Unassociated Document

6-K 1 v192070_6k.htm Unassociated Document

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of July 2010

BUENAVENTURA MINING COMPANY INC.

(Translation of Registrant's Name into English)

CARLOS VILLARAN 790

SANTA CATALINA, LIMA 13, PERU

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

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.

Yes o No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.

Compañia de Minas Buenaventura Announces Second Quarter 2010 Results Lima, Peru, July 30, 2010 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest, publicly-traded precious metals mining company announced today its results for the second quarter 2010. All figures have been prepared according to Peruvian GAAP and are stated in U.S. dollars (US$). Comments from the Chief Executive Officer: Mr. Roque Benavides, Buenaventura’s Chief Executive Officer stated: “Net income during second quarter was US$110.9 million, a 17% decrease when compared to the figure reported in 2Q09 (US$134.4 million). EBITDA from Buenaventura’s Direct Operations was US$88.4 million, 3% lower than the figure reported in 2Q09 (US$91.0 million), while EBITDA including Yanacocha and Cerro Verde decreased 7%, from US$264.0 million in 2Q09 to US$245.6 million in 2Q10. These results were mainly driven by a lower volume of gold and silver volume”. Financial Highlights (in millions of US$, except EPS figures):

	2Q10		2Q09		Var%			1H10		1H 09		Var%
Total Revenues		225.4		212.7		6	%		427.1		389.6		10	%
Operating Income		54.7		71.4		-23	%		122.3		130.4		-6	%
EBITDA (BVN Direct Operations)		88.4		91.0		-3	%		172.9		174.4		-1	%
EBITDA (inc. Yanacocha and Cerro Verde)		245.6		264.0		-7	%		526.1		489.4		8	%
Net Income		110.9		134.4		-17	%		266.1		234.7		13	%
EPS*		0.44		0.53		-17	%		1.05		0.92		13	%

(*) Buenaventura has a total of 254,442,328 shares outstanding.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 2 of 13

Operating Revenue

During 2Q10, net sales were US$212.0 million, a 7% increase when compared to the US$198.1 million reported in 2Q09. This was explained by the higher realized prices in all metals despite a decrease in the volume of gold, silver, zinc and lead sold.

Royalty income in 2Q10 totaled US$13.4 million, a 7% decrease when compared to the US$14.6 million reported in 2Q09 due to lower gold volume sold at Yanacocha.

Operating Highlights	2Q10		2Q09		Var%			1H 10		1H 09		Var%
Net Sales (in millions of US$)		212.0		198.1		7	%		399.6		361.2		11	%
Average Realized Gold Price Gold (US$/oz)*		1,214		927		31	%		1,168		921		27	%
Average Realized Gold Price (US$/oz) inc. Yanacocha		1,199		919		30	%		1,155		915		26	%
Average Realized Silver Price (US$/oz)*		18.34		13.93		32	%		17.73		13.47		32	%
Average Realized Lead Price (US$/MT)*		1,865		1,531		22	%		2,016		1,375		47	%
Average Realized Zinc Price (US$/MT)*		2,029		1,493		36	%		2,137		1,339		60	%
Average Realized Copper Price (US$/MT)*		6,730		4,828		39	%		7,033		4,290		64	%

(*) Buenaventura’s Direct Operations

Sales Content
	2Q10		2Q09		Var%			1H10		1H09		Var%
Gold (in oz)*		105,112		109,408		-4	%		203,248		200,333		1	%
Gold (in oz) inc. Yanacocha		261,019		342,338		-24	%		539,778		638,398		-15	%
Silver (in oz)*		2,833,313		4,199,281		-33	%		5,541,847		7,868,387		-30	%
Lead (in MT)*		5,808		8,040		-28	%		10,963		14,977		-27	%
Zinc (in MT)*		9,977		16,488		-39	%		21,336		31,141		-31	%
Copper (in MT)*		2,769		1,972		40	%		4,813		3,551		36	%

(*) Buenaventura Direct Operations

Accumulated net sales in 2010 were US$399.6 million, an 11% increase compared to the same period of 2009 (US$361.2 million), while royalty income was US$27.5 million, a 2% decrease when compared to the US$28.4 million reported in the comparable period of 2009.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 3 of 13

Production and Operating Costs

Buenaventura’s equity production1 in 2Q10 was 109,974 ounces of gold, 11% higher than the 99,322 million ounces reported in 2Q09. Silver production in 2Q10 was 3.4 million ounces, a 9% decrease when compared to the 3.7 million ounces reported in 2Q09.

Equity production1 in the six month period 2010 was 207,744 ounces of gold and 6.4 million ounces of silver. This represented a 3% increase in gold production (202,170 ounces in 1H09), and a 17% decrease in silver production compared to 2009 (7.7 million ounces).

Equity Production1
	2Q10		2Q09		Var%			1H10		1H09		Var%
Gold (oz)		109,974		99,322		11	%		207,744		202,170		3	%
Gold (oz) inc. Yanacocha		261,953		324,858		-19	%		544,274		645,484		-16	%
Silver (oz)		3,372,803		3,712,947		-9	%		6,358,862		7,702,881		-17	%
Lead ( MT)		4,938		5,606		-12	%		9,222		10,625		-13	%
Zinc ( MT)		6,850		11,353		-40	%		14,302		21,178		-32	%
Copper (MT) inc. Cerro Verde		15,914		15,730		1	%		31,338		31,234		0	%

Orcopampa’s (100%) total gold production was 80,482 ounces, 12% higher than 2Q09 production (71,923 ounces). Production from the Chipmo mine in 2Q10 was 74,924 ounces, 20% higher than the 62,398 ounces reported in 2Q09, which was complemented by the old tailings treatment that produced 5,558 gold ounces (9,525 ounces in 2Q09). Accumulated total gold production in the six-month period 2010 was 152,601 ounces, a 5% increase when compared to 2009 (144,910 ounces). (Appendix 2)

Cash operating cost in 2Q10 was US$357/oz, 22% higher when compared to 2Q09 (US$293/oz). This was explained by a 42% increase in contractor costs due to a 40% increase in diamond drilling and a 25% increase in drifting work.

At Poracota, gold production in 2Q10 was 14,968 ounces, an increase of 29% when compared to 2Q09 (11,579 ounces), while the cash operating cost increased 22%, from US$754/oz in 2Q09 to US$917/oz in 2Q10. This increase was due to a 52% increase in diamond drilling and a 59% increase in drifting work to replace gold reserves. Accumulated gold production for the six-month period 2010 was 28,897 ounces, 17% higher than the figure reported in 2009 (24,676 ounces).

Total royalties paid to the government at both Orcopampa and Poracota in 2Q10 totaled US$3.7 million.

At Uchucchacua (100%), total silver production in 2Q10 was 12% lower than 2Q09 (2.4 million ounces and 2.7 million ounces, respectively) due to a 5% decline in ore treated, 3% lower silver grade and 5% lower recovery (Appendix 2). Zinc production decreased 18% (from 2,280 MT in 2Q09 to 1,881 MT in 2Q10), while lead production decreased 29% (2,806 MT in 2Q09 vs. 2,002 MT in 2Q10). Accumulated production in the six-month period 2010 was 4.4 million ounces of silver, 21% lower than in 2009 (5.6 million ounces); 3,397 MT of zinc, a decrease of 28% when compared to 2009 (4,711 MT) and 3,758 MT of lead, 27% lower than the figure reported in 2009 (5,183 MT).

Cash operating cost in 2Q10 was US$11.69/oz, a 24% increase compared to the $9.39/oz in 2Q09. This was best explained by:

1 Production includes 100% of operating units, 100% of CEDIMIN and 45.97% of El Brocal.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 4 of 13

A decrease in silver ounces produced due to a decline in the tonnage treated, as well as the silver grade and recovery ratio resulting from selective exploitation, while controlling manganese content.

A 25% rise in contractor expenses explained by a 14% increase in diamond drilling and a 3% increase in drifting work as well as higher costs per meter due to an increase in contractors salaries.

Total royalties paid to the government at Uchucchacua in 2Q10 totaled US$0.7 million.

At Antapite (100%), total production in 2Q10 was 9,560 ounces of gold, an increase of 21% compared to 2Q09 (7,926 ounces), mainly due to a 14% increase in the gold grade (Appendix 2). Accumulated gold production was 16,630 ounces, a 10% increase when compared to 2009 (15,135oz).

Gold cash operating cost in 2Q10 was US$742/oz, 5% lower than in 2Q09 (US$780/oz) due to a 5% decline in diamond drillings.

Total royalties paid to the government at Antapite in 2Q10 totaled US$0.2 million.

At El Brocal (45.97%), Stage One of the concentrator plant expansion project was completed to increase capacity from 6,000 TPD to 10,000 TPD. In order to leverage higher copper prices, the Company will prioritize copper production at the Marcapunta operation, increasing ore treated from 1,000 TPD to 4,000 TPD. The remaining capacity of 6,000 TPD, will be used to treat the polymetalic ore from Colquijirca.

At Marcapunta, copper production for 2Q10 was 3,036 MT, 49% higher than 2Q09 (2,039 MT). Accumulated copper production in 1H10 was 5,178 MT, a 28% increase when compared to 4,031 MT in the same period 2009. Cash cost at Marcapunta for 2Q10 was US$4,075/MT, a 40% increase when compared to US$2,901/MT reported in 2Q09.

At Colquijirca, total zinc production was 9,668 MT in 2Q10, a 49% decrease when compared to the 18,802 MT reported in 2Q09 due to a 32% decline in tonnage of polymetalic ore to allow higher copper ore treatment and a 20% decrease in ore grade (Appendix 2). Total silver production in 2Q10 was 560,481 ounces, a 34% decrease when compared to the 844,838 ounces reported in 2Q09, mainly explained by the previously-mentioned decline in tonnage treated and a 14% decrease in the silver ore grade. Total lead production for 2Q10 was 3,642 MT, a 24% decrease when compared to 4,816 MT in 2Q09.

For 1H10, total zinc production was 21,569 MT, a 37% decrease when compared to the 34,022 MT reported in 1H09. In the case of silver, total production decreased 37%, from 1.9 million ounces in 1H09 to 1.1 million ounces in 1H10. Lead production for the first six-months 2010 was 6,915 MT, 26% lower than the same period in 2009 (9,295 MT).

Zinc cash cost in Colquijirca increased from US$590/MT in 2Q09 to US$1,096/MT in 2Q10. This was due to a higher stripping ratio (16.7 in 2Q10 vs. 10.0 in 2Q09).

Total royalties paid to the government at Colquijirca and Marcapunta in 2Q10 totaled US$0.5 million.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 5 of 13

Operating Expenses

General and administrative expenses in 2Q10 were US$28.4 million, 49% higher than the figure reported in 2Q09 (US$19.1 million) due to the ”mark to market” provision for long-term compensation (US$17.0 million). General and administrative expenses in the six-month period 2010 totaled US$39.0 million, a 9% increase when compared to the US$35.8 million reported in the same period of 2009.

Exploration Costs in Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care and maintenance, in 2Q10 were US$10.3 million, a 3% increase compared to the US$10.0 million reported in 2Q09. The main efforts were focused at the Castrejon prospect at La Zanja (US$1.1 million), Mallay (US$2.4 million), Marcapunta (US$1.3 million), Colquemayo (US$0.6 million) and Breapampa (US$0.5 million) projects.

Exploration costs at non-operating mining sites in the six-month period 2010 were US$18.2 million, a 5% increase when compared to the same period in 2009 (US$17.2 million).

Greenfield projects currently being drilled are:

The Coripuquio prospect at the Colquemayo project (12,600 hectares) in Moquegua, with 3,000 meters drilled this far, with interesting results at CQQ-10-06 showing 109.7 meters with 0.51 g/t of gold in shallow oxides from 15.46 meters deep.

Chaje (18,000 hectares), surrounding the Chucapaca area, also in Moquegua, where a second diamond-drill hole is testing depth potential of narrow gold-bearing veins in sandstone and carbonaceous shales.

In Central Mexico, Buenaventura has designed an exploration program and positioned the responsible team for the Pachuca – Real del Monte project, which consists of a silver-rich vein project optioned from Solitario Resources.

Operating Income

Operating income in 2Q10 was US$54.7 million, a 23% decrease compared to the US$71.4 million reported in 2Q09. This result was mainly explained by higher operating costs and administrative expenses.

Accumulated operating income for the period was US$122.3 million, a decrease of 6% when compared to the figure reported in 2009 (US$130.4 million).

Share in Affiliated Companies

During 2Q10, Buenaventura’s income from non-consolidated affiliates was US$86.2 million, 12% lower than the US$98.3 million reported in 2Q09. Yanacocha’s contribution to these results decreased 8%, from US$68.4 million in 2Q09 to US$62.7 million 2Q10, while contributions from Cerro Verde decreased from US$29.9 million in 2Q09 to US$25.9 million in 2Q10.

Accumulated income from non-consolidated affiliates in the six-month 2010 period was US$198.1 million, an increase of 11% compared to the US$178.2 million reported in 2009.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 6 of 13

YANACOCHA

At Yanacocha (43.65%), 2Q10 gold production was 352,556 ounces of gold, a decrease of 32% compared to 2Q09 (516,693 ounces). Gold production in the six-month 2010 period was, according to guidance, 775,354 ounces, but a decrease of 24% compared to the 1,015,610 ounces reported in the same period 2009.

Cost applicable to sales (CAS) at Yanacocha in 2Q10 was US$406/oz, 21% higher than the figure reported in 2Q09 (US$336/oz) due to lower gold production, higher waste mining and maintenance costs, partially offset by higher by-product credits.

Net income at Yanacocha in 2Q10 was US$144.3 million, a 9% decrease when compared to the 2Q09 figure (US$157.8 million). Accumulated net income in 2010 was US$306.8 million, 4% higher than 2009 (US$295.7 million).

During 2Q10, EBITDA totaled US$254.0 million, a decrease of 10% compared to 2Q09 (US$282.6 million). This decrease was explained by the 13% decline in revenues (US$424.4 million in 2Q10 vs. US$488.8 million in 2Q09) due to a 33% decrease in ounces of gold sold. EBITDA for 1H10 was US$528.1 million, mostly in-line with the US$522.2 million reported in 2009.

The Company continues to expect 2010 total gold production at Yanacocha of between 1,460,000 and 1,550,000 ounces, with costs applicable to sales near the high end of the outlook range of $360 and $400 per ounce. This is due primarily to higher royalties and worker participation costs as a result of higher realized gold prices.

CAPEX in 2Q10 was US$53.6 million, while for the cumulative period, it totaled US$110.7.

CERRO VERDE

At Cerro Verde (19.26%), 2Q10 copper production was 75,386 MT, a 2% decrease when compared to 2Q09 (76,812 MT). Accumulated copper production in 1H10 totaled 150,339 MT, in-line with the same period 2009 (152,526 MT).

During 2Q10, Cerro Verde reported net income of US$136.8 million, a 14% decrease when compared to US$159.6 million in 2Q09. Accumulated net income in 1H10 was US$375.4 million, a 41% increase compared to the same period 2009 (US$265.8 million).

CAPEX in 2Q10 totaled US$22.4 million, and US$45.6 million for the six-month period 2010.

Net Income

This quarter, Buenaventura’s net income was US$110.9 million; representing US$0.44 per share compared to US$134.4 million in 2Q09 (17% decrease). This was mainly explained by the 23% decline in operating income and the 12% decrease in contributions from Yanacocha and Cerro Verde.

Net income for the six-month period 2010 was US$266.1 million (US$1.05 per share), a 13% increase when compared to the US$234.7 million (US$0.92 per share) reported in the same period 2009.

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 7 of 13

Project Development

ORCOPAMPA

•

2nd stage old tailing retreatment to recover 38,000 oz of gold and 1.1 M oz of silver. As of June 2010, all equipment has been purchased. This project will be completed in 4Q10. Total investment as of June, 2010 was US$3 million out of a total budget of US$5.5 million.

•

Tailing Dam #4 expansion for an additional 1.8 years is 85% completed and expected to be finished in 3Q10. Total investment as of June, 2010 was US$10 million out of a total budget of US$10.4 million.

UCHUCCHACUA

•

The engineering study for the chemical plant to clean manganese content from lead-silver concentrates to obtain better commercial terms and improve the mining process is underway. Currently, the location has been identified and the Company is working on the environmental permits.

LA ZANJA

As of June 2010, the Company has completed the following facilities for the project:

Bramadero Dam

Main access road

Processing Plant ADR

Leach pad (10 Has)

Solution and torment dams

Camps, office, and general store

The Company is awaiting the final inspection by the Ministry of Mining to obtain the processing plant permit to start operations in August. Total CAPEX totaled US$73.2 million (including US$12.5 million for working capital).

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 8 of 13

* * *

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa, Poracota, Uchucchacua, Antapite, Julcani and Recuperada). Has controlling interest in three mining companies (El Brocal, La Zanja and CEDIMIN) as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important precious metal producer, and 19.26% in Sociedad Minera Cerro Verde, an important Peruvian copper producer.

If a printed version of the Company’s 2009 Form 20-F is requested, please contact the persons indicated above otherwise, download a PDF format file from our web site.

Note on Forward-Looking Statements

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

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Affiliates
	BVN	Operating
	Equity %	Mines / Business
Cedimin S.A.C*	100.00	Shila / Paula
Consorcio Energetico de Huancavelica S.A*	100.00	Energy
Buenaventura Ingenieros S.A*	100.00	Engineering Consultant
Minera La Zanja S.A*	53.06	La Zanja
Sociedad Minera El Brocal S.A.A*	45.97	Colquijirca and Marcapunta Project
Canteras del Hallazgo S.A	49.00	Chucapaca Project
Minera Yanacocha S.R.L **	43.65	Yanacocha
Sociedad Minera Cerro Verde S.A.A **	19.26	Cerro Verde

(*)Consolidates

(**) Equity Accounting

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 9 of 13

APPENDIX 2

	GOLD PRODUCTION
	Three Months Ended June 30																		Six Months Ended June 30
	Orcopampa									Orcopampa Old Tailings									Orcopampa									Orcopampa Old Tailings
	2010			2009			%			2010			2009			%			2010			2009			%			2010			2009			%
Ore Milled DST		124,130			109,592			13	%		74,923			128,845			-42	%		231,426			227,505			2	%		160,428			267,470			-40	%
Ore Grade OZ/ST		0.63			0.60			6	%		0.083			0.076			9	%		0.62			0.59			6	%		0.084			0.071			19	%
Recovery Rate %		96.1	%		95.6	%		0	%		81.5	%		81.7	%		0	%		95.9	%		95.5	%		0	%		81.2	%		80.7	%		1	%
Ounces Produced		74,924			62,398			20	%		5,558			9,525			-42	%		140,054			127,622			10	%		12,547			17,288			-27	%

Orcopampa Total Production					2Q10			80,482			2Q09			71,924			6M10			152,601			6M09			144,910

	Three Months Ended June 30																		Six Months Ended June 30
	Antapite									Poracota									Antapite									Poracota
	2010			2009			%			2010			2009			%			2010			2009			%			2010			2009			%
Ore Milled DST		38,228			36,894			4	%		62,004			55,069			13	%		68,233			72,158			-5	%		116,668			115,171			1	%
Ore Grade OZ/ST		0.26			0.23			14	%		0.29			0.26			15	%		0.25			0.22			14	%		0.30			0.26			14	%
Recovery Rate %		96.6	%		94.7	%		2	%		82.0	%		82.3	%		0	%		96	%		94.4	%		2	%		83.6	%		82.3	%		2	%
Ounces Produced		9,560			7,926			21	%		14,968			11,579			29	%		16,630			15,135			10	%		28,897			24,676			17	%

	SILVER PRODUCTION
	Three Months Ended June 30																		Six Months Ended June 30
	Uchucchacua									Colquijirca									Uchucchacua									Colquijirca
	2010			2009			%			2010			2009			%			2010			2009			%			2010			2009			%
Ore Milled DST		245,797			258,594			-5	%		350,703			513,552			-32	%		475,526			519,497			-8	%		710,172			948,945			-25	%
Ore Grade OZ/ST		13.67			14.12			-3	%		2.32			2.71			-14	%		13.17			14.50			-9	%		2.38			3.25			-27	%
Recovery Rate %		69.8	%		73.9	%		-5	%		69.0	%		67.1	%		3	%		70.0	%		74.0	%		-5	%		67.3	%		72.5	%		-7	%
Ounces Produced		2,377,107			2,698,486			-12	%		560,481			844,838			-34	%		4,415,063			5,600,956			-21	%		1,135,135			1,853,539			-39	%

	ZINC PRODUCTION
	Three Months Ended June 30																		Six Months Ended June 30
	Uchucchacua									Colquijirca									Uchucchacua									Colquijirca
	2010			2009			%			2010			2009			%			2010			2009			%			2010			2009			%
Ore Milled DST		245,797			258,594			-5	%		350,703			513,552			-32	%		475,526			519,497			-8	%		710,172			948,945			-25	%
Ore Grade %		1.57	%		1.67	%		-6	%		4.47	%		5.58	%		-20	%		1.53	%		1.67	%		-9	%		4.74	%		5.45	%		-13	%
Recovery Rate %		53.6	%		58.0	%		-8	%		68.0	%		72.3	%		-6	%		51.1	%		59.7	%		-14	%		70.7	%		72.5	%		-2	%
ST Produced		2,073			2,514			-18	%		10,657			20,725			-49	%		3,744			5,193			-28	%		23,775			37,503			-37	%

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 10 of 13

APPENDIX 3

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

Consolidated Balance sheet

As of June, 30 2010 and December, 31 2009

	2010			2009
	US$(000)			US$(000)
Assets
Current assets
Cash and cash equivalents		444,143			714,454
Trade accounts receivable, net		57,514			122,950
Embedded derivatives for concentrates sales		65			4,838
Other accounts receivable		17,630			14,346
Accounts receivable from related parties		94,581			21,866
Hedge derivative financial instruments		4,083			-
Inventory, net		64,086			44,987
Prepaid taxes and expenses		29,521			14,368
Total current assets		711,623			937,809

Accounts receivable from related parties		1,676			-
Other accounts receivable		1,488			1,457
Prepaid taxes and expenses		11,027			10,787
Investment in associates		1,254,646			1,126,167
Mining concessions and property, plant and equipment, net		437,419			351,784
Development costs, net		91,926			91,633
Deferred income tax and workers’ profit sharing asset		253,011			261,877
Other assets		4,885			5,045
Total assets		2,767,701			2,786,559

Liabilities and shareholders’ equity, net
Current liabilities
Trade accounts payable		79,454			58,233
Income tax payable		7,215			20,528
Other liabilities		60,116			87,125
Embedded derivatives for concentrates sales		499			292
Hedge derivative financial instruments		-			1,468
Financial obligations		2,026			79,452
Total current liabilities		149,310			247,098

Other long-term liabilities		108,740			102,053
Hedge derivative financial instruments		422			5,375
Deferred income tax and workers’ profit sharing liabilities		18,971			18,158
Financial obligations		25,932			150,555
Total liabilities		303,375			523,239

Shareholders’ equity net

Capital stock, net of treasury shares of US$62,622,000 in the year 2010 y 2009		750,540			750,540
Investments shares, net of treasury shares of US$142,000 in the year 2010 y 2009		2,019			2,019
Additional paid-in capital		225,978			225,978
Legal reserve		112,390			112,363
Other reserves		269			269
Retained earnings		1,200,810			1,011,077
Cumulative translation loss		(34,075	)		(34,075	)
Cumulative unrealized, gain (loss)		57			(3,916	)
		2,257,988			2,064,255
Minority interest		206,338			199,065
Total shareholders’ equity, net		2,464,326			2,263,320

Total liabilities and shareholders’ equity, net		2,767,701			2,786,559

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 11 of 13

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

Consolidated Statements of income

For the three and six month period ended June 30, 2010 and June 30, 2009

	For the three month period ended June, 30						For the six month period ended June, 30
	2010			2009			2010			2009
	US$(000)			US$(000)			US$(000)			US$(000)
Operating income
Net sales		212,028			198,107			399,637			361,212
Royalty income		13,357			14,560			27,484			28,426
Total income		225,385			212,667			427,121			389,638

Operating costs
Cost of sales, excluding depreciation and amortization		78,612			65,786			148,684			122,726
Exploration in units in operation		22,114			16,821			40,448			28,785
Depreciation and amortization		16,952			17,532			33,511			35,479
Total operating costs		117,678			100,139			222,643			186,990
Gross income		107,707			112,528			204,478			202,648

Operating expenses
Administrative expenses		28,350			19,055			38,953			35,762
Royalties		12,120			9,572			20,774			14,765
Exploration in non-operating areas		10,299			9,973			18,154			17,216
Sales expenses		2,215			2,517			4,277			4,485
Total operating expenses		52,984			41,117			82,158			72,228

Operating income		54,723			71,411			122,320			130,420

Other income (expenses), net
Share in associates companies by the equity method, net		86,192			98,333			198,102			178,240
Interest incomes		775			1,104			4,470			2,585
Interest expenses		(1,709	)		(4,389	)		(4,195	)		(9,232	)
Income (loss) from currency exchange difference, net		60			1,724			(694	)		1,194
Other, net		303			(116	)		3,467			1,535
Total other income, net		85,621			96,656			201,150			174,322

Income before workers’ profit sharing, income tax
and minority interest		140,344			168,067			323,470			304,742

Provision for workers’ profit sharing		(3,792	)		(3,547	)		(6,998	)		(8,623	)
Provision for income tax		(17,799	)		(17,044	)		(33,474	)		(39,106	)

		118,753			147,476			282,998			257,013

Net income attributable to minority interest		(7,869	)		(13,089	)		(16,933	)		(22,336	)

Net income attributable to Buenaventura		110,884			134,387			266,065			234,677

Basic and diluted earnings per share attributable to
Buenaventura, stated in U.S. dollars		0.44			0.53			1.05			0.92

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 12 of 13

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

Consolidated Statements of cash flows

For the three and six month period ended June 30, 2010 and June 30, 2009

	For the three month period ended June, 30						For the six month period ended June, 30
	2010			2009			2010			2009
	US$(000)			US$(000)			US$(000)			US$(000)
Operating activities
Proceeds from sales		249,680			195,864			471,846			341,380
Royalties received		14,290			13,698			31,962			22,780
Value Added Tax (IGV) recovered		316			5,438			2,617			11,905
Interest received		1,017			1,125			2,065			3,112
Dividends received		-			100,395			-			100,395
Payments to suppliers and third parties		(131,707	)		(94,940	)		(236,396	)		(174,751	)
Payments to employees		(14,477	)		(20,686	)		(55,882	)		(54,781	)
Payment of royalties		(17,943	)		(9,452	)		(29,283	)		(17,487	)
Income tax paid		(10,422	)		(5,521	)		(28,418	)		(12,727	)
Payments of interest		(363	)		(2,731	)		(2,841	)		(6,697	)

Net cash and cash equivalents provided by operating activities		90,391			183,190			155,670			213,129

Investment activities
Proceeds from sales of plant and equipment		53			98			654			278
Additions to mining concessions, property, plant and equipment		(55,360	)		(10,336	)		(109,812	)		(28,559	)
(Increase) decrease in time deposit		(34,774	)		23,443			(53,704	)		19,916
Disbursements for development activities		(7,933	)		(4,532	)		(10,391	)		(15,684	)
Payments for purchase of investments shares		(1,963	)		(5,518	)		(7,265	)		(40,432	)
Decrease (increase) in accounts receivables from related parties		(893	)		3,572			(1,836	)		911

Net cash and cash equivalents provided by (used in) invesment activities		(100,870	)		6,727			(182,354	)		(63,570	)

Financing activities
Increase in financial obligations		11,449			-			23,055			-
Payments of financial obligations		(9,888	)		(24,548	)		(225,104	)		(49,093	)
Dividens paid		(82,690	)		(5,513	)		(82,690	)		(5,513	)
Dividens paid to minority shareholders of subsidiary		(7,752	)		(19,892	)		(12,592	)		(19,892	)

Net cash and cash equivalents used in financing activities		(88,881	)		(49,953	)		(297,331	)		(74,498	)

Increase (decrease) in cash and cash equivalents during the period		(99,360	)		139,964			(324,015	)		75,061
Cash and cash equivalents at beginning of period		489,799			467,124			714,454			532,027

Cash and cash equivalents at period-end		390,439			607,088			390,439			607,088

Compañia de Minas Buenaventura S.A.A.

Second Quarter and Six-Month 2010 Results

Page 13 of 13

	For the three month period ended June, 30						For the six month period ended June, 30
	2010			2009			2010			2009
	US$(000)			US$(000)			US$(000)			US$(000)

Reconciliation of net income to cash and cash equivalents provided by operating activities
Net income attributable to Buenaventura		110,884			134,387			266,065			234,677
Plus (less)
Depreciation and amortization		16,952			17,532			33,511			35,479
Provision for long term officers’ compensation		16,675			2,058			17,098			8,481
Net income attributable to minority interest		7,869			13,089			16,933			22,336
Deferred income tax and workers' profit sharing benefit		2,597			535			6,111			14,111
Provision for estimated fair value of embedded derivatives related to sales of contentrates		854			(5,320	)		4,980			(8,322	)
Loss on currency exchange differences		(60	)		(1,724	)		694			(1,194	)
Net cost of plant and equipment sold		24			95			394			223
Allowance for doubtful trade accounts receivable		-			8,080			-			9,066
Share in associates companies by the equity method, net of dividends received in cash		(86,192	)		2,062			(198,102	)		(77,845	)
Adjustment to present value of mining-units closure provision		1,349			1,539			(722	)		2,852
Reversal for slow moving and obsolescent supplies		(365	)		(295	)		(470	)		(615	)
Others		(108	)		712			(38	)		532

Net changes in operating assets and liabilities accounts

Decrease (increase) of operating assets
Trade accounts receivable		35,854			1,560			65,436			(6,149	)
Other accounts receivable		(3,809	)		(19,615	)		1,825			(20,582	)
Accounts receivable from related parties		933			(862	)		4,478			(5,646	)
Inventory		(11,427	)		2,944			(19,099	)		(895	)
Prepaid taxes and expenses		(10,774	)		7,216			(15,393	)		9,243

Increase (decrease) of operating liabilities
Trade accounts payable		7,669			4,417			21,221			4,750
Income tax payable		1,096			(1,129	)		(13,313	)		(34	)
Other liabilities		370			15,909			(35,939	)		(7,339	)

Net cash and cash equivalents provided by operating activities		90,391			183,190			155,670			213,129

Signature

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.

Compañía de Minas Buenaventura S.A.A.

/s/ CARLOS E. GALVEZ PINILLOS

Carlos E. Gálvez Pinillos

Chief Financial Officer

Date: July 30, 2010