cost of pumping water from the lower levels.</P>

<P>In Orcopampa, the Cyanidation Plant will start operations on December, increasing total recovery from 86.5% to 92.0%. This will allow recovery of up to 200,000 ounces per year, at the same tonnage mined level. As part of this new Cyanidation circuit, Orcopampa is building a new tailing dump, of which the first stage will be finished at the end of November, and completed during the year 2004.&nbsp;&nbsp;&nbsp;&nbsp; </P>

<P>&nbsp;</P>
<P><b>Other Highlights</b></P>

<P>On August 28th 2003 the Company announced the appointment of Mr. Felipe Ortiz-de-Zevallos (56) as new Board Member, replacing Mr. Victor de la Torre who unfortunately passed away on August 7th. He will serve also as a member of both the Compensation and Audit Committees.</P>
<P>Mr. Felipe Ortiz-de-Zevallos is an Industrial Engineer from The National Engineering University (UNI), Lima, Peru, with a M.S. in Administration and Information Technology from the University of Rochester. He completed the Owner/President Management Program at Harvard Business School. Among his various academic and entrepreneurial he is the founder and chairman of &quot;Grupo Apoyo&quot;, a prestigious think tank in Peru.</P>

<P>&nbsp;</P>
<P><b>Board Resolutions</b></P>

<P>On today's meeting, October 28, 2003, the Board of Directors passed the following resolutions:</P>

<P>To declare a cash dividend of S/. 0.3282 per share, (as per today's exchange rate equals US$ 0.094 per share), to be paid on November 27, 2003, to shareholders who purchase shares until November 17, 2003, with a record date of November 20, 2003.</P>
<P> </P>
<P>To split the ADR program from two common shares per ADS, to one common share per ADS.  The new ratio of one common share per ADS will be applicable from November 12, 2003, onward.</P>

<P>&nbsp;</P>
<P>* * *</P>

<P>Company Description</P>
<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly-owned mines as well as through its participation in joint exploration projects.</P>

<P>Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies as well as a minority interest in several other mining companies in Peru.  The Company owns 43.65% in Minera Yanacocha S.R.L. (a joint venture with Newmont Mining Corporation) and is one of the ten top metal producers in the World.</P>

<P>Note on Forward-Looking Statements</P>
<P>This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's and Yanacocha's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical and legal developments.  These forward-looking statements reflect the Company's view with respect to the Company and Yanacocha's future financial performance.  Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. </P>

<P>**Tables to follow**</P>

<P>Statistics and Supplemental Information</P>

<P> </P>

</FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=2 WIDTH=578>
<TR><TD VALIGN="TOP" COLSPAN=5 BGCOLOR="#808000" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Equity Participation in </P>
<P>Affiliates and Subsidiaries</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=18><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>BVN</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=2><P>Operating</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Equity %</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Mines</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Minera Yanacocha</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>43.65</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Yanacocha</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Sociedad Minera El Brocal*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>32.42</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Inversiones Mineras Del Sur*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>78.06</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Antapite / Ishihuinca</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Cedimin*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Shila / Paula</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Buenaventura Ingenieros*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="0%" VALIGN="TOP" HEIGHT=17><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>Consorcio Energetico de Huancavelica*</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>100.00</FONT></TD>
<TD WIDTH="49%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=2><P>-</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT FACE="Tahoma" SIZE=2><P>* Consolidates</P>

</FONT><FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=2 CELLPADDING=4 WIDTH=632>
<TR><TD VALIGN="BOTTOM" COLSPAN=9 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER"><b>BVN PRODUCTION SUMMARY</b></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="79%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">GOLD  PRODUCTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Three Months Ended September 30th</FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Nine Months Ended September 30th</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Antapite</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Tons Milled  DST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>85,872</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>104,719</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>30,470</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>45,069</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>260,069</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>292,669</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>89,199</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>110,514</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.55</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.51</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.64</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.58</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.52</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.53</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.65</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>0.60</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>86.17%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>86.71%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>92.80%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>92.13%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>86.06%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>86.24%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>93.31%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>91.26%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Ounces Produced</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>40,682</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>46,625</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>18,215</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>24,006</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>116,866</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>133,641</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>54,475</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>60,907</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="79%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">SILVER  PRODUCTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Three Months Ended September 30th</FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Nine Months Ended September 30th</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Colquijirca</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Tons Milled  DST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>188,649</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>192,297</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>342,367</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>357,199</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>562,174</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>558,785</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>976,740</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1,056,063</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Ore Grade OZ/ST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>18.42</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>19.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>3.60</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>3.23</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>18.75</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>19.12</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2.94</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>3.59</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Recovery Rate</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.32%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.43%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>56.01%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>55.04%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.54%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.46%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>52.84%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>55.83%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Ounces Produced</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>2,338,941</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>2,464,264</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>689,859</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>635,277</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>7,118,522</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>7,206,699</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>1,518,955</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>2,118,096</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="79%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P ALIGN="CENTER">ZINC  PRODUCTION</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Three Months Ended September 30th</FONT></TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>Nine Months Ended September 30th</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Colquijirca</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Colquijirca</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Tons Milled  DST</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>188,649</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>192,297</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>342,367</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>357,199</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>562,174</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>558,785</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>976,740</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1,056,063</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Ore Grade %</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1.43%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1.37%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>6.47%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>5.40%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1.59%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>1.44%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>5.86%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>5.81%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>Average Recovery Rate %</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.10%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>58.33%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>79.09%</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>77.04%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>67.89%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>57.84%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>76.06%</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=17>
<FONT FACE="Tahoma" SIZE=1><P>78.26%</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>ST Produced</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>1,804</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>1,532</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>17,511</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>14,856</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>6,070</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>4,660</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>43,542</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=18>
<FONT FACE="Tahoma" SIZE=1><P>48,037</FONT></TD>
</TR>
</TABLE>

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

<FONT FACE="Tahoma" SIZE=2>
<P align="left"><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P align="left"><b>Consolidated Balance Sheets</b></P>
</FONT>

<FONT FACE="Tahoma" SIZE=1>
<P align="left"><b>As of December 31, 2002 (audited) and September 30, 2003 (unaudited)</b></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">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</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="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Assets</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 FACE="Tahoma" SIZE=1><P>Current assets</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 FACE="Tahoma" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>90,532</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>267,752</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>76,874</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>85,693</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>102,023</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>29,292</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,624</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>42,518</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>12,207</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>74,318</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>73,016</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>20,964</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,823</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>39,773</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,419</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total current assets</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>311,990</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>525,082</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>150,756</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 FACE="Tahoma" SIZE=1><P>Long-term account receivable</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>8,958</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,500</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,579</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>13,217</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,653</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,910</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,180,828</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,322,661</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>379,748</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>368,903</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>371,885</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>106,771</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,005</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>117,221</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>33,655</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>39,387</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>48,071</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>13,802</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Mining concessions, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>173,568</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>161,495</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>46,367</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,206,856</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,558,568</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>734,588</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="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Liabilities and shareholders' equity, net</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">
<FONT FACE="Tahoma" SIZE=1><P>Current liabilities</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 FACE="Tahoma" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43,773</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>32,488</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9,328</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>36,300</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>32,061</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9,205</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>63,928</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>88,322</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>25,359</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>17,172</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22,382</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,426</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total current liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>161,195</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>175,275</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>50,324</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 FACE="Tahoma" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>721,925</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>207,271</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>17,443</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>18,994</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,453</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>113,193</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>94,397</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>27,102</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>291,831</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,010,591</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>290,150</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>44,917</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>64,037</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>18,386</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Shareholders' equity, net</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 FACE="Tahoma" SIZE=1><P>Capital stock</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>175,148</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>474</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>544,648</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>544,648</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>156,373</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>76,954</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>88,845</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>25,508</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>645,138</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>198,194</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>56,903</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,954</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,672)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(3,351)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>67,511</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>19,383</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Treasury shares</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,278)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,278)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(4,386)</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total shareholders' equity</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,870,108</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,483,940</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>426,052</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total liabilities and shareholders' equity, net</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,206,856</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,558,568</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>734,588</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="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
</TABLE>

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

<FONT FACE="Tahoma" SIZE=2>
<P><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P><b>Consolidated Statements of Income (unaudited)</b></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>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended September 30,</FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>__________________________________</FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>__________________________________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating revenues</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 FACE="Tahoma" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>150,855</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>179,380</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,502</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>405,037</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>501,235</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>143,909</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Royalty income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>22,362</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>33,729</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>9,684</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>53,788</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>82,692</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>23,742</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>173,217</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>213,109</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>61,186</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>458,825</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>583,927</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>167,651</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Costs of operation</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 FACE="Tahoma" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>69,546</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>71,670</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>20,577</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>199,266</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>215,704</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>61,931</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,456</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,567</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>3,034</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>29,342</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>29,757</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>8,543</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,375</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>21,899</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,287</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>47,087</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>58,009</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>16,655</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total costs of operation</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,377</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>104,136</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>29,898</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>275,695</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>303,470</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>87,129</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Gross margin</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>75,840</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>108,973</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>31,288</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>183,130</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>280,457</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>80,522</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating expenses</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 FACE="Tahoma" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,841</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>32,539</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>9,342</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,158</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>70,983</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>20,380</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>7,507</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>13,513</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>3,880</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>18,535</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>36,575</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,501</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Sales</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,742</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,379</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,831</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,172</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,530</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,033</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,641</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,455</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,566</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,785</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>15,749</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,522</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total operating expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>35,731</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>57,886</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>16,619</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,650</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>140,837</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,436</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,109</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,087</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>14,669</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>85,480</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>139,620</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,086</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Other income (expenses)</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 FACE="Tahoma" SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>93,673</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>176,251</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>50,603</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>165,413</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>349,030</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>100,210</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(350,186)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(100,541)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(289,852)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(83,219)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Realized gain (loss) in derivative instruments</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,299</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,070)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,030)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>35,732</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,841)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,390)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2,091</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,796</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>516</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,345</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,543</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,304</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,976)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>410</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>118</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,133)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,004)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(575)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,196)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,601)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(460)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(11,964)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,831)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,674)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,100)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,969)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,140)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,528)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(11,908)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,419)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,658)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,447</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,002)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,149)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>417</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,051)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(589)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total other income (expenses), net</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>98,238</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(188,371)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(54,083)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>169,624</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>37,086</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,648</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Income (loss) before income tax, workers' profit sharing and minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>138,347</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(137,284)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(39,414)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>225,104</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>176,706</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>50,734</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(85)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,213)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(348)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(794)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,595)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(457)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,286)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,012)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,736)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(17,499)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(26,948)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,736)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Income (loss) before minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>131,976</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(151,509)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(43,498)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>236,811</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>148,163</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>42,541</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,962)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,515)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,880)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(12,917)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(37,237)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(10,691)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net income (loss)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>124,014</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(165,024)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(47,378)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>223,894</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>110,926</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>31,850</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Basic and diluted earnings (loss) per share, stated in Peruvian Nuevos Soles and U.S. dollars</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>0.97</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1.30)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(0.37)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1.76</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>0.87</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>0.25</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2><P><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P><b>Consolidated Statements of Cash Flows (unaudited)</b></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>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended September 30,</FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>_________________________________</FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>_________________________________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>US$(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>
<FONT FACE="Tahoma" SIZE=1><P>Operating activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>143,834</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>173,403</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>49,786</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>403,348</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>494,867</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>142,081</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>160,140</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>45,978</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>251,135</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>72,103</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>15,688</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>23,143</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,645</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>46,784</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>70,786</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>20,323</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,240</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,754</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>504</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>8,482</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,661</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,625</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(68,868)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(72,916)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(20,936)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(194,623)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(217,980)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(62,584)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(24,676)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(29,798)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(8,555)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(86,334)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(90,263)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(25,915)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(20,421)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(28,372)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(8,146)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(52,670)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(78,875)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(22,646)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,519)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(16,379)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,703)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(16,047)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(36,025)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(10,343)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,989)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,846)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,391)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(12,873)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(16,216)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,656)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,748)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(695)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(200)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(11,518)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,370)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,116)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net cash provided by operating activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>31,541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>205,434</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>58,982</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>84,549</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>375,720</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>107,872</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Investing activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Proceeds (payments) from derivative instruments settled, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,299</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,070)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,030)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>35,732</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,841)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,390)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>42</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>12</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,048</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>301</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(16,040)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(16,323)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,686)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(42,479)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(37,655)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(10,811)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,742)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(8,564)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,459)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(18,629)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(21,858)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,276)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Purchase of investments in shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(355)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(102)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,590)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,853)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(532)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net cash used in investing activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,483)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(32,270)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(9,265)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(38,966)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(65,159)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(18,708)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" 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>
<FONT FACE="Tahoma" SIZE=1><P>Net cash used in financing activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,868)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(76,533)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(21,974)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(34,496)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(133,341)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(38,284)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net increase in cash during the period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>12,190</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>96,631</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>27,743</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>11,087</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>177,220</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>50,880</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Cash at beginning of period</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>85,110</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>171,121</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>49,131</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>86,213</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>90,532</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>25,994</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Cash at period-end</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>267,752</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>76,874</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,300</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>267,752</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>76,874</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=695>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=41>
<FONT FACE="Tahoma" SIZE=1><P>Reconciliation of net income (loss) to net cash provided by operating activities</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 FACE="Tahoma" SIZE=1><P>Net income (loss)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>124,014</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(165,024)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(47,378)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>223,894</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,926</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>31,850</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Add (deduct)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Loss from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>350,186</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>100,541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>289,852</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>83,219</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Share in affiliated companies, net of dividends received</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(93,673)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(16,111)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(4,625)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(165,413)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(97,895)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(28,107)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Gain on sale of plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(55)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(1,852)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(910)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(261)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Long-term officers' compensation (*)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>395</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>13,124</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,768</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>436</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>20,612</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,918</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,393</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,334</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,254</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,446</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>31,349</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9,000</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Loss (gain) from exposure to inflation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,976</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(410)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(118)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,133</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,004</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>575</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Amortization of development costs in operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4,460</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,819</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,671</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>12,952</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>14,320</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4,111</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Amortization of mining concessions</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,100</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,969</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,140</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>13,528</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,908</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,419</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,202</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,654</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,362</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>678</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7,962</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>13,515</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,880</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>12,917</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>37,237</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>10,691</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>125</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>664</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>191</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,362</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,551</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>445</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Loss on sale of investments in shares</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,658</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Net changes in assets and liabilities accounts</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><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 FACE="Tahoma" SIZE=1><P>   Trade and other accounts receivable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(21,708)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,546)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(4,463)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(58,081)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(18,327)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(5,262)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>   Inventories</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(792)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4,318</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,240</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,106</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,181</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>626</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>   Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(3,758)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,654</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,910</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(1,532)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(2,386)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(685)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>   Deferred stripping costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(1,663)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(2,543)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(730)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,798)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(8,684)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(2,493)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><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 FACE="Tahoma" SIZE=1><P>   Accounts payable</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(4,437)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(4,515)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(1,299)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9,139</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(20,380)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(5,852)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</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">
<FONT FACE="Tahoma" SIZE=1><P>Net cash provided by operating activities</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>31,541</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>205,434</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>58,982</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>84,549</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>375,720</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>107,872</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=1>
<P>(*)&#9;This provision, which covers until the year 2012, corresponds to a long-term compensation program granted by the Company to certain officers, as further explained in Note 14 to the 2002 consolidated financial statements. </P>
</FONT><FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>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>

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

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

<P>&nbsp;</P>
<P>Date: October 29, 2003</P>

<P>&nbsp;</P></FONT></BODY>
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