6-K 1 v304197_6k.htm

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 February 2012

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 Fourth Quarter 2011 Results

Lima, Peru, February 28, 2012 – 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 fourth 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 fourth quarter reached US$230.9 million, which was similar to the figure reported in 4Q10 (US$228.1 million). EBITDA from Buenaventura’s Direct Operations was US$198.3 million, 15% lower than the figure reported in 4Q10 (US$232.8 million), while EBITDA including Yanacocha and Cerro Verde decreased 9%, from US$457.0 million in 4Q10 to US$415.6 million in 4Q11.

The lower gold, zinc and copper volume sold were offset by the increase in silver volume sold, as well as higher precious metal prices.

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

	4Q11	4Q10	Var%		FY 2011	FY 2010	Var%
Total Revenues	402.3	396.8	1	%	1,556.6	1,103.8	41	%
Operating Income	170.7	208.5	-18	%	705.2	417.0	69	%
EBITDA (BVN Direct Operations)†	198.3	232.8	-15	%	834.3	538.6	55	%
EBITDA (inc. Yanacocha and Cerro Verde) †	415.6	457.0	-9	%	1,662.1	1,322.8	26	%
Net Income	230.9	228.1	1	%	861.4	670.4	29	%
EPS*	0.91	0.90	1	%	3.4	2.6	29	%

(*) As of December 31, 2011, Buenaventura had 254,442,328 shares outstanding.

† Within this release, Buenaventura presents financial measures in accordance with Peruvian GAAP, as well as 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 with Peruvian GAAP financial measures.

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 2 of 21

Operating Revenue

During 4Q11, net sales were US$385.0 million, similar to the US$382.3 million reported in 4Q10. This was explained by an increase in silver volume sold, as well as higher gold and silver realized prices, which offset lower gold volume sold.

Royalty income increased 20% from US$14.4 million reported in 4Q10 to US$17.4 million in 4Q11 due to higher revenues at Yanacocha.

Operating Highlights	4Q11		4Q10		Var%			FY 2011		FY 2010		Var%
Net Sales (in millions of US$)		385.0		382.3		1	%		1,493.9		1,047.9		43	%
Average Realized Gold Price Gold (US$/oz)*		1,690		1,380		22	%		1,574		1,253		26	%
Average Realized Gold Price (US$/oz) inc. Yanacocha		1,569		1,234		27	%		1,575		1,181		33	%
Average Realized Silver Price (US$/oz)*		32.45		26.50		22	%		35.36		20.86		70	%
Average Realized Lead Price (US$/MT)*		1,991		2,364		-16	%		2,262		2,106		7	%
Average Realized Zinc Price (US$/MT)*		1,905		2,268		-16	%		2,200		2,136		3	%
Average Realized Copper Price (US$/MT)*		7,524		8,758		-14	%		8,568		8,114		6	%

(*) Buenaventura’s Direct Operations

Sales Content
	4Q11		4Q10		Var			FY 2011		FY 2010		Var
Gold (in oz)*		122,833		145,466		-16	%		505,894		461,817		10	%
Gold (in oz) inc. Yanacocha		273,281		293,361		-7	%		1,070,810		1,101,526		-3	%
Silver (in oz)*		4,366,347		3,481,657		25	%		14,843,193		13,176,383		13	%
Lead (in MT)*		3,857		3,279		18	%		18,192		22,970		-21	%
Zinc (in MT)*		4,041		8,545		-53	%		33,307		43,562		-24	%
Copper (in MT)*		7,516		9,471		-21	%		23,231		15,946		46	%

(*) Buenaventura Direct Operations

Accumulated net sales in 2011 were US$1,493.9 million, a 43% increase compared to the same period in 2010 (US$1,047.9 million), while royalty income was US$62.7 million, a 12% increase when compared to the US$55.9 million reported in 2010.

Buenaventura

Fourth Quarter and Full Year 2011 Results

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Production and Operating Costs

Buenaventura’s equity production¹ in 4Q11 was 124,504 ounces of gold, 6% lower than the 132,437 ounces reported in 4Q10 mainly due a decrease in Orcopampa and Poracota production. Silver production in 4Q11 was 4.0 million ounces, a 16% increase when compared to the figure reported in 4Q10 (3.5 million oz) due to higher production from Uchucchacua and El Brocal.

Equity production¹ in 2011 was 475,770 ounces of gold and 15.3 million ounces of silver. This represented a 4% increase in gold production (458,765 ounces in 2010), and a 14% increase in silver production compared to 2010 (13.5 million ounces).

Equity Production ¹
	4Q11		4Q10		Var%			FY 2011		FY 2010		Var%
Gold (oz)		124,504		132,437		-6	%		475,770		458,765		4	%
Gold (oz) inc. Yanacocha		270,659		276,969		-2	%		1,040,218		1,096,762		-5	%
Silver (oz)		4,036,760		3,468,729		16	%		15,316,326		13,470,186		14	%
Lead ( MT)		3,475		3,351		4	%		17,444		18,380		-5	%
Zinc ( MT)		3,151		2,243		40	%		22,621		25,535		-11	%
Copper (MT) inc. Cerro Verde		16,980		19,611		-13	%		69,873		66,133		6	%

Orcopampa’s (100% owned by Buenaventura) production from the Chipmo mine in 4Q11 was 65,788 ounces, 17% lower than the 79,408 ounces reported in 4Q10 due to lower ore grade and a decrease in the recovery rate (See Appendix 2). The old tailings treatment produced 5,508 gold ounces (compared to 5,857 ounces in 4Q10). As a consequence, total gold production in 4Q11 was 71,296 ounces, 16% lower than the 85,265 ounces reported in 4Q10. Accumulated total gold production in 2011 was 285,201 ounces, an 11% decrease when compared to 2010 (319,694 ounces).

Cash operating cost in 4Q11 was US$472/oz, 30% higher when compared to 4Q10 (US$363/oz). This was mainly explained by:

The 17% decrease in gold ounces produced due to a 16% decline in ore grade

An increase in supply expenses: reagents (cyanide) and diesel fuel

Contractor costs increased approximately 70% due to the increase of drilling (8% higher 4Q11 vs. 4Q10) and drifting work (29% higher 4Q11 vs. 4Q10), as well as a 50% increase in contractor prices.

These factors were partially offset by an increase in the by-product credit contribution explained by higher silver production and prices.

Gold cash cost in 2011 was US$454/oz, 28% higher than 2010 (US$356/oz).

At Poracota, gold production in 4Q11 was 11,089 ounces, a 24% decrease when compared to 4Q10 (14,676 ounces) due to lower ore grade and a decrease in the recovery rate (See Appendix 2). Accumulated gold production in 2011 was 49,201 ounces, 18% lower than the figure reported in 2010 (59,803 ounces). Cash operating cost was US$1,218/oz, 24% higher than the figure reported in 4Q10 (US$983/oz), mainly explained by the 24% decrease in gold ounces produced.

Gold cash cost in 2011 was US$1,048/oz, 14% higher than 2010 (US$923/oz)

¹Production includes 100% of Buenaventura’s operating units, 100% of CEDIMIN, 53.06% of La Zanja and 53.78% of El Brocal.

Buenaventura

Fourth Quarter and Full Year 2011 Results

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At Uchucchacua (100% owned by Buenaventura), total silver production in 4Q11 was 2.8 million ounces, a 16% increase when compared to 2.4 million ounces in 4Q10 due to higher tonnage treated and higher silver grade (See Appendix). Zinc production in 4Q11 was 2,047 MT, 26% higher than the figure reported in 4Q10 (1,620 MT), while lead production increased 6% (2,051 MT in 4Q11 vs. 1,930 MT in 4Q10). In 2011, silver production was 10,090,936 million ounces, zinc production was 6,668 MT and lead production was 7,546 MT vs. 9.3 million ounces, 6,988 MT and 7,881 MT, respectively, in 2010.

Cash operating cost in 4Q11 was US$16.35/oz, a 14% increase compared to US$14.28/oz in 4Q10. This increase was primarily due to higher contractor expenses explained by a 25% increase in diamond drilling, as well as 17% increase in contractor prices.

Silver cash cost for 2011 was US$16.27/oz, 29% higher than in 2010 (US$12.65/oz)

At Antapite (100% owned by Buenaventura), total production in 4Q11 was 6,118 ounces of gold, a decrease of 37% compared to 4Q10 (9,777 ounces), mainly due to a decrease in ore grade (See Appendix 2). Accumulated gold production was 28,588 ounces, a 20% decrease when compared to 2010 (35,803 oz).

Gold cash operating cost in 4Q11 was US$1,472/oz, 77% higher than in 4Q10 (US$830/oz), mainly explained by the aforementioned decrease in gold production. Gold cash cost in 2011 was US$1,158/oz, 46% higher than in 2010 (US$794/oz).

La Zanja (53.06% owned by Buenaventura) total production in 4Q11 was 32,857 ounces of gold, a 3% decrease when compared to 4Q10 (34,046 ounces). Accumulated gold production in 2011 was 134,190 ounces (44,706 ounces in 2010). Cash operating cost in 4Q11 was US$463/oz, 27% higher than 4Q10 (US$364/oz) due to higher contractor and labor expenses, partially offset by higher silver by-product contribution. Gold cash cost in 2011 was US$367/oz, 8% higher than in 2010 (US$339/oz).

Tantahuatay (40% owned by Buenaventura) Total production in 4Q11 was 29,895 ounces of gold (11,958 ounces attributable to Buenaventura). In 2011, gold production was 46,164 ounces (18,466 attributable to Buenaventura). Cash operating cost in 4Q11 was US$466/oz and US$465/oz for the full year period.

During 4Q11, the entire plant capacity at El Brocal (53.78% owned by Buenaventura) was devoted to treat copper ore.

Copper production in 4Q11 was 7,852 MT, 22% lower than 4Q10 (10,108 MT). Copper cash cost in 4Q11 was US$4,135/MT, 46% higher when compared to the US$2,836/MT reported in 4Q10 due to higher commercial deductions and lower copper content in ore. Accumulated copper production in 2011 was 23,796 MT, 40% higher than 2010 (16,971 MT).

For 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 16%, from 2,509,536 ounces in 2010 to 2,917,624 ounces in 2011. Lead production in 2011 was 9,504 MT, 18% lower than 2010 (11,583 MT).

Zinc cash cost in 2011 was a negative US$322 vs. US$994/MT in 2010. This was due to a higher silver by-product contribution due to an increase in silver production and prices.

General and Administrative Expenses

General and administrative expenses in 4Q11 were US$16.3 million, 43% lower than the figure reported in 4Q10 (US$28.5 million) due to a reduction in the long-term compensation provision (US$6.0 million). For 2011, general and administrative expenses were US$75.2 million versus US$98.2 million in FY 2010 (23% decrease).

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 5 of 21

Exploration Costs in Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care and maintenance in 4Q11 were US$14.1 million, a 38% increase compared to the US$10.2 million reported in 4Q10. Buenaventura’s main exploration efforts were focused at the Trapiche (US$2.9 million), Marcapunta (US$1.5 million), San Gregorio (US$1.8 million), Colquemayo (US$1.2 million) and Mallay (US$4.8 million) projects.

Exploration costs at non-operational mining sites in 2011 were US$49.6 million, 37% higher than 2010 (US$36.1 million).

Operating Income

Operating income in 4Q11 was US$170.7 million, an 18% decrease compared to the US$208.5 million reported in 4Q10. This decrease was mainly due to the 20% increase in cost of operations, while revenues increased 1%.

Accumulated 2011 operating income was US$705.2 million versus US$417.0 million in 2010 (increase of 69%).

Share in Associated Companies

During 4Q11, Buenaventura’s share in associated companies was US$125.6 million, 10% higher than the US$114.1 million reported in 4Q10. Yanacocha’s contribution to these results increased 42%, from US$61.0 million in 4Q10 to US$86.9 million in 4Q11, while Cerro Verde’s contribution decreased 46% from US$73.6 million in 4Q10 to US$40.0 million in 4Q11.

For 2011, Buenaventura’s share in associated companies was US$467.3 million, 8% higher than the US$431.0 million reported in 2010.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 4Q11 gold production was 334,833 ounces of gold, in-line with production in 4Q10. Accumulated gold production in 2011 was 1.3 million ounces, 12% lower than 2010 (1.5 million).

Costs applicable to sales (CAS) at Yanacocha in 4Q11 were US$533/oz, 8% lower than the figure reported in 4Q10 (US$577/oz) due lower operating costs and higher silver by-product credits. CAS for 2011 was US$581/oz, 30% higher than 2010 (US$448/oz).

Net income at Yanacocha in 4Q11 was US$199.2 million, a 43% increase compared to the 4Q10 figure (US$139.4 million). Accumulated net income in 2011 was US$642.4 million, 9% higher than 2010 (US$589.9 million).

During 4Q11, EBITDA totaled US$362.0 million, a 50% increase compared to 4Q10 (US$241.7 million). This increase was mainly due to a 26% increase in revenues (US$577.4 million in 4Q11 vs. US$459.9 million in 4Q10). Accumulated EBITDA in 2011 was US$1,167.4 million, 14% higher than 2010 (US$1,023.1 million).

Capital expenditures at Yanacocha were US$452.1 million in 4Q11 and US$1,113.9 for 2011.

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 6 of 21

CERRO VERDE

At Cerro Verde (19.35% owned by Buenaventura), 4Q11 copper production was 65,958 MT, a 15% decrease when compared to 4Q10 (77,603 MT). Accumulated total copper production in 2011 was 293,581 MT, 3% lower than 302,711 in 2010.

During 4Q11, Cerro Verde reported net income of US$202.6 million, a 46% decrease when compared to US$374.9 million in 4Q10. This was mainly due to a 28% decrease in sales revenues (US$565.0 million in 4Q11 versus US$783.3 million in 4Q10). Accumulated net income in 2011 was US$1,078.4 million, 2% higher than US$1,054.4 million in 2010.

Capital expenditures at Cerro Verde in 4Q11 totaled US$75.3 million and US$195.2 in 2011.

Net Income

Buenaventura’s 4Q11 net income was US$230.9 million (US$0.91 per share), a 1% increase compared to the US$228.1 million (US$0.90 per share) reported in 4Q10. Accumulated net income in 2011 was US$861.4 million, 29% higher when compared to 2010 (US$670.4 million).

Project Development

LA ZANJA EXPANSION

•

Pampa Verde Project will allow the development of a new open pit, expand the current leach pad and improve the road access to the operation. Construction began in 2Q11. As of December 31, 2011, total project expenditures were US$24 million (total investment is US$32.5 million). Completion is expected by 3Q12.

	Progress as of December 31, 2011
San Pedro Sur Leach Pad Stage II		77.1	%
San Pedro Sur Waste Rock Deposit		100	%
Pampa Verde Pit		0	%
Pampa Verde Top Soil Deposit		38.5	%
Pampa Verde Waste Soil Deposit		73.9	%
Pampa Verde Acid Water Plant		8.4	%
Pampa Verde Auxiliary Access		100	%
Pampa Verde Waste Rock Deposit		14.5	%
Pampa Verde Haul Road to SPS		54.2	%

Overall, the Pampa Verde Project (including work in San Pedro Sur) is 60% complete.

TANTAHUATAY EXPANSION

•

Cienaga Norte project includes Stage II of the Leach Pad, development of the Cienaga Norte Pit and road access. Total CAPEX totals US$30 million. Project construction will begin in 2Q12, after the approval of the environmental impact assessment.

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 7 of 21

MALLAY

•

During the first year of operation, silver production from Mallay is expected to be approximately 900k oz of silver.

•

Currently, Mallay holds Brownfield explorations investments in the Chancas – Chiptaj area.

RIO SECO MANGANESE SULFATE PLANT

•

Buenaventura continued with the construction of the manganese sulfate plant with a total budget of US$76.0 million. As of December 31, 2011 total expenditures were US$33 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 at the end of 2Q12. 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 at the end of 2012.

BREAPAMPA

•

As of December 31, 2011, Buenaventura’s total investment at the Breapampa Project was US$23.4 million, representing 48% of the entire budget (US$48 million).

•

Construction progress includes:

	Progress as of December 31, 2011
Leach Pad Stage I		89.8	%
Process Plant		64	%
Adm Facilities		94	%
Internal Electric System		92	%
Waste Soil Deposit		60	%
Top Soil Deposit		60	%

•

This project should be completed by the end of 2Q12. Production will begin at the beginning of 3Q12.

•

Expected gold production is 2012 is approximately 25,000 ounces.

HUANZA HYDROELECTRICAL PLANT

•

As of December, 2011, Buenaventura’s total disbursement at the Huanza Project was US$131.8 million (which includes US$18.7 million in advanced payments), representing 90% of the entire budget. US$105 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: 9,506 meters of excavation was completed, representing 87.4%

Powerplant: civil work was 70% completed, electromechanical equipment 5% completed.

Pallca Dam: 22% has been completed.

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 8 of 21

Other Information

At the Board of Directors meeting held February 28, 2012, the Board of Directors passed the following Resolutions:

To call for the Annual Shareholders Meeting to be held March 26, 2012 to:

• Approve the financial statements as of December 31, 2011

• Approve the 2011 Annual Report

• Approve a cash dividend of US$0.40 per share or ADS to be paid in U.S. currency.

The Company has completed the IFRS financial statements ⁽¹⁾ for the year end 2011 which is showed in Appendix 6.

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 9 of 21

* * *

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; 19.35% 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

(1) First time adoption of International Financial Reporting Standards (“IFRS”)

As part of the first adoption of the International Financial Reporting Standards (IFRS) in Peru, as of October 14, 2010, through Resolution N°102-2010-EF/94.01.1, the Superintendence of Securities Market (“SMV”, before CONASEV), required to all legal entities under its supervision to adopt IFRS since the year 2011.

For periods up to and including the year ended December 31, 2010, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles in Peru (Peru GAAP). These consolidated financial statements, for the year ended December 31, 2011, are the first the Company has prepared in accordance with IFRS, in which the Company has applied IFRS 1 “First Time Adoption of International Financial Reporting Standard” in the opening balance as of January 1, 2010, transition date to IFRS. The IFRS 1 application implies that all the standards are apply retrospectively at the transition date, including certain mandatory exceptions and voluntary exemptions defined in the standard.

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

Fourth Quarter and Full Year 2011 Results

Page 10 of 21

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Affiliates (as of December 31, 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*	53.78	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 **	19.35	Cerro Verde

(*)Consolidates

(**) Equity Accounting

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 11 of 21

APPENDIX 2

	GOLD PRODUCTION
	Three Months Ended December 31																		Full Year
	Orcopampa									Orcopampa Old Tailings									Orcopampa									Orcopampa Old Tailings
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		130,685			137,996			-5	%		137,996			66,532			107	%		499,728			484,767			3	%		466,441			289,475			61	%
Ore Grade OZ/ST		0.53			0.64			-16	%		0.05			0.08			-34	%		0.55			0.64			-13	%		0.06			0.08			-21	%
Recovery Rate %		94.3	%		96.1	%		-2	%		78.2	%		81.1	%		-4	%		94.7	%		95.9	%		-1	%		81.4	%		81.2	%		0	%
Ounces Produced		65,788			79,408			-17	%		5,508			5,857			-6	%		260,958			295,616			-12	%		24,243			24,078			1	%

Orcopampa Total Production					4Q11			71,296			4Q10			85,265			FY 2011			285,201			FY 2010			319,694

	Three Months Ended December 31																		Full Year
	Antapite									Poracota									Antapite									Poracota
	2011			2010			%			2011			2010			%			2011			2010			%			2011			2010			%
Ore Milled DST		39,404			39,509			0	%		66,584			64,099			4	%		155,842			145,915			7	%		254,475			245,041			4	%
Ore Grade OZ/ST		0.16			0.26			-37	%		0.21			0.27			-23	%		0.19			0.25			-24	%		0.24			0.29			-19	%
Recovery Rate %		96.6	%		97.2	%		-1	%		79.1	%		83.6	%		-5	%		96.5	%		96.8	%		0	%		81.8	%		84.2	%		-3	%
Ounces Produced		6,118			9,777			-37	%		11,089			14,676			-24	%		28,588			35,803			-20	%		49,201			59,803			-18	%

	LA ZANJA														Tantahuatay
	4Q11		4Q10		%			FY 2011		FY 2010		%			4Q11		4Q10		%	FY 2011		FY 2010		%
Ounces Produced		32,857		34,046		-3	%		134,190		44,706		200	%		29,895		0			46,164		0

	SILVER PRODUCTION
	Three Months Ended December 31													Full Year
	Uchucchacua									Colquijirca				Uchucchacua									Colquijirca
	2011			2010			%			2011		2010	%	2011			2010			%			2011			2010			%
Ore Milled DST		294,754			267,652			10	%		-	-			1,086,123			1,016,172			7	%		929,032			1,911,661			-51	%
Ore Grade OZ/ST		13.07			12.70			3	%		-	-			13.00			12.90			1	%		2.67			2.48			8	%
Recovery Rate %		71.6	%		70.4	%		2	%		-	-			71.2	%		72.1	%		-1	%		76.1	%		69.1	%		10	%
Ounces Produced		2,788,798			2,395,512			16	%		-	494,227			10,090,936			9,269,718			9	%		1,882,307			2,509,536			-25	%

	ZINC PRODUCTION
	Three Months Ended December 31															Full Year
	Uchucchacua									Colquijirca						Uchucchacua									Colquijirca
	2011			2010			%			2011			2010		%	2011			2010			%			2011			2010			%
Ore Milled DST		294,754			267,652			10	%		0		0				1,086,123			1,016,172			7	%		929,032			1,150,525			-19	%
Ore Grade %		1.46			0.01			10877	%		0.00		0.00				0.01			0.01			-11	%		3.89			0.05			8194	%
Recovery Rate %		52.3	%		50.4	%		4	%		0.0	%	0.0	%			51.7	%		51.3	%		1	%		71.9	%		72.2	%		0	%
ST Produced		2,047			1,786			15	%		0		0				6,668			7,702			-13	%		25,968			38,956			-33	%

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 12 of 21

APPENDIX 3

EBITDA RECONCILIATION (in thousand US$)

	4Q11			4Q10		FY 2011			FY 2010
Net Income		255,331			267,287		963,684			738,534
Add / Substract:		-57,029			-34,438		-129,356			-199,965
Provision for income tax, net		36,719			61,759		212,841			118,598
Share in associated companies by the equity method, net		-125,557			-114,147		-467,321			-430,974
Interest income		-4,575			-1,847		-11,827			-8,203
Interest expense		6,740			6,054		11,823			12,271
Loss on currency exchange difference		-677			390		675			750
Other, net		2,759			-11,045		-4,651			-14,014
Depreciation and Amortization		26,715			17,810		94,495			71,694
Impairment		0			-13,135		0			-13,135
Provision for long term officers´ compensation		(5,982	)		9,434		(5,982	)		42,425
Workers´ participation provision		6,829			10,289		40,591			20,623
EBITDA Buenaventura Direct Operations		198,302			232,849		834,328			538,569
EBITDA Yanacocha (43.65%)		158,028			105,496		509,554			446,561
EBITDA Cerro Verde (19.35%)		59,294			118,647		318,236			337,650
EBITDA Buenaventura inc Yanacocha and Cerro Verde		415,623			456,992		1,662,118			1,322,780

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

Fourth Quarter and Full Year 2011 Results

Page 13 of 21

APPENDIX 4

RESERVES AS OF DECEMBER 31, 2011

PROVEN AND PROBABLE RESERVES

GOLD	BVN (%)								BVN
	Ownership		DST (000)		Oz / DST		Oz (000)		Oz (000)

Orcopampa		100.00		1,020		0.456		465		465
Julcani		100.00		400		0.023		9		9
Shila - Paula		100.00		27		0.466		13		13
Antapite		100.00		29		0.255		8		8
Ishihuinca		100.00		18		0.336		6		6
Poracota		100.00		44		0.435		19		19
Yanacocha		43.65		263,127		0.029		7,713		3,367
Yanacocha (Conga)		43.65		590,855		0.021		12,582		5,492
El Brocal Marcapunta (Sulphides)		53.76		6,174		0.012		74		40
La Zanja		53.06		44,183		0.015		680		361
Tantahuatay Oxides		40.00		24,790		0.024		600		240
Breapampa		100.00		5,645		0.035		201		201
Mallay		100.00		691		0.015		10		10
Total Gold Reserves				937,003		0.024		22,380		10,231

SILVER	BVN (%)								BVN
	Ownership		DST (000)		Oz / DST		Oz (000)		Oz (000)

Orcopampa		100.00		1,020		0.50		510		510
Poracota		100.00		44		0.18		8		8
Uchucchacua (Plata - Sulphides)		100.00		3,920		14.15		55,467		55,467
Uchucchacua (Zinc - Sulphides)		100.00		461		5.95		2,746		2,746
Uchucchacua (Plata - Oxides)		100.00		325		19.63		6,387		6,387
Julcani		100.00		400		18.60		7,440		7,440
Recuperada		100.00		115		7.79		894		894
Antapite		100.00		29		0.30		9		9
Shila - Paula		100.00		27		1.40		38		38
Pozo Rico		100.00		6		7.00		43		43
El Brocal Tajo Norte - La Llave		53.76		75,516		0.81		60,974		32,780
El Brocal Marcapunta (Sulphides)		53.76		6,174		0.48		2,968		1,596
La Zanja		53.06		44,183		0.20		8,696		4,614
Tantahuatay Oxides		40.00		24,790		0.24		5,835		2,334
Breapampa		100.00		5,645		0.63		3,543		3,543
Mallay		100.00		691		8.27		5,714		5,714
Yanacocha (Conga)		43.65		590,855		0.06		37,784		16,493
Total Silver Reserves				754,201		0.26		199,056		140,616

ZINC	BVN (%)								BVN
	Ownership		DST (000)		% Zn		DST (000)		DST (000)

Uchucchacua (Plata - Sulphides)		100.00		3,920		1.59		62		62
Uchucchacua (Zinc - Sulphides)		100.00		461		5.74		26		26
Recuperada		100.00		115		8.11		9		9
Pozo Rico		100.00		6		5.11		0		0
El Brocal Tajo Norte - La Llave		53.76		75,516		2.23		1,684		905
Mallay		100.00		691		7.05		49		49
Total Zinc Reserves				80,709		2.27		1,830		1,051

LEAD	BVN (%)								BVN
	Ownership		DST (000)		% Pb		DST (000)		DST (000)

Uchucchacua (Plata - Sulphides)		100.00		3,920		1.12		44		44
Uchucchacua (Zinc - Sulphides)		100.00		461		4.60		21		21
Julcani		100.00		400		2.04		8		8
Recuperada		100.00		115		5.20		6		6
Pozo Rico		100.00		6		3.41		0		0
El Brocal Tajo Norte - La Llave		53.76		75,516		0.73		551		296
Mallay		100.00		691		4.86		34		34
Total Lead Reserves				81,109		0.82		664		409

COPPER	BVN (%)								BVN
	Ownership		DST (000)		% Cu		DST (000)		DST (000)

Julcani		100.00		400		0.48		2		2
Cerro Verde (Sulphides)		19.35		3,937,416		0.39		15,356		2,971
Cerro Verde (Oxides)		19.35		248,018		0.40		992		192
Yanacocha (Conga)		43.65		590,855		0.28		1,648		719
El Brocal Marcapunta (Sulphides)		53.76		6,174		1.95		120		65

Total Copper Reserves				4,782,862		0.38		18,118		3,949

Price used to calculate Reserves:			Gold (US$ / Oz)				Silver (US$ / Oz)				Zinc (US$ /MT)				Lead (US$ / MT)				Copper (US$ / MT)
			1,200				22				1920				1,830				6,600

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 14 of 21

APPENDIX 5

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

Consolidated Balance sheet

As of December, 31 2011 and December, 31 2010

	2011			2010
	US$(000)			US$(000)
Assets
Current assets
Cash and cash equivalents		480,968			600,796
Financial asset at fair value through profit and loss		52,178			50,154
Trade accounts receivable, net		172,569			160,928
Other accounts receivable		48,521			42,218
Accounts receivable from related parties		47,425			18,903
Hedge derivative financial instruments		1,283
Embedded derivatives for concentrates sales		213			13,645
Inventory, net		150,429			82,025
Prepaid expenses		15,805			2,990
Total current assets		969,391			971,659

Other accounts receivable		5,570			14,425
Accounts receivable from related parties		32,262			20,736
Inventory		48,845			27,160
Prepaid expenses		429
Hedge derivative financial instruments
Investment in associates		1,926,981			1,412,414
Mining concessions and property, plant and equipment, net		743,317			532,577
Development costs, net		74,425			86,340
Deferred income tax asset		145,741			201,454
Other assets		7,048			6,095
Total assets		3,954,009			3,272,860

Liabilities and shareholders’ equity, net
Current liabilities
Trade accounts payable		142,375			91,374
Income tax payable		36,408			26,538
Other liabilities		132,431			115,838
Accounts payable from related parties		883			1,584
Embedded derivatives for concentrates sales		7,519			-
Hedge derivative financial instruments		-			16,291
Financial obligations		1,042			2,018
Total current liabilities		320,658			253,643

Other long-term liabilities		86,528			116,214
Accounts payable from related parties		1,004			1,370
Financial obligations		105,072			55,134
Hedge derivative financial instruments		-			6,897
Deferred income tax liabilities		17,658			21,152
Total liabilities		530,920			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		2,055,957			1,483,233
Cumulative translation loss		(34,075	)		(34,075	)
Unrealized (loss) gain on valuation of hedge derivative financial instruments, net
Cumulative unrealized, loss		921			(6,875	)
		3,164,248			2,583,722
Minority interest		258,841			234,728
Total shareholders’ equity, net		3,423,089			2,818,450

Total liabilities and shareholders’ equity, net		3,954,009			3,272,860

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 15 of 21

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

Consolidated Statements of income

For the three and twelve month period ended December 31, 2011 and December 31, 2010

	For the three month period ended December, 31						For the twelve month period ended December, 31
	2011			2010			2011			2010
	US$(000)			US$(000)			US$(000)			US$(000)
Operating income
Net sales		384,970			382,336			1,493,882			1,047,885
Royalty income		17,367			14,414			62,742			55,883
Total income		402,337			396,750			1,556,624			1,103,768

Operating costs
Cost of sales, excluding depreciation and amortization		(128,686	)		(115,103	)		(450,909	)		(355,895	)
Exploration in units in operation		(33,984	)		(25,192	)		(109,355	)		(91,441	)
Depreciation and amortization		(26,715	)		(17,810	)		(94,495	)		(71,694	)
Total operating costs		(189,385	)		(158,105	)		(654,759	)		(519,030	)
Gross income		212,952			238,645			901,865			584,738

Operating expenses
Administrative expenses		(16,344	)		(28,546	)		(75,169	)		(98,174	)
Royalties		(8,323	)		(17,062	)		(60,262	)		(52,270	)
Exploration in non-operating areas		(14,066	)		(10,181	)		(49,593	)		(36,105	)
Sales expenses		(3,479	)		(2,553	)		(11,617	)		(9,375	)
Recover of explorations proyects expenses					15,013						15,013
Reversal (provision) of impairment of long-lived assets					13,135						13,135
Total operating expenses		(42,212	)		(30,194	)		(196,641	)		(167,776	)

Operating income		170,740			208,451			705,224			416,962

Other income (expenses), net
Share in associates companies by the equity method, net		125,557			114,147			467,321			430,974
Interest incomes		4,575			1,847			11,827			8,203
Interest expenses		(6,740	)		(6,054	)		(11,823	)		(12,271	)
Loss (income) from currency exchange difference, net		677			(390	)		(675	)		(750	)
Other, net		(2,759	)		11,045			4,651			14,014
Total other income, net		121,310			120,595			471,301			440,170

Income before income tax and minority interest		292,050			329,046			1,176,525			857,132

Provision for income tax		(36,719	)		(61,759	)		(212,841	)		(118,598	)

Net income		255,331			267,287			963,684			738,534

Net income attributable to minority interest		(24,421	)		(39,183	)		(102,252	)		(68,166	)

Net income attributable to Buenaventura		230,910			228,104			861,432			670,368

Basic and diluted earnings per share attributable to Buenaventura, stated in U.S. dollars		0.91			0.90			3.39			2.63

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 16 of 21

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

Consolidated Statements of cash flows

For the three and twelve month period ended December 31, 2011 and December 31, 2010

	For the three month period ended December, 31						For the twelve month period ended December, 31
	2011			2010			2011			2010
	US$(000)			US$(000)			US$(000)			US$(000)
Operating activities
Proceeds from sales		417,535			319,133			1,505,476			997,829
Dividends received		-			105,922			-			182,955
Royalties received		18,671			13,591			56,153			58,825
Value Added Tax recovered		3,225			3,047			22,585			7,480
Interest received		2,525			4,404			8,528			8,098
Payments to suppliers and third parties		(168,513	)		(115,749	)		(701,728	)		(473,630	)
Payments to employees		(29,132	)		(49,925	)		(135,428	)		(126,042	)
Income tax paid		(25,371	)		(19,244	)		(111,802	)		(56,251	)
Payment of royalties		(18,138	)		(11,717	)		(73,776	)		(55,265	)
Payments of interest		(1,632	)		(3,093	)		(2,543	)		(6,377	)

Net cash and cash equivalents provided by operating activities		199,170			246,369			567,465			537,622

Investment activities
Proceeds from sales of investments shares					-			60,379			-
Proceeds from sales of mining concessions, property, plant and equipment		99			8			7,891			694
Additions to mining concessions, property, plant and equipment		(134,031	)		(60,075	)		(304,614	)		(240,053	)
Payments for purchase of investments shares		(20,360	)		(8,922	)		(277,485	)		(19,625	)
Decrease (increase) in time deposits		(8,679	)		(6,888	)		7,814			(17,935	)
Disbursements for development activities		(5,289	)		(7,874	)		(13,202	)		(13,222	)
Additions of financial asset at fair value through profit and loss					(50,000	)					(50,000	)

Net cash and cash equivalents used in invesment activities		(168,260	)		(133,751	)		(519,217	)		(340,141	)

Financing activities
Increase in financial obligations		16,525			15,163			50,962			53,262
Payments of long-term debt		(500	)		(506	)		(2,000	)		(226,117	)
Dividens paid		(58,521	)		(34,353	)		(142,488	)		(117,043	)
Dividens paid to minority shareholders of subsidiary		(18,318	)		(23,146	)		(66,736	)		(39,176	)

Net cash and cash equivalents used in financing activities		(60,814	)		(42,842	)		(160,262	)		(329,074	)

(Decrease) increase in cash and cash equivalents during the period, net		(29,904	)		69,776			(112,014	)		(131,593	)
Cash and cash equivalents at beginning of period		500,751			513,085			582,861			714,454

Cash and cash equivalents at period-end		470,847			582,861			470,847			582,861

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 17 of 21

	For the three month period ended December, 31						For the twelve month period ended December, 31
	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		230,910			228,104			861,432			670,368
Add (less)
Depreciation and amortization		26,715			17,810			94,495			71,694
Provision for long term officers’ compensation		(5,982	)		9,434			(5,982	)		42,425
Net income attributable to minority interest		24,421			39,183			102,252			68,166
Deferred income tax		(4,423	)		23,459			43,642			30,016
Provision for estimated fair value of embedded derivatives related of concentrates sales and adjustments on open liquidations		(10,721	)		(9,868	)		33,889			(20,500	)
Loss (gain) on currency exchange differences		(677	)		390			675			750
Net cost of plant and equipment sold		312			704			1,858			3,136
Share in associates companies by the equity method, net of dividends received in cash		(125,557	)		(8,225	)		(467,321	)		(248,019	)
Adjustment to present value of mining-units closure provision		4,931			5,534			9,100			6,392
Decrease of allowance for impairment of inventories
Others

Net changes in operating assets and liabilities accounts

Decrease (increase) of operating assets
Trade accounts receivable		44,271			(62,858	)		(11,641	)		(37,978	)
Other accounts receivable		(29,570	)		(9,493	)		2,552			(23,921	)
Accounts receivable from related parties		(6,771	)		(19,680	)		(40,048	)		(17,773	)
Inventory		(10,446	)		(19,241	)		(90,089	)		(64,198	)
Prepaid expenses		(27,084	)		5,072			(12,964	)		(9,347	)

Increase (decrease) of operating liabilities
Trade accounts payable		40,727			10,177			51,001			33,141
Income tax payable		(7,850	)		13,447			9,870			6,010
Other liabilities		55,964			22,420			(15,256	)		27,260

Net cash and cash equivalents provided by operating activities		199,170			246,369			567,465			537,622

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 18 of 21

APPENDIX 6

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

Consolidated Statement of Financial Position

As of December 31, 2011, 2010 and as of January 1, 2010

	2011		2010			As of January 1, 2010
	US$(000)		US$(000)			US$(000)
Asset
Current asset
Cash and cash equivalents		480,968		600,796			714,454
Financial assets at fair value through profit or loss		52,178		50,154			-
Trade accounts receivable, net		172,569		160,928			122,950
Other accounts receivable		48,521		42,218			20,478
Accounts receivable from associates		47,425		18,903			21,866
Embedded derivatives for concentrates sales, net		-		13,645			4,546
Derivative financial instruments		1,283		-			-
Inventory, net		149,108		82,332			40,354
Prepaid expenses		16,234		2,990			8,236

Total current asset		968,286		971,966			932,884

Other accounts receivable		5,570		14,425			12,244
Other accounts receivable from associates		32,262		20,736			-
Long-term inventory		48,845		27,160			4,492
Investment in associates		1,935,004		1,429,678			1,151,039
Mining concessions, development cost and property, plant and equipment, net		830,997		635,236			463,857
Deferred income tax asset, net		125,538		174,050			202,331
Other assets		7,047		6,095			5,045

Total assets		3,953,549		3,279,346			2,771,892

Liabilities and shareholders’ equity, net
Current liability
Trade accounts payable		142,375		91,374			61,357
Income tax payable		36,423		27,125			20,528
Other accounts payable		41,150		50,147			32,794
Provisions		91,287		65,855			51,252
Other accounts payable to associates		883		1,584			-
Embedded derivatives for concentrates sales, net		7,306		-			-
Derivative financial instruments		-		16,291			1,468
Financial obligations		1,042		2,018			79,452

Total current liabilities		320,466		254,394			246,851

Other non-current provisions		86,528		116,214			102,008
Other accounts payable to associates		1,004		1,370			-
Financial obligations		105,072		55,134			150,555
Derivative financial instruments		-		6,897			5,375

Total liability		513,070		434,009			504,789

Shareholders’ equity, net
Capital stock, net of treasury shares for US$62,622,000 in 2011, 2010 and as of January 1, 2010		750,540		750,540			750,540
Investment shares, net of treasury shares for US$142,000 in 2011, 2010 and as of January 1, 2010		2,019		2,019			2,019
Additional paid-in capital		225,978		225,978			225,978
Legal reserve		162,639		162,633			112,363
Other reserves		269		269			269
Retained earnings		2,034,768		1,471,012			974,818
Cumulative unrealized, gain (loss)		2,068		(5,906	)		(1,404	)

		3,178,281		2,606,545			2,064,583
Non-controlling interest		262,198		238,792			202,520

Total shareholders’ equity, net		3,440,479		2,845,337			2,267,103

Total liabilities and shareholders’ equity, net		3,953,549		3,279,346			2,771,892

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 19 of 21

Consolidated Income Statement

For the years ended as of December 31, 2011 and 2010

	2011			2010
	US$(000)			US$(000)
Operating income
Net sales		1,493,882			1,047,885
Royalty income		62,742			55,883

Total income		1,556,624			1,103,768

Operating costs
Cost of sales, without considering depreciation and amortization		(446,163	)		(347,129	)
Exploration in units in operation		(109,355	)		(91,441	)
Depreciation and amortization		(96,381	)		(74,864	)
Royalties		(60,262	)		(52,270	)

Total operating costs		(712,161	)		(565,704	)

Gross income		844,463			538,064

Operating expenses
Administrative		(75,170	)		(107,237	)
Exploring in non-operating areas		(49,593	)		(36,105	)
Selling		(11,617	)		(9,375	)
Excess of workers’ profit sharing		(6,221	)		-
Reimbursement of exploration expenses on projects		-			15,013
Reversal for impairment of long-lived assets		-			13,135
Other, net		2,513			10,653

Total operating expenses		(140,088	)		(113,916	)

Operating income		704,375			424,148

Other income (expenses), net
Share in the results of associates		468,363			428,885
Interest income		11,827			8,203
Interest expense		(11,823	)		(12,271	)
Loss from currency exchange difference, net		(675	)		(750	)

Total other income, net		467,692			424,067

Income before income tax		1,172,067			848,215

Income tax		(211,589	)		(123,326	)

Net income		960,478			724,889

Attributable to:
Non-controlling interest		101,551			64,068
Owners of the parent		858,927			660,821

		960,478			724,889

Basic and diluted earnings per share attributable to owners of the parent, stated in U.S. dollars		3.38			2.60

Weighted average number of shares outstanding (common and investment), in units		254,442,328			254,442,328

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 20 of 21

Consolidated Statement of Cash Flows

For the years ended December 31, 2011 and 2010

	2011			2010
	US$(000)			US$(000)
Operating activities
Proceeds from sales		1,505,476			997,829
Royalty received		56,153			58,825
Value added tax (VAT) recovered		22,585			7,480
Interest received		8,528			8,098
Dividends received		-			182,955
Payments to suppliers and third parties		(701,728	)		(473,630	)
Payments to employees		(135,428	)		(126,042	)
Income tax paid		(111,802	)		(56,251	)
Payments of royalties		(73,776	)		(55,265	)
Payments of interest		(2,543	)		(6,377	)

Net cash and cash equivalents provided by operating activities		567,465			537,622

Investment activities
Proceeds from sale of investments		60,379			-
Proceeds from sale of mining concessions, development cost and property, plant and equipment		7,891			694
Decrease (increase) in time deposits		7,814			(17,935	)
Additions to mining concessions, development cost, property, plant and equipment		(317,816	)		(253,275	)
Payments for purchase of investment shares		(277,485	)		(19,625	)
Additions to financial assets at fair value through profit or loss		-			(50,000	)

Net cash and cash equivalents used in investment activities		(519,217	)		(340,141	)

Financing activities
Increase in financial obligations		50,962			53,262
Dividends paid		(142,488	)		(117,043	)
Dividends paid to minority shareholders		(66,736	)		(39,176	)
Payments of financial obligations		(2,000	)		(226,117	)

Net cash and cash equivalents used in financing activities		(160,262	)		(329,074	)

Decrease in cash and cash equivalents for the period, net		(112,014	)		(131,593	)
Cash and cash equivalents at beginning of period		582,861			714,454

Cash and cash equivalents at the period-end, note 5(a)		470,847			582,861

Buenaventura

Fourth Quarter and Full Year 2011 Results

Page 21 of 21

Consolidated Statements of Cash Flows (continued)

	2011			2010
	US$(000)			US$(000)
Reconciliation of net income to cash and cash equivalents provided by operating activities
Net income attributable to owners of the parent		858,927			660,821
Add (less)
Depreciation and amortization		118,322			90,021
Net income attributable to non-controlling interest		101,551			64,068
Deferred income tax		42,369			34,744
Provision for estimated fair value of embedded derivatives of concentrate sales and adjustments on open liquidations		33,889			(20,500	)
Accretion expense of the provision for closure of mining units		9,100			6,392
Net cost of plant and equipment retired and sold		1,858			3,136
Loss from currency exchange difference		675			750
Share in the results of associates, net of dividends received in cash		(468,363	)		(245,930	)
Provision for long-term officers´ compensation		(5,982	)		42,425
Provisions		(4,254	)		29,559
Provision for slow moving and obsolescence supplies		(2,038	)		2,025
Net changes in assets and liabilities accounts
Decrease (increase) in operating assets -
Trade accounts receivable, net		(11,641	)		(37,978	)
Other accounts receivable		2,552			(23,921	)
Other accounts receivable from associates		(40,048	)		(17,773	)
Inventory, net		(88,461	)		(64,646	)
Prepaid expenses		(13,244	)		5,246
Increase (decrease) in operating liabilities -
Trade accounts payable		51,001			30,017
Income tax payable		9,298			6,597
Other accounts payable		(28,046	)		(27,431	)

Net cash and cash equivalents provided by operating activities		567,465			537,622

Transactions that did not affect cash flows:
Increase (decrease) in the book of long-lived assets		1,571			(199	)

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: February 29, 2012