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<SEC-DOCUMENT>0001013131-05-000005.txt : 20050321
<SEC-HEADER>0001013131-05-000005.hdr.sgml : 20050321
<ACCEPTANCE-DATETIME>20050318173226
ACCESSION NUMBER:		0001013131-05-000005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050318
FILED AS OF DATE:		20050321
DATE AS OF CHANGE:		20050318

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:		05692603

	BUSINESS ADDRESS:	
		STREET 1:		AVE CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
		BUSINESS PHONE:		5114192536

	MAIL ADDRESS:	
		STREET 1:		AV. CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>prfs2004.htm
<TEXT>
<HTML>
<HEAD>

<TITLE>Compania de Minas Buenaventura S</TITLE>

</HEAD>
<BODY>

<U><FONT SIZE=2><P ALIGN="CENTER">FORM 6-K</P>
</U><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">&nbsp;</P>
<P ALIGN="CENTER">Report of Foreign Issuer</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">For the year 2004</P>
<P ALIGN="CENTER">BUENAVENTURA MINING COMPANY INC.</P>
<P ALIGN="CENTER">(Translation of Registrant's Name into English)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CARLOS VILLARAN 790</P>
<P ALIGN="CENTER">SANTA CATALINA, LIMA 13, PERU</P>
<P ALIGN="CENTER">(Address of Principal Executive Offices)</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P ALIGN="CENTER">Form 20-F <U>X </U>&#9;&#9;Form 40-F ___</P>
<P>&nbsp;</P>
<P>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P ALIGN="CENTER">Yes ___&#9;&#9;&#9;&#9;No <U>X&#9;</U> </P>
<P>&nbsp;</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>This report consists of consolidated Financial Statements issued by Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries, announcing the Company's Final and cumulative 2004 results</P>
</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Financial Statements as of December 31, 2002, 2003 and 2004, together with the Report of Independent Auditors</P>
</FONT><FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<B><P>Content</P>
<P>&nbsp;</P>
<P>Report of Independent Auditors</P>
<P>Consolidated Financial Statements</P>
</B><P>Consolidated Balance Sheets</P>
<P>Consolidated Statements of Income</P>
<P>Consolidated Statements of Changes in Shareholders' Equity</P>
<P>Consolidated Statements of Cash Flows</P>
<P>Notes to the Consolidated Financial Statements</P>
<P>&nbsp;</P>
</FONT><FONT SIZE=2><P>To the Shareholders of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A</B>.</P>
<P>1. We have audited the accompanying consolidated balance sheets of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</B> (a Peruvian company) <B>and subsidiaries</B> (together, the Company) as of December 31, 2003 and 2004, and the related consolidated statements of income, changes in shareholders' equity and cash flows for the years ended December 31, 2002, 2003 and 2004. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of Minera Yanacocha S.R.L. (an equity accounted affiliated entity in which the Company has an 43.65 percent interest) as of December 31, 2003 and 2004 and for the years ended December 31, 2002, 2003 and 2004. Those statements have been audited by others auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for Minera Yanacocha S.R.L., is based sole
ly on the reports of the others auditors. In the consolidated financial statements of the Company, as derived from the financial statements of Minera Yanacocha S.R.L., the Company's investment and share in the net income in this entity amount to approximately S/1,101.0 million and S/1,152.2 million at December 31, 2003 and 2004, and S/361.5 million, S/515.7 million and S/583.3 million for the years ended December 31, 2002, 2003 and 2004, respectively.</P>
<P>2. We conducted our audits in accordance with auditing standards generally accepted in Peru. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the independent auditors of Minera Yanacocha S.R.L. provide a reasonable basis for our opinion.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>3. In our opinion, based on our audits and the report of the auditors of Minera Yanacocha S.R.L., the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</B> as of December 31, 2003 and 2004, and the consolidated results of their operations and their cash flows for the years ended December 31, 2002, 2003 and 2004, in conformity with accounting principles generally accepted in Peru.</P>
<P>&nbsp;</P>
<P>4. Effective January 1, 2003, the Company adopted the IAS 39, Financial Instruments - Recognition and Measurement, and together with its affiliate Minera Yanacocha S.R.L., modified its accounting policy to record its long-lived assets retirement obligations, see notes 2 and 3 to the consolidated financial statements.</P>
<P>&nbsp;</P>
<P>Countersigned by:</P>
<P>____________________</P>
<P>V&iacute;ctor Burga</P>
<P>C.P.C. Register No.14859</P>
<P>Lima, Peru</P>
<P>February 18, 2005</P>
</FONT><B><FONT FACE="Arial" SIZE=2><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2003 and 2004 </P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=654>
<TR><TD WIDTH="47%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 4)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">6</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>398,551</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>614,862</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>187,287</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment funds</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">7</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>54,881</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86,971</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,491</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,266</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>97,061</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>29,565</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>23,471</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,248</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,731</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">38</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,698</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>46,078</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,035</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inventories, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>77,232</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>69,353</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,125</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11</DIR>
</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>45,544</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>40,471</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,327</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>711,643</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>967,044</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>294,561</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long - term accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,008</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,574</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,393</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">11</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,552</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>14,059</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,282</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,443,035</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,531,347</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>466,447</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>408,132</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>452,214</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>137,745</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Development costs, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>123,821</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>143,258</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,636</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">15</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>56,056</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>56,056</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,075</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>168,130</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>157,544</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>47,988</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing <BR>
asset, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">32</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>297,441</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>245,299</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,718</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,220,818</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,571,395</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,087,845</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Nota 4)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Bank loans</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">17</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>23,461</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,150</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,005</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">18</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52,699</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>61,188</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,638</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other current liabilities</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">19</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86,125</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>142,696</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,465</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,893</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>70,927</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,604</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>70,453</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>36,332</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,067</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>68,841</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,937</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,826</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>401,472</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>399,230</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>121,605</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other long-term liabilities </DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">19</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>76,853</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,030</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,550</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>307,826</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>267,852</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>81,588</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term debt</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">20</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>45,468</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>15,031</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,578</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>641,122</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>568,772</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>173,248</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,472,741</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,324,915</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>403,569</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">21</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>48,428</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>66,347</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>20,209</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares by S/49,659,000 in 2003 and 2004</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">22</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>181,771</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares by S/66,000 in 2003 and 2004</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>513</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Additional capital</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>186,006</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Legal reserve</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,286</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>129,276</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>39,378</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Retained earnings</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>217,874</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>734,070</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>223,597</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(29,395)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(148,513)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(45,237)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized gain on investments in shares carried at fair value</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>209,130</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>256,331</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>78,078</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative unrealized loss on derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,343)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production of subsidiary</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(128)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(39)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,699,649</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,180,133</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>664,067</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total liabilities and shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,220,818</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,571,395</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,087,845</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial" SIZE=2><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income </P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the years ended December 31, 2002, 2003 and 2004</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=717>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Nota 4)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">24</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>575,707</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>735,306</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>908,441</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>276,711</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">38</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>82,350</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>116,857</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>128,889</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>39,260</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total revenues</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">658,057</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">852,163</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,037,330</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">315,971</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">25</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>273,686</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>302,572</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>338,074</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>102,977</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational <BR>
mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">26</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>77,660</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>85,715</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>127,169</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>38,736</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">13(c)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>43,195</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>49,118</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>59,473</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>18,115</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">394,541</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">437,405</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">524,716</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">159,828</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Gross margin</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">263,516</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">414,758</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">512,614</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">156,143</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">27</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,309</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,255</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">88,241</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,878</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>General and administrative</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">28</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">79,298</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">123,161</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">76,866</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,413</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">37(b)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,681</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,142</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,918</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,590</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Selling</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">29</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,314</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,776</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,839</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,435</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties to the Peruvian Government</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">19(d)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,639</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,022</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Asset impairment loss and write-off</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,634</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,691</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,889</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">880</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">160,236</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">238,025</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,392</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,218</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating income</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">103,280</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">176,733</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">295,222</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">89,925</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">12(b)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>353,963</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>557,558</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>575,858</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>175,406</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>68,837</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>20,968</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(647,218)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>14,629</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>4,456</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Interest income</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">30</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>9,215</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>7,785</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>12,132</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>3,694</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Realized gain (loss) in derivative instruments</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">35</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>44,760</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(20,812)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(73,403)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(22,359)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain (loss) from exposure to inflation </FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2(a)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(3,312)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>321</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(22,483)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(6,849)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">16</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(17,441)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(15,578)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(15,598)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(4,749)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Interest expense</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">30</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(16,702)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(8,687)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(7,515)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(2,289)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(7,069)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">31</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>2,954</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(12,804)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(13,505)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(4,114)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">366,368</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(139,435)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">538,952</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">164,164</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 4)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax, minority interest and cumulative effect of accounting change </DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>469,648</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>37,298</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>834,174</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>254,089</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Provision for workers' profit sharing</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">32(a)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(1,613)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>62,887</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(18,356)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(5,591)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Provision for income tax</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">32(a)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(26,859)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>198,286</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(101,997)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(31,068)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest and cumulative effect of accounting change </DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">441,176</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">298,471</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">713,821</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,430</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest </DIR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">21</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(25,461)</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(51,023)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(28,171)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(8,581)</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before cumulative effect of accounting change </DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">247,448</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">208,849</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting change for mine closing costs</DIR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>(72,295)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>-</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net income </DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,153</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">208,849</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share before cumulative effect of accounting change, stated in Peruvian nuevos soles and U.S. dollars</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">33</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.27</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.95</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.39</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.64</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting change for mine closing costs</DIR>
</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.57)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in nuevos soles and U.S. dollars</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">33</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.27</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.38</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.39</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.64</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</DIR>
</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">___________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
</FONT><B><FONT FACE="Arial" SIZE=2><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Changes in Shareholders' Equity</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the years ended December 31, 2002, 2003 and 2004</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1463>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Capital stock, net of<BR>
treasury shares</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of<BR>
shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Common shares</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Investment shares</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additional Capital</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Legal <BR>
reserve</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retained earnings</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative translation gain (loss)</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative unrealized gain on investments in shares carried at fair value</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative unrealized<BR>
loss on derivative instruments</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Deferred income from sale of future production of subsidiary</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1st, 2002</DIR>
</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,235,832</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">181,777</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">533</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">552,019</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">39,563</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">835,067</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,315</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,615,274</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, note 22(f)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(75,292)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(75,292)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Capitalization of retained earnings, notes 22(a) and 22(b)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">448,520</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,216</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(449,736)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transfer to legal reserve</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">41,974</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(41,974)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain from sale of ADR's, note 22(e)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">644,000</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">925</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,267</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">25,192</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Purchase of Investment shares</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(146)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(160)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative gain for translation of investment in Minera Yanacocha S.R.L., maintained through Compa&ntilde;&iacute;a Minera Condesa S.A., note 22(g)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,054</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,054</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Increase of nominal value of treasury shares maintained by subsidiary</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,467)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(52)</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,519</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of December 31, 2002</DIR>
</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">610,659</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">81,537</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">683,780</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,369</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,981,783</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, note 22(f)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(159,164)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(159,164)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares maintained at fair value, note 2(f)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,957)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">209,130</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">203,173</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss in the initial valuation of investments in shares maintained at fair value, note 2(s)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(458,189)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(458,189)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain in the initial valuation of derivative instruments classified as hedging instruments held by subsidiary, note 2(s)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,742</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,742</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from change in the fair value of derivative instruments classified as hedging instruments held by subsidiary, note 35(a)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,085)</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,085)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transfer to legal reserve</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,749</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(17,749)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative loss for translation of investment in Minera Yanacocha S.R.L., mantained through Compa&ntilde;&iacute;a Minera Condesa S.A., note 22(g)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(36,764)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(36,764)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,153</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,153</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of December 31, 2003</DIR>
</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">610,659</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">99,286</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,874</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,395)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">209,130</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,343)</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,699,649</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, note 22(f)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(139,464)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(139,464)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares maintained at fair value, note 2(f)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">47,201</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">47,201</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Change in the fair value of derivative instruments classified as hedging instruments held by subsidiary, note 35(a)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,621</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,621</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transfer due to change in the terms of certain derivative contracts of a subsidiary</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,722</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,722)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Realized revenue from sale of future production of subsidiary</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">682</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">682</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transfer to legal reserve</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,990</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,990)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Others</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">912</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">912</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative loss for translation of investment in Minera Yanacocha S.R.L., maintained through Compa&ntilde;&iacute;a Minera Condesa S.A., note 22(g)</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(119,118)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(119,118)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of December 31, 2004</DIR>
</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">610,659</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">129,276</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">734,070</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(148,513)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">256,331</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(128)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,180,133</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial" SIZE=2><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows </P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the years ended December 31, 2002, 2003, and 2004</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=651>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004 </B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 4)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>566,562</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>733,646</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>885,646</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>269,767</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>83,098</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>482,025</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>419,782</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>127,865</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>80,560</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>112,354</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>120,136</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>36,593</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>9,243</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>8,827</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>11,909</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>3,627</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(289,828)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(347,109)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(388,709)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(118,401)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(98,612)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(128,684)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(172,215)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(52,457)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(102,048)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(101,629)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(119,594)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(36,428)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(30,872)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(38,509)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(44,478)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(13,547)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(13,337)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(25,976)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(27,248)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(8,299)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(14,457)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(8,686)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(5,170)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(1,574)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>190,309</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>686,259</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>680,059</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>207,146</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Purchase of property, plant and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(66,508)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(67,814)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(96,507)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(29,396)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Collections (payments) from derivative instruments settled, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>44,760</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(20,812)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(73,403)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(22,359)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(23,998)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(38,504)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(38,611)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(11,761)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Increase of investment fund</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(53,068)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(34,735)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(10,580)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Decrease on time deposit in local currency</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(24,255)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(7,388)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(11,927)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(4,663)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(8,084)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(2,463)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>1,008</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>2,464</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>1,595</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>486</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of investments in shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>4,323</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>3,059</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>330</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>101</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(52,342)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(179,338)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(273,670)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(83,360)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Financing activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Payments of dividends, note 22(f)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(72,265)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(159,164)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(139,464)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>(42,481)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Decrease of bank loans, net</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(74,218)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(22,921)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(10,311)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(3,141)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Proceeds from long-term debt </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>12,147</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,700</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Payments of long-term debt</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(12,125)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(22,213)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(76,705)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(23,364)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of ADR</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>25,192</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(133,416)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(204,298)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(214,333)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>(65,286)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Net increase in cash and cash equivalents during the year</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>4,551</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>302,623</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>192,056</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>58,500</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents at beginning of year</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>91,377</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>95,928</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>398,551</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>121,398</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents at year-end</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>95,928</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>398,551</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>590,607</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>179,898</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=657>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004 </B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 4)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash <BR>
provided by operating activities</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>Net income </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>415,715</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>175,153</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>685,650</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P>208,849</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Current income tax and workers' profit sharing expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>82,513</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>25,133</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Depreciation and amortization</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>45,424</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>52,240</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>60,877</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>18,543</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Provision for deferred income tax and workers' profit sharing, see note 32 (a) </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>3,552</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(301,980)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>37,840</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>11,526</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Amortization of development costs </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>14,985</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>16,445</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>33,265</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>10,132</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>25,461</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>51,023</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>28,171</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>8,581</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from exposure to inflation</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>3,312</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(321)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>22,483</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>6,848</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>17,441</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>15,578</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>15,598</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>4,749</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accretion expense</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,724</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,056</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,149</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Asset impairment loss and write-off</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,634</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,691</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,889</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>880</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Officers' compensation, note 19 </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>6,744</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>49,594</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>2,135</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>650</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>329</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>5,952</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>1,146</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>349</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>8,502</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>6,490</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>754</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>230</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(270,865)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(75,533)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(160,947)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(49,024)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Income from sale of future production</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(68,837)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(20,968)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) from change in the fair value of derivative instruments</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>647,218</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(14,629)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(4,456)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Gain from change in the fair value of investment fund </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(1,813)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(5,022)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(1,530)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Gain on sale of plant and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(898)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(2,133)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(157)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(48)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Loss (gain) on sale of shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>1,412</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(267)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(51)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(16)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting change</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>72,295</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Write-off development costs</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>7,742</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>Loss from sale of subsidiary's shares</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>7,069</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=26>
<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=26><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(73,849)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(16,019)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(22,259)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(6,779)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(12,500)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(14,329)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Prepaid taxes and expenses</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>1,645</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(6,432)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(48,952)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(14,910)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>641</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>558</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>5,097</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>1,553</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of operating liabilities -</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21><P></P></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=21><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable and other current liabilities</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(5,445)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>(4,617)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>15,439</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=1><P>4,705</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>190,309</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>686,259</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>680,059</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>207,146</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=644>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT FACE="Arial" SIZE=1><P>Transactions that do not affect cash flows:</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1><DIR>

<FONT FACE="Arial" SIZE=1><P>Payment of dividends through common shares of Sociedad Minera El Brocal S.A.A., note 22(f)</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>3,028</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>Increase of the book value of long-lived assets</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>8,658</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>24,842</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1>
<FONT FACE="Arial" SIZE=1><P>7,567</FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial" SIZE=2><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Notes to the Consolidated Financial Statements</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of December 31, 2002, 2003 and 2004</P><DIR>
<DIR>

<B><P>1.&#9;Business activity</P>
</B><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (hereafter "Buenaventura") is a public company incorporated in 1953. It is engaged in the exploration (individually and in association with third parties), extraction, concentration and commercialization of polymetallic ores.</P>
<P>Buenaventura operates two mining units in Peru (Uchucchacua and Orcopampa) and has a controlling interest in three Peruvian mining companies that own the Colquijirca, Antapite, Ishihuinca, Shila and Paula mines. In addition, the Company holds direct and indirect interests in a number of other mining companies; the most important of such interests is in Minera Yanacocha S.R.L. (hereafter "Yanacocha"), an entity in which the Company owns 43.65 percent of outstanding stock through Compa&ntilde;&iacute;a Minera Condesa S.A. (hereafter "Condesa"), see note 12. Buenaventura also owns an electric power distribution company and a mining engineering services consulting company.</P>
<P>In 1999 and 2001, Buenaventura decided to suspend exploitation activities in the Julcani and Huachocolpa mines, respectively, and only continue to carry out exploration activities. Mineral found in Julcani during exploration activities is treated and sold.</P>
<P>As of December 31, 2003 and 2004, the number of employees at Buenaventura and its subsidiaries (together "the Company"), is as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Officers</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>56</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>78</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Employees</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>907</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>868</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Workers</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,133</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,038</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,096</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,984</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">Buenaventura's legal address is Avenida Carlos Villaran 790, Santa Catalina, Lima, Peru.</P>
<P>The 2004 consolidated financial statements have been approved by Management and will be presented for the approval of the Directors and Shareholders at the times established by Law. In Management's opinion, the accompanying consolidated financial statements will be approved without modifications in the Board of Directors' and Shareholders' meetings to be held during the first quarter of 2005.</P>
<P>Consolidated financial statements as of December 31, 2003 were approved in the Shareholders' meeting held on March 26, 2004.</P>
<P>The consolidated financial statements include the financial statements of the following subsidiaries:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=905>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ownership percentages as of December 31,</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________________________</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Subsidiaries</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Business Activities</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Provides advisory and engineering services related to the mining industry.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">44.83</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">55.17</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">44.83</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">55.17</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" 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. Also, it is engaged in the extraction, concentration and commercialization of gold bars and concentrates.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Holds investments in Buenaventura, Yanacocha and other affiliated companies engaged in mining activities.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A. (i)</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">73.63</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">90.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, principally zinc and lead. Currently is also engaged in electric power sales.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.01</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.01</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transmission of electric power to mining companies.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Contacto Corredores de Seguros S.A. </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Placement of insurance contracts and provision of administrative and technical services in insurance matters.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A. </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">59.90</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">59.90</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, principally zinc and lead, through its subsidiary Sociedad Minera El Brocal S.A.A.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization of gold bars and concentrates.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Treatment of minerals and concentrates.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Paula 49 S.A.C. (ii)</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">51.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Extraction, concentration and commercialization gold bars.</DIR>
</FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=905>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ownership percentages as of December 31,</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________________________</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Subsidiaries</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Business Activities</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Owner of mining rights.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Owner of the mining concessions explored and exploited by Yanacocha.</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera La Zanja S.R.L. </FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">53.06</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="42%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prospection, exploration and exploitation of mineral rights. <BR>
Currently is engaged in exploration activities.</DIR>
</FONT></TD>
</TR>
</TABLE>
</P>

<OL TYPE="i">

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"><LI>The Shareholders' Meeting of Compa&ntilde;&iacute;a Minera Colquirrumi held on April 20, 2004 approved to capitalize the debts with its shareholders, with the purpose of reducing its capital stock, off setting its accumulated losses, and creating Serie A and Serie B shares. As a result, the Company owns the 99.99% of Serie A shares of Compa&ntilde;&iacute;a Minera Colquirrumi, which represents an equity investment of 90% (73.63% as of December 31, 2003).</LI></P>
<LI>Effective October 22, 2004, Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN acquired 100% of the capital stock of Inversiones Mineras Aureas S.A.C., which owned 49% of Minera Paula 49 S.A.C. The Shareholders' Meetings of CEDIMIN, Inversiones Mineras Aureas S.A.C. and Minera Paula 49 S.A.C. held in 2004, approved the merger of these companies. Effective December 31, 2004, Inversiones Mineras Aureas S.A.C. and Minera Paula 49 S.A.C. were merged by CEDIMIN. The merger was recorded under the purchase method. The fair values of the assets and liabilities of the merged companies were not significantly different from their book values at the date of the merger.</LI></OL>

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

<B><P>2.&#9;Significant accounting principles and practices</P>
</B><P>The consolidated financial statements are prepared based on legal regulations and following Accounting Principles Generally Accepted in Peru. Accounting Principles substantially comprise International Financial Reporting Standards (IFRS), which include International Accounting Standards (IAS) duly approved by the Peruvian Accounting Standards Board. To the date of the consolidated financial statements, this Board has approved the use of IAS 1 to 41, and the Interpretations 1 to 33. </P>
<P>The main accounting principles and practices used in accounting for the transactions and in preparing the consolidated financial statements are:</P><DIR>

<P>(a)&#9;Restatement of Financial Statements by Inflation -</P>
<P>The consolidated financial statements are restated to reflect the effect of the changes in the acquisition power of the Peruvian currency, in accordance with the methodology approved by the Peruvian Accounting Standards Board. This methodology requires the adjustment of the non-monetary items in the consolidated financial statements considering their origin date and applying the corresponding Wholesale Price Indexes. Monetary items and foreign currency-denominated items are not restated because they are stated in currency of acquisition power at the balance sheet dates. The results from exposure to inflation are separately presented in the statements of income and mainly include the exchange difference loss originated by the foreign currency-denominated items. In years 2002, 2003 and 2004, the exchange difference losses were S/6,246,000, S/472,000 and S/12,636,000, respectively.</P>
<P>The variations of the acquisition power of the Peruvian currency, according to the Wholesale Price Indexes, were 1.7%, 2% and 4.9% for 2002, 2003 and 2004, respectively.</P>
<P>Through Resolution No. 031-2004-EF/93.01, the Peruvian Accounting Standards Board suspended, effective year 2005, the restatement of the financial statements to recognize the inflation effect. The restated balances as of December 31, 2004 will be considered as initial balances as of January 1, 2005. Effective 2005, the tax authorities have adopted this accounting treatment for calculating the income tax.</P>
<P>(b)&#9;Use of estimates and assumptions -</P>
<P>The preparation of financial statements in conformity with generally accepted accounting principles in Peru requires Management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. </P>
<P>(c)&#9;Principles of consolidation - </P>
<P>The consolidated financial statements include the accounts of Buenaventura and the accounts of those subsidiaries in which possesses more than 50 percent equity participation and/or exercises control. All significant inter-company balances and transactions have been eliminated. The minority interest is presented separately in the consolidated balance sheets and in the consolidated statements of income. </P>
<P>See companies included in the consolidated financial statements in Note 1. </P>
<P>(d)&#9;Cash and cash equivalents -</P>
<P>Cash and cash equivalents include all cash on hand and deposited in banks. For preparing the consolidated statements of cash flows, cash balances and cash equivalents includes cash on hand, time deposits and highly liquid investments with original maturities of three months or less. </P>
<P>(e)&#9;Inventories -</P>
<P>Inventories are stated at the lower of average cost or net realizable value. Net realizable value is defined as the estimated sales price obtainable in the ordinary course of business, less estimated costs of completion and estimated selling and distribution expenses. Cost is determined using the average method. </P>
<P>The accrual for obsolescence is based on an item-by-item analysis completed by the Company's management and related amounts are charged to expense in the period in which the obsolescence is deemed to have occurred.</P>
<P>(f)&#9;Investments in shares -</P>
<P>Until December 31, 2002, investments in which the Company's interest is lower than 20 percent were stated at cost, less any permanent value impairment. Effective January 1, 2003, the Company has adopted IAS 39, Financial Instruments - Recognition and Measurement. Under the requirements of this standard, such investments must be recorded at fair value and changes in such value must be separately presented in the consolidated statements of changes in shareholders' equity. The Company has recorded a charge to retained earnings by S/5,957,000, corresponding to the initial adoption of this standard. The corresponding dividends are credited to income when declared.</P>
<P>Investments in entities in which the Company's ownership is greater than 20 percent but less than 50 percent are accounted for by the equity method, recognizing the Company's proportionate share in the results of the affiliates in the consolidated statements of income. The measurement and reporting currency of affiliates is the Peruvian Nuevo Sol, with the exception of Yanacocha whose measurement and reporting currency is the U.S. dollar. The translation of the financial statements of Yanacocha </P>
<P>results in exchange differences arising from translating (a) income and expense items at the exchange rates prevailing on the individual transaction dates, (b) assets and liabilities at the closing exchange rate, and (c) equity accounts at the historical exchange rates. The net exchange difference is classified in equity until further disposal of the net investment. </P>
<P>The purchase method is used to record business acquisitions. Under this method, the assets and liabilities of acquired businesses are recorded at fair value and any difference between the amount paid and the fair value of assets and liabilities acquired is recognized in the balance sheet as a mining concession or goodwill.</P>
<P>For companies in which the Company's ownership is between 20 and 50 percent, any amount paid in excess of book value of the shares is reported in the Investment caption. The Company presents in this caption amounts paid over the book value of Yanacocha shares, and amortizes this amount using the units-of-production method based on proven and probable reserves, see Note 12(g).</P>
<P>(g)&#9;Property, plant and equipment -</P>
<P>Property, plant and equipment are stated at cost, net of accumulated depreciation and impairment loss. Maintenance and minor repairs are charged to expense as incurred. Expenditures that result in future economic benefits, beyond those originally contemplated in standards of performance for the existing assets, are capitalized. </P>
<P>Depreciation is calculated under the straight-line method of accounting considering the following estimated useful lives:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=546>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Years</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Buildings, constructions and other</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10 and 20</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Machinery and equipment</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5 and 10</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Transportation units</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Furniture and fixures</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">8 and 10</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">Mineral rights are amortized using the units-of-production method. </P>
<P>The useful life assigned and the depreciation method chosen by the Company are reviewed periodically to ensure that the method and the depreciation period are consistent with the economic benefit and life expectations for use of property, plant and equipment items.</P>
<P>&nbsp;</P>
<P>(h)&#9;Exploration and mine development costs -</P>
<P>Exploration costs are charged to expense as incurred. When it is determined that a mineral property can be economically developed, the costs incurred to develop it, including the costs to further delineate the ore body and remove overburden to initially expose the ore body, are capitalized. In addition, expenditures that increase significantly the economic reserves in the mining units under exploitation are capitalized. Mine development costs are amortized using the units-of-production method, based on proven and probable reserves. On-going development expenditures to maintain production are charged to operations as incurred.</P>
<P>(i)&#9;Joint venture agreements -</P>
<P>The Company has entered into joint venture agreements with other mining companies for the purpose of exploring potential mining sites. The associated exploration costs are recognized using the pro-rata share method and are charged to expense when incurred. </P>
<P>(j)&#9;Mining concessions and goodwill -</P>
<P>The mining concessions balance corresponds to the amounts paid in excess of fair value of net assets acquired in the purchase of Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN (Cedimin), Inversiones Colquijirca S.A. (Colquijirca), Sociedad Minera El Brocal S.A.A. (El Brocal), Consorcio Energ&eacute;tico de Huancavelica S.A. (Conenhua) and Minera Paula 49 S.A.C. (Paula). The mining concession balances corresponding to Colquijirca, El Brocal and Paula are amortized using the units-of-production method, while the balances corresponding to Cedimin and Conenhua are amortized using the straight-line method over a period of 15 and 10 years, respectively. </P>
<P>Annually, the Company reviews the carrying amounts of mining concessions and assesses whether any potential impairment issues exist respective to recoverability. If it is evident that the mining concessions and the goodwill are impaired, the Company provides for the impairment loss in the consolidated statements of income.</P>
<P>(k)&#9;Impairment of assets -</P>
<P>&#9;The Company reviews for and evaluates the potential impact of impairment on its assets when events or changes in circumstance occur that indicate the book value may not be recoverable. An impairment loss is recognized for the amount by which the book value of an asset exceeds the higher of its net selling price or value in use. The value in use of an asset is generally calculated as the present value of the estimated future cash flows expected to be earned from continual use of the asset and from its disposal at the end of its useful life. An impairment loss recognized in a previous year is reversed if events or changes occur that indicate the estimates used when the impairment loss was recognized should be adjusted to reflect a more favorable cash flow scenario. The future cash flow assumptions used include, among other items, estimates of recoverable ounces and metric tonnes, estimates of realizable prices and costs, and estimates of production quantities. Assumptions in which estimated future cash 
flows are based are subject to risk and uncertainty. Differences between assumptions and market conditions and/or the Company's development profile could have a material effect on the financial situation and results of operations of the Company.</P>
<P>(l)&#9;Accruals -</P>
<P>An accrual is recognized only when the Company has a present obligation (legal or implicit) as a result of a past event, it is probable that resources of the Company will be required to settle the obligation, and the related amount can be reasonably estimated. Accruals are revised periodically and are adjusted to reflect the best available information at the date of the consolidated balance sheets. </P>
<P>(m)&#9;Accrual for mine closing costs -</P>
<P>See note 3(a) for further information about the accounting change. </P>
<P>(n)&#9;Deferred stripping costs -</P>
<P>The subsidiary El Brocal has deferred certain costs incurred in the expansion of Tajo Norte mining site (the expected life of Tajo Norte is 8 years) with the intent to reasonably match revenues and production costs. Those costs are commonly referred as "deferred stripping costs" and are incurred in mining activities that are associated with the removal of waste rock.</P>
<P>The deferred accounting stripping method used by El Brocal is generally accepted in the mining industry where mining operations have diverse grades and waste-to-ore ratios; however, some mining companies expense waste removal costs as incurred. If El Brocal were to expense stripping costs as incurred, there could be greater volatility in the period-to-period results of operations.</P>
<P>In order to calculate the amount of deferred stripping cost to record as normal period expense, Management obtains a coefficient by dividing the estimated tons of waste material to move by the estimated tons of mineral to be extracted during the useful life of the related area. This coefficient is estimated to be 8.69 MT of waste material requiring to be moved to obtain 1 MT of extracted mineral (8.18 MT of waste material requiring to be moved to obtain 1 MT of extracted mineral as of December 31, 2003). As of December 31, 2004, the actual coefficient was 8.94 (11.13 as of December 31, 2003). </P>
<P>Costs related to additional quantities of waste that must be moved to obtain 1 MT of mineral are deferred when the actual waste material extracted is higher than the estimate; likewise, these costs are amortized when actual waste mineral extraction is lower than the estimate. The amortization of the deferred stripping costs will be reflected in the consolidated statements of income over the life of the Tajo Norte area, based on proven and probable reserves, so that no unamortized balance remains at mine closure (there were no amortization expenses in prior years and in the current year). Management expects to begin the amortization of the deferred stripping costs in 2006.</P>
<P>(o)&#9;Recognition of revenues, costs and expenses -</P>
<P>Sales of concentrates are recorded at the time of shipment in the case of export sales or, when the concentrates physically pass to the customer's warehouse for domestic sales. Sales are recorded at estimated value according to preliminary billings. The sales amount is then adjusted in the period in which final billings are released. When it is evident that the quotations to be used in the final billings are lower than those used in preliminary billings, the excess is reversed in the period in which final prices are known. </P>
<P>Sales of ounces of gold are recorded at the time of the delivery and passage of the title rights of such ounces to the client. </P>
<P>Costs and expenses are recorded on an accrual basis.</P>
<P>(p)&#9;Foreign currency transactions -</P>
<P>&#9;Transactions occurring in a foreign currency are recorded in local Peruvian currency by applying to the foreign currency amount the exchange rate at the transaction date. Exchange gains and losses resulting from differences between the closing exchange rate and the exchange rate used to initially record transactions, are recognized in the consolidated statements of income in the period in which they arise, see Note 5, and are presented in the caption "gain (loss) from exposure to inflation". </P>
<P>(q)&#9;Income tax and workers' profit sharing -</P>
<P>&#9;The current income tax and workers' profit sharing balances are calculated and recorded pursuant to current legal regulations effective in Peru. Following the balance sheet liability method, the Company recognizes the effect of temporary differences between book and tax basis of assets and liabilities to the extent that such differences result in a deferred tax liability. Should a deferred asset arise, it is not recognized unless it is more likely than not that it will be recoverable.</P>
<P>(r)&#9;Contingencies -</P>
<P>&#9;Loss contingencies are recorded in the financial statements when it is probable their occurrence and they can be fairly determined. In other case, they are only disclosed in notes to the financial statements. The loss contingencies with probability of resulting in a real loss can be classified as follow:</P><DIR>
<DIR>

<P>-&#9;Probable: a contingency that generates an actual obligation and therefore, must be accrued.</P>
<P>-&#9;Possible: a contingency whose result is uncertain due to its current status and therefore, must not be accrued but disclosed.</P>
<P>-&#9;Remote: a contingency with a reduced probability of occurrence and therefore, must not be accrued or disclosed. </P></DIR>
</DIR>

<P>Contingent assets are not recognized in the financial statements; however, they are disclosed in notes to the financial statements if it is probable that such contingent assets will be realized.</P>
<P>(s)&#9;Derivative instruments -</P>
<P>&#9;Until December 31, 2002, the Company used to disclose in notes to the consolidated financial statements the fair value of the derivative instruments. Effective January 1, 2003, IAS 39, Financial Instruments - Recognition and Measurement, is in force. Following we describe the changes resulting from the adoption of this standard:</P><DIR>
<DIR>

<P>-&#9;The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the consolidated balance sheets. To the extent these hedges are effective in offsetting forecasted cash flows from the sale of production, changes in fair value are deferred in an equity account. Amounts deferred in such account are reclassified to Sales when the underlying production is sold. The effect of the initial adoption of this standard by the subsidiary El Brocal resulted in a credit to the equity account "unrealized loss on derivative instruments" of S/1,742,000.</P>
<P>-&#9;The fair value of derivative contracts not qualifying as cash flow hedges are reflected as assets or liabilities in the consolidated balance sheets. Changes in fair values are recorded in the caption "gain (loss) from Change in the Fair Value of Derivative Instruments" in the consolidated statements of income. The effect of the initial adoption of this standard resulted in a charge to retained earnings of 2003 by S/458,189,000.</P>
<P>-&#9;Gain and losses on derivative contracts qualifying as normal sales are initially deferred in the consolidated balance sheets and then recognized in income in the years in which the Company makes a physical delivery of the committed ounces of gold and tonnes of minerals, see note 35.</P></DIR>
</DIR>

<P>(t)&#9;Treasury shares -</P>
<P>&#9;The Company has common and investment shares under treasury. The nominal values of these shares, restated by inflation, are presented net of the capital stock and investment shares amounts. The difference between the nominal values restated by inflation and the cost of such shares is presented as a reduction in the additional capital caption of the consolidated statements of changes in shareholders' equity. </P>
<P>&#9;The effect of the dividends income arising from the treasury shares held by a subsidiary are eliminated in the consolidated financial statements. </P>
<P>(u)&#9;Basic and diluted earnings per share -</P>
<P>&#9;Basic and diluted earnings per share have been calculated based on the weighted average number of common and investment shares outstanding at the date of the consolidated balance sheets; treasury shares have been excluded from the calculation.</P>
<P>(v)&#9;Comparative financial statements -</P>
<P>&#9;Figures presented in the consolidated financial statements as of December 31, 2002 and 2003 have been inflation adjusted to reflect the change in the National Wholesale Price index (IPM) at December 31, 2004, using an inflation factor of 1.049.</P>
<P>(w)&#9;New accounting pronouncements - </P>
<P>&#9;As of today, the International Accounting Standards Board (IASB) has completed its review process of International Financial Reporting Standards (IFRS), and has issued new accounting standards. These standards are internationally in force effective January 1, 2005; however, they are pending of approval by the Peruvian Accounting Standards Board. The Company is in process of evaluating the impact of the adoption of the revised IAS and the new IFRS issued. </P>
<P>&#9;Following we present a summary of the main changes:</P><DIR>
<DIR>

<P>(i)&#9;Improvement project of the IASB -</P>
<P>As part of this Project, 15 IAS were reviewed with the objective of reducing or eliminating alternative treatments, redundancies and conflicts within the standards, as well as to get the US GAAP convergence and to carry out other improvements. This project modified the following IAS:</P><DIR>

<P>-&#9;IAS 1 (revised in 2003): it modifies the presentation of the minority interest and other disclosures.</P>
<P>-&#9;IAS 8, 10, 16, 17, 27, 28, 31, 32, 33 and 40 (revised in 2003) and IAS 39 (revised in 2004): these IAS do not contain changes that could significantly affect the consolidated financial statements or the accounting policies of the Company. </P>
<P>-&#9;IAS 21 (revised in 2003): it incorporates guides and requisites to determine the functional currency of the entities.</P>
<P>-&#9;IAS 24 (revised in 2003): it will affect the identification of the related parties and some other disclosures with related parties.</P></DIR>

<P>(ii)&#9; As part of the revision of the standard of business combinations, the IASB issued IFRS 3, Business Combinations. Additionally, it reviewed IAS 36, Impairment of Long-Lived Assets and IAS 38, Intangible Assets.</P>
<P>(iii)&#9;New International Financial Reporting Standards:</P>
<P>IFRS 2 - Share-based payments </P>
<P>IFRS 3 - Business Combinations </P>
<P>This IFRS replaces IAS 22, Business Combinations, and the related interpretations (SIC 9, 22 and 28). According the provisions of IFRS 3:</P><DIR>

<P>-&#9;Goodwill is not subject to amortization beginning January 1, 2005;</P>
<P>-&#9;Accumulated amortization as of December 31, 2004 will be eliminated by reducing the corresponding cost;</P>
<P>-&#9;Effective January 1, 2006, goodwill is subject to an annual impairment test.</P></DIR>

<P>IFRS 4 - Insurance contracts</P>
<P>IFRS 5 - Non-current assets held for sale and discontinued operations</P>
<P>IFRS 6 - Exploration and Evaluation of Mineral Resources </P></DIR>
</DIR>
</DIR>

<B><P>3.&#9;Change in an accounting principle</P>
</B><P>Effective January 1, 2003, the Company and its affiliated Yanacocha made an accounting change related to the provision for mine closure. Following, we describe the accounting changes, and the cumulative effect as of January 1, 2003:</P><DIR>

<P>(a)&#9;Until December 31, 2002, the Company used to record the obligation for mine closure when the related amount could be fairly estimated, which normally occurred at end of the life mine. Effective January 1, 2003, the Company records such liability when a legally enforceable obligation arises for mine closing, independently of the full depletion of the reserves. Once such obligation has been appropriately measured, it is recorded by creating a liability equal to the amount of the obligation and recording a corresponding increase to the carrying amount of the related long-lived assets (development costs and property, plant and equipment). As time passes, the amount of the obligation changes, recording an accretion expense; additionally, the capitalized cost is depreciated and/or amortized based on the useful lives of the related asset. Any difference in the settlement of the liability will be recorded in the results of the period in which such settlement occurs. The changes in the fair value of the obl
igation or useful life of the related assets that occur from the revision of the initial estimates, should be recorded as an increase or decrease in the book value of the obligation and the related long-lived asset.</P>
<P>&#9;The cumulative effect of this change in accounting principle, net of the workers' profit sharing, income tax and minority interest, was a loss of S/20,711,000; this amount is presented in the caption "cumulative effect of accounting change for mine closing costs" in the consolidated statements of income. </P>
<P>(b)&#9;Until December 31, 2002, the affiliated Yanacocha used to accrue the mine closure costs and charge to income over the expected operating lives of the mines using the unit-of-production method. Effective January 1, 2003, Yanacocha records such obligation using an accounting treatment similar to the one used by Buenaventura and its subsidiaries. The cumulative effect of the change in the accounting principle was a loss of S/51,584,000, which is presented as "cumulative effect of accounting change for mine closing costs".</P>
<P>&nbsp;</P>
<P>(c)&#9;The condensed consolidated statements of income for the year 2002 that would had result if the Company would had given retroactive effect to the accounting change follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=546>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net sales</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>575,707</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties income</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>82,350</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total revenues</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>658,057</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>273,786</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>78,661</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Depreciation</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,510</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total cost of operation</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>395,957</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Gross margin</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>262,100</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>160,236</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Operating income</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>101,864</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses)</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>334,654</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accretion expense</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,017)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,405</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total other income, net</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>343,042</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax and minority interest</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>444,906</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Provision for workers' profit sharing </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,476)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Provision for income tax</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(26,383)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>417,047</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minority interest</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(24,976)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net income</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>392,071</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.08</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">4.&#9;Convenience Translation of Peruvian Nuevos Soles amounts into U.S. dollar amounts</P>
</B><P>The consolidated financial statements are stated in Peruvian Nuevos Soles. U.S. dollar 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 December 31, 2004 (S/3.283 to US$1), as published by the Superintendencia de Banca y Seguros (Superintendent of Bank and Insurance, or "SBS"). The convenience translation should not be construed as a representation that the Peruvian Nuevos Soles amounts have been, could have been or could be converted into U.S. dollars at the foregoing or any other rate of exchange.</P>
<B><P>5.&#9;Foreign currency transactions</P>
</B><P>Translations to foreign currency are completed using exchange rates prevailing in the market. As of December 31, 2004, the average exchange rate in the market for U.S. dollar transactions was S/3.280 for buying and S/3.283 for selling (S/3.461 for buying and S/3.464 for selling as of December 31, 2003).</P>
<P>As of December 31, 2003 and 2004, the Company had the following assets and liabilities denominated in foreign currency:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Assets</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">88,723</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">161,786</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investment funds</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,116</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,515</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable (including current portion)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,485</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">30,699</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Account receivable from affiliates</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,117</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,923</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,441</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">232,923</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Liabilities</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Bank loans</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,443</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,900</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,038</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,703</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Derivative instruments</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">112,203</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">103,192</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other current liabilities</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,271</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,516</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Long-term debt (including current portion)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">35,322</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,807</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">162,277</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">141,118</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net asset (liability) position</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(24,836)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">91,805</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">The translation of foreign currency assets and liabilities in 2004 resulted in a net loss of S/12,636,000 (S/472,000 in 2003). These amounts are included in the consolidated statements of income as "gain (loss) from exposure to inflation."</P>
<B><P>&nbsp;</P>
<P>6.&#9;Cash and cash equivalents</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,105</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,893</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Demand deposit accounts</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>16,731</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>108,102</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Saving accounts</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>559</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Time deposits</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>In local currency</DIR>
</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>73,052</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>In foreign currency (b)</DIR>
</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>306,104</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>479,612</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cash balances included in the Consolidated Statements of Cash Flows</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>398,551</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>590,607</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Time deposits in local currency with an original maturity of more than 90 days (c)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>24,255</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>398,551</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>614,862</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;As of December 31, 2004, the Company maintained principally the following time deposits in foreign currency:</P><DIR>
<DIR>

<P>-&#9;US$60,000,000 with annual interest rates ranging from 1.98% to 2.67%, and maturities from 18 to 30 days. </P>
<P>-&#9;US$86,000,000 with annual interest rates ranging from 1.96% to 2.15% and current maturities. </P></DIR>
</DIR>

<P>(c)&#9;As of December 31, 2004, it corresponds to a time deposit in Peruvian currency for S/24,255,000, at an interest rate of 5.7 percent, with maturities from 448 to 630 days. With the purpose of hedging the foreign currency exchange risk associated to such, the Company entered into a foreign currency forward contract for US$7,414,000 at an exchange rate of S/3.574 for each U.S. dollar, and stated maturities similar to the time deposits, see note 35. </P>
<B><P>&nbsp;</P></DIR>

<P>7.&#9;Investment funds</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Variable-investsment fund</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>54,881</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>52,155</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment fund in process of liquidation (b)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>34,816</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>54,881</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86,971</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;As of December 31, 2003 and 2004, this caption includes variable investment funds under the administration of Compass Group S.A., which are carried at fair value. The change in the fair value of the investment funds held during 2004 was S/5,022,000 (S/1,813,000 during 2003) and has been accounted for as a financial income in the consolidated statements of income, see note 30.</P>
<P>(b)&#9;As of December 31, 2004, the Company settled this fund. The cash was available for the Company on January 18, 2005.</P></DIR>

<B><P>8.&#9;Trade accounts receivable</P><DIR>

</B><P>This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>BHL Per&uacute; S.A.C.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,379</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,209</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Consorcio Minero S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>44,249</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,411</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mitsui &amp; Co. Precious Metals</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,334</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Johnson Matthey</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>16,292</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Doe Run Per&uacute; S.R.L.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,059</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,092</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>A y S S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,998</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,479</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Refiner&iacute;a de Cajamarquilla S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,774</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,479</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,807</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,765</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>74,266</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>97,061</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">Trade accounts receivable are denominated in U.S. dollars, have current maturity, do not earn interest and do not have specific guarantees. </P>
<P>In order to facilitate the collection of the long-term debt maintained with Banco de Cr&eacute;dito del Per&uacute; and BBVA Banco Continental, El Brocal has gave up to these entities the cash inflows from two clients. </P>
<P>In Management's opinion, the allowance for doubtful accounts is sufficient to cover bad debt risks at the date of the consolidated balance sheets. </P>
<B><P>9.&#9;Other accounts receivable, net</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other accounts receivable </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,573</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,287</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Claims to Tax Authorities (b)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,048</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,048</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Advances to suppliers and third parties</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,844</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,305</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loans to employees</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,712</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,896</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Interest receivable </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,246</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,769</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Account receivable from BHL - Per&uacute; S.A.C., related to sale of Minera Huallanca S.A.C.'s shares</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,265</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Advances given to a contractor (GyM S.A.)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,800</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts receivable from Compa&ntilde;&iacute;a Minera El Palomo S.A.</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,366</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,854</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,305</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts (c)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,375)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,483)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,479</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,822</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Non current portion</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,008)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,574)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current portion</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,471</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,248</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;It corresponds to income tax payments of 2001, made in excess to Tax Administration. The Company is asking for a refund of these payments. In Management's and its legal advisors' opinion, this amount will be recovered once the claim process is over. </P>
<P>&nbsp;</P>
<P>(c)&#9;Movement of the allowance for doubtful accounts is shown bellow:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=566>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Beginning balance</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>10,916</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>11,066</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,375</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accrual for the year, note 28</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>329</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,952</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,146</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Result from exposure to inflation </FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(179)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>298</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(672)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Write-off</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,941)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(8,366)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Ending balance</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>11,066</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,375</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,483</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;In Management's opinion, the allowance for doubtful accounts is sufficient to cover bad debt risk at the date of the consolidated balance sheets. </P></DIR>

<B><P>10.&#9;Inventories, net</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=551>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Spare parts and supplies</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>50,303</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>54,311</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Products in process</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,968</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>17,574</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Finished products</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>26,579</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,975</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>83,850</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>78,860</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Slow moving and obsolescence supplies reserves (b)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,618)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(9,507)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>77,232</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>69,353</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">The Company expects to use its supplies inventory in the normal course of operations. An immaterial amount related to supplies with slow turnover is classified as a current asset within this caption.</P>
<P>The inventories to be shipped by El Brocal guarantee certain loans maintained by this subsidiary, see note 17. </P>
<P>&nbsp;</P>
<P>(b)&#9;The reserve for supplies had the following movements during 2002, 2003 and 2004:</P>
<P>&#9;</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Beginning balance </B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,081</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,285</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,618</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accrual for the year</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>204</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>624</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,889</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Write - off</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(291)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Ending balance</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,285</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,618</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>9,507</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;In Management's opinion, the reserve above created is sufficient to cover the risks of slow moving and obsolete supplies at the date of the consolidated balance sheets. </P></DIR>

<B><P>11.&#9;Prepaid taxes and expenses</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=551>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Value added tax credit</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,276</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,772</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Income tax credit</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,988</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,497</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Additional income tax prepayment </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,451</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Pre-paid insurance</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,790</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,812</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,042</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,998</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">53,096</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,530</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Current portion</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(45,544)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(40,471)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Non current portion (b)</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,552</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,059</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;As of December 31, 2004, it mainly includes the value added tax originated by the exploration activities of Minera La Zanja S.R.L. In Management's opinion, this credit will be offset with the future value added tax liability. </P>
<B><P>&nbsp;</P></DIR>

<P>12.&#9;Investments in shares</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Equity ownership</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">____________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Investments carried at fair value</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Sociedad Minera Cerro Verde S.A. (d)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.17</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">9.17</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">223,399</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">270,600</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Ferrov&iacute;as Central Andino S.A.</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10.00</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">10.00</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,207</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,207</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,233</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">925</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">227,839</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">273,732</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Equity method investments (c) </B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L. (f)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">43.65</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">43.65</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Equity share</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,101,045</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,152,188</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mining concession, net (g)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">113,850</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">103,866</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,214,895</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,256,054</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">301</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,561</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,215,196</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,257,615</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,443,035</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,531,347</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;The detail of share in affiliated companies is:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L. </FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">353,873</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">558,103</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">575,188</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">90</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(545)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">670</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">353,963</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">557,558</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">575,858</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(c)&#9;The amount of equity participation in affiliates are determined from audited financial statements of each affiliate as of December 31, 2003 and 2004.</P>
<B><P>&nbsp;</P>
<P>Sociedad Minera Cerro Verde S.A.</P>
</B><P>(d)&#9;In 2004, the Company recorded a credit of S/47,201,000 in a separate equity account to carry the investment in Sociedad Minera Cerro Verde S.A. to its fair value as of December 31, 2004 (credit of S/209,130,000 as of December 31, 2003). In addition, in 2003, the Company charged S/5,957,000 to retained earnings, corresponding to the initial adoption of the accounting policy, as further explained in note 2(f).</P>
<P>(e)&#9;In 2004, the Company received cash dividends from Sociedad Minera Cerro Verde S.A. for S/4,871,000, see note 31. </P>
<B><P>Minera Yanacocha S.R.L.</P>
</B><P>(f)&#9;The movement of the equity investment in Yanacocha is as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=566>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Yanacocha's equity at beginning of year</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,914,543</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,554,932</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,547,851</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Participation percentage</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43.65%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43.65%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43.65%</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Company's participation in Yanacocha's equity as of January 1<SUP>st </SUP>,</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">835,698</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,115,228</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,112,137</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Elimination of intercompany gains (*)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,170)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,130)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,092)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance of investment at beginning <BR>
of year</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">822,528</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,103,098</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,101,045</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Participation in Yanacocha's income</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">361,546</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">567,282</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">583,268</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Participation in the cumulative effect of change in accounting principle</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(51,584)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Dividends received , note 12(h)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(83,070)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(482,025)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(414,911)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Realization of intercompany gains (*)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,040</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,038</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,904</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative translation gain (loss)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,054</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(36,764)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(119,118)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance at year-end</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,103,098</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,101,045</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,152,188</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

<P>&#9;The participation in Yanacocha's income in the years 2002, 2003 and 2004 is mainly originated by higher sales (quantity and quotation), offset by increases of cash cost per ounce sold, as shown below:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=558>
<TR><TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Year</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Sales</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Average quotation</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity of ounces saled</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cash costs per ounce sold</B></FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(in millions)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2002</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">714,813</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">311</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.29</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">134</FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2003</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,036,370</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">363</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2.86</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">129</FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2004</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">1,249,882</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">411</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3.04</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">147</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(g)&#9;The movement of the amount paid over book value of Yanacocha's shares (mining concession), is as follows: </P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance at beginning of year</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">124,067</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">113,850</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Amortization</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,217)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(9,984)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance at year-end</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">113,850</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">103,866</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(h)&#9;Yanacocha represents the most significant investment. The Company's share of Yanacocha earnings was significant as compared to Buenaventura's net income in 2002, 2003 and 2004. Presented below is selected information about Yanacocha:</P>
<B><P>Economic activity -</P>
</B><P>&#9;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.</P>
<B><P>&#9;Summary financial information based on the Yanacocha financial statements -</P>
<P>&#9;</B>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>
<B><P>&nbsp;</P>
<P>&#9;</B>Summary Yanacocha balance sheet data as of December 31, 2003 and 2004 (includes 100 percent of Yanacocha's operations):</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total assets </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,146,041</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,207,748</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total liabilities</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">445,171</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">396,574</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Shareholders'equity</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">700,870</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">811,174</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;Summary data from the Yanacocha statements of income for the years ended 2002, 2003 and 2004 (includes 100 percent of Yanacocha's operations):</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>713,398</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,036,370</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,249,882</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>270,006</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>475,508</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>571,867</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Income before cumulative effect of change in accounting principle</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>197,922</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>352,765</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>390,304</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of change in accounting principle</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(32,353)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>197,922</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>320,412</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>390,304</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;Dividends paid by Yanacocha -</P>
</B><P>&#9;Cash dividends paid by Yanacocha to Condesa were S/83,070,000 in 2002, S/482,025,000 in 2003 and S/414,911,000 in 2004. </P>
<P>&#9;<B>Legal proceedings -</P>
</B><P>&#9;See note 37(c).</P></DIR>

<B><P>13.&#9;Property, plant and equipment, net</P><DIR>

</B><P>(a)&#9;The 2004 movement within the cost and accumulated depreciation accounts is shown below:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1022>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Beginning balance</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retirements</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Sales</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Transfers</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ending balance</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Cost</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Land</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,237</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">413</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">259</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,909</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mineral rights</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,741</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">722</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,463</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Buildings, constructions and other</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">387,970</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,960</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(888)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,886</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">395,914</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Machinery and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">546,155</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">24,626</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(886)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(13,622)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,836</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">585,109</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Transportation units</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,812</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">356</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(82)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,115)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,802</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,773</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Furniture and fixtures</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,655</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">210</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(287)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">376</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,950</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Work in progress (d)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,033</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">67,220</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(37,159)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,094</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mine closure costs, notes 3 and 19 (c) </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,954</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,688</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,642</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,042,557</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">107,195</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(986)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,912)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,131,854</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Accumulated depreciation and amortization</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mineral rights</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,776</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,045</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,821</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Buildings, constructions and other</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">192,127</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,764</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(382)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">207,509</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Machinery and equipment</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">399,913</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">34,244</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(164)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,974)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">421,019</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Transportation units</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,469</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,392</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(68)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,831)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">20,962</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Furniture and fixtures</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,406</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">883</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(287)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,002</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mine closure costs, notes 3 and 19 (c) </FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,734</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,593</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,327</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">634,425</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,921</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(232)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,474)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">679,640</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cost</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">408,132</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">452,214</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>(b)&#9;Fully depreciated assets as of December 31, 2003 and 2004 amount to S/336,849,000 and S/405,937,000, respectively.</P>
<P>(c)&#9;The distribution of annual depreciation and amortization was as follow:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,884</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>817</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>44</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Operating costs </FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>43,195</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>49,118</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>59,473</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operative mining areas</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,229</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>479</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other, net, (note 31)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,643</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,404</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>47,308</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>53,057</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>60,921</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(d)&#9;Work in progress mainly corresponds to the construction of Tailing Dam N<SUP>o</SUP> 4 in the Orcopampa mining unit.</P>
<P>(e)&#9;El Brocal has pledged property, plant and equipment for approximately US$5,822,000, as a guarantee of the long-term debt with Banco de Cr&eacute;dito del Per&uacute; and BBVA Banco Continental, see note 20. </P></DIR>

<B><P>14.&#9;Development costs, net</P><DIR>

</B><P>(a)&#9;Movements of the cost and accumulated amortization follow: </P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of January 1<SUP>st</SUP>, 2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of December 31, 2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Cost</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">91,528</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,293</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">94,821</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,831</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,850</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,681</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,812</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,468</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,280</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Ishihuinca</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,624</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,624</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mine closing costs, notes 3 and 19 (c)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,784</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,154</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,938</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">201,579</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">52,765</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">254,344</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&nbsp;</P>
<P>&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of January 1<SUP>st</SUP>, 2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of December 31, 2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Accumulated amortization of:</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,095</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,599</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,694</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,297</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,261</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,558</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,390</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,108</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,498</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Ishihuinca</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,956</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">513</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,469</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Mine closure costs, notes 3 and 19 (c)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,020</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,847</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,867</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,758</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,328</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">111,086</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Net cost</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">123,821</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">143,258</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>________</B></FONT></TD>
</TR>
</TABLE>
</P>

<OL START=2 TYPE="a">

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"><LI>The annual amortization was distributed as follows:</LI></P></OL>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=567>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites, note 26</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,985</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,806</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">30,854</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining areas</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,145</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Operating costs</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">639</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">266</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inventories</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">994</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">238</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">63</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,979</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">16,683</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">33,328</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">15.&#9;Deferred stripping costs</P>
</B><P>The movements of deferred stripping costs during the years ended December 31, 2003 and 2004 were as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Beginning balance</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">41,727</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,056</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Additions</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,329</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Ending balance</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,056</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">56,056</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">16.&#9;Mining concessions and goodwill, net </P><DIR>

</B><P>(a)&#9;Movements of cost and accumulated amortization accounts were as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of January 1, 2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additions</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retirements</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of December 31, 2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Cost</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C.- CEDIMIN</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,837</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(381)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,456</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A. </FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,476</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42,476</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,113</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,113</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.A.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,549</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,549</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Paula 49 S.A.C.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,393</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,393</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">232,975</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,393</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(381)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">237,987</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Accumulated amortization</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">43,261</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,859</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,120</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,149</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,212</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,361</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,920</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">994</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,914</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.A.</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,515</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">533</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,048</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">64,845</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,598</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">80,443</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cost</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">168,130</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">157,544</FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;Management estimates that the amortization expense for each of the next five years will be approximately S/15 million. </P></DIR>

<B><P>17.&#9;Bank loans</P></DIR>
</DIR>

</B><P>Bank loans, contracted in U.S. dollars, consist of:</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual interest rate</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.A.</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco Interamericano de Finanzas - BIF</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4.45% (3.72% as of December 31, 2003)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,635</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,283</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Between 3.69% and 3.81%</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,959</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco Internacional del Per&uacute; - Interbank</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Between 3.71% and 4.48%</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,905</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2.66%</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,539</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,521</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other subsidiaries</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">423</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">346</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">23,461</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,150</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">As of December 31, 2003 and 2004, this caption is mainly conformed by pre and post-export loans obtained from various domestic banks. The loans obtained by El Brocal are guaranteed by the related shipments of concentrate inventories, and have current maturities. The loan obtained by Inminsur does not have specific guarantees. </P>
<P>The weighted average annual interest rates on bank loans were 4.24 percent and 3.37 percent during 2003 and 2004, respectively. The weighted average annual interest rate was 9.33 percent at December 31, 2003 and 3.12 percent at December 31, 2004.</P>
<B><P>&nbsp;</P>
<P>18.&#9;Trade accounts payable</P></DIR>
</DIR>

</B><P>This item is made up as follows:</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Local suppliers</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">49,957</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">49,767</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Foreign suppliers</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,742</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,421</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">52,699</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">61,188</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">Trade accounts payable are mainly originated by the acquisition of materials and supplies. These obligations are stated in local and foreign currency, have current maturities and do not accrue interest. No guarantees have been granted. </P>
<B><P>19.&#9;Other current liabilities</P><DIR>

</B><P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accrual for mine closing costs (c)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>51,202</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>67,521</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Stock appreciation rights (b) </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>57,463</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>47,047</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Income tax payable </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>25,143</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other taxes payable</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>28,500</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>20,072</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Remuneration and similar benefits payable</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,865</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,202</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accounts payable to a joint venture partner </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,435</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing payable</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,507</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>11,738</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties payable to the Peruvian Government</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,639</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accrual for labor contingencies</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,140</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Royalties payable to third parties, note 37(b)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,620</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,513</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accrual for exchange difference loss related to a forward contract, note 35 (b)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>773</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,182</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Dividends payable</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,838</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,467</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other liabilities, each individually less than S/1,500,000</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,210</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,627</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>162,978</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>216,726</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Long - term portion</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Stock appreciation rights </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(48,151)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(32,444)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accrual for mine closing</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(28,702)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(39,881)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(1,705)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(76,853)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(74,030)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current portion</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86,125</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>142,696</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(b)&#9;Stock Appreciation Rights -</P>
<P>The Company has a program under which certain executives earn a cash bonus equal to that executive's allotted number of shares multiplied by the difference between the market value at a future date of the Company's shares and the base price on the executive's share. This program remains in effect as long as the executive works for the Company at each program's settlement date.</P>
<P>The measurement is made at the end of each reporting period based on the current market price of the shares. Compensation expense is recognized ratably over the vesting period established in each program.</P>
<P>The number of shares units which will be granted to executives subject to the stock appreciation rights bonus in future years, are as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=545>
<TR><TD WIDTH="79%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Years</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of shares</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2004</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>94,900</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2005</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>150,300</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2006</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>192,700</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2007</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>217,100</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2008</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>190,900</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2009</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>193,000</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Thereafter</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>388,600</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,427,500</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">In 2004, the Company recorded an expense amounting to S/2,135,000 in connection with this program (S/6,744,000 and S/49,594,000 in 2002 and 2003, respectively), which is recorded in the "general and administrative" caption in the consolidated statements of income. </P>
<P>&nbsp;</P>
<P>(c)&#9;Accrual for mine closing costs -</P>
<P>Movements within the accrual for mine closing costs follow:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=545>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1, 2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,453</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Disbursements</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,637)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting change </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,679</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accretion expense, note 31</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,724</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,983</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance as of December 31, 2003</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,202</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Disbursements</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,691)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Provision </FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,019</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accretion expense, note 31</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,056</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Gain from exposure to inflation</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,065)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance as of December 31, 2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">67,521</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">The accrual for mine closing costs is based on studies completed by independent parties, in accordance with current environmental protection regulations, see note 37 (a).</P>
<P>(d)&#9;Royalties payable to Peruvian Government -</P>
<P>&#9;In June 24, 2004, the Peruvian Congress approved Law 28258 - Mining Royalties Law. This law established a mining royalty that owners of mining concessions should pay for the exploitation of metallic and non-metallic resources. The mining royalties will be calculated with rates ranging from 1% to 3% over the mineral concentrates value or equivalent, according to the quoted market price published by the Ministry of Energy and Mines. The corresponding ruling was approved on November 15, 2004.</P>
<P>&#9;Royalties amounted to S/6,639,000 in 2004 and would be paid in a five-months period, beginning on February 28, 2005.</P>
<P>&#9;To the date of this report, the National Society for Mining, Oil&amp;Gas and Energy filed before the Peruvian Constitutional Court an unconstitutionality appeal against the Law of Mining Royalties. The Company has accounted for an accrual for this royalty; however, in January 2005, it has filed a Recourse Action against this law. The corresponding precautionary actions, which permit to suspend the application of this law until the Peruvian Constitutional Court resolve this matter, are in process.</P></DIR>

<B><P>20.&#9;Long-term debt</P><DIR>

</B><P>(a)&#9;Long-term debt, denominated in U.S. dollars, were as follows: </P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1108>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Guarantee</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual interest rate</B></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Final maturity</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A. </B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>4.5%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>September 2005</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">72,675</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,981</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A. </B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Guaranteed by Buenaventura</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Three - month Libor plus 1.2% <BR>
(3.76% as of December 31, 2004)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>April 2005</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">19,319</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,323</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.A. (c)</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Pledge over machinery and equipment for US$1,000,000; and cash flows from collections of a client.</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Three - month Libor plus 2.35% (4.91% as of December 31, 2004)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>November 2009</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,147</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute; </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Pledge over machinery and equipment for US$5,822,000; and cash flows from collections of two clients </FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Three - month Libor plus 3.75% <BR>
(6.31% as of December 31, 2004)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>September 2006</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">18,320</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">10,533</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Teck Cominco Metals Ltd. </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>No specific guarantees</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Three - month Libor plus 6% <BR>
(7.16% as of December 31, 2003)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>December 2006</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,494</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Banco de Cr&eacute;dito Leasing</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Leased property</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>5.00%</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>June 2007</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,037</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">113</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">342</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">115,921</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">51,363</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Current Portion</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(70,453)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(36,332)</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Long-term portion</B></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,468</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,031</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

</B><P>(b)&#9;The long-term debt maturity schedule as of December 31, 2004 is as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=546>
<TR><TD WIDTH="79%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Year ended December 31,</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2006</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>7,524</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2007</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,651</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2008</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,428</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2009</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,428</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>15,031</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(c)&#9;The financing agreements of El Brocal include certain provisions that require compliance with certain financial indicators. Except for the maximum leverage ratio required by BBVA Banco Continental, El Brocal has complied with those indicators as of December 31, 2003 and 2004. This non-fulfillment will be informed to BBVA and, in management's opinion, it will have no effect on the current conditions of the borrowing, considering that the leverage ratio must not exceed 1.0 and the actual leverage ratio is 1.04 as of December 31, 2004. In addition, this ratio considers S/13 million of a deferred income tax and workers' profit sharing liability, which does not require an immediate cash outflow. </P>
<P>(d)&#9;The debt that Brocal maintained with Teck Cominco Limited was paid with funds arising from the long term debt obtained from BBVA Banco Continental.</P>
<P>(e)&#9;The weighted average annual interest rates of the long - term debt were 4.81 percent and 4.92 percent during 2003 and 2004, respectively.</P></DIR>

<B><P>21.&#9;Minority interest</P>
</B><P>The minority interest liability shown in the consolidated balance sheets consists of:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=578>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>27,762</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>50,337</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,227</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>15,655</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>8,722</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,165</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera La Zanja S.R.L.</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(13,111)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(2,283)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(699)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>48,428</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>66,347</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">Minority interest income (expense) is presented in the consolidated statements of income and consists of:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,884)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(10,439)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,974</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(23,121)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(33,175)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(34,951)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,719)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,905)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(5,444)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,263</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>496</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(1,750)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(25,461)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(51,023)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(28,171)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">22.&#9;Shareholders' equity</P><DIR>

</B><P>(a)&#9;Capital stock - </P>
<P>&#9;The Company has common shares entitled to exercise voting rights that represent the 100 percent of its outstanding share capital.</P>
<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/197,894,000 to S/646,414,000, in constant values as of December 31, 2004) 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/448,520,000 in constant values as of December 31, 2004), S/129,266,262 corresponds to common shares - Series A and S/283,068,624 to common shares - Series B.</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. As a consequence, since May 3, 2002, the Company's capital stock is comprised of 137,444,962 common shares with a nominal value of S/4 each.</P>
<P>In October 28, 2003, the Board of Directors decided to modify the ADR's program with the Bank of New York. Effective November 12, 2003, each ADR corresponds to one common share; formerly, each ADR corresponded to two common shares.</P>
<P>&nbsp;</P>
<P>As explained in note 2(t), the nominal value of treasury shares adjusted by inflation is presented net of the capital stock. The detail of the capital stock as of December 31, 2004 follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=577>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of shares</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Nominal <BR>
value</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Result from exposure to inflation</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Capital<BR>
stock</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">549,780</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,634</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">646,414</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Treasury shares</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,565,130)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(42,261)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,398)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(49,659)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_______</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">507,519</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">89,236</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_______</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">As a result of the restatement of the 2004 financial statements for inflation at December 31, 2004, the Company is permitted to issue additional common shares for a total value of S/96,634,000.</P>
<P>(b)&#9;Investment shares - </P>
<P>&#9;The investment shares are not entitled to exercise voting rights and do not represent the Company's stock obligation. However, investment shares confer upon the holders thereof the right to participate in the dividends distributed.</P>
<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/533,000 to S/1,749,000, in constant values of December 31, 2004), by increasing the nominal value of investment shares from S/1 to S/4, concurrent with the capitalization of a portion of retained earnings equal to S/1,116,960 (S/1,216,000 in constant value as of December 31, 2004). As a consequence, effective May 3, 2002, there are 372,320 investment shares with a nominal value of S/4 each.</P>
<P>As explained in note 2(t), the nominal value of investment shares held in treasury adjusted by inflation is presented net of the investment shares. The detail of the investment shares as of December 31, 2004 follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=577>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of shares</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Nominal <BR>
value</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Result from exposure to inflation</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Investment shares</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,489</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">260</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,749</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Investment shares held in treasury</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,933)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(63)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(66)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">356,387</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,426</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">257</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,683</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">As a result of the restatement of the 2004 financial statements for inflation at December 31, 2004, the Company is permitted to issue additional investment shares for a total value of S/260,000.</P>
<P>(c)&#9;Additional capital -</P>
<P>The additional capital of the Company includes the following as of December 31, 2004: </P><DIR>
<DIR>

<P>-&#9;The premium received on the issuance of Series B common shares for S/546,835,000.</P>
<P>-&#9;The income from the sale of ADR for S/30,286,000, and</P>
<P>-&#9;The difference between constant nominal values of treasury shares (common and investment), held by the subsidiary Condesa, and the cost of such shares for S/33,538,000.</P></DIR>
</DIR>

<P>(d)&#9;Legal reserve -</P>
<P>According to the <I>Ley General de Sociedades </I>(General Corporations Law), applicable to individual and unconsolidated financial statements, a minimum of 10 percent 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;Treasury shares maintained by subsidiary -</P>
<P>As explained in note 2(t), the values of treasury shares are presented net of the capital stock, investment shares and additional capital accounts.</P>
<P>In the first quarter of 2002, Condesa sold to third parties an additional 322,000 ADR (equivalent to 644,000 common shares) for approximately S/25,192,000, which is presented in the consolidated statements of changes in shareholders' equity</FONT><FONT FACE="Arial" SIZE=2>.</P>
</FONT><FONT FACE="Arial" SIZE=1><P>&nbsp;</P>
<P>(f)&#9;Declared and paid dividends -</P>
<P>The information about declared and paid dividends in the years 2002, 2003 y 2004 is as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Meeting/Board</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Date</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Declared<BR>
dividends</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Dividends<BR>
per share</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Dividends 2002 </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mandatory Annual Shareholders' meeting</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>March 26, 2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">31,637,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.23</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>October 22, 2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">46,891,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.34</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>October 22, 2002</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,028,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(*)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">81,556,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Dividends 2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mandatory Annual Shareholders' meeting</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>March 31, 2003</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">44,198,000</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.32</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>July 31, 2003</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">80,280,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.58</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>October 28, 2003</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">47,771,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.35</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">172,249,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Dividends 2004</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Mandatory Annual Shareholders' meeting</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>March 26, 2004</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,823,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.56</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board of Directors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>October 28, 2004</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">73,208,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">0.53</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">151,031,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(*)&#9;Equivalent to S/2.19 per common share of El Brocal.</P></DIR>
</DIR>

<P>&#9;During 2002, 2003 and 2004, the dividends paid to the subsidiary Condesa for Buenaventura's shares amount to S/6,264,000, S/13,085,000 y S/11,567,000, respectively. These amounts are presented net of declared and paid dividends in the consolidated statements of shareholders' equity.</P>
<P>(g)&#9;Cumulative translation gain (loss) -</P>
<P>&#9;This amount corresponds to the exchange differences that arise as a result of applying the methodology described in Note 2(f) when translating the financial statements of Yanacocha from U.S. dollars to Peruvian Nuevos Soles. These exchange differences will be presented in equity until the related investment is disposed of.</P>
<B><P>&nbsp;</P></DIR>

<P>23.&#9;Taxation</P><DIR>

</B><P>(a)&#9;Buenaventura and their subsidiaries are subject to Peruvian tax law. As of December 31, 2004, the statutory income tax rate in Peru is 30 percent (27 percent until December 31, 2003), including the gain (loss) from exposure to inflation.</P>
<P>Non - domiciled companies in Peru and individuals must pay an additional tax of 4.1 percent over received dividends. </P>
<P>Effective January 1, 2005, the following tax modifications are in force: </P><DIR>
<DIR>

<P>-&#9;It has been established a Temporary Tax on Net Assets, which will be in force until December 31, 2006. This tax can be used as credit against the income tax prepayments.</P>
<P>-&#9;For income tax purposes, especially for calculating the income tax, the financial statements shall not be adjusted for inflation.</P></DIR>
</DIR>

<P>(b)&#9;The tax authorities are legally entitled to review and, if necessary, adjust the income tax calculated by the Company during the four years subsequent to the year of the related tax return filing. The income tax and value added tax returns of the following years are pending review by the tax authorities:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=521>
<TR><TD WIDTH="65%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Entity</B></FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Years open to review by tax authorities</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP" HEIGHT=7><P></P></TD>
<TD WIDTH="35%" VALIGN="BOTTOM" HEIGHT=7><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Buenaventura</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones <BR>
Mineras S.A.C. - CEDIMIN</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Contacto Corredores de Seguros S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Sociedad Minera El Brocal S.A.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Paula 49 S.A.C.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2000, 2001, 2002, 2003 and 2004</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2002, 2003 and 2004</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

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

<P>The income tax of Buenaventura for 2000 was reviewed by the Tax Administration. As a consequence, Buenaventura received an assessment that modifies the tax loss carryforward. The main issue is that the Company considered certain revenues (dividends and equity participation) as taxable for determining the tax loss carryforward. In opinion of the Company's legal advisors, the assessment does not have solid grounds. It is expected that the Company obtains a favorable opinion in the administrative process initiated against the assessment.</P>
<P>Due to various possible interpretations of current legislation, it is not possible to determine whether or not future reviews will result in tax liabilities for the Company. In the event that additional taxes payable, interest and surcharges result from tax authority reviews, they will be charged to expense in the period assessed and paid. However, in the opinion of Management, there are no issues that may result in significant tax contingencies for the Company and any additional tax assessment would not be significant to the consolidated financial statements as of December 31, 2004.</P>
<P>(c)&#9;With the purpose of determining the income tax and the value added tax, the transfer price among related parties and for transactions with companies domiciled in countries considered tax havens, prices should be supported by documentation containing information about the valuation methods applied and criteria used in its determination. Based on an analysis of the Company's operations, Management and its legal advisors believe that the new regulations will not result in significant contingencies for the Company as of December 31, 2004 and 2003. Effective January, 2004 the Company is obliged to file an annual informative declaration of these transactions.</P>
<P>(d)&#9;During the year 2000, Yanacocha was notified with tax assessments of US$24.4 million in connection with the income tax and value added tax - VAT for years 1998 and 1999, as well as for VAT of January and February 2000. With the purpose of eliminating some of these contingencies, Yanacocha filed for the "Sistema Especial de Actualizaci&oacute;n y Pago de Deudas Tributarias - SEAP" which allows the payment of incorrectly declared taxes, eliminating fines and accrued interest at preferential rates. Although Yanacocha filed for the SEAP, it still has a lawsuit outstanding before the Supreme Court of Justice for US$3.1 million.</P>
<P>In the opinion of Yanacocha's Management and its legal advisors, there are no issues that may result in significant tax contingencies.</P>
<B><P>&nbsp;</P></DIR>

<P>24.&#9;Net sales </P>
</B><P>The Company's revenues primarily result from the sale of precious metal concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. The following table shows net sales by geographic region:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Peru</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>327,768</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>383,180</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>501,187</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>North America</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>38,202</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>28,793</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>323,421</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Europe</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>175,916</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>289,597</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>89,043</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Asia</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>20,976</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>26,065</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,948</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Oceania</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>5,260</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,266</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>568,122</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>729,901</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>928,599</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Income (expense) from hedging transactions, note 35(a)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,585</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,405</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(20,158)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>575,707</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>735,306</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>908,441</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">In 2004, the Company's three largest customers accounted for 20%, 16% and 13%, respectively, of total sales (35%, 28% and 11% of total sales in 2003). As of December 31, 2004, 48% of the trade accounts receivable are related to these customers (77% as of December 31, 2003). Some of these customers have sale contracts with the Company that guarantee them the production output from specified Company mines at prices based on market quotations or previously agreed. Currently, the production of the mining units of the Company is subject to such sale agreements; these agreements have various maturity dates but do not extend beyond December 31, 2011.</P>
<B><P>25.&#9;Operating costs</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Contractors</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">89,354</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">115,313</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">122,803</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Supplies</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">69,769</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">74,359</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">84,327</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Personnel expenses</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">60,297</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">67,134</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">82,893</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">54,266</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,766</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">48,051</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">273,686</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">302,572</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">338,074</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">26.&#9;Exploration and development costs in operational mining sites</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Exploration expenses</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Uchucchacua</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,402</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,926</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">38,111</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Orcopampa</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,493</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21,883</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">22,628</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,589</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,967</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">13,817</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Ishihuinca </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,420</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,129</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,843</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Shila</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,970</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,034</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,708</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,690</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,627</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,191</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Paula</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,241</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,301</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,446</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,870</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">42</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,571</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">62,675</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">69,909</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">96,315</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Amortization of development costs, note 14(b)</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,985</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">15,806</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">30,854</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">77,660</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">85,715</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,169</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">27.&#9;Exploration costs in non-operational mining sites</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>In areas external to the mining sites</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Join ventures</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">29,893</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,797</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">81,812</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>In mining sites</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Huachocolpa</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,153</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,948</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,507</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Julcani</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,732</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,295</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Paula</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,876</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Antapite</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,889</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">8,774</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,119</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,507</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Studies and project expenses</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,642</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,339</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,922</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">40,309</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">59,255</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">88,241</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">28.&#9;General and administrative expenses</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Personnel expenses</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>35,023</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>29,493</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>31,802</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Professional fees</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,907</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>16,673</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>18,569</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Board members' remuneration</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,056</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,859</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,655</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Insurance</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,576</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,730</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,164</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Officers' compensation, note 19(b)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,744</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>49,594</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,135</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Supplies</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,554</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>943</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,649</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accrual for doubtful receivables, note 9(c)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>329</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>5,952</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,146</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Rentals</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>883</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>989</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>890</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Maintenance</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>793</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>750</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>668</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other expenses</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,433</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>13,178</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>13,188</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>79,298</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>123,161</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>76,866</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">29.&#9;Selling expenses</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Freight</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>16,714</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>18,425</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>12,913</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Sundry services</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>5,516</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>6,231</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>3,412</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,084</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,120</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,514</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>24,314</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>25,776</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>17,839</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>30.&#9;Interest income and expense</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Interest income</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Interest on deposits</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,070</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,639</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,726</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Change in the fair value of the investment fund</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,813</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,022</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Interest on loans</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">145</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">333</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,384</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">9,215</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,785</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,132</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Interest expense</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Interest on loans</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,473)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,361)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(4,609)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Others</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,229)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,326)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(2,906)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(16,702)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,687)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,515)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>31.&#9;Other, net</P>
</B><P>This item is made up as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other revenues</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Dividends received from Cerro Verde</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,871</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain from sale of supplies</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,079</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,871</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain from insurance recoverability </FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">273</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Gain on sale of property, plant and equipment</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,732</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,175</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">259</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,276</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,989</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">287</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,087</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,035</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,690</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Other expenses</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accretion expense, notes 3 and 19 (c)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>4,724</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,056</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Labor contingencies</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,199</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Additional taxes</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,540</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,246</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,232</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Depreciation, note 13 (c)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,643</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,404</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Project for social development in the department of Huancavelica</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>808</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,313</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>925</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Loss from sale of supplies to third parties, net</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>805</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Administrative penalties</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,657</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>817</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Employee termination bonuses</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,537</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,046</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Accrual for impairment loss on investments</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,513</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>874</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,735</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,336</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,757</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,133</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,839</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>19,195</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,954</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(12,804)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(13,505)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>32.&#9;Income tax and workers' profit sharing</P><DIR>

</B><P>(a)&#9;The income tax and workers' sharing expense (benefit) amounts shown in the consolidated statements of income are made up as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=566>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Expense (benefit) for income tax</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Current</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,528</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>30,683</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>37,509</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,543</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>12,642</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Buenaventura</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>10,345</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,368</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,126</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN </FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,051</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Shila S.A.C.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,321</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>323</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,283</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>620</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>24,172</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>38,509</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>72,661</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Deferred</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Buenaventura </FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(228,834)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>21,582</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,669</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(4,916)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>7,370</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(2,798)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Minera Shila S.A.C.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(247)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>384</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,687</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(236,795)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>29,336</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>26,859</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(198,286)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>101,997</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>

<FONT FACE="New York,Times New Roman" SIZE=2><P ALIGN="RIGHT">&nbsp;</P>
<P>&nbsp;</P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=566>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Expense (benefit) for workers's profit sharing (i)</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,111</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>3,664</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Buenaventura</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,998</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,426</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>373</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN </DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>305</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minera Shila S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>748</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>187</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>86</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>748</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,298</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>9,852</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Deferred</DIR>
</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Buenaventura</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(62,896)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6,256</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Colquijirca S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>859</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(1,425)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,136</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras del Sur S.A.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(811)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>112</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minera Shila S.A.C.</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>6</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other</DIR>
</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(53)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>865</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(65,185)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>8,504</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Total</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,613</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(62,887)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>18,356</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(i)&#9;In accordance with Peruvian legislation, mining companies that have more 20 employees should accrue an amount equal to 8 percent of annual taxable income to be distributed under an employee profit-sharing plan. As of December 31, 2002, 2003 and 2004, S.M.R.L. Chaupiloma Dos de Cajamarca and Compa&ntilde;&iacute;a Minera Condesa S.A. have less than 20 employees.</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></DIR>
</DIR>

<P>(b)&#9;As explained in note 2(q), Buenaventura and their subsidiaries recognize temporary differences between tax and book basis of assets and liabilities through the recording of deferred tax assets and liabilities. The income tax and workers' profit sharing asset is composed of the following:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=867>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Credit (debit) to the consolidated statements of income</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of January 1<SUP>st</SUP>, 2004</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Income tax</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Deferred income tax and workers' profit sharing</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Result from exposure to inflation</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Balance as of<BR>
December 31, <BR>
2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Deferred asset</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">252,746</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,149)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,253)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(11,766)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217,578</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accrual for mining closing </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">14,808</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,873</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">830</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(842)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,669</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Officers' compensation</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,142</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,428)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(994)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(798)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,922</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Exploration expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,046</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">582</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">169</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(285)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">11,512</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Impairment of property, plant and equipment</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,281</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(116)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(291)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">5,840</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Unrealized gain with affiliates</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,837</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(352)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(102)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(224)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,159</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Tax loss carryforward</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">30,056</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(18,927)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,925)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(1,237)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,967</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Slow moving and obsolescence supplies reserve</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,089</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(692)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(201)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(105)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,091</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Royalties payable to the Peruvian government </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,927</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">559</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">2,486</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts receivable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,845</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">21</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(86)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,786</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Accrual for labor contingencies</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,199</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">348</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,547</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,214</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">325</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">93</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(90)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">3,542</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">346,064</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(34,737)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,504)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(15,724)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">285,099</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Less - Allowance for deferred asset recoverability</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(20,358)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">4,641</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,783</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">1,195</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(12,739)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Deferred asset</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">325,706</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(30,096)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,721)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,529)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">272,360</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><U><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Deferred liability</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,956)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(19,956)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,309)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">760</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">227</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(7,105)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Deferred liability</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(28,265)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">760</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">217</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">227</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(27,061)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Deferred asset, net</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">297,441</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(29,336)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(8,504)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(14,302)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">245,299</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

</B><P>The Company has not recorded a deferred income tax and workers' profit sharing liability originated by the excess of the book basis over the tax basis of the investments in shares due to the following:</P></DIR>
</DIR>
</DIR>


<UL>

<UL>
<LI>In the case of the affiliate Cerro Verde (recorded at fair value): under any circumstance - dividend distribution or sale of the investment - the reversal of the basis difference will not be taxable. As mentioned before, dividends distributions are income tax exempt. On the other hand, Cerro Verde S.A. is a company that quotes its shares in the Lima Stock Exchange and, in accordance with the Peruvian tax regulations, any gain or losses arising from the disposition of these shares are not taxable. </LI>
<LI>In the case of the affiliate Yanacocha, Buenaventura's management has the intention and ability of maintaining the investment until the date of the depletion of its gold and silver reserves; in this sense, it considers that the temporary difference will be reverted through future dividends, which are not taxable. On the other hand, Buenaventura's management has the ability of reversing the temporary difference, by other form different than dividends distributions, with any tax effect. </LI></UL>
</UL>
<DIR>
<DIR>
<DIR>

<P>(c)&#9;During 2002, 2003 and 2004 the Company recorded expenses (income) tax and workers' profit <BR>
sharing due to:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=584>
<TR><TD WIDTH="41%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Income before income tax and workers' profit sharing</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">469,648</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">37,298</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">834,174</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Effective combined rate</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32.84%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">32.84%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">35.60%</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Expected income tax and workers' profit sharing according effective combined rate</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">154,232</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">12,249</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">296,966</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Permanent differences</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies (i)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(116,242)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(183,102)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(205,005)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Effect of fair value of derivative instruments (ii)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">66,250</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(5,208)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Realized loss in derivative instruments (ii)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">6,835</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">26,131</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Effect of fair value of derivative contracts turned into normal sales contracts (iii)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(94,794)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Change in valuation allowance</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(53,944)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Effect on fair value derivative instruments (iv)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(6,145)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(21,978)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other permanent items</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(3,373)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,311</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">7,469</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(125,760)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(273,422)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(176,613)</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Total</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">28,472</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(261,173)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">120,353</FONT></TD>
</TR>
<TR><TD WIDTH="41%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(i)&#9;According to current Peruvian tax regulations, the equity participation in affiliates, including dividends received, are not taxable.</P>
<P>(ii)&#9;According to current Peruvian tax regulations, the loss on derivative instruments is not deductible to the extent it is generated abroad.</P>
<P>(iii)&#9;Effective January 1, 2003, the Company adopted IAS 39, recording the initial effect of the fair value of all derivative contracts in the equity account: retained earnings (loss). In December 2003, the Company modified certain conditions of its derivative contracts to qualify them as sales contracts; pursuant to this revision, the related loss (negative fair value) became a temporary difference under current Peruvian tax regulations. The income tax effect on the loss recorded in retained earnings has been recorded as a benefit of the year because the change of status of a permanent, to a temporary item occurred in December 2003.</P>
<P>(iv)&#9;Effective April 1, 2004, the statutory income tax rate in Peru is 30 percent. Until December 31, 2003, the income tax rate was 27 percent.</P>
<P>&nbsp;</P>
<P>&nbsp;</P></DIR>
</DIR>
</DIR>

<B><P>33.&#9;Basic and diluted earnings per share</P>
</B><P>The computation of the basic and diluted earnings per share for the years ended December 31, 2002, 2003 and 2004 is presented below:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1303>
<TR><TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the year ended December 31, 2002</B></FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the year ended December 31, 2003</B></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the year ended December 31,2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">___________________________________________________</B></FONT></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">___________________________________________________</B></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Net income (numerator)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Shares (denominator)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Earnings <BR>
per share</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Net income<BR>
(numerator)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Shares (denominator)</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Earnings<BR>
per share</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Net income</P>
<P ALIGN="CENTER">(numerator)</B></FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Shares (denominator)</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Earnings </P>
<P ALIGN="CENTER">per share</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted income per share before the cumulative effect of accounting change </B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.27</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">247,448,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.95</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650,000</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.39</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Cumulative effect of accounting change for mining closing costs</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(72,295,000)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(0.57)</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted net income per share</B></FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">415,715,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">3.27</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">175,153,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.38</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">685,650,000</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">5.39</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">__________</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">___________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">The number of shares to be used as the denominator in the calculation of basic and diluted earnings per share for the years ended December 31, 2002, 2003 and 2004 was determined as follows:</P></DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=614>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________ __</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Less - Treasury shares</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,581,063)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,581,063)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">(10,581,063)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________ __</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________ __</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<B><P>34.&#9;Disclosure about information by segments</P>
</B><P>International Accounting Standard (IAS) 14, revised, requires enterprises to disclose financial information by business and/or geographical segment. Companies should consider their organizational and management structure and their internal financial reporting system when identifying segments. Segments are generally defined by the manner in which the Company presents data to high-level management for their use in evaluating each units past performance. Management bases their decisions on and evaluates business development in terms of the mining segments' performance. The electric, mining consulting and insurance segments are not significant and, therefore, are not considered in the making of decisions or in the evaluation of business development. Management therefore considers that the Company's only reportable segment is mining.</P>
<B><P>35.&#9;Derivative financial instruments</P><DIR>

</B><P>(a)&#9;Risk of metal price fluctuations -</P>
<B><P>&#9;</P>
<P>&#9;Derivative contracts</P>
</B><P>&#9;Buenaventura holds contracts of derivative instruments with the intention to hedge the fluctuations in metal prices; however, the Company does not meet all the criteria stated in IAS 39 to account for the derivative instruments as cash flow hedges. In addition, the subsidiary El Brocal maintains contracts of derivative instruments that qualify as cash flows hedges.</P>
<P>The table below presents a summary of the commodity derivative contracts outstanding as of December 31, 2004:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=544>
<TR><TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity (ounces)</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price range</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="34%" VALIGN="MIDDLE" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="31%" VALIGN="MIDDLE">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Minimal</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Maximum</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(US$/Oz)</B></FONT></TD>
<TD WIDTH="31%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Gold</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">52,500 (i)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">849,000 </FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">343 to 366.7</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>January 2005 - July 2011</DIR>
</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Silver</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">500,000 (ii)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">3,200,000</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.84 to 6.16</DIR>
</FONT></TD>
<TD WIDTH="31%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>January 2005 - August 2006</DIR>
</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">(i)&#9;Guaranteed with an average price of US$345 per ounce only and when gold price is above US$285.00 per ounce.</P>
<P>(ii)&#9;Guaranteed with a minimum price of US$6.00 per ounce (only and when silver price is above US$4.00 per ounce.</P>
<P>&nbsp;</P></DIR>

<P>&#9;Related to the derivative instruments contracts maintained during 2003 and 2004, Buenaventura and El Brocal recorded the following:</P></DIR>
</DIR>
</DIR>


<UL>

<UL>
<LI>In January 2003, Buenaventura charged S/458,189,000 to retained earnings and El Brocal credited S/1,742,000, net of minority interest, to the equity account of "cumulative unrealized loss on derivative instruments" in connection with initial adoption of IAS 39. </LI>
<LI>In 2004, Buenaventura recognized a gain of S/14,629,000 (a loss of S/647,218,000 in 2003) due to the changes in the fair value occurred during this period, which is separately presented in the Consolidated Statements of Income. </LI>
<LI>In 2004, El Brocal credited S/4,621,000 (a charge of S/8,085,000 in 2003), net of minority interest, to the equity account "Cumulative unrealized loss on derivative instruments", due to the changes in fair value occurred during those periods. As of December 31, 2004, El Brocal does not have derivative contracts to offset the risk of metal price fluctuations. </LI>
<LI>In 2004, Buenaventura recognized expenses of S/36,566,000 (income of S/44,760,000 and expenses of S/20,812,000, in 2002 and 2003, respectively), in connection with derivative operations settled during this period. In addition, Buenaventura recognized expenses of S/36,837,000 for the reduction of the Company's hedge book exposure in 120,000 ounces of gold during the first quarter of 2004. These amounts are presented in the caption "realized loss on derivative instruments" of the Consolidated Statements of Income. </LI></UL>
</UL>
<DIR>
<DIR>
<DIR>

<P>&#9;In addition, the liability presented in the consolidated balance sheets for S/70,927,000 and S/267,852,000 as current and non-current portions, respectively, corresponds to the fair value of derivative instruments of Buenaventura as of December 31, 2004 (S/99,893,000 and S/307,826,000 as current and non-current portions, respectively, as of December 31, 2003).</P>
<B><P>Normal sale contracts of gold, zinc and silver</P>
</B><P>Effective December 30 and 31, 2003, Buenaventura modified the terms of certain derivative instruments contracts in order to qualify them as normal sale contracts. The fair value of these contracts at the date prior to the modification of terms amounted to S/709,963,000 and was presented as "deferred revenue from sale of future production" in the Consolidated Balance Sheet as of December 31, 2003. Since this date, such amount will be credited to income as delivery of the committed ounces of gold occurs.</P>
<P>&nbsp;</P>
<P>&#9;In 2004, Buenaventura delivered 198,000 ounces of gold as part of the sale contracts above mentioned. As a consequence, Buenaventura recognized revenues of S/68,837,000 in the caption "realized revenue from sale of future production" in the Consolidated Statements of Income. </P>
<P>As of December 31, 2004 Buenaventura is committed to sell 1,844,000 ounces of gold at prices ranging from US$332 to US$451 per ounce until December 2011.</P>
<P>(b)&#9;Foreign currency exchange risk -</P>
<P>Buenaventura has entered into a forward currency exchange contract for US$7,414,000, at rates ranging from S/3.554 to S/3.589 per U.S. dollar, and stated maturities similar to time deposits, see note 6. In 2004, this operation has generated a loss for approximately S/1,818,000 (S/2,436,000 in 2003), basically explained for a lower market exchange currency rate compared to the agreed exchange rate. The fair value of this contract as of December 31, 2004 amounts to S/2,182,000 (S/773,000 as of December 31, 2003) and is presented in the caption "other current liabilities" of the Consolidated Balance Sheets, see note 19.</P></DIR>

<B><P>36.&#9;Fair value of financial instruments</P>
</B><P>The information about fair value of the financial instruments, including derivatives, is presented below:</P><DIR>
<DIR>

<P>-&#9;&#9;Current assets and liabilities approximate their fair value due to the short-term maturities of these financial instruments.</P></DIR>
</DIR>

<P>-&#9;The fair value of the investment held in Sociedad Minera Cerro Verde S.A. is S/270,600,000 as of &#9;December 31, 2004 (S/223,399,000 as of December 31, 2003). </P>
<P>-&#9;The estimated fair value of the long-term debt kept by El Brocal and Inminsur is similar to its book &#9;value, as the terms and interest rates are from the market. </P><DIR>
<DIR>

<P>-&#9;The estimated fair value of the derivative contracts is S/338,779,000 and is based on quotations received from the Company's counter- parties, see note 35.</P></DIR>
</DIR>

<B><P>37.&#9;Commitments and contingencies</P><DIR>

</B><P>(a)&#9;Environmental matters -</P>
<P>&#9;The Company's mining and exploration activities are subject to environmental protection standards. In order to comply with these standards, the Company has presented preliminary studies covering of environmental and Environmental Adjustment and Management Programs (PAMA) for each of the mining units. The Ministry of Energy and Mines has approved the PAMAs related to Uchucchacua, Julcani, Orcopampa, Colquijirca, Ishihuinca, Huachocolpa, Shila and Paula, as well as the Environmental Impact Study (EIA) of Antapite. As of December 31, 2004, the activities as defined in the PAMAs respective to the Uchucchacua, Julcani, Orcopampa, Colquijirca and Ishihuinca mining units had been completed.</P>
<P>&#9;On October 14, 2003, the Congress issued the Law 28090 which regulates the procedures and commitments that the mining activities must follow in order to elaborate, file and implement a mining site closing plan, as well as establishes the constitution of a guarantee to assure the compliance of the committed plan. At the date of the report, the corresponding regulation is pending to be issued.</P>
<P>(b)&#9;Land and mineral rights leases -</P>
<P>&#9;The Company has obtained the right to operate in certain areas through the execution of land lease contracts, as shown below:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=565>
<TR><TD WIDTH="27%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Leaseholder</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Leasing company</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Year in which the contracts end</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Royalties</B></FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Sindicato Minero Orcopampa S.A. (Arequipa)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2043</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>10% of the valorized production, subject to certain conditions.</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Inversiones Mineras<BR>
del Sur S.A.</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>El Futuro de Ica S.R.L. (Arequipa)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2015</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>7% of concentrate revenues.</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;Royalty expenses, which are included in the operating expenses section of the Consolidated Statements of Income, are allocated among the mineral rights lease contracts, as follows:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=566>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Sindicato Minero Orcopampa S.A.</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>13,561</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,869</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>22,706</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>El Futuro de Ica S.R.L.</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,120</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,273</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>2,212</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>14,681</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>25,142</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>24,918</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">&#9;Royalties payable amount to S/2,513,000 as of December 31, 2004 (S/4,620,000 as of December 31, 2003), see Note 19(a).</P>
<P>(c)&#9;Pending litigation of Buenaventura -<BR>
Damages claimed by a French citizen -</P>
<P>&#9;In February of 2002, the Company and its subsidiariy Compa&ntilde;&iacute;a Minera Condesa S.A.C. (Condesa), together with Newmont Mining, Newmont Second and certain individual persons, were defendants in an action initiated by a French citizen, with jurisdiction before the District Court of the state of Colorado in the United States. The plaintiff alleges that he was engaged as an advisor to Normandy respective to a lawsuit that concluded in October of 1998, and that such lawsuit separately motivated the execution of a Global Transaction Agreement in 2000 between the Company, BRGM, Mine Or, Normandy and their related entities (SEREM). The Global Transaction Agreement provided for full and permanent 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>&#9;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>&#9;The defendants have filed various motions to dismiss the action; 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. On January 15, 2004, the judge Richard P. Matsch of the District Colorado Court issued an opinion and ordered granting defendants motions to dismiss the amended complaint. On February 15, 2004 the defendants appealed the opinion of the judge to the Federal Court of the United States of America - Tenth Circuit (Colorado). At the date of this report, it is not possible to predict when the court will rule on the motions. </P>
<P>&#9;In Management's and legal advisors' opinion, the final outcome of this process will not have a significant adverse effect on the Company's financial statements as of December 31, 2004. </P>
<P>&#9;Other -</P>
<P>&#9;From time to time in the normal course of its activities, the Company is involved in various legal proceedings of a diverse nature. Management believes that any possible loss, which may result from these lawsuits, will not have a materially adverse effect on the Company's financial position.</P>
<P>&nbsp;</P>
<P>(d)&#9;Legal processes of Yanacocha</P>
<P>Mercury spill in Choropampa -</P>
<P>In June, 2000 a Yanacocha's contractor spilled approximately 11 liters of mercury nearby Choropampa, located at 84.8 kilometers from Yanacocha. As a result of the accident, September 10, 2001, 900 Peruvian citizens sue Yanacocha and other persons involved at the District Court of the state of Colorado, United States of America (hereinafter "the Court"). The plaintiffs demand compensations by the damages originated by this spill. In May 22, 2002 the Court misestimated the demand, which was ratified later in June 30, 2002. The plaintiffs appealed this resolution.</P>
<P>In July 2002, a new demand was presented against Yanacocha and other subsidiaries of Newmont Mining Corporation at the same Court, by other 140 Peruvian citizens who added themselves to the original demand, demanding similar compensations to those of the first demand. This new demand is in suspense until the appeal of the first one is defined. To this date, Yanacocha considers that it is not possible to predict the final result of these demands and believes that any effect related to them would not be significant to its financial statements.</P>
<P>(e)&#9;Arbitration with a contractor -</P>
<P>&#9;In June of 2004, as part of the process of conciliation with a Yanacocha contractor, the Management of this Company decided to pay an indemnification of US$2.5 million. With this payment, Yanacocha concluded the process of arbitration initiated in November, 2003, related to the contractual dispute in the civil construction made in Carachugo. The original amount of the reclamation was of approximately US$12 million.</P></DIR>

<B><P>38.&#9;Transactions with affiliated companies</P><DIR>

</B><P>(a)&#9;The Company had the following transactions with its affiliated companies during the years ended December 31, 2002, 2003 and 2004:</P>
<P>&#9;S.M.R.L. Chaupiloma Dos de Cajamarca ("Chaupiloma") -<BR>
Chaupiloma 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. In 2004, royalties earned amounted to S/128,889,000 (S/82,350,000 and S/116,957,000 in 2002 and 2003, respectively) and are presented as "royalty income" in the consolidated statements of income.</P>
<P>&#9;Compa&ntilde;&iacute;a Minera Condesa S.A. ("Condesa") -</P>
<P>&#9;During 2004, Compa&ntilde;&iacute;a Minera Condesa S.A. received cash dividends from Yanacocha for approximately S/414,911,000 (S/83,070,000 and S/482,025,000 in 2002 and 2003, respectively).</P>
<P>&nbsp;</P>
<P>&#9;Buenaventura Ingenieros S.A. ("Bisa") -</P>
<P>&#9;In March of 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, 2004 and was renewed in January, 2005 under the same terms. In 2004, the revenues related to this service contract amounted to approximately S/10,176,000 (S/11,408,000 in 2003).</P>
<P>&#9;The profit between Bisa and Yanacocha is not significant and, therefore, has not been eliminated in the consolidated financial statements.</P>
<P>&#9;Consorcio Energ&eacute;tico de Huancavelica S.A. ("Conenhua") - </P>
<P>&#9;In November of 2000, Conenhua signed an agreement with Yanacocha for the construction and operation of a 220 kW transmission line between Trujillo and Cajamarca, a 60 kW transmission line between Cajamarca and La Pajuela, and the Cajamarca Norte substation; this agreement also encompassed activities necessary to enlarge the Trujillo substation. Pursuant to this contract, the construction work finished 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. During 2004, the revenues for these services amounted to approximately S/13,265,000 in 2004 (S/14,282,000 in 2003).</P>
<P>&#9;The profit between Conenhua and Yanacocha is not significant and, therefore, has not been eliminated in the consolidated financial statements.</P>
<P>(b)&#9;As a result of the above and other minor transactions, the Company has the following accounts receivable from affiliated companies:</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=552>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2002</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">36,761</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">45,708</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Other</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">937</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">370</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>37,698</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>46,078</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>
</P>

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

<P>39.&#9;Explanation added for English language translation</P>
</B><P>The accompanying consolidated financial statements are presented on the basis of accounting principles generally accepted in Peru. Certain accounting practices applied by the Company that conform with generally accepted accounting principles in Peru may differ in certain respects to generally accepted accounting principles in other countries.</P></DIR>
</DIR>

</FONT><FONT SIZE=2><P ALIGN="CENTER">Signature</P>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

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

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

<P>Date: March 18, 2005</P>
<P>&nbsp;</P>
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