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<SEC-DOCUMENT>0001013131-05-000009.txt : 20050513
<SEC-HEADER>0001013131-05-000009.hdr.sgml : 20050513
<ACCEPTANCE-DATETIME>20050513131357
ACCESSION NUMBER:		0001013131-05-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050513
FILED AS OF DATE:		20050513
DATE AS OF CHANGE:		20050513

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:		05827853

	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>bvnfs130505.htm
<DESCRIPTION>FS 1Q05
<TEXT>
<HTML>
<HEAD>

<TITLE>Minas Buenaventura SAA</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 month of May 2005</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 Interim unaudited consolidated financial information for the three-month ended on March 31, 2005.</P>
</FONT><B><FONT FACE="Arial"><P ALIGN="CENTER">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B><P>Interim unaudited consolidated financial information as of March 31, 2005 and for the three-month period then ended.</P>
<B><P>Report of Independent Auditors</P>
</B></FONT><P>To the Shareholders of <B>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A</B>.</P>
<P>1. We have reviewed the accompanying consolidated balance sheet and the consolidated statements of income, changes in shareholders' equity and cash flows 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 March 31, 2005, and for the three-month period then ended, stated in Peruvian Nuevos Soles. These consolidated financial statements are the responsibility of the Company's management. </P>
<P>2. 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 March 31, 2004 and 2005, and for the three-month periods then ended, have been reviewed by other auditors whose limited review report dated April 20, 2005 and April 19, 2005, respectively, has been furnished to us. 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/1,262.5 million as of March 31, 2005 (S/1,146.4 million as of March 31, 2004) and to S/160 million for the three-month period then ended (S/173 million for the three-month period ended March 31, 2004). </P>
<P>3. We conducted our limited review in accordance with applicable auditing standards in Peru for limited reviews. A limited review of interim financial information consists principally of applying analytical procedures and making inquires of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion on the interim consolidated financial statements taken as a whole. Accordingly, we do not express such an opinion. </P>
<P>4. Based on our review and on the limited reports of the auditors of Minera Yanacocha S.R.L., which we have obtained and read, we are not aware of any material modification that should be made to the interim consolidated financial statements referred to above for them to be in conformity with generally acccepted accounting principles in Peru. </P>
<P>5. Additionally, we have previously audited, in accordance with generally accepted auditing standards in Peru, the accompanying consolidated balance sheet of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries as of December 31, 2004, and the related consolidated statements of income, changes in shareholders' equity and cash flows for the year then ended. Our report dated February 18, 2005 expressed an unqualified opinion on those consolidated financial statements.</P>
<P>Countersigned by:</P>
<P>V&iacute;ctor Burga</P>
<P>C.P.C. Register No.14859</P>
<P>Lima, Peru</P>
<P>April 22, 2005</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. y subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Balance Sheets</P>
</FONT><P>As of December 31, 2004 (audited) and March 31, 2005 (unaudited)</P>
<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=588>
<TR><TD WIDTH="48%" 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="14%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<B><P>Assets</B></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">3</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>614,862</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>725,846</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>222,447</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment funds</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">4</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>86,971</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>51,454</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>15,769</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>97,061</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>70,883</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>21,723</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other accounts receivable, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>12,223</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>10,621</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,254</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Accounts receivable from affiliates</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">12(a)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>46,078</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>41,004</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>12,566</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inventories, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">5</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>69,353</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>74,836</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>22,935</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>40,471</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>38,835</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>11,902</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>967,019</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,013,479</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>310,596</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long - term accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>4,574</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>5,122</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,570</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>14,059</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>13,751</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>4,214</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">6</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,531,372</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,704,199</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>522,280</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Property, plant and equipment, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>452,214</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>443,247</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>135,840</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Development costs, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>143,258</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>145,042</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>44,451</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred stripping costs</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>56,056</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>56,056</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>17,179</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Mining concessions and goodwill, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>157,544</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>153,771</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>47,126</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income tax and workers' profit sharing asset, net</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">11(a)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>245,299</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>238,948</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>73,230</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total assets</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,571,395</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,773,615</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,156,486</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
</TABLE>


<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=588>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Note</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Liabilities and shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Current liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Overdrafts and bank loans</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">7</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>13,150</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>11,517</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,530</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>61,188</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>57,792</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>17,711</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other current liabilities</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">9(e)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>142,696</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>224,352</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>68,756</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">13(a)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>70,927</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>60,492</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>18,539</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Current portion of long-term debt</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">8</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>36,332</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>26,328</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>8,069</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">13(b)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>74,937</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>82,838</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>25,387</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total current liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>399,230</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>463,319</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>141,992</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other long-term liabilities </DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>74,030</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>58,081</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>17,800</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">13(a)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>267,852</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>249,694</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>76,523</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term debt</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">8</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>15,031</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>12,696</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,891</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">13(b)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>568,772</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>542,002</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>166,105</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total liabilities</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,324,915</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,325,792</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>406,311</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<B><P>Minority interest</B></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>66,347</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>77,737</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>23,824</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Shareholders' equity, net</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN="CENTER">9</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Capital stock, net of treasury shares of S/49,659,000 in 2004 and 2005</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>596,755</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>596,755</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>182,885</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investment shares, net of treasury shares of S/66,000 in 2004 and 2005</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,683</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,683</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>516</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Additional paid-in capital</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>610,659</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>610,659</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>187,146</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Legal reserve</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>129,276</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>129,276</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>39,619</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other reserves</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>923</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>923</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>283</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Retained earnings</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>734,070</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>866,109</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>265,433</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Cumulative translation loss</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(148,513)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(155,902)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(47,779)</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><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">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>256,331</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>321,112</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>98,410</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Deferred income from sale of future production of subsidiary</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(1,051)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(529)</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>(162)</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<B><P>Total shareholders' equity, net</B></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>2,180,133</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>2,370,086</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>726,351</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<B><P>Total liabilities and shareholders' equity, net</B></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,571,395</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>3,773,615</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<P>1,156,486</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________ </B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Income (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month periods ended March 31, 2004 and 2005</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=651>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<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">2004</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating revenues</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net sales</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>205,324</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>219,626</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>67,308</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties income</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">12(b)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>34,428</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>32,871</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>10,074</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total revenues</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>239,752</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>252,497</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>77,382</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Operating costs</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>82,327</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>85,005</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>26,051</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration and development costs in operational mining sites</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>23,933</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>28,668</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>8,786</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>12,221</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>14,390</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>4,410</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total costs of operation</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>118,481</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>128,063</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>39,247</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Gross margin</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>121,271</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>124,434</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>38,135</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>General and administrative</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>21,021</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>21,820</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>6,687</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exploration costs in non-operational mining sites</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>10,319</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>19,459</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5,964</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Selling</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5,121</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3,616</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,108</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties to third parties</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>4,536</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5,289</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,621</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Royalties to Peruvian Government</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>2,310</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>708</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total operating expenses</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>40,997</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>52,494</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>16,088</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Operating income</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>80,274</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>71,940</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>22,047</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Other income (expenses), net</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">6(b) and (e)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>170,908</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>158,142</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>48,465</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain from change in the fair value of derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">13(a)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>8,727</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>26,530</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>8,131</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Realized income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">13(b)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>14,198</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>18,078</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5,540</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from realized derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">13(a)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(46,635)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(10,709)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,282)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Interest income</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>2,906</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>3,934</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>1,206</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation </DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">1(a)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(4,917)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exchange difference loss</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>-</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(544)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(167)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Interest expense</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(1,850)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,247)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(995)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,042)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,818)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(1,170)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Other, net</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(1,105)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(5,491)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(1,683)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Total other income (expenses), net</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>139,190</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>182,875</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>56,045</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before workers' profit sharing, income tax and minority interest</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>219,464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>254,815</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>78,092</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Workers' profit sharing</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">11(b)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,880)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(6,332)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(1,941)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Income tax</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">11(b)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(22,656)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(30,727)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(9,417)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Income before minority interest </DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>192,928</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>217,756</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>66,734</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(15,883)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(11,292)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>(3,460)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net income </DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>177,045</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>206,464</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>63,274</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" 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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Basic and diluted earnings per share, stated in Peruvian Nuevos Soles and U.S. dollars</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.39</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">1.62</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.50</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" 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="44%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Weighted average number of shares outstanding</DIR>
</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">14</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT SIZE=1><P>127,236,219</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>___________</B></FONT></TD>
<TD WIDTH="15%" 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>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. y subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Changes in Shareholders' Equity (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three-month periods ended March 31, 2004 and 2005</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1458>
<TR><TD WIDTH="22%" VALIGN="BOTTOM" ROWSPAN=3>
<P>&nbsp;</TD>
<TD WIDTH="17%" 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" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Investment shares</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Additional <BR>
paid-in<BR>
capital</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Legal <BR>
reserve</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Other reserves</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Retained earnings</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative translation loss</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<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="7%" VALIGN="BOTTOM" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cumulative unrealized<BR>
loss on derivative instruments</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" ROWSPAN=3>
<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" ROWSPAN=3>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Number of<BR>
shares</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Common shares</B></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" 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="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="7%" 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="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1st, 2004</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>99,331</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>221,149</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(29,394)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>209,054</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(6,345)</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,702,892</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, note 9(e)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(71,840)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(71,840)</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares maintained at fair value, note 6(c)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>75,067</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>75,067</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Change in the fair value of derivative instruments classified as hedging instruments held by subsidiary, note 13(a)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>467</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>467</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Transfer to legal reserve</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>17,481</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(17,481)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
</TR>
<TR><TD WIDTH="22%" 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 6(e)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(35,480)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(35,480)</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>177,045</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>177,045</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>&#9;&#9;</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" 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="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="7%" 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>
<TR><TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of March 31, 2004</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>116,812</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>308,873</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(64,874)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>284,121</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(5,878)</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,848,151</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" 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="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="7%" 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>
<TR><TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of January 1st, 2005</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>129,276</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>923</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>734,070</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(148,513)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>256,331</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(1,051)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,180,133</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Declared and paid dividends, note 9(e)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(74,425)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(74,425)</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Investments in shares maintained at fair value, note 6(c)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>64,781</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>64,781</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Realized revenue from sale of future production of subsidiary</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>522</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>522</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><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 6(e)</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,389)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(7,389)</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income</DIR>
</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>206,464</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>206,464</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>&#9;&#9;</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" 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="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="7%" 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>
<TR><TD WIDTH="22%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Balance as of March 31, 2005</DIR>
</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>596,755</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>610,659</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>129,276</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>923</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>866,109</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>(155,902)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>321,112</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>-</FONT></TD>
<TD WIDTH="6%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(529)</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>2,370,086</FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">___________</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P>__________</B></FONT></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Consolidated Statements of Cash Flows (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">For the three months periods ended March 31, 2004 and 2005</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=610>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</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">2005</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Operating activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection from customers</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">220,448</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">245,804</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">75,331</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of dividends</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">97,274</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">42,677</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">13,079</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of royalties </FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">28,681</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">36,250</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">11,109</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Collection of interest</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">2,906</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">3,661</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,122</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments to suppliers and third parties</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(91,026)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(105,911)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(32,458)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments to employees</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(33,413)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(41,977)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(12,865)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments of exploration expenditures</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(29,754)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(41,818)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(12,816)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments of income tax</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(14,788)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(13,607)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(4,170)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments of royalties</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(5,822)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(6,239)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(1,912)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments of interest</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(1,547)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(3,247)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(995)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">172,959</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">115,593</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">35,425</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Investing activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Development expenditures</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(9,930)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(10,098)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(3,095)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Purchase of plant and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(15,121)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(8,055)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(2,469)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments from derivative instruments settled, net</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(46,635)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(7,300)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(2,237)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease of investment fund</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">34,816</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">10,670</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Decrease on time deposits in local currency</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">6,930</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">2,124</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Increase of account receivable from affiliate</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(2,705)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments by purchase of investments in shares</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(1,269)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Proceeds from sale of plant and equipment</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">921</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by (used in) investing activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(74,739)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">16,293</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">4,993</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Financing activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Payments of long-term debt</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(15,988)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(12,339)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(3,781)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Increase (decrease) of overdrafts and bank loans, net</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,843</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(1,633)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(500)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(14,145)</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(13,972)</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(4,281)</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
<TD WIDTH="15%" 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="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net increase in cash during the period</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">84,075</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">117,914</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">36,137</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents at beginning of period</FONT></TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">398,383</TD>
<TD WIDTH="15%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">590,607</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">181,001</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</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="17%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Cash and cash equivalents</B> <B>at period-end</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<P ALIGN="JUSTIFY">482,458</TD>
<TD WIDTH="15%" VALIGN="TOP">
<P ALIGN="JUSTIFY">708,521</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P ALIGN="JUSTIFY">217,138</TD>
</TR>
<TR><TD WIDTH="53%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="15%" 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>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">_________</B></FONT></TD>
</TR>
</TABLE>

<P>&nbsp;</P>
<FONT SIZE=1><P>&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=630>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(Note 2)</FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Reconciliation of net income to net cash provided by operating activities</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net income </DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">177,045</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">206,464</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">63,274</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Add (deduct)</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization and depreciation</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">12,657</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">14,936</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">4,577</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Minority interest</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">15,883</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">11,292</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">3,460</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Provision for deferred income tax and workers' profit sharing expenses</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">10,120</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">6,739</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">2,065</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Exchange difference loss</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">544</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">167</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Provision for exploration costs in subsidiary (**)</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">6,286</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,926</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of development costs in operating mining unit</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">4,286</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">5,996</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,838</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Amortization of mining concessions and goodwill</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">3,042</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">3,818</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,170</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Accretion expenses</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">1,006</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">974</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">299</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Change in the fair value of investment fund </DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">303</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">109</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">33</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Share in affiliated companies, net of dividends received</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(78,505)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(115,465)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(35,386)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Income from sale of future production</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(14,198)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(18,078)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(5,540)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain from change in the fair value of derivative instruments</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(8,727)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(26,530)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(8,131)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Allowance for doubtful accounts</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">26</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">8</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Net cost of retired plant and equipment</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">432</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">132</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Reversion of the obsolescence supplies reserve</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(563)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(173)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Loss from exposure to inflation</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">4,917</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Gain on sale of plant and equipment</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(636)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Long-term officers' compensation (*)</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">2,095</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">-</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net changes in assets and liabilities accounts</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Decrease (increase) of operating assets -</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade and other accounts receivable</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">20,623</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">34,566</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">10,594</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Inventories</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(3,670)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(2,444)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(749)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Prepaid tax and expenses</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(8,826)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(30,813)</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">(9,443)</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Increase of operating liabilities -</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<FONT FACE="Arial" SIZE=1><P>Trade accounts payable and other liabilities</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">35,544</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">17,304</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">5,304</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM"><DIR>

<B><FONT FACE="Arial" SIZE=1><P>Net cash provided by operating activities</DIR>
</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">172,959</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">115,593</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY">35,425</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
<DIR>

<FONT FACE="Arial" SIZE=1><P>(*)&#9;This provision, which covers until the year 2013, corresponds to a long-term compensation program granted by the Company to certain officers, as further explained in Note 19 to the financial statements as of December 31, 2004. </P>
<P>(**)&#9;This provision corresponds to the exploration costs paid by ABX Exploraciones S.A. for the Minasnioc project, which will be considered as an additional paid-in capital in Minera Minasnioc S.A.C.</P></DIR>

</FONT><B><FONT FACE="Arial"><P>Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries</P>
</B></FONT><FONT FACE="Arial" SIZE=4><P>Notes to the Consolidated Financial Statements (unaudited)</P>
</FONT><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">As of March 31, 2004 and 2005</P><DIR>
<DIR>

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

<P>(a)&#9;The accompanying interim consolidated financial statements have been prepared from the accounting records of Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. ("Buenaventura") and subsidiaries (together, "the Company"). Until December 31, 2004, these financial statements were maintained in nominal Peruvian currency and adjusted to reflect changes In the National Wholesale Price Level Index (IPM). According to such index, prices increased 2.8 percent during the three-month period ended March 31, 2004.</P>
<P>Effective year 2005, through Resolution No.031-2004-EF/93.01 enacted on May 18, 2004, the Peruvian Accounting Standards Board suspended the restatement of the financial statements to recognize the inflation effect. The restated balances as of December 31, 2004 have been considered as initial balances as of January 1, 2005. </P>
<P>For comparative purposes, figures presented in the consolidated financial statements for the three-month period ended March 31, 2004 have been inflation adjusted to reflect the change in the National Wholesale Price Index (IPM) as of December 31, 2004. </P>
<P>(b)&#9;The criteria and accounting principles used by Management in the accompanying interim consolidated financial statements preparation, which should be read together with the 2004 consolidated audited report, are similar to those used in the preparation of the Company's annual consolidated financial statements. Additionally, in preparing the interim consolidated financial information, Management made certain estimates and assumptions; accordingly, actual results may differ from those presented in this report. </P>
<P>&nbsp;</P></DIR>
</DIR>
</DIR>

<OL START=3 TYPE="a">

<LI>The interim consolidated financial statements include the financial statements of the following subsidiaries: </LI></OL>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=830>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Ownership percentages as of</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">________________________________________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">December 31, 2004</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">March 31, 2005</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Subsidiaries</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Direct</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Indirect</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Business activity</B></FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Buenaventura Ingenieros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Provides advisory and engineering services related to the mining industry. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Compa&ntilde;&iacute;a de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">44.83</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">55.17</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">44.83</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">55.17</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Holds investments in S.M.R.L. Chaupiloma Dos de Cajamarca, Minas Conga S.R.L., and other affiliated companies engaged in mining activities. Also, it is engaged in the extraction, concentration and commercialization of dore bars and concentrates. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Compa&ntilde;&iacute;a Minera Condesa S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Holds investments in Buenaventura, Yanacocha and other affiliated companies engaged in mining activities. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">90.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">90.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, principally zinc and lead. Currently is also engaged in electric power sales. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Consorcio Energ&eacute;tico de Huancavelica S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">0.01</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">0.01</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Transmission of electric power to mining companies.</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Contacto Corredores de Seguros S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">99.99</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Placement of insurance contracts and provision of administrative and technical services in insurance matters.</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Inversiones Colquijirca S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">59.90</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">59.90</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of polymetallic ores, principally zinc and lead, through its subsidiary Sociedad Minera El Brocal S.A.A. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Inversiones Mineras del Sur S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">78.04</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Extraction, concentration and commercialization of gold bars and concentrates.</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Metal&uacute;rgica Los Volcanes S.A.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">100.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Treatment of minerals and concentrates. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Minas Conga S.R.L.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Owner of mining rights.</FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>S.M.R.L. Chaupiloma Dos de Cajamarca</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">20.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">40.00</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Owner of the mining concessions explored and exploited by Yanacocha. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Minera La Zanja S.R.L.</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">53.06</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">53.06</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Prospection, exploration and exploitation of mineral rights. Currently is engaged in exploration activities. </FONT></TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Minasnioc S.A.C. </FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">30.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">60.00</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT SIZE=1><P>Prospection, exploration and exploitation of mineral rights. Currently is engaged in exploration activities. </FONT></TD>
</TR>
</TABLE>

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

<B><FONT FACE="Arial" SIZE=1><P>2.&#9;Convenience Translation of Peruvian Nuevos Soles amounts into U.S. dollar amounts</P>
<P>The interim 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 March 31, 2005 (S/3.263 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>
<P>3.&#9;Cash and cash equivalents</P><DIR>

<P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Cash</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,893</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,093</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Demand deposit and saving accounts</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">108,102</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">154,930</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Time deposits in foreign currency (b)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">479,612</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">551,498</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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 FACE="Arial" SIZE=1><P>Cash balances included in the Consolidated Statements <BR>
of Cash Flows</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">590,607</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">708,521</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 ALIGN="JUSTIFY">24,255</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">17,325</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">614,862</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">725,846</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(b)&#9;As of March 31, 2005, the Company maintained principally the following time deposits in foreign currency:</P><DIR>
<DIR>

<P>-&#9;US$65,000,000 with annual interest rates ranging from 2.41% and 2.85%. These deposits have maturities of 30 days. </P>
<P>-&#9;US$84,000,000 with annual interest rates ranging from 2.41% and 2.45%. These deposits have maturities of 30 days. </P></DIR>
</DIR>

<P>(c)&#9;As of March 31, 2005, these time deposits earn interest rates at an annual rate of 5.7 percent, with maturities from 539 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$5,319,000 at exchange rates ranging from S/3.572 to S/3.589 for each U.S. dollar, and stated maturities similar to the time deposits, see note 13. </P></DIR>

<P>4.&#9;Investment funds</P>
<P>As of March 31, 2005 and December 31, 2004, this caption includes variable investment funds under the administration of Compass Group Sociedad Administradora de Fondos de Inversi&oacute;n S.A. These investments are carried at fair value. </P>
<P>During the first quarter of 2005, the Company received S/34,816,000, as a consequence of the settlement of one of its funds occurred in December 2004. </P>
<P>5.&#9;Inventories, net</P><DIR>

<P>This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=579>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Spare parts and supplies</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">54,311</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">53,551</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Products in process</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">17,574</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">20,802</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Finished products</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">6,975</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">9,427</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">78,860</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">83,780</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Slow moving and obsolescence supplies reserve</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(9,507)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(8,944)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">69,353</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">74,836</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</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>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>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. An immaterial amount related to supplies with slow turnover is classified as a current asset within this caption. </P>
<P>&nbsp;</P>
<P>6.&#9;Investments in shares</P><DIR>

<P>(a)&#9;This item is made up as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=585>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Equity ownership</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Amount</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">__________________________</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">%</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT SIZE=1><P>Investments carried at fair value </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Sociedad Minera Cerro Verde S.A. (c)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9.17</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">270,625</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">335,406</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Ferrov&iacute;as Central Andino S.A.</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">10.00</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">10.00</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,207</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,207</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">925</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">895</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">273,757</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">338,508</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<B><FONT SIZE=1><P>Equity method investments</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Yanacocha S.R.L.: </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Equity share (e)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,152,188</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,262,517</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP"><DIR>

<FONT SIZE=1><P>Mining concession, net (f)</DIR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">103,866</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">101,473</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,256,054</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,363,990</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,561</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,701</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,257,615</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,365,691</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,531,372</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,704,199</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>&#9;The amount of equity participation in Minera Yanacocha S.R.L. (hereinafter, "Yanacocha") has been determined from the financial statements as of December 31, 2004 (audited) and March 31, 2005 (unaudited).</P>
<P>(b)&#9;The detail of share in affiliated income companies is:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=543>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods ended March 31, </B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P>__________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" 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="59%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>170,761</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>158,002</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>147</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>140</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" 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="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>170,908</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P>158,142</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" 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>
<DIR>
<DIR>
<DIR>

<FONT FACE="Arial" SIZE=1><P>Sociedad Minera Cerro Verde S.A.</P>
<B><P>(c)&#9;During the first quarter of 2005, the Company recorded a debit to investment and a credit to a separate equity account of S/64,781,000, to carry the investment in Sociedad Minera Cerro Verde S.A. to its fair value as of March 31, 2005 (S/75,067,000 during the first quarter of 2004).</P>
<P>(d)&#9;During the first quarter of 2004, the Company received cash dividends from Sociedad Minera Cerro Verde S.A. for S/4,871,000. Those revenues are presented in the caption "other, net" in the consolidated statements of income. </P>
</B><P>Minera Yanacocha S.R.L.</P>
<B><P>(e)&#9;The movement of the equity investment in Yanacocha is as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=543>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods ended March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="41%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P>___________________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" 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="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Yanacocha's equity at beginning of year</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,547,925</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,666,371</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Participation percentage</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43.65%</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Company's participation in Yanacocha's equity as of January 1<SUP>st </SUP>,</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,112,169</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,163,871</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Elimination of intercompany gains (i)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(11,091)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(11,683)</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1>
<B><FONT SIZE=1><P>Balance of investment at beginning of period</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">1,101,078</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">1,152,188</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Participation in Yanacocha's income</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">172,962</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">160,090</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Dividends received, note 6(g)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">(92,403)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">(42,677)</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Realization of intercompany gains (i)</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">293</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">305</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P>Cumulative translation loss</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">(35,480)</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1>
<FONT SIZE=1><P ALIGN="RIGHT">(7,389)</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Balance at period-end</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,146,450</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,262,517</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(i)&#9;Buenaventura is recognizing, as an increase in the share of affiliated companies, the related inter-company gains generated in past years for the sale of long-lived assets, as Yanacocha depreciates and amortizes the acquired assets. For presentation purposes, the inter-company gains, not recognized by the Company, are presented net of the investment of Yanacocha. </P>
<P>&nbsp;</P></DIR>
</DIR>

<P>&#9;Although the net sales and the cash costs per ounce of Yanacocha for the three-month periods ended March 31, 2005 and 2004 were similar, the share in Yanacocha's income has decreased by approximately S/10 million due to the lower average exchange rate used to translate into Peruvian Nuevos Soles the share in Yanacocha's income, reported in U.S. dollars. The exchange rates used in such translation were S/3.262 and S/3.473, as of March 31, 2005 and 2004, respectively. Certain information related to the Yanacocha's results is shown below:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=541>
<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">Gold average<BR>
quotation</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity of ounces sold</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Cash costs per ounce of gold sold </B></FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP" HEIGHT=13><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(in thousands)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=13>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">326,777</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">408</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">799</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">144</B></FONT></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>2005</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">328,444</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">425</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">773</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">147</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(f)&#9;The movement of the amount paid over book value of Yanacocha's shares, is as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">For the three-month periods ended March 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_______________________________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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" HEIGHT=10><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Balance at beginning of period</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">113,847</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">103,866</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Amortization</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">(2,494)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">(2,393)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Balance at period-end</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">111,353</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">101,473</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(g)&#9;Yanacocha represents the most significant investment of the Company. The Company's share of Yanacocha's income was significant as compared to Buenaventura's net income for the three-month periods ended March 31, 2004 and 2005. Presented below is selected information about Yanacocha:</P>
<P>&#9;</B>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. As explained in note 1(c) , the legal owner of the mineral rights on the mining concessions exploited by Yanacocha is S.M.R.L. Chaupiloma Dos de Cajamarca. </P>
<P>&#9;</B>Summary financial information based on the Yanacocha financial statements </P>
<B><P>&#9;Presented below is certain summary financial information extracted from the Yanacocha's financial statements and adjusted to conform to accounting practices and principles of the Company:</P>
<P>&#9;Summary Yanacocha's balance sheets data as of December 31, 2004 (audited) and March 31, 2005 (unaudited):</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</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>1,207,748</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>1,296,872</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>396,574</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>403,128</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>811,174</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>893,744</FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>&#9;Summary data from the Yanacocha statements of income for the three-month periods ended March 31, 2005 and 2004 (unaudited), which represent 100 percent of the operations of Yanacocha:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$(000)</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Total revenues</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>326,841</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>329,337</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Operating income</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>152,588</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>162,604</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>110,567</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P>112,572</FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>&#9;</B>Dividends declared and paid by Yanacocha -</P>
<B><P>&#9;Cash dividends paid by Yanacocha to Condesa were S/42,677,000 in the three-month period ended March 31, 2005 (S/92,403,000 in the three-month period ended March 31, 2004).</P>
</B><P>&#9;Legal proceedings </P>
<B><P>&#9;See note 10 for information about Yanacocha's legal processes. </P>
<P>&nbsp;</P></DIR>

<P>7.&#9;Overdrafts and bank loans</P></DIR>
</DIR>

</B><P>Overdrafts and bank loans, contracted in U.S. dollars, consist of:</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=604>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Annual interest rate </B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Bank overdrafts</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,054</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Bank loans:</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Sociedad Minera El Brocal S.A.A.</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=1><P>Banco Interamericano de Finanzas - BIF</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">4.45%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,283</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Inversiones Mineras del Sur S.A.</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute;</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">2.66%</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">9,521</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">9,463</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Other subsidiaries</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">346</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">-</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">13,150</FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">11,517</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=5>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="JUSTIFY">________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>As of March 31, 2005 and December 31, 2004, this caption is mainly conformed by pre and post-export loans obtained from various domestic banks. The loans obtained by El Brocal were guaranteed by the related shipments of concentrate inventories. The loan obtained by Inminsur does not have specific guarantees. </P>
</FONT><P>&nbsp;</P>
<FONT FACE="Arial" SIZE=1><P>8.&#9;Long-term debt</P><DIR>

<P>(a)&#9;Long-term debt, denominated in U.S. dollars, is made up as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=1098>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Entity</B></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="12%" VALIGN="BOTTOM">
<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">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Inversiones Mineras del Sur S.A. </B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute; </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Guaranteed by Buenaventura.</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=1><P>4.5%</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">September 2005</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">22,981</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">16,315</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Consorcio Energ&eacute;tico de Huancavelica S.A. </B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Guaranteed by Buenaventura.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Three-month libor plus 1.2% (4.29% as of March 31, 2005)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">April 2005</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">4,323</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,033</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Sociedad Minera El Brocal S.A.A.</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>BBVA Banco Continental</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Pledge over machinery and equipment for US$1,000,000; and cash flows from collections of two clients.</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=1><P>Three-month libor plus 2.35% (5.44% as of March 31, 2005)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">November 2009</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">12,147</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">11,469</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito del Per&uacute; </FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT 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 SIZE=1><P>Three-month libor plus 3.75% (6.84% as of March 31, 2005)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">September 2006</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">10,533</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">8,972</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Banco de Cr&eacute;dito Leasing</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=1><P>Leased property.</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=1><P>5.00%</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">June 2007</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,037</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">933</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">Other</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">342</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">302</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</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="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">51,363</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">39,024</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">Less - Current Portion</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(36,332)</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">(26,328)</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</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="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="JUSTIFY">Long - term portion</B></FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">15,031</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">12,696</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P>&nbsp;</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>
</CENTER></P>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(b)&#9;The long-term debt maturity schedule for the next years is as follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=547>
<TR><TD WIDTH="79%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Year ended March 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">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=1><P>2006</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>5,231</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=1><P>2007</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>2,636</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=1><P>2008</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>2,415</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<FONT SIZE=1><P>2009</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>2,414</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P>12,696</FONT></TD>
</TR>
<TR><TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>_________</B></FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(c)&#9;The financing agreements include certain provisions that require compliance with certain financial indicators. In Management's opinion, the Company has complied with all the financial indicators as of March 31, 2005. </P></DIR>

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

<P>(a)&#9;Capital stock - </P>
<P>As explained in note 2(t) of the consolidated audit report as of December 31, 2004, the nominal value restated by inflation of the treasury shares is presented net from the capital stock. The detail of the capital stock as of March 31, 2005 and December 31, 2004 follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=572>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</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 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 stock</B></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">549,780</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">96,634</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">646,414</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P>Treasury shares</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(10,565,130)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(42,261)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(7,398)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(49,659)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">126,879,832</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">507,519</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">89,236</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">596,755</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>As a result of the restatement of the 2004 financial statements for inflation at December 31, 2004, the Company is permitted to issue additional shares for a total value of S/96,634,000.</P>
<P>(b)&#9;Investment shares -</P>
<P>As explained in note 2(t) of the consolidated audit report as of December 31, 2004, the nominal value restated by inflation of the investment shares held in treasury is presented net from the investment shares. The detail of the investment shares as of March 31, 2005 and December 31, 2004 follows:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=572>
<TR><TD WIDTH="33%" VALIGN="BOTTOM">
<P>&nbsp;</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 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="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/(000)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P>&nbsp;</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>372,320</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,489</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>260</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>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>(15,933)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(63)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(3)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>(66)</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>356,387</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,426</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>257</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>1,683</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="17%" 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="17%" 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>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>As a result of the restatement of the 2004 financial statements for inflation at December 31, 2004, the Company is permitted to issue additional shares for a total value of S/260,000.</P>
<P>(c)&#9;Additional paid - in capital -</P>
<P>&#9;The additional paid - in capital of the Company includes the following as of March 31, 2005 and 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;&#9;</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>&#9;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;Declared dividends -</P>
<P>The information about declared dividends as of March 31, 2005 and 2004:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=548>
<TR><TD WIDTH="36%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Meeting/Board session</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Date</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Declared dividends</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Dividends per share</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">S/</FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Dividends 2004</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Mandatory Annual Shareholders' meeting</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">March 26, 2004</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">77,823,000</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.56</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Dividends 2005</FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P>Mandatory Annual Shareholders' meeting</B></FONT></TD>
<TD WIDTH="27%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">March 31, 2005</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">80,622,000</B></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">0.58</B></FONT></TD>
</TR>
<TR><TD WIDTH="36%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">_________</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>The declared dividends in the consolidated statements of changes in shareholders' equity are presented net of the dividends by S/6,197,000, declared in favor of the subsidiary Condesa during the first quarter of 2005 (S/5,983,000 in the first quarter of 2004).</P>
<P>The declared dividends in the first quarter of 2005 are presented in the caption "other current liabilities" of the consolidated balance sheets as of March 31, 2005 and were available to shareholders in April 2005. </P>
<P>(f)&#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) of the consolidated audited report as of December 31, 2004, 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 investment of Buenaventura is disposed of.</P></DIR>

<P>10.&#9;Legal proceedings</P>
<P>&#9;Legal processes of Buenaventura</P><DIR>

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

<P>&#9;In February of 2002, the Company and its subsidiary 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 asserted 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 alleged 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 filed various motions to dismiss the action; however, rather than responding to these motions for dismissal, the plaintiff filed another demand. The Company and Condesa 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). </P>
<P>On March 16, 2005 all the involved parts reached to an extrajudicial agreement. As a consequence of this agreement, the demand that was pending of motion at the Federal Court of the United States of America - Tenth Circuit and subsequently dismissed by the District Court, was filed definitively. </P>
</B><P>&nbsp;</P>
<P>Legal processes of Yanacocha</P>
<B><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, demanding similar compensations to those of the first demand presented on September 2001. 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><DIR>

<P>Other -</P></DIR>

<P>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>11.&#9;Deferred income tax and workers' profit sharing</P><DIR>

<P>(a)&#9;The deferred income tax and workers' profit sharing asset mainly includes an effect of S/211,442,000 from the deferred revenue from sale of future production and of S/11,549,000 from the officers' compensation provision (S/217,578,000 and S/11,922,000 as of December 31, 2004 respectively).</P>
<P>&nbsp;</P>
<P>(b)&#9;The income tax and workers' profit sharing expenses presented in the consolidated statements of income for the three-month periods ended March 2004 and 2005, consist of:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<B><FONT SIZE=1><P>Workers' profit sharing</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Current</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,628</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">4,817</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Deferred</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">2,252</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">1,515</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,880</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">6,332</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<B><FONT SIZE=1><P>Income tax</B></FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Current</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">14,788</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">25,503</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Deferred</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">7,868</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">5,224</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">22,656</FONT></TD>
<TD WIDTH="21%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">30,727</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>12.&#9;Transactions with affiliated companies</P><DIR>

<P>(a)&#9;As a result of the transactions presented in note 12(b) below, the Company has the following accounts receivable from affiliated companies:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of December 31, 2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">As of March 31, 2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Minera Yanacocha S.R.L.</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">45,708</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">40,809</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P>Others</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">370</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">195</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">46,078</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">41,004</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</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>

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

<P>(b)&#9;The Company had the following transactions with its affiliated companies: </P>
<P>&#9;</B>S.M.R.L. Chaupiloma Dos de Cajamarca ("Chaupiloma") -</P>
<B><P>&#9;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. During the three-month period ended March 31, 2005, the royalties earned amounted to S/32,871,000 (S/34,428,000 for the three-month period ended March 31, 2004) and are presented as "royalties income" in the consolidated statements of income.</P>
<P>&#9;</B>Compa&ntilde;&iacute;a Minera Condesa S.A. ("Condesa") -</P>
<B><P>&#9;During the three-month period ended March 31, 2005 Yanacocha paid cash dividends to Condesa of S/42,677,000 (S/92,403,000 for the three-month period ended March 31, 2004).</P>
</B><P>Buenaventura Ingenieros S.A. ("Bisa") -</P>
<B><P>&#9;In March of 2002, Buenaventura Ingenieros S.A. signed a technical service agreement with Yanacocha to perform 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, 2005. For the three-month period ended March 31, 2005 the revenues related to this service contract amounted to approximately S/1,910,000 (S/2,091,000 for the three-month period ended March 31, 2004) and are presented in the caption "net sales" of the consolidated statements of income. </P>
<P>&#9;</B>Consorcio Energ&eacute;tico de Huancavelica S.A. ("Conenhua") -</P>
<B><P>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 the three-month period ended Mach 31, 2005, the fees amounted to approximately S/3,152,000 (S/3,460,000 for the three-month period ended March 31, 2004) and are presented in the caption "net sales" of the consolidated statements of income. </P>
<P>&#9;The profits between Bisa, Conenhua and Yanacocha are not significant and, therefore, have not been eliminated in the consolidated financial statements.</P>
<P>&nbsp;</P></DIR>

<P>13.&#9;Derivative financial instruments</P><DIR>

<P>Risk of metal price fluctuations -</P>
</B><P>(a)&#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, during 2004, the subsidiary El Brocal maintained contracts of derivative instruments that qualified as cash flows hedges.</P>
<P>The table below presents a summary of the commodity derivative contracts outstanding as of March 31, 2005:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=586>
<TR><TD WIDTH="16%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P>Metal</B></FONT></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Quantity (ounces)</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Price ranges</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Period</B></FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="MIDDLE" COLSPAN=2>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">_____________________________</B></FONT></TD>
<TD WIDTH="19%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="MIDDLE">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="BOTTOM">
<P>&nbsp;</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="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">(US$/Oz)</B></FONT></TD>
<TD WIDTH="32%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Gold </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">172,500 (i)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">808,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">343.00 to 366.70</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">April 2005 -July 2011</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P>Silver </FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">425,000 (ii)</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2,450,000</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">5.84 to 6.16</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">April 2005 - August 2006</FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>(i)&#9;Guaranteed with an average price of US$345.00 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></DIR>
</DIR>

<P>In connection with the derivative instruments contracts maintained during 2004 and 2005, Buenaventura and El Brocal recorded the following:</P></DIR>
</DIR>
</DIR>


<UL>

<UL>
<LI>During the three-month period ended March 31, 2005, Buenaventura recognized a gain of S/26,530,000 (S/8,727,000 for the three-month period ended March 31, 2004) due to the changes in fair value occurred during that period, which is presented separately in the consolidated statements of income. </LI>
<LI>During the three-month period ended March 31, 2004, El Brocal credited S/467,000, net of minority interest, to the equity account "cumulative unrealized loss on derivative instruments", due to the changes in fair value occurred during that period. As of March 31, 2005, El Brocal does not have derivative contracts to offset the risk of metal price fluctuations. </LI>
<LI>In the three-month period ended March 31, 2005 Buenaventura recognized expenses of S/10,709,000 (S/9,798,000 in the three-month period ended March 31, 2004) 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 "loss from realized derivative instruments" of the consolidated statements of income.</LI>
</B><LI>In addition, the liability presented in the consolidated balance sheets for S/60,492,000 and S/249,694,000 as current and non-current portions, respectively, corresponds to the fair value of derivative instruments of Buenaventura as of March 31, 2005 (S/70,927,000 and S/267,852,000 as current and non-current portions, respectively, as of December 31, 2004). </LI></UL>
</UL>
<DIR>
<DIR>
<DIR>

<P>(b)&#9;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. Likewise, El Brocal made similar changes to their derivative contracts in order to qualify them as normal sale contracts. As of December 31, 2004 and March 31, 2005, the settled values for these contracts amounted to S/643,709,000 and S/624,840,000, and are presented as "deferred revenue from sale of future production" in the consolidated balance sheets. Since this date, such amount will be credited to income as delivery of the committed ounces of gold occurs. </P>
<P>During the first quarter of 2005, Buenaventura delivered 52,000 ounces of gold (42,000 ounces of gold for the three-month period ended March 31, 2004) as part of the sale contracts above mentioned. As a consequence, Buenaventura recognized revenues of S/18,078,000 and S/14,198,000, respectively, in those periods, in the caption "realized income from sale of future production" of the consolidated statements of income. </P>
<P>As of March 31, 2005 Buenaventura is committed to sell 1,792,000 ounces of gold at prices ranging from US$332 and US$451 per ounce until December 2011.</P></DIR>

<P>Foreign currency exchange risk -</P>
<P>Buenaventura has entered into a forward currency exchange contract for US$5,319,000 at rates ranging from S/3.572 and S/3.589 per U.S. dollar, and stated maturities similar to time deposits, see note 3(c). During the three-month period ended March 31, 2005 this operation has generated a loss for approximately S/618,000 (approximately S/47,000 during the three-month period ended March 31, 2004), explained by a lower market exchange currency rate compared to the agreed exchange rate. The fair value of this contract as of March 31, 2005 amounts to S/1,720,000 (S/2,182,000 as of December 31, 2004) and is presented in the caption "other current liabilities" of the consolidated balance sheets.</P>
<P>&nbsp;</P>
<P>14.&#9;Basic and diluted earnings per share</P>
<P>The computation of the basic and diluted earnings per share for the three-month periods ended March 31, 2004 and 2005 is presented below:</P></DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=579>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Net income (numerator)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">177,045,000</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">206,464,000</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Shares (denominator)</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Basic and diluted net income per share</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">S/1.39</FONT></TD>
<TD WIDTH="19%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">S/1.62</FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>The number of shares to be used as the denominator in the calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2004 and 2005 is presented below:</P></DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=579>
<TR><TD WIDTH="62%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=8><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=8><P></P></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=1><P>Common shares</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">137,444,962</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P>Investment shares</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="JUSTIFY">372,320</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">137,817,282</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<FONT SIZE=1><P>Less - Treasury shares</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(10,581,063)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">(10,581,063)</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<P>&nbsp;</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">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">127,236,219</FONT></TD>
</TR>
<TR><TD WIDTH="62%" VALIGN="TOP">
<P>&nbsp;</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>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>15.&#9;Statistical data</P>
<P>Statistical data of the Company related to the volume of inventories sold and average sale prices by product for the three month periods ended March 31, 2004 and 2005 are as follows:</P><DIR>

<P>(a)&#9;Volumes sold:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=6><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=6><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">68,217 Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">85,228 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,448,473 Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">3,250,029 Oz</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Lead</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">7,480 MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">6,830 MT</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">11,834 MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="JUSTIFY">12,536 MT</FONT></TD>
</TR>
</TABLE>

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

<P>(b)&#9;Average sale prices:</P></DIR>
</DIR>
</DIR>
</B></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=553>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=15>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=12><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=12>
<FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">US$</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P ALIGN="JUSTIFY">Gold</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>365.91/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>375.90/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P ALIGN="JUSTIFY">Silver</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>6.21/Oz</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>6.94/Oz</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P ALIGN="JUSTIFY">Lead</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>862.32/MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>978.75/MT</FONT></TD>
</TR>
<TR><TD WIDTH="58%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P ALIGN="JUSTIFY">Zinc</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>1,048.99/MT</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP" HEIGHT=19>
<FONT SIZE=1><P>1,246.86/MT</FONT></TD>
</TR>
</TABLE>
<DIR>
<DIR>

<B><FONT FACE="Arial" SIZE=1><P>16.&#9;Explanation added for English language translation</P>
<P>The accompanying consolidated financial statements are presented on the basis of accounting principles generally accepted in Peru. Certain accounting practices applied by the Company that conform with generally accepted accounting principles in Peru may differ in certain respects to generally accepted accounting principles in other countries.</P>
<P>&nbsp;</P></DIR>
</DIR>

</B></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: May 12, 2005</P>
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