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<SEC-DOCUMENT>0001013131-03-000017.txt : 20031030
<SEC-HEADER>0001013131-03-000017.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031030171910
ACCESSION NUMBER:		0001013131-03-000017
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:		03967474

	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>bvn3qauding.htm
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY>

<FONT FACE="Tahoma" SIZE=2><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 ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Form 20-F   X &#9;&#9;Form 40-F  ___</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No   X</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________________.</P>

<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries on October 30, 2003, announcing the Company's Third Quarter and cumulative 2003 results.</P>
<P>&nbsp;</P>

<P>&nbsp;</P>

<P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries Interim unaudited consolidated financial information as of September 30, 2003 and for the three-month and nine-month periods then ended together with the report of Independent Auditors</P>

<P>&nbsp;</P>
<P><b>Content</b></P>

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

<P>Consolidated Financial Statements </P>

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

<P>&nbsp;</P>
<P>&nbsp;</P>
<P><b>To the Shareholders of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</b></P>

<P>&nbsp;</P>
<P>1. We have made a limited review of the accompanying consolidated balance sheet of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (a Peruvian company) and subsidiaries (together, &quot;the Company&quot;) as of September 30, 2003 and the related consolidated statements of income and cash flows for the three-month and nine-month periods then ended, and the statement of changes in shareholders' equity for the nine-month period then ended, stated in Peruvian Nuevos Soles.  The preparation of these financial statements is a responsibility of the Company's management.</P>

<P>2. The financial statements of Minera Yanacocha S.R.L. (an affiliated entity in which the Company has a 43.65 percent interest) as of September 30, 2003 and for the nine-month period then ended, have been reviewed by other independent auditors, who have issued a limited review report dated October 16, 2003.  The investment and share in the net income in this entity, based on its financial statements, amount to S/1,126.6 million at September 30, 2003 and S/354.2 million for the nine-month period then ended, respectively.</P>

<P>3. We conducted our limited review in accordance with auditing standards applied in Peru for limited reviews.  A limited review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries to persons responsible for financial and accounting matters.  It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the interim consolidated financial statements taken as a whole.  Accordingly, we do not express such an opinion. </P>

<P>4. Based on our review and the report of the auditors of Minera Yanacocha S.R.L., which we have obtained and read, we are not aware of any material modifications that should be made to the accompanying interim consolidated financial statements for them to be in conformity with the accounting principles generally accepted in Peru.</P>

<P>&nbsp;</P>
<P>5. We have previously audited, in accordance with auditing standards generally accepted in Peru, the accompanying consolidated balance sheet of Compa&ntilde;&iacute;a Minera Buenaventura S.A.A. and subsidiaries as of December 31, 2002, and the related consolidated statements of income, changes in shareholders' equity and cash flows for the year then ended (not presented herein).  Our report dated March 4, 2003 expressed an unqualified opinion on those consolidated financial statements.</P>

<P>6. Effective January 1, 2003, the Company has adopted IAS 39 &quot;Financial Instruments - Recognition and Measurement&quot; which effects are described in notes 5 and 12 to the interim consolidated financial statements. </P>

<P>Countersigned by:</P>

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

<P>Lima, Peru</P>
<P>October 17, 2003</P>

<P>&nbsp;</P>

<P><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P><b>Consolidated Balance Sheets</b></P>
<P>As of December 31, 2002 (audited) and September 30, 2003 (unaudited)</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=617>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Note</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Assets</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current assets</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3</FONT></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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Trade and other accounts receivable, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Accounts receivable from affiliates</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11</FONT></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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inventories, net</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4</FONT></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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current portion of prepaid taxes and expenses</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total current assets</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Long-term account receivable</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investments in shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5</FONT></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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Development costs and mineral lands, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Mining concessions, net</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Liabilities and shareholders' equity, net</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current liabilities</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7</FONT></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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Accounts payable to affiliates</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11</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>22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current portion of long-term debt</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>8</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total current liabilities</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>12(a)</FONT></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="48%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Deferred income tax and workers' profit sharing</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Long-term debt</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>8</FONT></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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Shareholders' equity, net</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Capital stock</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Additional paid-in capital</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Legal reserve</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Retained earnings</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative translation adjustment</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Unrealized gain on investments in shares carried at fair value</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Treasury shares</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Total shareholders' equity</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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="48%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total liabilities and shareholders' equity, net</FONT></TD>
<TD WIDTH="7%" 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="48%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" 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=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=714>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="30%" 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="30%" 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="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>_________________________________</FONT></TD>
<TD WIDTH="30%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>_________________________________</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(Note 2)</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>
<FONT FACE="Tahoma" SIZE=1><P>(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating revenues</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>150,855</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>179,380</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,502</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>405,037</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>501,235</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>143,909</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Royalty income, Note 11(a)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>22,362</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>33,729</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>9,684</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>53,788</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>82,692</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>23,742</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>173,217</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>213,109</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>61,186</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>458,825</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>583,927</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>167,651</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Costs of operation</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>69,546</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>71,670</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>20,577</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>199,266</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>215,704</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>61,931</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,456</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>29,342</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="10%" 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="10%" 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="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total costs of operation</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,377</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>104,136</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>29,898</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>275,695</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>303,470</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>87,129</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Gross margin</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>75,840</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>108,973</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>31,288</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>183,130</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>280,457</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>80,522</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating expenses</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,841</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>32,539</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>9,342</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,158</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>70,983</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>20,380</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>7,507</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>13,513</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>3,880</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>18,535</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>36,575</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,501</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Sales</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,742</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,379</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,831</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,172</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>17,530</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,033</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Royalties</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,641</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>5,455</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>1,566</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,785</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>15,749</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,522</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total operating expenses</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>35,731</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>57,886</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>16,619</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>97,650</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>140,837</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,436</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,109</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>51,087</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>14,669</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>85,480</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>139,620</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>40,086</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Other income (expenses)</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Share in affiliated companies, Note 5(d)</FONT></TD>
<TD WIDTH="10%" 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="10%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Loss from change in the fair value of derivative instruments, Note 12(a)</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>(350,186)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(100,541)</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>(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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Realized gain (loss) on derivative instruments,<BR>
Note 12(b)</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>2,091</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>6,345</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="10%" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,133)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,196)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="10%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Amortization of mining concessions, Note 6</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(5,100)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,528)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Loss from sale of subsidiary's 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>-</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>(6,658)</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>4,447</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(4,002)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,149)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>417</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,051)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(589)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Total other income (expenses), net</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>98,238</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(188,371)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(54,083)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>169,624</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>37,086</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>10,648</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" 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="10%" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>255,104</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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(85)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,213)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(348)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(794)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,595)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(457)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(6,286)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,012)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,736)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(17,499)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(26,948)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,736)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Income (loss) before minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>131,976</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(151,509)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(43,498)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>236,811</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>148,163</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>42,541</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,962)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,515)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,880)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(12,917)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(37,237)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(10,691)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Net income (loss)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>124,014</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>223,894</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" 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="40%" 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="40%" 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, Note 13</FONT></TD>
<TD WIDTH="10%" 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="10%" 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>
<TR><TD WIDTH="40%" 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="40%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Weighted average number of shares outstanding, Note 13</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="40%" 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=2><P><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P><b>Consolidated Statements of Changes in Shareholders' Equity (unaudited)</b></P>
<P>For the nine-month period ended September 30, 2002 and 2003&#9;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=3 WIDTH=1264>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Unrealized</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>gain on</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>                Capital stock&#9;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>investments</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Number of</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Common</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Investment</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Additional</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Legal</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Retained</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>translation</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>carried at fair</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Treasury</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>paid-in capital </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>reserve</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>earnings</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>adjustment</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>value</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance as of January 1, 2002</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>186,730</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>503</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>524,991</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>37,331</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>788,258</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,957</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(19,247)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,524,523</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Declared and paid dividends, net of dividends paid to a subsidiary, Note 9(e)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(27,585)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(27,585)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Capitalization of retained earnings, Notes 9(a) and (b)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>423,312</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,147</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(424,459)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Transfer to legal reserve</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22,837</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(22,837)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Gain from sale of ADR, Note 9(c)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>19,657</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4,119</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>23,776</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Purchase of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.'s investment shares</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(150)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(150)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative gain for translation of investment in Minera Yanacocha S.R.L., Note 5(c)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>34,533</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>34,533</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>223,894</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>223,894</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance as of September 30, 2002</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>544,648</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>60,168</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>537,271</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>40,490</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,278)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,778,991</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance as of January 1, 2003 </FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>544,648</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>76,954</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>645,138</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,954</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,278)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,870,108</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Declared and paid dividends, net of dividends paid to a subsidiary, Note 9(e)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(108,470)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(108,470)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investments kept at fair value, Note 5(a)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(5,620)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>67,511</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>61,891</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Loss on derivative instruments, Note 12(a)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(431,889)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(431,889)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Transfer to legal reserve</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,891</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,891)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative loss for translation of investment in Minera Yanacocha S.R.L., Note 5(c)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(18,626)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(18,626)</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,926</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,926</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance as of September 30, 2003</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>544,648</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>88,845</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>198,194</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,672)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>67,511</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(15,278)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,483,940</FONT></TD>
</TR>
<TR><TD WIDTH="26%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=7>
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<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" 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>
<FONT FACE="Tahoma" SIZE=1><P>(Note 2)</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>
<FONT FACE="Tahoma" SIZE=1><P>(Note 2)</FONT></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><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 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><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 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>Financing 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>Payment 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>(69,962)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(20,087)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(27,585)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(108,470)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(31,143)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Decrease of long-term debt</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,629)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,945)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(1,133)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(7,677)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(13,586)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,901)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Decrease of bank loans</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,239)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(2,626)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(754)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(22,860)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(11,285)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>(3,240)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Tahoma" SIZE=1><P>Proceeds from ADR sale</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>23,776</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>Purchase of treasury 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>-</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>(150)</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>
<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 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><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>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=2>
</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 in 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=2>
<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>
<P><b>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</b></P>
<P><b>Notes to the consolidated financial statements (unaudited) </b> </P>
<P>As of September 30, 2003 and 2002</P>
<P>  <b>1.&#9;Interim unaudited consolidated financial statements</b></P>
<P>(a)&#9;The accompanying interim consolidated financial statements have been prepared from the accounting books and records of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (&quot;Buenaventura&quot;) and subsidiaries (together, &quot;the Company&quot;), which are maintained in nominal Peruvian currency and adjusted to reflect changes in the National Wholesale Price Level Index (IPM).  According to such index, prices increased 1.9 and 0.9 percent during the nine-month period ended September 30, 2002 and 2003, respectively.</P>

<P>Figures presented in the consolidated financial statements as of December 31, 2002 and for the three-month and nine-month periods ended September 30, 2002, have been inflation adjusted to reflect the change in the National Wholesale Price Index (IPM) at September 30, 2003.</P>

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

<P>(c)&#9;Certain figures of the consolidated financial statements as of December 31, 2002 and for the three-month and nine-month periods ended September 30, 2002 have been reclassified to make them comparable with the current period figures.</P>

<P>(d)&#9;The interim consolidated financial statements include the financial statements of the following subsidiaries:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=1020>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=4>
<FONT FACE="Tahoma" SIZE=1><P>Ownership percentages as of </FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=4>
<FONT FACE="Tahoma" SIZE=1><P>____________________________________________________________________</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>December 31, 2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>September 30, 2003</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>________________________________</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>________________________________</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Subsidiaries</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Direct</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Indirect</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Direct</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Indirect</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Economic activity</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Advisory and engineering services related to the mining industry.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - Cedimin</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>44.83</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>55.17</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Holds investments in S.M.R.L. Chaupiloma Dos de Cajamarca, Minas Conga S.R.L. and other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Holds investments in Buenaventura,  Yanacocha and other affiliated companies engaged in mining activities.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>73.63</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>73.63</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead.  Currently is also engaged in electric power sales.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Transmission of electric power to mining companies.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Contacto Corredores de Seguros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Placement of insurance contracts and provision of administrative and technical services in insurance matters.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>59.02</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>59.90</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, mainly zinc and lead, through its subsidiary Sociedad Minera El Brocal S.A.A.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Extraction, concentration and commercialization of gold in bars and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Treatment of minerals and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minera Paula 49 S.A.C.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>51.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>51.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Extraction, concentration and commercialization of concentrates, primarily gold.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>60.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>60.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Holds certain mining concessions.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minera Shila S.A.C.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>50.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>50.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Extraction, concentration and commercialization of concentrates, primarily gold.  This Company was absorbed by Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN effective January 2, 2003.</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>40.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>40.00</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Owner of the mining concessions explored and exploited by Yanacocha.</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>During the first quarter of 2003, the Company purchased 1,572,000 shares of its subsidiary Inversiones Colquijirca S.A. for S/1 per share.  As a result of this transaction, the Company's ownership in Inversiones Colquijirca S.A. increased from 59.02% as of December 31, 2002 to 59.90% as of September 30, 2003.</P>

<P>&nbsp;</P>
<P>On March 30, 2002, the Company transferred its participation in Minera Huallanca S.A.C. (Huallanca) to BHL - Per&uacute; S.A.C., by selling its Huallanca's shares for US$2,000,000. From this amount, US$1,500,000 will be collected in three equal semi-annual installments finishing on September 30, 2004 and the remaining US$500,000 will be collected on September 30, 2006 provided that: (i) the level of economic reserves measured between September 30, 2004 and September 30, 2006 allows Huallanca to produce 15,000 MT/month of mineral and (ii) the average price of zinc is higher than US$1,050/MT in that period.  If these conditions are not met, the final price of the transaction will be reduced to US$1,500,000. This transaction has generated a loss amounting to S/6,658,000, assuming a sales price of US$1,500,000, which is separately presented in the consolidated statements of income.</P>

<P>On April 2, 2002, the Company sold to third parties its participation in Minera Yanaquihua S.A.C.  Under the sale agreement, the buyers will pay royalties equal to a percentage of the net sales of Minera Yanaquihua S.A.C.; the royalty payment percentages will be equal to 5% in 2004, 6% in 2005, 7% in 2006 and 8% in 2007.  Under the contract, the buyers have an option to forego continued royalty payments and to buy out the annual royalties section of the agreement for an amount equal to US$ 3,000,000; if this option has not been exercised at December 31, 2007, the royalties will increase to 10% of yearly net sales effective January 1st, 2008.  The Company's former carrying amount of the investment of S/4,972,000 (US$1,492,000) is shown as a long-term account receivable.  No income was recognized on this transaction.</P>
<P> </P>
<P> <b>2.&#9;Convenience Translation of Peruvian Nuevos Soles<BR>
</b>amounts into U.S. dollar amounts</P>
<P>The interim consolidated financial statements are stated in Peruvian Nuevos Soles.  U.S. dollars amounts are included solely for the convenience of the reader, and were obtained by dividing Peruvian Nuevos Soles amounts by the exchange rate for selling U.S. dollars at September 30, 2003 (S/3.483 to US$1), as published by the Superintendencia de Banca y Seguros (Superintendent of Bank and Insurance, or &quot;SBS&quot;).  The convenience translation should not be construed as representation that the amounts of the consolidated financial statements in Peruvian Nuevos Soles have been, or could be converted into U.S. dollars at the foregoing or any other rate of exchange.</P>

<P>  <b>3.&#9;Cash and cash equivalents</b></P>
<P>(a)&#9;This item is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=396>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>As of<BR>
December 31,</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>1,142</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2,811</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Current demand deposit accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>5,880</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>10,949</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Saving accounts</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>6,778</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>708</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Time deposits (b)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>In local currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>73,715</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>69,584</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>In foreign currency</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>3,017</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>132,024</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investment fund (c)</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>51,676</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>90,532</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>267,752</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>As of September 30, 2003, the Company maintained the following time deposits:</P>

<P>-&#9;S/69,580,000 at an annual interest rate of 5.7 percent with maturity on October 6, 2003.  With the purpose of hedging the foreign currency exchange risk associated to such time deposit, Buenaventura executed a foreign currency forward contract for US$20,186,391 that expires on October 6, 2003 and has a specific exchange rate of S/3.4970 for each U.S. dollar, see Note 12(e).  This time deposit earns interests amount to S/3,056,000 during nine-month period ended September 31, 2003 (S/6,078,000 during the nine-month period ended September 31, 2002).</P>

<P>-&#9;US$37,000,000 with annual interest rates ranging from 0.97% to 1.05% and maturities of 30 days.  </P>

<P>Currently, the Company has renewed the time deposits with similar conditions.</P>

<P>(c)&#9;In July, 2003, the Company invested S/50,897,000 (US$14,617,000) in a diversified fixed income fund under the administration of Compass Group Sociedad Administradora de Fondos de Inversi&oacute;n S.A.  As of September 30, 2003, the market value of such investment amounts to S/51,676,000 (US$14,840,000).  The change in the market value of S/779,000 (US$223,000) was recognized as interest income in the consolidated statements of income.</P>

<P>  <b>4.&#9;Inventories, net</b></P>
<P>This item is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
December 31, 2002</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30,<BR>
2003</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Mineral concentrates </FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>31,631</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>30,138</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Spare parts and supplies</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>48,619</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>48,402</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>80,250</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>78,540</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Less - Slow moving and obsolescence spare parts and supplies reserve</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,932</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,524</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>74,318</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>73,016</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>In Management's opinion, the slow moving and obsolete spare parts and supplies reserve, is sufficient to cover this risks of at December 31, 2002 and September 30, 2003.</P>

<P>  <b>5.&#9;Investments in shares</b></P>
<P>This item is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=489>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Equity ownership percentage</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1>
<P>Amount </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>________________________</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_______________________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of December 31, 2002</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30, 2003</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of December 31, 2002</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30, 2003</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>%</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Investments carried at fair value (a)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera Cerro </P>
<P>Verde S.A.</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9.17</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>9.17</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>19,359</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>81,250</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,394</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,069</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>21,753</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>84,319</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Equity method investments (b)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha S.R.L. (c):</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Equity share</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,041,195</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,126,594</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Mining concession, net</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>117,093</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,993</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,158,288</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,237,587</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera Coshuro de Responsabilidad Limitada</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>45.90</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>45.90</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>787</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>755</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,159,075</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,238,342</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,180,828</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,322,661</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>(a)&#9;Until December 31, 2002, the Company carried at cost the investments in shares in entities in which its ownership is less than 20 percent, less any impairment recognized as a result of declines in value deemed to be permanent.  Effective January 1, 2003, the Company has adopted IAS 39, &quot;Financial Instruments - Recognition and Measurement&quot;, which requires that these investments be measured at fair value, and changes in this value be recognized separately in the statement of changes in shareholders' equity. <BR>
</P>

<P>The Company has recorded a charge of S/5,620,000 to retained earnings related to the adoption of the initial effect of this change, and presents in the caption &quot;unrealized gain on investments in shares carried at fair value&quot; in the consolidated statement of shareholders' equity the change in its fair value of S/67,511,000 occurred during the nine-month period ended September 30, 2003.</P>

<P>The Company has determined the fair value as of September 30, 2003 based on the quoted market price of Sociedad Minera Cerro Verde S.A.'s shares as of that date.  The other investments are maintained at cost.</P>

<P>(b)&#9;The amount to be recorded as equity participation in Minera Yanacocha S.R.L (hereafter, &quot;Yanacocha&quot;) was determined from audited financial statements as of December 31, 2002 and unaudited financial statements as of September 30, 2003.</P>

<P>(c)&#9;The calculation of the equity investment in Yanacocha is as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=442>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month period ended <BR>
September 30,</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended <BR>
September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>__________________</FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>__________________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Yanacocha shareholders' equity at beginning of period</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,016,586</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,569,546</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,806,222</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,411,547</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Participation percentage</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65%</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43.65%</FONT></TD>
</TR>
<TR><TD WIDTH="38%" 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>_________</FONT></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>_________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Company's participation in Yanacocha equity at beginning of period</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>880,240</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,121,607</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>788,416</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,052,641</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Elimination of intercompany gains </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(12,025)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,129)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(12,426)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(11,446)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" 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>_________</FONT></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>_________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Balance at beginning of period</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>868,215</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,110,478</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>775,990</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,041,195</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Participation in Yanacocha income</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>95,922</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>177,836</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>172,300</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>354,244</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Dividends received, Note 11(a)</FONT></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>(160,140)</FONT></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>(251,135)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Realization of intercompany gains </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>298</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>466</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>699</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>916</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Cumulative translation effect</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>19,087</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(2,046)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>34,533</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(18,626)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" 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>_________</FONT></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>_________</FONT></TD>
</TR>
<TR><TD WIDTH="38%" 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>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Balance at period-end</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>983,522</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,126,594</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>983,522</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,126,594</FONT></TD>
</TR>
<TR><TD WIDTH="38%" 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>_________</FONT></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>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>Movements of the payment over the book value of Yanacocha's shares were as follows (mining concession):</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=432>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended <BR>
September 30,</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended <BR>
September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>____________________</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>____________________</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance at beginning of period</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>117,368</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>113,026</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>122,328</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>117,093</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Amortization</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(2,488)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(2,033)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(7,448)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(6,100)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Balance at period-end</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>114,880</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>110,993</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>114,880</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>110,993</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>(d)&#9;The amount recognized in the consolidated statements of income as &quot;share in affiliated companies&quot; is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=423>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended <BR>
September 30,</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended <BR>
September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>____________________</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>__________________</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" 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="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" 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="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>93,732</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>176,269</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>165,551</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>349,060</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(59)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(18)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(138)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(30)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" 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="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>93,673</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>176,251</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>165,413</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>349,030</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" 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="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>The share in Yanacocha's income has increased in the nine-month period ended September 30, 2003, as compared to the same period of 2002, due mainly to the following reasons:</P>

<P>Increase of Yanacocha's total revenues from US$495.6 million during the nine-month period ended September 30, 2002 to US$782.4 million during the nine-month period ended September 30, 2003 due to (i) the increase of the realized gold price from US$306 per ounce during the nine-month period ended September 30, 2002 to US$355 per ounce during the nine-month period ended September 30, 2003, and (ii) increase of the volume of ounces of gold sold from 1,602,940 during the nine-month period ended September 30, 2002 to 2,200,631 during the nine-month period ended September 30, 2003</P>

<P>Decrease of cash cost per ounce from US$139 during the nine-month period ended September 30, 2002 to US$127 during the nine-month period ended September 30, 2003.</P>

<P>Increased revenues have been partially offset by an increase in asset retirement and restoration obligations of US$40 million (Buenaventura equity participation of US$17 million).</P>

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

<P>Economic activity </P>
<P>Yanacocha is engaged in the exploration for and exploitation of gold in the open pit mines of Carachugo, San Jos&eacute;, Maqui Maqui, Cerro Yanacocha and La Quinua; all mines are located in the department of Cajamarca, Peru.  Chaupiloma is the legal owner of the mineral rights on the mining concessions exploited by Yanacocha, see additional information in Note 11(a).</P>

<P>Summary financial information based on the Yanacocha financial statements </P>
<P>&#9;Yanacocha carries its accounting records in U.S. dollars, according to tax stabilization agreements signed with the Peruvian government.  Presented below is certain summary financial information extracted from the Yanacocha financial statements and adjusted to conform to accounting practices and principles of the Company:</P>

<P>Summary data from the Yanacocha balance sheet as of December 31, 2002 (audited) and September 30, 2003 (unaudited):</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,055,280</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,245,248</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>374,822</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>497,088</FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Shareholders' equity</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>680,458</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>748,160</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&#9;Summary data from the Yanacocha statements of income for the three-month and nine-month periods ended September 30, 2002 and 2003 (unaudited):</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=413>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month<BR>
period ended <BR>
September 30,</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month<BR>
period ended <BR>
September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>____________________</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_____________________</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>206,067</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>320,465</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>495,609</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>782,393</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>93,954</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>160,266</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>166,115</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>365,481</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>67,700</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>116,499</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>122,300</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>232,702</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>Legal proceedings</P>
<P>In June 2000, a contractor of Yanacocha spilled approximately 11 liters of mercury near the town of Choropampa, which is located 53 miles away from Yanacocha. As a consequence of this damage, on September 10, 2001, Yanacocha and other defendants were named in a lawsuit by over 900 Peruvian citizens in the Denver District Court of the state of Colorado in the United States (hereafter &quot;the Court&quot;).  The plaintiffs seek compensations for the damage caused by the spill incident. This action was dismissed by the Court on May 22, 2002 and this ruling was reaffirmed by the Court on July 30, 2002. Plaintiffs' attorneys have appealed this dismissal.</P>

<P>In July 2002, 140 additional plaintiffs and the same plaintiffs who filed the initial lawsuit, filed another lawsuit against Yanacocha and various wholly owned subsidiaries of Newmont Mining Corporation in the same Court, seeking similar compensations as the September 2001 lawsuit. This lawsuit has been stayed pending the outcome of the appeal in the September 2001 matter.  Yanacocha cannot predict the final outcome of any of the above-described lawsuits but considers that any adverse decision will not have a material effect on its financial statements.</P>

<P>&nbsp;</P>
<P>  <b>6.&#9;Mining concessions, net</b></P>
<P>Corresponds to the amount paid over the fair value of net assets as a result of the additional purchase of ownerships in subsidiaries.  Movements within the mining concession cost and accumulated amortization accounts were as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=481>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Balance <BR>
as of December 31, 2002</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Additions</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Retirements</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Balance <BR>
as of <BR>
September 30, <BR>
2003</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>  </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Cost</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - Cedimin</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>165,923</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>165,923</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Colquijirca S.A. </FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>40,086</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>40,086</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>8,600</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>8,600</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,402</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(165)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>5,237</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>220,011</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(165)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>219,846</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Accumulated amortization</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - Cedimin</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,367</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7,702</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>38,069</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>14,197</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,105</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>17,302</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>954</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>637</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,591</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>925</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>464</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,389</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>46,443</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>11,908</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>58,351</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Net cost</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>173,568</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>161,495</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>  <b>7.&#9;Bank loans</b></P>
<P>Bank loans, contracted in U.S. dollars, are as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=446>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Annual</P>
<P>interest rate</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
December 31, <BR>
2002</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30, <BR>
2003</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera <BR>
El Brocal S.A.A.</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Ranging from 3.48% to 3.72%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>10,650</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7,558</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Banco Internacional del Per&uacute; - Interbank</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4.48%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7,100</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2,786</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Bank Boston</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3.34%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>1,986</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.38% </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4,917</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Banco Interamericano de Finanzas - BIF</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>4.15%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,124</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras del<BR>
Sur S.A.</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Ranging from 2.62% to 2.66%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3,549</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>19,853</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3.38%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>7,713</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Banco Wiese Sudameris</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>3.88%</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>6,389</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Other subsidiaries</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>331</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>305</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_______</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_______</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>43,773</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>32,488</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=5>
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>Bank loans were obtained to finance working capital needs and have short-term maturities.  Loans obtained by Sociedad Minera El Brocal S.A.A. are guaranteed by the related shipments of lead and zinc concentrates inventories.  The other bank loans do not have specific guarantees.</P>

<P>  <b>8.&#9;Long-term debt</b></P>
<P>(a)&#9;Long-term debt is composed of the following loans, principally denominated in U.S. dollars:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=951>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Guarantee</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Annual interest rate</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Maturity date</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
December 31, 2002</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30, <BR>
2003</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Inversiones Mineras del Sur S.A. </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute; (i)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Guaranteed by Buenaventura.</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.50%</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>January 2008</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>70,989</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>69,660</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A. </FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Guaranteed by Buenaventura.</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Libor plus 1.20% <BR>
(2.86% as of <BR>
September 30, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>April 2005</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>33,069</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>22,001</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Sociedad Minera El Brocal S.A.A.</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Pledge of US$5,822,000 on plant and equipment; additionally the Company will transfer cash flow from zinc and silver concentrates sales to two clients through the Company's bank account, including accrued interests between September 2001 and December 2002.</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Libor plus 3.75% <BR>
(4.91% as of<BR>
September 30, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>September 2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>19,525</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>19,157</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Teck Cominco Metals Ltd. (ii)</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>No specific guarantees.</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Libor plus 6.00% <BR>
(7.16% as of <BR>
September 30, 2003)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>December 2006</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>6,000</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>5,723</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>782</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>238</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>130,365</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>116,779</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Less - Current portion</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>17,172</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>22,382</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Long-term portion</FONT></TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>113,193</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>94,397</FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>This note contains a quarterly roll over provision and is fully guaranteed by Buenaventura.  On October 6, 2003 this loan was rolled over with an annual interest rate of 4.50%.</P>

<P>This loan is subordinated to the obligations established in the loan agreement signed with Banco de Cr&eacute;dito del Per&uacute;.</P>

<P>&nbsp;</P>
<P>(b)&#9;The long-term debt maturity schedule of the non-current portion of long-term debt is as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=378>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Year ended September 30,</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Amount</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2005</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>16,285</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2006</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>8,049</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2007</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>403</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2008</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>69,660</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>94,397</FONT></TD>
</TR>
<TR><TD WIDTH="75%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>  <b>9.&#9;Shareholders' equity</b></P>
<P>(a)&#9;Capital stock -</P>
<P>As of September 30, 2003 the capital stock is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Nominal<BR>
value</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Restatement for inflation effect</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Total</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Capital stock</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>549,780</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>60,262</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>610,042</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>________</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_______</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>______</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>The Mandatory Annual Shareholders' meeting held on March 26, 2002 decided to increase the Company's capital stock from S/137,444,962 to S/549,779,848 (from S/186,730,000 to S/610,042,000, in constant values as of September 30, 2003) through the capitalization of a portion of retained earnings as of December 31, 2001, and by increasing the nominal value of the common shares - Series A and B from S/1 to S/4. From the capitalized amount of S/412,334,886 (approximately S/423,312,000 in constant values as of September 30, 2003), S/129,266,262 corresponds to common shares - Series A and S/283,068,624 to common shares - Series B.</P>

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

<P>(b)&#9;Investment shares -</P>
<P>As of September 30, 2003 this caption is made up as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>&nbsp;</P>
<P>Nominal<BR>
value</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1><P>Restatement for inflation effect</FONT></TD>
<TD WIDTH="22%" VALIGN="MIDDLE">
<FONT FACE="Tahoma" SIZE=1>
<P>&nbsp;</P>
<P>Total</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>1,489</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>161</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>1,650</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_____</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>_____</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>   ___</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>The Annual Shareholders' meeting mentioned in paragraph (a) above, also decided to increase the investment shares account from S/372,320 to S/1,489,280 (From S/503,000 to S/1,650,000, in constant values as of September 30, 2003), by increasing the nominal value of investment shares from S/1 to S/4, concurrent with capitalization of a portion of retained earnings equal to S/1,116,960 (S/1,147,000 in constant values as of September 30, 2003).  As a consequence, effective May 3, 2002, there are 372,320 investment shares with a nominal value of S/4 each.</P>

<P>(c)&#9;Additional paid-in capital -</P>
<P>The additional paid-in capital principally relates to the premium received on the issuance of Series B common shares (re-designated as common shares - Series A since April 2002).  Additionally, it includes a gain that resulted from the sale of treasury ADR.</P>

<P>In the first quarter of 2002, Condesa sold to third parties an additional 314,500 ADR for approximately S/23,776,000, realizing a gain of S/19,657,000, which is presented as additional paid-in capital in the consolidated statements of changes in shareholders' equity.</P>

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

<P>(e)&#9;Declared dividends -</P>
<P>The Annual Shareholders meeting held on March 26, 2002 approved a cash dividend of S/29,861,000 (equivalent to S/0.22 per share) from retained earnings as of December 31, 2001.  The cash dividend includes dividends of S/2,276,000 paid to a subsidiary.  The dividends were available to shareholders from April 2002.</P>

<P>The Annual Shareholders meeting held on March 31, 2003 approved a cash dividend of S/41,716,000 (equivalent to S/0.30 per share) from retained earnings as of December 31, 2002.  The cash dividend includes dividends of S/3,208,000 paid to a subsidiary.  These dividends were available to shareholders from April 2003.</P>

<P>The Board of Director meeting held on July 31, 2003 approved an extraordinary cash dividend of S/75,772,000 (equivalent to S/0.55 per share) from retained earnings as of December 31, 2002.  The cash dividend includes dividends of S/5,810,000 paid to a subsidiary.  The dividends were available to shareholders from August 2003.</P>

<P>(f)&#9;Treasury shares -</P>
<P>This item is made up of 10,581,063 treasury shares held by the Company as of September 30, 2003.  The shares cost amounts to S/15,278,000.</P>

<P>&nbsp;</P>
<P><b>10.&#9;Legal proceedings</b></P>
<P>Damages claimed by a French citizen -</P>
<P>In February of 2002, the Company and Condesa, together with Newmont Mining, Newmont Second and certain individual persons, were defendants in an action initiated by a French citizen, with jurisdiction before the District Court of the state of Colorado in the United States.  The plaintiff alleges that he was engaged as an advisor to Normandy respective to a lawsuit that concluded in October of 1998, and that such lawsuit separately motivated the execution of a Global Transaction Agreement in 2000 between the Company, BRGM, Mine Or, Normandy and their related entities (SEREM).  </P>

<P>The Global Transaction Agreement provided for full and permanent revocation and annulment of any preferential rights on the shares of Compa&ntilde;&iacute;a de Exploraciones Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN in exchange for a one-time payment of US$80 million by the Company, of which the Company paid US$40 million.</P>

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

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

<P>The District Court judge of the state of Colorado in the United States has listened the motions presented by the defendants and the plaintiff on the September 11, 2003 hearing.  At this date, is not possible to predict when the Court will rule on the motions, the possible outcome of such motions or a possible range of loss.</P>

<P>&nbsp;</P>
<P><b>11.&#9;Transaction with affiliated companies</b></P>
<P>(a)&#9;The Company had the following transactions with its affiliated companies: <BR>
</P>
<P>Yanacocha -</P>
<P>For the three-month and nine-month periods ended September 30, 2003 Compa&ntilde;&iacute;a Minera Condesa S.A. received cash dividends from Yanacocha for approximately S/160,140,000 and S/251,135,000, respectively.</P>

<P>S.M.R.L. Chaupiloma Dos de Cajamarca is the legal owner of the mineral rights on the mining concessions exploited by Yanacocha, and receives a 3 percent royalty on the net sales of Yanacocha.  For the three-month and nine-month periods ended September 30, 2003, royalties earned amounted to S/33,729,000 and S/88,692,000, respectively (S/22,362,000 and S/53,788,000 for the three-month and nine-month periods ended September 30, 2002, respectively) and are presented as royalty income in the consolidated statements of income. </P>

<P>In March 2002, Buenaventura Ingenieros S.A. signed a technical service agreement with Yanacocha to perform a number of specialized activities and services.  Pursuant to the agreement, the services performed will be related to the construction of mining projects and will include completion of analysis and studies, work plan design, and functions related to planning, monitoring and administrating the infrastructure projects required by Yanacocha in its operations.  This contract will expire on December 31, 2003.  The revenues related to this service contract amounted to approximately S/6,749,000 and S/8,086,000 for the three-month and nine-month periods ended September 30, 2003, respectively (S/3,926,000 and S/6,718,000 for the three-month period and nine-month period ended September 30, 2002).</P>

<P>&#9;In November 2000, Consorcio Energ&eacute;tico de Huancavelica S.A. signed an agreement with Yanacocha for the construction of a <BR>
220 kW transmission line between Trujillo and Cajamarca, a 60 kW transmission line between Cajamarca and La Pajuela, and the Cajamarca Norte substation; this agreement also encompassed activities necessary to enlarge the Trujillo substation.  The construction work was completed, pursuant to the contract, in October 2001. Concurrently, Yanacocha and the Company signed a 10-year agreement covering electric energy transmission and infrastructure operation beginning November 2001. In exchange for Buenaventura operating and managing the transmission project, Yanacocha will pay an annual fee of US$3.7 million. The revenues for these services for the three-month and nine-month periods ended September 30, 2003 amounted to approximately S/3,386,000 and S/10,135,000, respectively (S/3,528,000 and S/10,535,000 for the three-month and nine-month periods ended September 30, 2002, respectively). </P>

<P>(b)&#9;As a result of these and other minor transactions, the Company has the following accounts receivable and payable from affiliated companies:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
December 31, 2002</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>As of <BR>
September 30,<BR>
2003</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Tahoma" SIZE=1><P>S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Receivable</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,446</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>41,911</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>178</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>607</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>30,624</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>42,518</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Payable</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Compa&ntilde;&iacute;a Minera Coimolache S.A.</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>22</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>_________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P><b>12.&#9;Derivative financial instruments</b></P>
<P>(a)&#9;Until December 31, 2002, the Company did not account for the fair value of the derivative instruments and only disclosed the amount in notes to the consolidated financial statements.  Effective January 1, 2003, the Company has adopted IAS 39, &quot;Financial Instruments - Recognition and Measurement&quot;, which requires that the derivative instruments be recognized as assets or liabilities in the consolidated balance sheet, and measured at their fair value.  </P>

<P>Management's intention is to hold derivative instruments to hedge the fluctuations in metal prices, mainly gold and silver, and not for trading purposes; however, the Company does not meet all the criteria stated in IAS 39 to account for the derivative instruments as a hedge.  Accordingly, the Company, based on IAS 39, has recorded its derivative instruments as follow:</P>

<P>Recorded a charge of S/431,889,000 in the retained earnings caption.</P>

<P>Recognized a loss of S/289,852,000 due to the change in fair value occurred during the nine-month period ended September 30, 2003 (S/350,186,000 during the three-month period ended September 30, 2003), which is presented as other income (expenses) in the consolidated statements of income.</P>

<P>In addition, S/721,925,000 is presented as a liability in the consolidated balance sheet in connection with the fair value of the open derivate instruments as of September 30, 2003, as detailed in paragraphs (c) and (d) below.</P>

<P>(b)&#9;For the three-month and nine-month periods ended September 30, 2003, the Company recognized a loss of S/7,070,000 and S/4,841,000, respectively (gain of S/10,299,000 and S/35,732,000 and for three-month and nine-month periods ended September 30, 2002) in connection with derivative operations settled in those periods.</P>

<P>&nbsp;</P>
<P>(c)&#9;The tables below present details related to commodity derivative instruments outstanding as of September 30, 2003:</P>

<P>&#9;Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. -</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=375>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Metal</FONT></TD>
<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Quantity</P>
<P>(ounces)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Collared price range </FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Period</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="43%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>______________________</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Minimum</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Maximum</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>(US$/Oz)</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Gold</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>622,500 (i)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>3,258,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>332.13 to 420</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2011</FONT></TD>
</TR>
<TR><TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>3,850,000 (ii)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>7,325,000</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>5.80 to 6.20</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - August 2006</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>Includes:</P>
<P>-&#9;Guaranteed sales of 300,000 ounces at sales price of US$332.12 per ounce.</P>

<P>-&#9;Guaranteed sales of 120,000, 187,500 and 15,000 ounces at an average price of US$345.12 per ounce only and when gold prices are above US$279.50, US$265 and US$290 per ounce, respectively.</P>

<P>(ii)&#9;Includes:</P>
<P>2,600,000 ounces with a guaranteed minimum sale price of US$5.80 per ounce (minimum price valid only and when silver price is above US$4.15 per ounce) and a maximum sale price of US$6.20 per ounce.</P>

<P>875,000 ounces with a guaranteed sales price of US$6 per ounce, only and when the silver price is above US$4 per ounce.</P>

<P>375,000 ounces with a guaranteed sales price of US$6.20 per ounce.</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&#9;Sociedad Minera El Brocal S.A.A.</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=421>
<TR><TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Metal</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Quantity</FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Price</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Period</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM" COLSPAN=5>
<FONT FACE="Tahoma" SIZE=1><P>Call options </FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>5,400 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$900/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM" COLSPAN=5>
<FONT FACE="Tahoma" SIZE=1><P>Put options </FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>5,400 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$775/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$4.25/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" COLSPAN=4>
<FONT FACE="Tahoma" SIZE=1><P>Purchase of call options</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc (*)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>2,700 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$900/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=4>
<FONT FACE="Tahoma" SIZE=1><P>Forward contracts</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc (**)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>2,700 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$895/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc </FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>2,700 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$869/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>1,312 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$860/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc (***)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>6,000 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$915/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc (****)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>12,000 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$900/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Zinc (*****)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>6,000 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$905/MT</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>150,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$5.10/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>75,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$5.05/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>October 2003 - December 2003</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$4.97/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$5.06/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver </FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$5.25/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>Silver (******)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>300,000 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$4.80/Oz</FONT></TD>
<TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>January 2004 - December 2004</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P> (*)&#9;These options have an exercise price of US$7.50/MT.</P>

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

<P>(***)&#9;If the average zinc price in a specific month is at or below US$800/MT, the Company will obtain the average zinc price plus US$30/MT in that month.  If the average zinc price in a specific month is at or above US$970/MT, the Company is committed to set an additional 250 MT at a price of US$900/MT in that month.</P>

<P>(****)&#9;If the average zinc price in a specific month is at or below US$780/MT, the Company will obtain the average zinc price plus US$30/MT in that month.  If the average zinc price in a specific month is at or above US$950/MT, the Company is committed to set an additional 500 MT at a price of US$900/MT in that month.</P>

<P>(*****)&#9;This derivative instrument has a daily fade-out provision if the average zinc price in a specific month is at or below US$778/MT.  If the average zinc price in a specific month is at or above US$970/MT, the Company is committed to set an additional 250 MT in that month.</P>

<P>(******)&#9;If the average silver price in a specific month is at or below US$4.20 per ounce, the Company will obtain the average silver price plus US$0.26 per ounce in that month.  If the average silver price in a specific month is at or above US$4.80 per ounce, the Company is committed to set an additional 12,500 ounces at a price of US$4.80 per ounce in that month.</P>

<P>(d)&#9;In 2001, Sociedad Minera El Brocal S.A.A. (&quot;El Brocal&quot;) signed two interest rate contracts which swapped floating for fixed on a nominal value of US$8,250,000; these contracts each possessed a 24-month maturity on June 30, 2003 and December 31, 2003.  The annual fixed interest rates offered under the swap agreements were 4.7 percent and 3.7 percent.  These transactions have generated a loss of approximately S/361,000 during the nine-month period ended September 30, 2003 due to the decrease of the LIBOR rate.  </P>

<P>During 2002, El Brocal entered into an additional interest rate contract of US$5,500,000 that swapped LIBOR for a fixed annual rate of 3.05%; this swap agreement has a stated maturity of September 2006.  This transaction has originated a loss of approximately S/316,000 during the nine-month period ended September 30, 2003 due to the lower LIBOR rate compared to the contract's fixed rate.</P>

<P>(e)&#9;Buenaventura maintains a foreign currency forward contract for US$20,186,391 that expires on October 6, 2003 and has a specific exchange rate of S/3.4970 for each U.S. dollar, see Note 3(b).  This transaction has generated a loss of approximately S/1,423,000 during the nine-month period ended September 30, 2003 (S/744,000 during the nine-month period ended September 30, 2002) due to the lower market exchange rate compared to the contract's exchange rate.</P>

<P><b>13.&#9;Basic and diluted earnings (loss) per share</b></P>
<P>&#9;The computation of the basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2002 and 2003 is presented below:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=489>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month<BR>
period ended September 30,</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month<BR>
period ended September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Net income (loss) (numerator) </FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>124,014,000</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(165,024,000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>223,894,000</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>110,926,000</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Weighted average number of shares outstanding (denominator) </FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>Basic and diluted earnings (loss) per share</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/0.97</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>(S/1.30)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/1.76</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT FACE="Tahoma" SIZE=1><P>S/0.87</FONT></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>&#9;The number of shares to be used as the denominator in the calculation of basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2002 and 2003 was determined as follows:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=415>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>137,444,962</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>372,320</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>372,320</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>137,817,282</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>137,817,282</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Less - treasury shares</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>10,581,063</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>10,581,063</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>___________</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>__________</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P><b>14.&#9;Statistical data </b> </P>
<P>Statistical data of the Company related to the volume of inventories sold and average sale prices by product for the three-month and nine-month periods ended September 30, 2002 and 2003 are as follows:</P>

<P>(a)&#9;Mineral volumes of inventories sold were:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=413>
<TR><TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended September 30,</FONT></TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
<TD WIDTH="40%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Gold</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>69,363 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>81,021 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>189,317 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>233,302 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2,791,858 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2,930,188 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>8,569,450 Oz</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>8,339,391 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Lead </FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>5,001 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>6,089 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>15,698 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>18,188 MT</FONT></TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>14,802 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>13,022 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>37,706 MT</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>39,102 MT</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P>(b)&#9;Average sale prices by product were:</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=427>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="39%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the three-month <BR>
period ended September 30,</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>For the nine-month <BR>
period ended September 30,</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="39%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
<TD WIDTH="39%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Tahoma" SIZE=1><P>_________________________</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>2003</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>US$</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Gold</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>315.92/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>364.92/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>305.00/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>354.45/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.78/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.88/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.71/Oz</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>4.74/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Lead </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>434.39/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>497.75/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>453.56/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>477.25/MT</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>Zinc</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>774.81/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>811.30/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>782.31/MT</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Tahoma" SIZE=1><P>791.10/MT</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Tahoma" SIZE=2>
<P><b>15.&#9;Explanation added for English language translation</b></P>
<P>The accompanying consolidated financial statements are presented on the basis of accounting principles generally accepted in Peru.  Certain accounting practices applied by the Company that conform with generally accepted accounting principles in Peru may differ in certain respects to generally accepted accounting principles in other countries.</P>
<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;ia de Minas Buenaventura S.A.A.</P>

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

<P>&nbsp;</P>
<P>Date: October 30, 2003</P>

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