Compañía de Minas Buenaventura S.A.A. and subsidiaries

Interim unaudited consolidated financial information as of September 30, 2007 and 2006 and for the three and nine-month periods then ended

Translation of consolidated financial statements originally issued in Spanish - see Note 20 to the consolidated financial statements

Report of Independent Auditors

To the Shareholders of Compañía de Minas Buenaventura S.A.A.

1. We have reviewed the accompanying consolidated balance sheet of Compañía de Minas Buenaventura S.A.A. (a Peruvian company) and subsidiaries as of September 30, 2007, the related consolidated statements of income and cash flows for the three-month and nine-month periods ended September 30, 2007 and 2006 and the consolidated statements of changes in shareholders’ equity for the nine-month periods then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to issue a report on these consolidated financial statements based on our review.

2. The financial statements of Minera Yanacocha S.R.L. as of September, 2007 and 2006 and for the nine-month periods then ended and of Sociedad Minera Cerro Verde S.A.A. as of September 30, 2006 and for the nine-month period then ended, have been reviewed by other auditors, whose reports have been furnished to us. Effective January 1, 2007, Sociedad Minera Cerro Verde S.A.A. is being audited by us. In the consolidated financial statements of the Company, the Company’s investment in Minera Yanacocha S.R.L. amounts to US$556.4 million as of September 30, 2007 (US$497.4 million as of September 30, 2006); in addition the share in the net income of this entity amounts to US$51.8 million for the nine-month period then ended (US$207.0 million for the nine-month period ended September 30, 2006). The Company’s investment in Sociedad Minera Cerro Verde S.A.A. amounted to US$210.2 million as of September 30, 2006 and the share in the net income of this entity amounted to US$63.4 million for the nine-month period then ended.

3. We conducted our review in accordance with applicable auditing standards in Peru for interim reviews. Those standards require that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquire of company personnel and analytical procedures applied to consolidated financial data and thus provide less assurance than an audit. We have not performed an audit and, accordingly, we do not express such an opinion on the accompanying consolidated financial statements.

Translation of consolidated financial statements originally issued in Spanish - see Note 20 to the consolidated financial statements

Report of Independent Auditors (continued)

4. Based on our review and on the limited reports of the auditors of Minera Yanacocha S.R.L. as of September, 2007 and 2006 and for the nine-month period then ended and of Sociedad Minera Cerro Verde S.A.A. as of September 30, 2006 and for the nine-month period then ended, we are not aware of any material modification that should be made to the accompanying consolidated financial statements referred above to be in conformity with generally accepted accounting principles in Peru.

5. We have previously audited, in accordance with generally accepted auditing standards in Peru, the accompanying consolidated balance sheet of Compañía de Minas Buenaventura S.A.A. and subsidiaries as of December 31, 2006, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the year then ended. Our report dated February 26, 2007 expressed an unqualified opinion on those consolidated financial statements.

Lima, Peru,

October 19, 2007

Countersigned by:

Víctor Burga

C.P.C. Register No.14859

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Balance Sheets

As of December 31, 2006 (audited) and September 30, 2007 (unaudited)

	Note		2006		2007
			US$(000)		US$(000)
Assets
Current assets

Cash and cash equivalent		5		239,533		212,583

Financial assets at fair value through profit or loss (Gold Certificates)		6		63,210		-

Available-for-sale financial assets		7		56,549		-

Trade accounts receivable				77,422		93,267

Other accounts receivable, net				4,481		6,391

Accounts receivable from affiliates		17		11,714		9,584

Inventories, net				30,621		34,035

Current portion of prepaid tax and expenses				7,961		8,245

Total current assets				491,491		364,105

Long-term other accounts receivable				1,524		1,509

Prepaid tax and expenses				10,501		5,101

Investment in shares		8		839,129		992,680

Mining concessions and property, plant and equipment, net		9		215,643		243,196

Mine development costs, net		10		64,753		79,796

Deferred income tax and workers´ profit sharing asset, net		11		111,447		176,230

Other assets				1,283		1,388


Total assets				1,735,771		1,864,005

The accompanying notes are an integral part of these consolidated balance sheets.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Balance Sheets

As of December 31, 2006 (audited) and September 30, 2007 (unaudited)

	Note		2006			2007
			US$(000)			US$(000)
Liabilities and shareholders’ equity, net
Current liabilities
Bank loans		12		10,000			20,237
Trade accounts payable				28,539			24,374
Income tax payable				34,485			27,415
Other current liabilities		13		59,779			76,851
Current portion of long-term debt		14		491			11,580
Derivative instruments		18		-			2,077
Deferred income from sale of future production		18		43,032			-

Total current liabilities				176,326			162,534
Other long-term liabilities		13		64,651			65,846
Long-term debt		14		115			73,125
Deferred income from sale of future production		18		194,173			102,008

Total liabilities				435,265			403,513

Shareholders’ equity, net
Capital stock, net of treasury shares of US$14,474,000 in 2006 and 2007				173,930			173,930
Investment shares, net of treasury shares of US$37,000 in 2006 and 2007				473			473
Additional capital				177,713			177,713
Legal reserve				37,679			37,679
Other reserves				269			269
Retained earnings				852,148			959,780
Cumulative translation loss				(34,075	)		(34,075	)
Cumulative unrealized loss on derivative instruments		18		-			(615	)
Cumulative unrealized gain on investments in shares carried at fair value				932			135

				1,209,069			1,315,289

Minority interest				91,437			145,203



Total shareholders’ equity, net				1,300,506			1,460,492


Total liabilities and shareholders’ equity, net				1,735,771			1,864,005

The accompanying notes are an integral part of these consolidated balance sheets.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Statements of Income (unaudited)

For the three and nine-month periods ended September 30, 2006 and 2007

	Note			For the three-month periods ended September 30						For the nine-month periods ended September 30
				2006			2007			2006			2007
				US$(000)			US$(000)			US$(000)			US$(000)
Operating revenues
Net sales		16			122,269			188,217			368,768			520,476
Royalties income		17			11,145			7,599			39,226			22,326
Realized income from sale of future production		18			11,408 11,408			-			37,800			5,393
Total revenues					144,822			195,816			445,794			548,195
Costs of operations
Operating costs					33,222			48,776			108,401			130,832
Exploration and development costs in operational mining sites					14,176			13,219			38,498			36,765
Depreciation and amortization					6,690			9,245			20,003			25,546
Total costs of operations					54,088			71,240			166,902			193,143
Gross margin					90,734			124,576			278,892			355,052
Operating expenses
General and administrative					8,431			13,725			25,558			35,280
Exploration costs in non-operational mining sites					8,592			10,942			24,256			31,324
Royalties					6,293			8,954			16,225			22,123
Selling					1,443			2,162			4,287			5,426
Total operating expenses					24,759			35,783			70,326			94,153
Operating income					65,975			88,793			208,566			260,899
Other income (expenses), net
Share in affiliated companies, net		8(b	)		65,031			67,758			268,424			171,562
Finance income					2,038			2,443			3,654			7,582
Income (loss) from change in the fair value of gold certificates		6			(1,760	)		-			(8,602	)		5,126
Net loss from releasing fixed prices in normal sales contracts		18			-			-			-			(185,922	)
Finance expense					(1,050	)		(3,083	)		(2,723	)		(6,878	)
Exchange difference gain (loss)					(494	)		2,181			(290	)		2,124
Loss from change in the fair value of derivative instruments		18			(90	)		-			(13,268	)		-
Other, net					(9,642	)		(2,252	)		(10,127	)		(5,716	)
Total other income (expenses), net					54,033			67,047			237,068			(12,122	)
Income before workers’ profit sharing, income tax and minority interest					120,008			155,840			445,634			248,777
Workers’ profit sharing		11			(3,888	)		(6,183	)		(7,454	)		(4,173	)
Income tax		11			(16,972	)		(23,545	)		(37,761	)		(21,208	)
Net income					99,148			126,112			400,419			223,396

Net income attributable to minority interest					(17,957	)		(26,221	)		(52,889	)		(72,371	)
Net income attributable to Buenaventura					81,191			99,891			347,530			151,025
Basic and diluted earnings per share, stated in U.S. dollars					0.64			0.79			2.73			1.19
Weighted average number of shares outstanding					127,221,164			127,221,164			127,221,164			127,221,164

The accompanying notes are an integral parts of these consolidated statements.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

For the three and nine-month periods ended September 30, 2006 and 2007

	Capital stock, net of treasury shares
	Number of shares		Common shares		Investment shares		Additional capital		Legal reserve		Other reserves		Retained earnings			Cumulative translation loss			Cumulative unrealized loss on derivative instruments			Cumulative unrealized gain on investments in shares carried at fair value			Total			Minority interest			Total shareholders’ equity
			US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)			US$(000)			US$(000)			US$(000)			US$(000)			US$(000)
Balance as of January 1, 2006		126,879,832		173,930		473		177,713		37,679		269		483,484			(34,075	)		-			70			839,543			23,416			862,959
Declared and paid dividends, note 15		-		-		-		-		-		-		(27,997	)		-			-			-			(27,997	)		(12,020	)		(40,017	)
Dissolution of minority interest in Minas Poracota S.A. and Inminsur S.A.		-		-		-		-		-		-		-			-			-			-			-			(6,269	)		(6,269	)
Investments in shares maintained at fair value		-		-		-		-		-		-		-			-			-			10			10			-			10
Change in the fair value of available-for-sale financial assets		-		-		-		-		-		-		-			-			-			1,283			1,283			-			1,283
Declared dividends to minority shareholders by El Brocal		-		-		-		-		-		-		-			-			-			-			-			(2,856	)		(2,856	)
Net income		-		-		-		-		-		-		347,530			-			-			-			347,530			52,889			400,419
Balance as of September 30, 2006		126,879,832		173,930		473		177,713		37,679		269		803,017			(34,075	)		-			1,363			1,160,369			55,160			1,215,529

Balance as of January 1, 2007		126,879,832		173,930		473		177,713		37,679		269		852,148			(34,075	)		-			932			1,209,069			91,437			1,300,506
Declared and paid dividends, note 15		-		-		-		-		-		-		(47,071	)		-			-			-			(47,071	)		(17,143	)		(64,214	)
Change in the fair value of available-for-sale financial assets		-		-		-		-		-		-		-			-			-			798			798			-			798
Settlement of available-for-sale financial assets, note 7		-		-		-		-		-		-		-			-			-			(1,633	)		(1,633	)		-			(1,633	)
Investments in shares maintained at fair value		-		-		-		-		-		-		-			-			-			38			38			-			38
Cumulative unrealized loss on derivative instruments held by El Brocal, note 18		-		-		-		-		-		-		-			-			(615	)		-			(615	)		(1,462	)		(2,077	)
Adjustment for estimation of tax contingencies of Minera Yanacocha S.R.L.		-		-		-		-		-		-		3,678			-			-			-			3,678			-			3,678
Net income		-		-		-		-		-		-		151,025			-			-			-			151,025			72,371			223,396

Balance as of September 30, 2007		126,879,832		173,930		473		177,713		37,679		269		959,780			(34,075	)		(615	)		135			1,315,289			145,203			1,460,492

The accompanying notes are an integral parts of these consolidated statements.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Statements of Cash Flows (unaudited)

For the three and nine-month periods ended September 30, 2006 and 2007

	For the three-month periods ended September 30						For the nine-month periods ended September 30
	2006			2007			2006			2007
	US$(000)			US$(000)			US$(000)			US$(000)
Operating activities
Collection from customers		119,946			158,391			352,306			504,631
Settlement of gold certificates		-			-			-			135,189
Collection of dividends		130,950			-			209,520			21,825
Collection of royalties		15,746			6,298			44,639			24,147
Recovery of value added tax		2,474			6,123			11,864			13,068
Collection of interest		1,930			2,438			3,363			8,107
Recovery of additional income tax prepayment		-			3,629			-			3,629
Payment for releasing fixed prices in normal sales contracts		-			-			-			(315,726	)
Payments to suppliers and third parties		(36,719	)		(49,833	)		(115,800	)		(149,545	)
Payments of income tax		(14,015	)		(16,675	)		(39,851	)		(72,308	)
Acquisition of gold certificates		-			-			(68,072	)		(66,853	)
Payments to employees		(12,812	)		(14,986	)		(44,546	)		(58,560	)
Payments of exploration expenditures		(17,278	)		(20,752	)		(48,162	)		(57,466	)
Payments of royalties		(5,700	)		(6,705	)		(16,369	)		(22,496	)
Payments of interest		(768	)		(1,896	)		(1,699	)		(3,760	)
Net cash provided by (used in) operating activities		183,754			66,032			287,193			(36,118	)
Investing activities
Settlement (acquisition) of available-for-sale financial assets		(51,839	)		-			(52,839	)		55,714
Proceed from sale of plant and equipment		73			107			187			618
Decrease (increase) on time deposits		-			8,067			(10,000	)		(37,565	)
Purchase of plant and equipment		(18,025	)		(11,520	)		(33,931	)		(31,693	)
Development cost expenditures		(6,871	)		(9,238	)		(15,741	)		(25,304	)
Payments by price adjustment of shares		-			-			-			(19,923	)
Payments by purchase of investments in shares		(17,158	)		(366	)		(20,136	)		(366	)
Payments by derivative instruments settled, net		(1,062	)		-			(4,652	)		-
Net cash used in investing activities		(94,882	)		(12,950	)		(137,112	)		(58,519	)
Financing activities
Increase of long-term debt		-			-			-			75,000
Increase of bank loans		-			10,237			13,500			55,237
Payments of dividends		-			-			(27,997	)		(47,071	)
Payments of bank loans		(3,500	)		(35,000	)		(6,145	)		(35,000	)
Payments of dividends for minority interest shareholders		(4,160	)		(1,986	)		(12,020	)		(17,143	)
Payments of long-term debt		(164	)		(585	)		(103	)		(901	)
Net cash provided by (used in) financing activities		(7,824	)		(27,334	)		(32,765	)		30,122
Net increase (decrease) in cash during the period		81,048			25,748			117,316			(64,515	)
Cash at beginning of period		133,119			86,337			96,851			176,600
Cash at period-end, note 5		214,167			112,085			214,167			112,085

The accompanying notes are an integral parts of these consolidated statements.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Consolidated Statements of Cash Flows (unaudited) (continued)

	For the three-month periods ended September 30						For the nine-month periods ended September 30
	2006			2007			2006			2007
	US$(000)			US$(000)			US$(000)			US$(000)
Reconciliation of net income to net cash provided by (used in) operating activities
Net income		81,191			99,891			347,530			151,025
Add (deduct)
Minority interest		17,957			26,221			52,889			72,371
Depreciation and amortization		7,092			9,718			21,085			26,885
Long-term officers’ compensation		1,363			7,212			3,271			13,304
Amortization of development costs		4,230			3,180			11,691			9,981
Accretion expenses		375			1,029			1,239			2,960
Net cost of retired and sold plant and equipment		515			252			729			845
Share in affiliated companies, net of dividends received in cash		65,919			(67,758	)		(58,904	)		(149,737	)
Income from releasing fixed prices in normal sales contracts		-			-			-			(129,804	)
Gain for deferred income tax and workers´ profit sharing		(100	)		(2,199	)		(19,701	)		(64,783	)
Realized income from sale of future production		(11,408	)		-			(37,800	)		(5,393	)
Exchange difference loss (gain), net		494			(2,181	)		290			(2,124	)
Loss from change in the fair value of derivative instruments		90			-			13,268			-
Loss from change in the market value of gold certificates		1,760			-			8,602			-
Accrual for mine closing costs		8,049			-			8,049			-
Other		-			767			-			268
Net changes in assets and liabilities accounts
Decrease (increase) of operating assets -
Financial assets at fair value through profit or loss (Gold Certificates)		-			-			(68,072	)		63,210
Trade accounts receivable		(2,323	)		(29,826	)		(16,462	)		(15,845	)
Other accounts receivable		(297	)		760			2,198			(1,895	)
Accounts receivable from affiliates		4,762			(1,247	)		3,439			2,130
Inventories		(2,253	)		(2,800	)		(2,603	)		(2,901	)
Prepaid tax and expenses		1,478			4,145			(1,631	)		5,116
Increase (decrease) of operating liabilities -
Trade accounts payable		(834	)		748			4,781			(4,165	)
Income tax payable		2,463			5,757			12,319			(7,070	)
Other current liabilities		3,231			12,363			986			(496	)
Net cash provided by (used in) operating activities		183,754			66,032			287,193			(36,118	)

Transactions that did not affect cash flows:
Transfer from derivate instruments to deferred income from sale of future production		-			-			77,425			-
Increase of the book value of long-term assets		19,022			-			19,022			-

The accompanying notes are an integral parts of these consolidated statements.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Notes to the interim consolidated financial statements (unaudited) (continued)

As of September 30, 2006 and 2007

1.	Business activity

Compañía de Minas Buenaventura S.A.A. (hereafter “Buenaventura”) is a public company incorporated in 1953. It is engaged in the exploration (individually and in association with third parties), extraction, concentration and commercialization of polymetallic ores. The business activities of its subsidiaries are presented in the consolidated financial statements as of December 31, 2006; there have been no changes in such activities during the nine-month period ended September 30, 2007.

The consolidated financial statements include the financial statements of Buenaventura and the following subsidiaries (together, “the Company”):

	Ownership percentages as of
	December 31, 2006				September 30, 2007
	Direct		Indirect		Direct		Indirect
	%		%		%		%
Ownership of the mining concessions, exploration and exploitation of minerals

Compañía de Exploraciones, Desarrollo e Inversiones Mineras S.A.C. - CEDIMIN		44.83		55.17		44.83		55.17
Compañía Minera Condesa S.A.		99.99		-		99.99		-
Compañía Minera Colquirrumi S.A.		90.00		-		90.00		-
Inversiones Colquijirca S.A.		61.42		-		61.42		-
Minas Conga S.R.L.		-		60.00		-		60.00
S.M.R.L. Chaupiloma Dos de Cajamarca		20.00		40.00		20.00		40.00
Minera La Zanja S.R.L.		53.06		-		53.06		-
Minas Poracota S.A.		100.00		-		-		-
Minera Minasnioc S.A.C.		60.00		-		60.00		-

Transmission of electric power
Consorcio Energético de Huancavelica S.A.		99.99		0.01		99.99		0.01

Other activities
Buenaventura Ingenieros S.A.		100.00		-		100.00		-
Contacto Corredores de Seguros S.A.		-		99.99		-		99.99

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

2.	Interim unaudited consolidated financial statements

Basis of presentation -

The interim unaudited consolidated financial statements for the three-month and nine-month periods ended September 30, 2006 and 2007 have been prepared in conformity with IAS 34 “Interim Financial Reporting”.

The interim consolidated financial statements do not include all the information and disclosures required in the Company’s annual consolidated financial statements and should be read together with the consolidated financial statements as of December 31, 2006.

Significant accounting principles and practices -

(a)

The criteria and accounting basis used by the Company in preparing the accompanying interim consolidated financial statements, are consistent to those used in the preparation of the Company’s annual consolidated financial statements.

(b)

Foreign currency translation -

Change of functional and reporting currency

Effective January 1, 2006, the functional and reporting currency of the Company is the U.S. dollar (Nuevos Soles until December 31, 2005). The change of the functional and reporting currency has been made prospectively effective January 1, 2006.

Transactions in foreign currency (any currency different to the functional currency) are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the consolidated balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the dates of the initial transactions. Exchange differences resulting from the settlement of the transactions in foreign currencies and from the translation of the monetary assets and liabilities at the exchange rates at year-end, are recognized in the consolidated statement of income.

Reclassifications -

The Company did not make significant reclassifications to its interim consolidated financial statements for the three-month and nine-month periods ended September 30, 2007 and 2006.

3.	Seasonality of operations

The Company and its subsidiaries operate continuously without fluctuations due to seasonality.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

4.	Acquisition of minority interest and merger by absorption of subsidiaries

As mentioned in the notes 2 and 38(b) to the audited consolidated financial statements as of December 31, 2006, Buenaventura acquired Inminsur’s minority interest in August, 2006 and Minas Poracota’s minority interest in November 2006. In December 2006 and January 2007, Buenaventura decided to merge with Inminsur and Poracota, respectively. The interim financial statement reflects such mergers.

5.	Cash and cash equivalent

(a)

This item is made up as follows:

	As of December 31, 2006		As of September 30, 2007
	US$(000)		US$(000)
Cash		349		537
Demand deposits accounts		32,237		24,354
Time deposits (b)		118,949		87,194
Liquidity fund (c)		25,065		-
Cash balances included in the consolidated statements of cash flows		176,600		112,085
Time deposits with an original maturity of more than 90 days (d)		62,933		100,498
		239,533		212,583

(b)

The time deposits as of September 30, 2007, made up as follow:

Currency	Original maturities	Annual interest rate %
			US$(000)
U.S. Dollars	From 7 to 90 days	From 4.70 to 5.30	79,080
Nuevos Soles	From 30 to 90 days	From 4.85 to 5.25	8,114
			87,194

(c)

During the first semester of 2007, Buenaventura settled its time deposits and its Liquidity Fund to partially finance the disbursements related to the releasing of the fixed priced clause in its normal contracts, see note 18.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

(d)

As of September 30, 2007, it corresponds to time deposits maintained by El Brocal which were issued in three currencies:

Nominal currency	Original Maturities	Annual interest rates %
			US$(000)
U.S. Dollars	271 days	5.30	15,000
Nuevos Soles	From 92 to 228 days	From 4.90 to 5.25	73,308
Euros	152 days	From 3.70 to 3.75	12,190
			100,498

6.	Financial assets of fair value through profit or loss (Gold certificates)

In May 2006, Buenaventura acquired one million participations of an Exchange Traded Fund called “Gold ETF” endorsed by the World Gold Council, equivalent to 100,000 gold ounces, with a cost per unit of US$68.07. As of December 31, 2006, the fair value of the Gold ETF was US$63,210,000. The gold certificates have been accounted for as a financial asset at fair value through profit or loss in concordance with the intention of the management at the time of the acquisition.

In January 2007, Buenaventura acquired additional gold certificates (1.1 million participations) by US$66,853,000 equivalent to 110,000 gold ounces, with an average cost per unit of US$60.77.

On March 14, 2007, Buenaventura settled all its participations at US$135,189,000 with the purpose to finance the disbursement related to the releasing of the fixed prices in its normal sales contracts occurred in March, 2007, see note 18.

At the settlement date, the fair value of each participation amounted to US$64.38. Consequently, Buenaventura has recognized a gain of US$5,126,000, which is presented in the consolidated statements of income.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

7.	Available-for-sale financial assets

(a)

This item is made up as follows:

	As of December 31, 2006		As of September 30, 2007
	US$(000)		US$(000)

Structured notes (b)		40,154		-
Fixed Investment fund (b)		12,325		-
Variable Investment fund		4,070		-
		56,549		-

(b)

In September, 2006, Buenaventura invested its cash excess in the followings financial assets:

i) structured notes issued by Deutsche Bank by US$40,000,000, and ii) fixed investment fund issued by

Franklin Templeton Global Bond and Morgan Stanley US Bond by US$12,000,000.

In May and June 2007, Buenaventura settled all its available-for-sale financial assets at a market value of US$56,889,000: i) fixed investment funds by US$ US$12,742,000 and structured notes issued by US$40,004,000 in May 2007 and ii) variable investment funds by US$4,143,000 in June 2007, with the purpose of partially finance the disbursements related to the releasing of the fixed priced clause in its normal sales contracts, see note 18. As a result of these transactions, Buenaventura has transferred US$1,633,000 from cumulative unrealized gain on investments available-for-sale in the shareholders’ equity to profit and loss (finance income).

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

8.	Investments in shares

(a) This item is made up as follows:

	Equity ownership				Amount
	As of December 31, 2006		As of September 30, 2007		As of December 31, 2006		As of September 30, 2007
	%		%		US$(000)		US$(000)
Equity method investments
Minera Yanacocha S.R.L.
Equity share		43.65		43.65		522,568		556,484
Amount paid in excess of fair value of assets and liabilities, net						20,710		18,749
						543,278		575,233
Sociedad Minera Cerro Verde S.A.A.
Equity share		18.50		18.50		231,641		351,625
Amount paid in excess of fair value of assets and liabilities, net						59,928		58,968
						291,569		410,593

Investments carried at fair value
Ferrocarril Central Andino S.A.		10.00		10.00		643		805
Other						3,639		6,049
						4,282		6,854

						839,129		992,680

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

(b)

The detail of share in affiliated companies is:

	For the three-month periods ended September 30,				For the nine-month periods ended September 30,
	2006		2007		2006		2007
	US$(000)		US$(000)		US$(000)		US$(000)
Sociedad Minera Cerro Verde S.A.A.		22,640		50,104		61,812		119,024
Minera Yanacocha S.R.L.		41,673		16,705		204,780		49,808
Other		718		949		1,832		2,730

		65,031		67,758		268,424		171,562

(c)

The investments in Yanacocha (a gold mine located in Cajamarca, Peru) and in Cerro Verde (a copper mine located in Arequipa, Peru), represent the most significant ones of Buenaventura. The share in affiliated companies has been significant for Buenaventura’s net income for the nine-month periods ended September 30, 2006 and 2007.

Increase in investments in shares balance -

Investment in shares´ balance increased by US$153,551,000 compared to the balance as of December 31, 2006, due to the following:

	US$(000)
Share in affiliated companies		171,562
Dividends received in cash from Yanacocha, note 17		(21,825	)
Adjustment for estimation of tax contingencies of Yanacocha		3,678
Cumulative unrealized loss on instruments held by El Brocal, note 18		(615	)
Other		751

		153,551

Decrease in share in affiliated companies -

The share in affiliated companies decreased by US$96,862,000 compared to the nine-month period ended September 30, 2006, mainly due to the net effect of:

A decrease of US$154,972,000 in the share in Yanacocha’s net income, mainly due to the lower sales of this entity. During the nine-month period ended September 30, 2007, Yanacocha sold 1,126,704 ounces of gold compared to 2,133,340 ounces of gold in the same period of 2006.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

An increase of US$57,212,000 in the share in Cerro Verde´s net income, mainly due to higher sales of refined copper as a result of the start-up of the primary sulfide plant. During the nine-month period ended September 30, 2007, Cerro Verde sold 164,590,000 pounds of copper cathodes and 254,985,000 pounds of copper concentrates (produced since December 2006), while in similar period of 2006, it sold 154,129,000 pounds of copper cathodes.

9.	Mining concessions and property, plant and equipment, net

As mentioned in the note 38(c) to the audited 2006 consolidated financial statement, in January 2006, Buenaventura entered into an arbitration process at the Center of Arbitration and National and International Conciliation of the Lima Chamber of Trade with the companies Fort Vermillion Finance S.A. and Grisha Management Inc. (hereafter, ¨the sellers¨), related to the purchase price adjustment for the acquisition of ADRA International Holding Corp. (ADRA), owner of Inversiones Colquijirca S.A. shares, signed in 1999. Buenaventura considered that the date for ADRA to pursue the price adjustment expired on February 24, 2004. However, the sellers considered that such date was indefinitive.

On February 26, 2007, Buenaventura received the arbitration award that resolved this dispute. Therefore, on June 8, 2007, Buenaventura agreed to pay to the sellers US$ 19,923,000, in connection with the price adjustment of the shares and resulted in an increase to the Mining concessions and property, plant and equipment caption in the consolidated balance sheet. As of September 30, 2007, Buenaventura has recorded an accrual for US$3,984,000 in connection with the price adjustment payable to the investor who was not involved in the arbitration process above mentioned. This accrual is presented in the caption other current liabilities and has increased Mining concessions and property, plant and equipment caption in the consolidated balance sheet.

10.

Development costs, net

Development costs’ balance increased by US$ 15,043,000 compared to the balance as of December 31, 2006, mainly due to the expenditures made during the nine-month period ended as of September 30, 2007 in Poracota Project by US$11,060,000.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

11.

Deferred income tax and workers´ profit sharing asset, net

The deferred income tax and workers’ profit sharing asset mainly includes an effect of US$33,192,000 from the deferred revenue from sale of future production (US$81,342,000 as of December 31, 2006) and an effect of US$102,550,000 originated by releasing the fixed prices in the normal sales contracts, explained in note 18.

The current and deferred portions of the income tax and workers’ sharing benefit (expense) included in the consolidated statements of income for the three-month and nine-month period ended September, 30, 2006 and 2007 are made up as follows:

	For the three-month periods ended September 30,						For the nine-month periods ended September 30,
	2006			2007			2006			2007
	US$(000)			US$(000)			US$(000)			US$(000)
Workers’ profit sharing
Current		(3,912	)		(5,864	)		(11,881	)		(18,731	)
Deferred		24			(319	)		4,427			14,558
		(3,888	)		(6,183	)		(7,454	)		(4,173	)
Income tax
Current		(17,048	)		(26,063	)		(53,035	)		(71,433	)
Deferred		76			2,518			15,274			50,225
		(16,972	)		(23,545	)		(37,761	)		(21,208	)

12.

Bank loans

Bank loans, with no specific guarantees granted as of September 30, 2007, are as follows:

Creditor	Annual interest rate			Final maturity		As of September 30, 2007
						US$(000)
BBVA Banco Continental		5.44	%		November 2007		10,237
Scotiabank Perú		6.14	%		November 2007		10,000
							20,237

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

In May and June, 2007, Buenaventura obtained short-term bank loans by US$45,000,000 with the same objective of the long-term debt, explained in note 14, which original maturity was on August 2007. As of September 30, 2007, Buenaventura made disbursements by US$ 35,000,000, refinanced an amount of US$ 10,000,000 until November 2007 and obtained an additional bank loan by US$ 10,237,000 for working capital purposes.

13.

Other liabilities

Other liabilities’ balance increased by US$ 18,267,000 compared to the balance as of December 31, 2006, mainly due to:

Increase of stock appreciation rights liability.

Record of the accrual explained in the note 9.

14.

Long-term debt

(a) Long-term debts, with no specific guarantees granted as of September 30, 2007, are as follows:

	Annual interest rate			Final maturity		As of September 30, 2007
Compañía de Minas Buenaventura S.A.A.						US$(000)
Banco de Crédito del Perú (b)		Three month Libor plus 0.85	%		June 2010		75,000

Consorcio Energético de Huancavelica S.A.
BBVA Banco Continental (c)		Three month Libor plus 1.25	%		June 2012		9,500

Sociedad Minera El Brocal S.A.A.
Banco de Crédito del Perú		5.34	%		June 2008		205
							84,705

Long-term portion (d)							73,125
Current portion							11,580

(b)	In June 2007, Buenaventura obtained bank loans in order to partially finance the disbursements related to the releasing of the fixed priced clause in its normal sales contracts, explained in note 18. This loan will be amortized in eight quarterly payments including one-year free period.

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

(c)	As of December 31, 2006, this loan was presented in the bank loans caption because it had current maturity. During the first semester of 2007, Consorcio Energético de Huancavelica S.A. re-financed the maturity of this loan until June 2012.

(d)	The long-term debt maturity schedule is as follows:

Year
	US$(000)
2008		9,875
2009		39,500
2010		20,750
2011		2,000
2012		1,000
		73,125

15.

Paid and declared dividends

The information about declared and paid dividends for the nine-month periods ended September 30, 2006 and 2007 is as follows:

Meeting / Board	Date		Declared dividends			Dividends per share
			US$			US$
Dividends 2006
Mandatory annual shareholders’ meeting		March 30, 2006		30,321,000			0.22
Less - Dividends paid to Condesa				(2,324,000	)
				27,997,000
Dividends 2007
Mandatory annual shareholders’ meeting		March 28, 2007		50,992,000			0.37
Less - Dividends paid to Condesa				(3,921,000	)
				47,071,000

Translation of consolidated financial statements originally issued in Spanish - see Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

16.

Net Sales

The sales in the nine-month period ended as of September 30, 2007 increased by 41 percent compared with similar period of 2006. The increase is mainly explained due:

(a)

Buenaventura’s sales were US$312,679,000 and US$219,565,000 during the nine-month periods ended September 30, 2007 and 2006, respectively. During the nine-month period ended September 30, 2007, Buenaventura sold 40,000 gold ounces at an average fixed price of US$340/Oz and 251,824 gold ounces at an average market quotation of US$673.42/Oz; while in similar period of 2006 Buenaventura sold 291,000 gold ounces at an average fixed price of US$338.94/Oz and 24,762 gold ounces at an average market quotation of US$580.84/Oz.

The better sales prices obtained during the nine-month period ended September 30, 2007, results from the modification of the schedule of commitments ounces of gold with two of its clients made in January 2007 and the releasing of the fixed priced clause in its normal sales contracts, see note 18.

Buenaventura is committed to sell 922,000 ounces of gold at fixed prices ranging from US$345 to US$451 per ounce, in periods between March 2010 and December 2012, see note 18. The fair value of these contracts amounts to US$380,572,000 as of September 30, 2007.

(b)

The higher sales of Sociedad Minera El Brocal S.A.A., an investment held through Inversiones Colquijirca S.A.. The sales during the nine-month period ended September 30, 2007 were US$196,867,000 (US$135,403,000 in similar period of 2006). This increase is due to the higher market quotations of lead, zinc and silver; a higher production of concentrates and; a higher lead content in them, which allowed to increase the volume sold during the nine-month period ended September 30, 2007.

(c)

In addition, it includes the sales of 1,065 ounces of gold at an average market quotation of US$669.39/Oz, from its subsidiary Cedimin (780 ounces of gold at an average market quotation of US$539.39/Oz in similar period of 2006).

Translation of consolidated financial statements originally issued in Spanish - See Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

17.

Transactions with affiliated companies

Transactions with related parties are made at normal market prices. Outstanding balances are unsecured, interest free and settlement occurs in cash. As a result of the transactions presented in the following paragraphs, the Company has the following accounts receivable from affiliated companies:

	As of December 31, 2006		As of September 30, 2007
	US$(000)		US$(000)

Minera Yanacocha S.R.L.		11,329		9,508
Others		385		76
		11,714		9,584

The Company had the following transactions with its affiliated companies:

S.M.R.L. Chaupiloma Dos de Cajamarca (“Chaupiloma”) -

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 and nine-month periods ended September 30, 2007, royalties earned amounted to US$7,599,000 and US$22,326,000, respectively (US$11,145,000 and US$39,226,000 for the three-month and nine-month periods ended September 30, 2006, respectively) and are presented as royalties income in the consolidated statements of income. Royalties income decreased during the nine-month period ended September 30, 2007 mainly due to the lower sales of Yanacocha, explained in note 8.

Compañía Minera Condesa S.A. (“Condesa”) -

During the nine-month period ended September 30, 2007, Yanacocha paid cash dividends to Condesa of US$21,825,000 (US$130,950,000 and US$209,520,000 for the three-month and nine-month periods ended September 30, 2006, respectively).

Buenaventura Ingenieros S.A. (“Bisa”) -

Since March 2002, Buenaventura Ingenieros S.A. enters into annual master agreements with Yanacocha to perform functions related to planning, monitoring and administrating the infrastructure projects, as well as analysis, studies and work plan design required by Yanacocha in its operations. On January 1, 2007 these entities renewed a service contract for a three-years period.

Translation of consolidated financial statements originally issued in Spanish - See Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

As a result of lower production and lower sales reported by Yanacocha, as mentioned in the note 8(c), Bisa has been affected by a reduction of working orders and by a change in the process of rendering of services to Yanacocha. Therefore, the revenues related to these services contracts have decreased significantly during the three-month period ended September 30, 2007 and amounted to approximately US$381,000 and US$3,118,000, respectively (US$1,262,000 and US$3,770,000 for the three-month and nine-month periods ended September 30, 2006, respectively). These figures are presented in the caption net sales of the consolidated statements of income.

In November, Bisa and Yanacocha will sign a new contract which will substitute the current one.

Consorcio Energético de Huancavelica S.A. (“Conenhua”) -

In November 2001, Conenhua signed a 10-year agreement with Yanacocha for the electric energy transmission and infrastructure operation, Yanacocha will pay an annual fee of US$3.7 million. For the three-month and nine-month periods ended September 30, 2007, the revenues for these services amounted to approximately US$1,274,000 and US$3,211,000, respectively (US$955,000 and US$2,895,000 for the three-month and nine-month periods ended September 30, 2006, respectively) and are presented in the caption net sales of the consolidated statements of income.

18.

Derivative financial instruments

Normal Sales-

As explained in note 33 of the consolidated financial statements as of December 31, 2006, the Company has committed a portion of its future production to prices previously agreed.

In March and May 2007, Buenaventura revised the normal sales contracts with six of its clients in order to eliminate the fixed priced clause of certain number of ounces committed and to sell those ounces between the period 2007- 2012 at market prices.

As a result of such revision, Buenaventura was released from the obligation to sell 971,000 ounces of gold at fixed prices; consequently, they will be sold according at the market price prevailing at the date of the physical delivery of the gold committed. Buenaventura made a payment of US$315,726,000 (US$144,987,000 in March 2007 and US$170,739,000 in May 2007, respectively) and recorded a decrease in the liability corresponding to the deferred income from sale of future production of US$129,804,000. The loss resulting of US$185,922,000 is presented in the caption “net loss from releasing fixed prices in normal sales contracts” in the consolidated statements of income.

Translation of consolidated financial statements originally issued in Spanish - See Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

Following is a movement of the deferred income from sale of future production for the nine-month period ended September 30, 2007:

	Committed ounces of gold			Deferred income from sale of future production
				US$(000)

Beginning balance		1,933,000			237,205
Releasing fixed prices in normal sales contracts		(971,000	)		(129,804	)
Realized income from sale of future production		(40,000	)		(5,393	)
Ending balance (non-current)		922,000			102,008

Derivative contracts -

In March 2006, Buenaventura completed the change of the terms of its gold derivative contracts maintained as of December 31, 2005 in order to qualify them as normal sale contracts. In previous years, Buenaventura made similar modifications. As of September 30, 2007, the Company has put option contracts, which gives the right to sell 187,500 ounces of gold at average price of US$345 per ounce depending on certain market conditions. The contract’s dates expire in different dates until July 2011 and the fair value of these contracts is lower than US$1,000 as of September 30, 2007. Except for the contracts above mentioned, Buenaventura does not maintain gold derivate contracts as of September 30, 2007. Likewise, silver derivative contracts maintained by Buenaventura matured in August 2006.

During the three-month and nine-month periods ended September 30, 2006, Buenaventura recorded a loss of US$90,000 and US$13,268,000 due to the changes in fair value of derivative instruments occurred as of September 30, 2006. These amounts are presented in the caption “loss from change in the fair value of derivative instruments”.

During July and August 2007, with the intention to hedge the fluctuations in metals prices, El Brocal entered into forwards contracts that qualify as cash flow hedges. These contracts are recognized as assets or liabilities in the consolidated balance sheet and are measured at their fair value. To the extent these hedges are effective in offsetting forecasted cash flows from the sale of production, changes in the fair value are deferred in an equity account. The deferred amounts are reclassified to Sales when the underlying production is sold.

Translation of consolidated financial statements originally issued in Spanish - See Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

El Brocal maintained the following derivative contracts as of September 30, 2007:

Metal	Broker	Quantity	Fixed price	Period
			US$
Zinc	Sempra Metal Limited	6,000 MT	3,050	July 2008 - June 2009
Zinc	Standard Bank	1,500 MT	2,960	July 2009 - December 2009
Zinc	Standard Bank	1,500 MT	2,845	January 2010 - June 2010
Lead	BNP Paribas	3,750 MT	2,835	October 2007 - December 2008
Lead	Sempra Metal Limited	2,100 MT	2,710	January 2009 - June 2009
Lead	Sempra Metal Limited	1,800 MT	2,595	July 2009 - December 2009
Lead	Sempra Metal Limited	2,100 MT	2,525	January 2010 - June 2010

During the third quarter of 2007, El Brocal credited US$615,000, 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.

19.

Statistical data

Statistical data of the Company related to the volume of inventories sold and average sale prices by product for the three-month and nine-month periods ended September 30, 2006 and 2007 are as follows:

(a) Volumes sold:

For the three-month periods

ended September 30,

For the nine-month periods

ended September 30,

2006

2007

2006

2007

Gold

98,908 Oz

92,969 Oz

316,542 Oz

292,889 Oz

Silver

4,668,163 Oz

4,494,822 Oz

13,110,581 Oz

12,323,505 Oz

Lead

7,646 TM

10,720 TM

22,865 TM

30,861 TM

Zinc

13,707 TM

19,755 TM

40,931 TM

55,057 TM

Copper

19 TM

41 TM

81 TM

107 TM

Translation of consolidated financial statements originally issued in Spanish - See Note 20

Notes to the interim consolidated financial statements (unaudited) (continued)

(b) Average sale prices:

For the three-month periods

ended September 30,

For the nine-month periods

ended September 30,

2006

2007

2006

2007

Gold

344.58 US$/Oz

708.20 US$/Oz

358.49 US$/Oz

627.87 US$/Oz

Silver

11.50 US$/Oz

12.62 US$/Oz

11.50 US$/Oz

12.99 US$/Oz

Lead

1,159.12 US$/TM

3,152.66 US$/TM

1,116.27 US$/TM

2,679.35 US$/TM

Zinc

3,333.09 US$/TM

3,152.93 US$/TM

3,006.87 US$/TM

3,476.78 US$/TM

Copper

7,676.79 US$/TM

7,679.94 US$/TM

7,088.41 US$/TM

7,263.98 US$/TM

20.

Explanation added for English language translation

The accompanying consolidated financial statements are presented based on accounting basis 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.

Signature