6-K 1 v238573_6k.htm REPORT OF FOREIGN ISSUER

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 October 2011

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 ___

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 ¨ No x

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

Buenaventura Announces Third Quarter 2011 Results

Lima, Peru, October 28, 2011 – 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 results for the third quarter 2011. All figures have been prepared in accordance with 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 in the third quarter reached US$208.0 million, a 19% increase when compared to the figure reported in 3Q10 (US$174.3 million). EBITDA from Buenaventura’s Direct Operations was US$248.0 million, 87% higher than the figure reported in 3Q10 (US$132.8 million), while EBITDA including Yanacocha and Cerro Verde increased 31%, from US$340.0 million in 3Q10 to US$443.9 million in 3Q11.

These results were mainly driven by an increase in gold and copper sales from Buenaventura’s direct operations, as well as the higher metal prices.

As a consequence and in accordance to the Company’s dividend policy, the Board has approved a cash dividend of US$0.23 per share, which represents an increase of 44% compared to the interim dividend paid in 4Q10 (US$0.16 per share).

Financial Highlights (in millions of US$, except EPS figures):

	3Q11	3Q10	Var%		9M11	9M10	Var%
Total Revenues	435.3	279.9	56	%	1154.3	707.0	63	%
Operating Income	210.2	91.8	129	%	534.5	208.5	156	%
EBITDA (BVN Direct Operations)†	248.0	132.8	87	%	636.0	305.7	108	%
EBITDA (inc. Yanacocha and Cerro Verde) †	443.9	340.0	31	%	1245.8	866.2	44	%
Net Income	208.0	174.3	19	%	630.5	442.3	43	%
EPS*	0.82	0.68	19	%	2.48	1.74	43	%

(*) As of September 30, 2011, Buenaventura had 254,442,328 shares outstanding.

† Within this release, Buenaventura presents financial measures in accordance with Peruvian GAAP and also on a non-GAAP basis. EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) included in this release are non-GAAP financial measures. Please see the consolidated financial information below for information reconciling non-GAAP financial measures to comparable Peruvian GAAP financial measures.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 2 of 15

Operating Revenue

During 3Q11, net sales were US$418.1 million, a 57% increase when compared to the US$265.9 million reported in 3Q10. This was explained by an increase in the volume of gold and copper sold, as well as higher realized prices across all metals.

Royalty income increased 22% from US$14.0 million reported in 3Q10 to US$17.1 million in 3Q11 due to higher revenues at Yanacocha.

Operating Highlights	3Q11	3Q10	Var%			9M11	9M10	Var%
Net Sales (in millions of US$)	418.1	265.9		57	%	1,108.9	665.5		67	%
Average Realized Gold Price Gold (US$/oz)*	1,695	1,243		36	%	1,543	1,193		29	%
Average Realized Gold Price (US$/oz) inc. Yanacocha	1,676	1,234		36	%	1,540	1,181		30	%
Average Realized Silver Price (US$/oz)*	39.0	19.2		104	%	37.3	18.3		104	%
Average Realized Lead Price (US$/MT)*	2,376	2,076		14	%	2,441	2,046		19	%
Average Realized Zinc Price (US$/MT)*	2,232	2,017		11	%	2,274	2,041		11	%
Average Realized Copper Price (US$/MT)*	9,066	7,436		22	%	9,241	7,135		30	%

(*) Buenaventura’s Direct Operations

Sales Content
	3Q11		3Q10		Var			9M11		9M10		Var
Gold (in oz)*		135,144		113,431		19	%		381,818		316,697		21	%
Gold (in oz) inc. Yanacocha		277,115		268,714		3	%		796,286		808,510		-2	%
Silver (in oz)*		4,055,221		4,227,559		-4	%		10,410,851		9,727,045		7	%
Lead (in MT)*		8,149		8,335		-2	%		15,450		19,218		-20	%
Zinc (in MT)*		13,172		13,776		-4	%		29,548		34,961		-15	%
Copper (in MT)*		4,383		1,581		177	%		15,190		5,912		157	%

(*) Buenaventura Direct Operations

Accumulated net sales in 2011 were US$1,108.9 million, a 67% increase compared to the same period in 2010 (US$665.5 million), while royalty income was US$45.4 million, a 9% increase when compared to the US$41.5 million reported in the comparable period 2010.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

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Production and Operating Costs

Buenaventura’s equity production1 in 3Q11 was 107,157 ounces of gold, 10% lower than the 118,367 ounces reported in 3Q10 due a decrease in Orcopampa´s production. Silver production in 3Q11 was 4.2 million ounces, a 15% increase when compared to the figure reported in 3Q10 (3.6 million oz) due to higher production from Uchucchacua and El Brocal.

Equity production1 in the first nine months period 2011 was 344,751 ounces of gold and 11.2 million ounces of silver. This represented a 6% increase in gold production (326,113 ounces in 2010), and 12% increase in silver production compared to 2010 (10.0 million ounces).

Equity Production 1
	3Q11		3Q10		Var%			9M11		9M10		Var%
Gold (oz)		107,157		118,367		-9	%		344,751		326,113		6	%
Gold (oz) inc. Yanacocha		256,887		273,389		-6	%		769,089		819,575		-6	%
Silver (oz)		4,189,062		3,641,121		15	%		11,244,038		10,001,321		12	%
Lead ( MT)		5,698		5,799		-2	%		13,819		15,029		-8	%
Zinc ( MT)		9,971		8,966		11	%		19,474		23,292		-16	%
Copper (MT) inc. Cerro Verde		16,297		15,170		7	%		52,779		46,517		13	%

Orcopampa’s (100% owned by Buenaventura) production from the Chipmo mine in 3Q11 was 52,265 ounces, 31% lower than the 76,153 ounces reported in 3Q10 due to lower ore grade and a decrease in the recovery rate (See Appendix 2). The old tailings treatment produced 7,906 gold ounces (compared to 5,675 ounces in 3Q10). As a consequence, total gold production in 3Q11 was 60,171 ounces, 26% lower than the 81,828 ounces reported in 3Q10. Accumulated total gold production in the first nine month period 2011 was 213,906 ounces, a 9% decrease when compared to 2010 (234,430 ounces).

Cash operating cost in 3Q11 was US$554/oz, 52% higher when compared to 3Q10 (US$365/oz). This was mainly explained by:

The aforementioned decrease in gold ounces produced

An increase in supply expenses: diesel, reagents and support materials

These were partially offset by an increase in silver by-product contribution due to higher silver content and prices.

At Poracota, gold production in 3Q11 was 12,584 ounces, a decrease of 22% when compared to 3Q10 (16,230 ounces) due to lower ore grade and a decrease in the recovery rate (See Appendix 2). Accumulated gold production in the first nine month period 2011 was 38,111 ounces, 16% lower than the figure reported in 2010 (45,127 ounces). Cash operating cost was US$1,085/oz, 18% higher than the figure reported in 3Q10 (US$923/oz), explained by the lower gold ounces produced.

Total royalties paid to the government at both Orcopampa and Poracota in 3Q11 totaled US$4.4 million.

At Uchucchacua (100% owned by Buenaventura), total silver production in 3Q11 was 2.8 million ounces, a 12% increase when compared to 2.5 million ounces in 3Q10 due to higher tonnage treated and higher silver grade (See Appendix). Zinc production in 3Q11 was 1,673 MT, 15% lower than the figure reported in 3Q10 (1,970 MT), while lead production decreased 10% (1,975 MT in 3Q11 vs. 2,193 MT in 3Q10). In 9M11, silver production was 7.3 million ounces, zinc production was 4,625 MT and lead production was 5,635 MT vs. 6.9 million ounces, 5,367 MT and 5,951 MT, respectively, in 9M10.

1 Production includes 100% of Buenaventura’s operating units, 100% of CEDIMIN, 53.06% of La Zanja and 53.66% of El Brocal.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 4 of 15

Cash operating cost in 3Q11 was US$16.58/oz, a 27% increase compared to US$13.08/oz in 3Q10. This increase was primarily due to higher commercial deductions (US$3.65/oz) to payable silver content due to the increased silver price.

Total royalties paid to the government at Uchucchacua in 3Q11 totaled US$2.7 million.

At Antapite (100% owned by Buenaventura), total production in 3Q11 was 6,392 ounces of gold, a decrease of 32% compared to 3Q10 (9,396 ounces), mainly due to a decrease in ore grade (See Appendix 2). Accumulated gold production was 22,470 ounces, a 14% decrease when compared to 2010 (26,026 oz).

Gold cash operating cost in 3Q11 was US$1,350/oz, 59% higher than in 3Q10 (US$850/oz), mainly explained to the aforementioned decrease in gold production.

Brownfield exploration efforts in the Pucarumi area began 4 months ago, and after 156 meters of drifting works, the Company can report interesting results (average 70cm with 10 gr/MT of gold).

Total royalties paid to the government at Antapite in 3Q11 totaled US$0.2 million.

La Zanja (53.06% owned by Buenaventura) total production in 3Q11 was 39,262 ounces of gold, a 268% increase when compared to 3Q10 (10,660 ounces). Accumulated gold production in 2011 was 101,333 ounces (compared to 10,660 ounces in 2010). Cash operating cost in 3Q11 was US$360/oz, 7% lower than in 3Q10 (US$387/oz).

Total royalties paid to the government at La Zanja in 3Q11 totaled US$1.9 million.

Tantahuatay (40% owned by Buenaventura) started production in August. Total production in 3Q11 was 16,269 ounces of gold (6,508 ounces attributable to Buenaventura). Cash operating cost in 3Q11 was US$462/oz.

At Colquijirca (53.66% owned by Buenaventura), total zinc production was 14,025 MT in 3Q11, 2% higher than the figure reported in 3Q10 (13,771 MT). Total silver production in 3Q11 was 962,849 ounces, a 26% increase when compared to the 765,963 ounces reported in 3Q10. Total lead production in 3Q11 was 4,693 MT, in-line with the figure reported in 3Q10 (Appendix 2).

For the first nine month period 2011, total zinc production was 23,675 MT, a 33% decrease when compared to the 35,340 MT reported in 2010. In the case of silver, total production increased 31%, from 1,901,098 ounces in 2010 to 2,497,294 ounces in 2011. Lead production for the first nine months 2011 was 9,504 MT, 18% lower than the same period in 2010 (11,583 MT).

Zinc cash cost in 3Q11 was a negative US$458 vs. US$648/MT in 3Q10. This was due to a higher silver by-product contribution due to an increase in silver production and prices.

Copper production in 3Q11 was 4,549 MT, 172% higher than 3Q10 (1,672 MT). Copper cash cost in 3Q11 was US$3,922/MT, a 34% decrease when compared to the US$5,940/MT reported in 3Q10. Accumulated copper production in 2011 was 15,944 MT, 133% higher than 3Q10 (6,850 MT).

Total royalties paid to the government at Colquijirca and Marcapunta in 3Q11 totaled US$2.7 million.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

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General and Administrative Expenses

General and administrative expenses in 3Q11 were US$22.3 million, 23% lower than the figure reported in 3Q10 (US$29.2 million) due to a lower long-term compensation provision. For 9M11, general and administrative expenses were US$58.8 million versus US$69.6 million in 9M10 (16% decrease).

Exploration Costs in Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care and maintenance, in 3Q11 were US$12.8 million, a 65% increase compared to the US$7.8 million reported in 3Q10. Buenaventura’s main exploration efforts were focused at the Marcapunta (US$2.0 million), Pachuca in Mexico (US$1.5 million), Colquemayo (US$1.2 million) and Mallay (US$1.5 million) projects.

Exploration costs at non-operational mining sites in the 2011 accumulated period were US$35.5 million, 37% higher than in 2010 (US$25.9 million).

Operating Income

Operating income in 3Q11 was US$210.2 million, a 129% increase compared to the US$91.8 million reported in 3Q10. This increase was mainly due to the 56% increase in total revenues as a result of higher average realized prices and increases in the volume of gold and copper sold.

Accumulated 2011 operating income was US$534.5 million versus US$208.5 million in the same period 2010 (increase of 156%).

Share in Associated Companies

During 3Q11, Buenaventura’s share in associated companies was US$106.5 million, 10% lower than the US$118.4 million reported in 3Q10. Yanacocha’s contribution to these results increased 28%, from US$62.4 million in 3Q10 to US$79.8 million in 3Q11, while Cerro Verde’s contribution decreased 46% from US$58.5 million in 3Q10 to US$31.5 million in 3Q11.

For the accumulated 2011 period, Buenaventura’s share in associated companies was US$341.8 million, 8% higher than the US$316.8 million reported in 2010.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 3Q11 gold production was 328,411 ounces of gold, an 8% decrease compared to 3Q10 (355,150 ounces) due to a 29% decline in ore mined and a higher stripping ratio.

Costs applicable to sales at Yanacocha in 3Q11 were US$633/oz, 45% higher than the figure reported in 3Q10 (US$437/oz) due to higher workers’ participation and an increase in third party and government royalties.

Net income at Yanacocha in 3Q11 was US$183.3 million, a 28% increase compared to the 3Q10 figure (US$143.6 million). Accumulated net income in 2011 was US$443.2 million, 2% lower than in the same period 2010 (US$450.5 million).

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 6 of 15

During 3Q11, EBITDA totaled US$327.2 million, an increase of 29% compared to 3Q10 (US$253.9 million). This increase was mainly due to a 27% increase in revenues (US$555.8 million in 3Q11 vs. US$436.4 million in 3Q10) due to a 35% increase in the realized price of gold. Accumulated EBITDA in 2011 was US$805.3 million, 3% higher than in 2010 (US$781.4 million).

Capital expenditures at Yanacocha were US$284.3 million in 3Q11.

CERRO VERDE

At Cerro Verde (19.27% owned by Buenaventura), 3Q11 copper production was 71,255 MT, a 5% decrease when compared to 3Q10 (74,768 MT). Accumulated total copper production in 2011 was 227,622 MT, in-line with the production in 2010.

During 3Q11, Cerro Verde reported net income of US$164.9 million, a 46% decrease when compared to US$304.1 million in 3Q10. This was mainly due to a 30% decrease in sales revenues (US$470.1 million in 3Q11 versus US$675.9 million in 3Q10). Accumulated net income in 2011 was US$875.8 million, 29% higher than US$679.5 million in 2010.

Capital expenditures at Cerro Verde in 3Q11 totaled US$67.7 million.

Net Income

This quarter, Buenaventura’s net income was US$208.0 million (US$0.82 per share), 19% higher compared to the US$174.1 million (US$0.68 per share) reported in 3Q10. This increase was mainly due to a 118% increase in operating income, partially offset by a 10% decrease in income from associated companies. Accumulated net income in 2011 was US$630.5 million, 43% higher when compared to 2010 (US$440.2 million).

Project Development

LA ZANJA EXPANSION

•

Pampa Verde Project. Construction began in 2Q11. As of September 30, 2011, total project expenditures were US$12.8 million. Total Investment at this project is US$32.5 million. Completion is expected in 3Q12.

	Progress as of September 30, 2011
San Pedro Sur Leach Pad Stage II		68	%
San Pedro Sur Waste Rock Deposit		77	%
Pampa Verde Pit		0	%
Pampa Verde Top Soil Deposit		23	%
Pampa Verde Waste Soil Deposit		21	%
Pampa Verde Acid Water Plant		2	%
Pampa Verde Auxiliary Access		82	%

Overall, the Pampa Verde Project (including works in San Pedro Sur) is 43% complete.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 7 of 15

RIO SECO MANGANESE SULFATE PLANT

•

Buenaventura continued with the construction of the manganese sulfate plant with a total budget of US$70.0 million. As of September 30, 2011 total expenditures were US$28.5 million. The project includes a leaching facility, a sulfuric acid plant and a manganese sulfate plant.

•

The leaching processing facilities are expected to be completed in 1Q12.

•

The detailed engineering for the Sulfuric Acid and Manganese Sulfate Plant is expected to be ready in 2Q12. Erection and start-up tests at both plants are scheduled by the end of 2012.

HUANZA HYDROELECTRICAL PLANT

•

As of September 30, 2011, Buenaventura’s total disbursement at the Huanza Project was US$108.1 million, representing 75% of the entire budget. US$88.5 million of the total amount invested was financed via a leasing agreement totaling US$119.0 million.

•

Construction progress at the Huanza Project includes:

Water Conduction Tunnel: 8,797.94 meters of excavation was completed, representing 74.4%

Powerplant: work is underway to install electromechanical equipment.

Pallca Dam: current progress is 20%.

Other Information

The Board of Directors Meeting held October 28, 2011, passed the following resolution:

Declaration of a cash dividend of US$0.23 per share or ADS, to be paid in U.S. dollars on November 30, 2011 to shareholders of record as of November 14, 2011.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

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* * *

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*, Recuperada*, El Brocal, La Zanja, Coimolache and CEDIMIN*).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.27% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.

For a printed version of the Company’s 2010 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.

(*) Operations wholly owned by Buenaventura

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’s 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’s, Yanacocha’s and Cerro Verde’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.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 9 of 15

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Affiliates (as of June 30, 2011)
	BVN		Operating
	Equity %		Mines / Business
Cedimin S.A.C*		100.00	Shila / Paula
Consorcio Energetico de Huancavelica S.A*		100.00	Energy – Huanza Hydroelectrical Project
Buenaventura Ingenieros S.A*		100.00	Engineering Consultant
Minera La Zanja S.A*		53.06	La Zanja
Sociedad Minera El Brocal S.A.A*		53.66	Colquijirca and Marcapunta
Canteras del Hallazgo S.A **		49.00	Chucapaca Project
Compañía Minera Coimolache S.A **		40.09	Tantahuatay
Minera Yanacocha S.R.L **		43.65	Yanacocha
Sociedad Minera Cerro Verde S.A.A **		19.27	Cerro Verde

(*)Consolidates

(**) Equity Accounting

Buenaventura

Third Quarter and Nine-Month period 2011 Results

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APPENDIX 2

	GOLD PRODUCTION
	Three Months Ended September 30																		Nine Months Ended September 30
	Orcopampa									Orcopampa Old Tailings									Orcopampa									Orcopampa Old Tailings
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		119,809			128,211			-7	%											366,042			359,636			2	%
Ore Grade OZ/ST		0.46			0.62			-25	%											0.56			0.62			-10	%
Recovery Rate %		94.1	%		95.8	%		-2	%											94.9	%		95.8	%		-1	%
Ounces Produced		52,265			76,153			-31	%		7,906			5,675			39	%		195,170			216,208			-10	%		18,736			18,222			3	%

Orcopampa Total Production					3Q11			60,171			3Q10			81,828			9M11			213,906			9M10			234,429

	Three Months Ended September 30																		Nine Months Ended September 30
	Antapite									Poracota									Antapite									Poracota
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		39,904			38,173			5	%		65,890			64,274			3	%		113,308			106,406			6	%		187,891			180,942			4	%
Ore Grade OZ/ST		0.17			0.25			-35	%		0.24			0.29			-19	%		0.21			0.25			-19	%		0.25			0.30			-17	%
Recovery Rate %		96.9	%		96.8	%		0	%		80.5	%		86.1	%		-6	%		96.5	%		96.6	%		0	%		82.8	%		84.5	%		-2	%
Ounces Produced		6,392			9,396			-32	%		12,584			16,230			-22	%		22,470			26,026			-14	%		38,111			45,127			-16	%

	LA ZANJA																		Tantahuatay
	3Q11			3Q10			%			9M11			9M10			%			3Q11			3Q10			%			9M11			9M10			%
Ounces Produced		20,832			10,660			95	%		53,767			10,660			404	%		16,269			0						16,269			0

	SILVER PRODUCTION
	Three Months Ended September 30																		Nine Months Ended September 30
	Uchucchacua									Conquijirca									Uchucchacua									Colquijirca
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		295,835			272,994			8	%		459,648			440,353			4	%		791,369			748,520			6	%		929,032			1,150,525			-19	%
Ore Grade OZ/ST		13.06			12.78			2	%		2.62			2.43			8	%		13.00			13.03			0	%		2.67			2.40			11	%
Recovery Rate %		71.2	%		72.1	%		-1	%		74.1	%		70.9	%		5	%		70.8	%		72.8	%		-3	%		76.1	%		69.0	%		10	%
Ounces Produced		2,751,532			2,459,144			12	%		891,672			765,963			16	%		7,032,138			6,874,207			2	%		1,882,307			1,901,098			-1	%

	ZINC PRODUCTION
	Three Months Ended September 30																		Nine Months Ended September 30
	Uchucchacua									Colquijirca									Uchucchacua									Colquijirca
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		295,835			272,994			8	%		459,648			440,353			4	%		791,369			748,520			6	%		929,032			1,150,525			-19	%
Ore Grade %		1.23	%		1.52	%		-19	%		4.06	%		4.62	%		-12	%		1.25	%		1.52	%		-18	%		3.90	%		4.69	%		-17	%
Recovery Rate %		50.8	%		52.6	%		-3	%		74.8	%		73.6	%		2	%		50.8	%		51.7	%		-2	%		72.0	%		72.2	%		0	%
ST Produced		1,844			2,172			-15	%		15,460			15,180			2	%		5,098			5,916			-14	%		26,096			38,956			-33	%

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 11 of 15

APPENDIX 3

EBITDA RECONCILIATION (in thousand US$)

	3Q11		3Q10		9M11		9M10
Net Income		238,799		186,821		708,353		471,247
Add / Substract:
Provision for income tax, net		81,893		23,105		176,122		56,839
Share in associated companies by the equity method, net		-106,450		-118,410		-341,764		-316,827
Interest income		-1,875		-1,886		-7,252		-6,356
Interest expense		1,656		2,022		5,083		6,217
Loss on currency exchange difference		529		-334		1,352		360
Other, net		-4,375		498		-7,410		-2,969
Depreciation and Amortization		22,782		20,373		67,780		53,884
Provision for long term officers´ compensation		0		15,893		0		32,991
Workers´ participation provision		15,051		4,709		33,762		10,334
EBITDA Buenaventura Direct Operations		248,010		132,791		636,026		305,720
EBITDA Yanacocha (43.65%)		142,840		110,826		351,526		341,064
EBITDA Cerro Verde (19.3%)		53,056		96,335		258,274		219,457
EBITDA Buenaventura inc Yanacocha and Cerro Verde		443,905		339,953		1,245,825		866,241

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including Yanacocha and Cerro Verde) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) and (2) Buenaventura’s equity share of EBITDA (Cerro Verde). EBITDA (Yanacocha) and EBITDA (Cerro Verde) were similarly calculated using financial information provided to Buenaventura by Yanachocha and Cerro Verde, respectively.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) to provide further information with respect to its operating performance and the operating performance of its equity investees, Yanachoca and Cerro Verde. EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) are not a measure of financial performance under Peruvian GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) as alternatives to operating income or net income determined in accordance with Peruvian GAAP, as an indicator of Buenaventura’s, Yanacocha’s or Cerro Verde’s operating performance, or as an alternative to cash flows from operating activities, determined in accordance with Peruvian GAAP, as an indicator of cash flows or as a measure of liquidity.

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 12 of 15

APPENDIX 4

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

Consolidated Balance sheet

As of September, 30 2011 and December, 31 2010

	2011			2010
	US$(000)			US$(000)
Assets
Current assets
Cash and cash equivalents		502,193			600,796
Financial asset at fair value through profit and loss		51,421			50,154
Trade accounts receivable, net		216,840			160,928
Other accounts receivable		34,667			23,593
Accounts receivable from related parties		28,568			18,903
Hedge derivative financial instruments		2,965
Embedded derivatives for concentrates sales					13,645
Inventory, net		143,016			82,081
Prepaid expenses		17,939			21,615
Total current assets		997,609			971,715

Other accounts receivable		1,491			1,538
Accounts receivable from related parties		44,348			20,736
Inventory		47,405			27,104
Prepaid expenses		2,443			12,887
Hedge derivative financial instruments		1,409
Investment in associates		1,782,352			1,412,414
Mining concessions and property, plant and equipment, net		653,170			532,577
Development costs, net		76,114			86,340
Deferred income tax asset		140,592			201,454
Other assets		6,936			6,095
Total assets		3,753,869			3,272,860

Liabilities and shareholders’ equity, net
Current liabilities
Trade accounts payable		101,648			91,374
Income tax payable		44,258			26,538
Other liabilities		112,925			115,838
Accounts payable from related parties		1,146			1,584
Embedded derivatives for concentrates sales		30,057			-
Hedge derivative financial instruments					16,291
Financial obligations		1,557			2,018
Total current liabilities		291,591			253,643

Other long-term liabilities		102,778			116,214
Accounts payable from related parties		1,050			1,370
Financial obligations		88,532			55,134
Hedge derivative financial instruments					6,897
Deferred income tax liabilities		19,176			21,152
Total liabilities		503,127			454,410

Shareholders’ equity net
Capital stock, net of treasury shares of US$62,622,000 in the year 2011 y 2010		750,540			750,540
Investments shares, net of treasury shares of US$142,000 in the year 2011 y 2010		2,019			2,019
Additional paid-in capital		225,978			225,978
Legal reserve		162,639			162,633
Other reserves		269			269
Retained earnings		1,886,898			1,483,233
Cumulative translation loss		(34,075	)		(34,075	)
Cumulative unrealized, loss		1,860			(6,875	)
		2,996,128			2,583,722
Minority interest		254,614			234,728
Total shareholders’ equity, net		3,250,742			2,818,450

Total liabilities and shareholders’ equity, net		3,753,869			3,272,860

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 13 of 15

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

Consolidated Statements of income

For the three and nine month period ended September 30, 2011 and September 30, 2010

	For the three month period ended September, 30						For the nine month period ended September, 30
	2011			2010			2011			2010
	US$(000)			US$(000)			US$(000)			US$(000)
Operating income
Net sales		418,130			265,912			1,108,912			665,549
Royalty income		17,126			13,985			45,375			41,469
Total income		435,256			279,897			1,154,287			707,018

Operating costs
Cost of sales, excluding depreciation and amortization		114,166			88,002			322,223			240,792
Exploration in units in operation		29,047			25,801			75,371			66,249
Depreciation and amortization		22,782			20,373			67,780			53,884
Total operating costs		165,995			134,176			465,374			360,925
Gross income		269,261			145,721			688,913			346,093

Operating expenses
Administrative expenses		22,343			29,156			58,825			69,628
Royalties		20,629			14,434			51,939			35,208
Exploration in non-operating areas		12,827			7,770			35,527			25,924
Sales expenses		3,285			2,545			8,138			6,822
Total operating expenses		59,084			53,905			154,429			137,582

Operating income		210,177			91,816			534,484			208,511

Other income (expenses), net
Share in associates companies by the equity method, net		106,450			118,410			341,764			316,827
Interest incomes		1,875			1,886			7,252			6,356
Interest expenses		(1,656	)		(2,022	)		(5,083	)		(6,217	)
Loss (income) from currency exchange difference, net		(529	)		334			(1,352	)		(360	)
Other, net		4,375			(498	)		7,410			2,969
Total other income, net		110,515			118,110			349,991			319,575

Income before income tax and minority interest		320,692			209,926			884,475			528,086

Provision for income tax		(81,893	)		(23,105	)		(176,122	)		(56,839	)

Net income		238,799			186,821			708,353			471,247

Net income attributable to minority interest		(30,783	)		(12,545	)		(77,831	)		(28,983	)

Net income attributable to Buenaventura		208,016			174,276			630,522			442,264

Basic and diluted earnings per share attributable to Buenaventura, stated in U.S. dollars		0.82			0.68			2.48			1.74

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 14 of 15

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

Consolidated Statements of cash flows

For the three and nine month period ended September 30, 2011 and September 30, 2010

	For the three month period ended September, 30						For the nine month period ended September, 30
	2011			2010			2011			2010
	US$(000)			US$(000)			US$(000)			US$(000)
Operating activities
Proceeds from sales		368,652			215,850			1,087,941			687,696
Dividends received		-			77,033			-			77,033
Royalties received		13,837			13,272			37,482			45,234
Value Added Tax recovered		6,920			1,816			19,360			4,433
Interest received		1,802			1,629			6,003			3,694
Payments to suppliers and third parties		(182,485	)		(138,523	)		(533,215	)		(376,754	)
Payments to employees		(20,153	)		(20,235	)		(106,296	)		(76,117	)
Income tax paid		(24,914	)		(8,589	)		(86,431	)		(37,007	)
Payment of royalties		(20,829	)		(14,265	)		(55,638	)		(43,548	)
Payments of interest		(235	)		(443	)		(911	)		(3,284	)

Net cash and cash equivalents provided by operating activities		142,595			127,545			368,295			281,380

Investment activities
Proceeds from sales of investments shares		60,379			-			60,379			-
Proceeds from sales of mining concessions, property, plant and equipment		7,792			33			7,792			686
Additions to mining concessions, property, plant and equipment		(65,807	)		(60,293	)		(170,583	)		(170,105	)
Payments for purchase of investments shares		(240,106	)		(3,438	)		(257,125	)		(10,703	)
Decrease (increase) in time deposits		(1,442	)		42,657			16,493			(11,047	)
Disbursements for development activities		(3,523	)		5,043			(7,913	)		(5,348	)

Net cash and cash equivalents used in invesment activities		(242,707	)		(15,998	)		(350,957	)		(196,517	)

Financing activities
Increase in financial obligations		8,922			15,044			34,437			38,099
Payments of long-term debt		(493	)		(507	)		(1,500	)		(225,611	)
Dividens paid		-			-			(83,967	)		(82,690	)
Dividens paid to minority shareholders of subsidiary		(22,867	)		(3,438	)		(48,418	)		(16,030	)

Net cash and cash equivalents used in financing activities		(14,438	)		11,099			(99,448	)		(286,232	)

(Decrease) increase in cash and cash equivalents during the period, net		(114,550	)		122,646			(82,110	)		(201,369	)
Cash and cash equivalents at beginning of period		615,301			390,439			582,861			714,454

Cash and cash equivalents at period-end		500,751			513,085			500,751			513,085

Buenaventura

Third Quarter and Nine-Month period 2011 Results

Page 15 of 15

	For the three month period ended September, 30						For the nine month period ended September, 30
	2011			2010			2011			2010
	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		208,016			174,276			630,522			442,264
Add (less)
Depreciation and amortization		22,782			20,373			67,780			53,884
Provision for long term officers’ compensation		-			15,893			-			32,991
Net income attributable to minority interest		30,783			12,545			77,831			28,983
Deferred income tax		23,269			1,559			48,065			6,557
Provision for estimated fair value of embedded derivatives related of concentrates sales and adjustments on open liquidations		35,099			(12,400	)		44,610			(10,632	)
Loss (gain) on currency exchange differences		529			(334	)		1,352			360
Net cost of plant and equipment sold		1,546			2,038			1,546			2,432
Share in associates companies by the equity method, net of dividends received in cash		(106,450	)		(41,377	)		(341,764	)		(239,794	)
Adjustment to present value of mining-units closure provision		1,422			1,580			4,169			858

Net changes in operating assets and liabilities accounts

Decrease (increase) of operating assets
Trade accounts receivable		(75,278	)		(40,556	)		(55,912	)		24,880
Other accounts receivable		26,536			(11,808	)		31,842			(9,983	)
Accounts receivable from related parties		(20,727	)		(5,726	)		(33,277	)		(3,084	)
Inventory		(20,165	)		(25,858	)		(79,643	)		(44,957	)
Prepaid expenses		11,704			974			14,120			(14,419	)

Increase (decrease) of operating liabilities
Trade accounts payable		15,703			1,743			10,274			22,964
Income tax payable		18,974			5,876			17,720			(7,437	)
Other liabilities		(31,148	)		28,747			(70,940	)		(4,487	)

Net cash and cash equivalents provided by operating activities		142,595			127,545			368,295			281,380

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: October 28, 2011