<SEC-DOCUMENT>0001144204-15-002570.txt : 20150608
<SEC-HEADER>0001144204-15-002570.hdr.sgml : 20150608
<ACCEPTANCE-DATETIME>20150116162727
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-15-002570
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUENAVENTURA MINING CO INC
		CENTRAL INDEX KEY:			0001013131
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AVE CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
		BUSINESS PHONE:		5114192536

	MAIL ADDRESS:	
		STREET 1:		AV. CARLOS VILLARAN 790
		CITY:			LIMA
		STATE:			R5
		ZIP:			13
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right">January 16, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Compa&ntilde;&iacute;a de Minas Buenaventura
S.A.A.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form 20-F for Fiscal Year Ended December
31, 2013 filed April 30, 2014 and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Response dated November 12, 2014 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>File No. 001-14370</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Tia L. Jenkins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-4628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Jenkins:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We note the receipt by Compa&ntilde;&iacute;a
de Minas Buenaventura S.A.A. (the &ldquo;Company&rdquo;), a <I>sociedad an&oacute;nima abierta</I> (open stock company) under the
laws of the Republic of Peru (&ldquo;Peru&rdquo;), of the comment letter (the &ldquo;Comment Letter&rdquo;) dated December 3, 2014
from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) regarding the
above-referenced Form 20-F (the &ldquo;Form 20-F&rdquo;) and the Company&rsquo;s response dated November 12, 2014 (the &ldquo;Response&rdquo;).
On behalf of the Company, we hereby provide the responses set forth below to the comments in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To assist the Staff review, we have included
the text of the Staff&rsquo;s comments below in bold type. Except as otherwise noted in this letter, the information provided in
response to the Staff&rsquo;s comments has been supplied by the Company, which is solely responsible for such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;20-F for the Year Ended December&nbsp;31, 2013</U></B><U><BR>
<B>Financial Statements&mdash;Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. and subsidiaries, </B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>page F-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B><U>Note 27. Disclosure of
information on segments, page F-84</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note your response to comment 6 from our letter dated October 24, 2014 and understand that you have identified each of
your mining units as separate operating segments and that you have aggregated these operating segments into a single reportable
segment. Please confirm if our understanding is correct and address each of the following points:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company confirms
that the Staff&rsquo;s understanding is correct. The Company&rsquo;s mining units are each separate operating segments that are
aggregated into a single reportable segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Clarify for us the meaning of
a &ldquo;mining unit&rdquo; and specifically identify each mining unit that you have aggregated.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that a mining unit (also called an &ldquo;Economic-Administrative Unit&rdquo; under Peruvian mining laws) is an economic
unit that is engaged in performing any type of mining activity, including exploration, extraction or smelting of metallic or non-metallic
ores and metals, and that has operational facilities, such as mining sites, tunnels and other installations, that are contained
within a given geographic area (such as a hill, reservoir or quarry) within a radius that varies according to the type of substance
that is exploited in the particular mining concession. A mining unit may consist of: (a) one or more mines, (b) mine(s) and a processing
plant or (c) a processing plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A mining unit has no
independent legal existence. A mining unit is owned and controlled by the legal entity that owns the applicable mining concession.
Each of the Company&rsquo;s mining units fulfills the definition of an operating segment pursuant to paragraph 5 of IFRS 8. Specifically,
each of the Company&rsquo;s mining units as determined under Peruvian mining laws also:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt">(a)</TD><TD STYLE="text-align: justify">is a component of an individual entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt">(b)</TD><TD STYLE="text-align: justify">engages in mining activities from which it may earn revenues and incur expenses (including revenues
and expenses relating to transactions with other mining units of the same entity);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt">(c)</TD><TD STYLE="text-align: justify">has operating results that are regularly reviewed, on an individual and aggregated basis, by the
Company&rsquo;s chief operating decision maker for the purpose of making decisions about resources to allocate to the aggregated
mining segment and assessing its performance; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt">(d)</TD><TD STYLE="text-align: justify">has available discrete financial information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company further
advises the Staff that each of its mining units that have been aggregated into a single reportable segment are specifically identified
in the remainder of the Company&rsquo;s response to the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Provide a detailed analysis which
supports your view that the mining units can be aggregated on the basis of similar economic characteristics as contemplated by
paragraph 12 of IFRS 8. In this regard, please demonstrate how the mining units share similar long term-performance by providing
us with historical and projected revenues, gross profits, operating profits, and net profit (loss); explanation for any anomalies
in the amounts or trends that would otherwise suggest dissimilarity; and any other information supporting your conclusion that
your mining units have similar quantitative economic characteristics.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that it will separately provide the Staff on a supplemental basis: (i) the requested income statement items for each
individual mining unit that the Company aggregates into a single reportable segment in accordance with the requirements of paragraph
12 of IFRS 8, (ii) historical income statement data for each mine is provided for the years ended December 31, 2011 (the earliest
period for which the Company has reported its financial results under IFRS), 2012 and 2013, and (iii) projected data for the years
ended December 31, 2014 (based on historical data for the eleven-month period ended November 30, 2014), 2015, 2016 and 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Explain further why you believe
your products are similar. We note that you explore, mine, and process gold, silver, lead, and zinc, which appear to have different
properties and uses.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that the Company and its subsidiaries produce gold and precious metals in the form of concentrates (including silver-lead,
silver-gold, zinc and lead-gold-copper concentrates) and dore bars. These concentrates and dore bars are all sold to industrial
consumers (traders, smelters and refiners) who then resell them to various manufacturers. The Company does not sell its products
directly to end-users who will be using the refined metals such as gold, silver, zinc and lead. The Company&rsquo;s products are
instead only sold to industrial consumers situated at an early stage of the value chain for whom the different properties and uses
of the Company&rsquo;s products are less material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 0in"><B>Explain further why you believe
underground mines and open-pit mines share &ldquo;similar&rdquo; production processes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that the nature of the production processes of the Company&rsquo;s underground mines and open-pit mines are similar because,
from the perspective of the Company&rsquo;s value chain, all of its operations go through the same stages of prospecting, geological
exploration, production and processing. These stages are consistent with the production process utilized across the mining industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ore prospecting takes
place at a stage where a possible ore body is not yet established as suitable for either underground or open-pit mining methods.
At this stage, exploration work does not differ between what could become an underground or open-pit mine, except to the extent
it is decided to undertake some initial underground exploration efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Geological exploration
takes place after prospecting and includes the same basic processes, regardless of whether a mine will ultimately be an underground
or open-pit mine, to generate values for reserves and non-reserve mineralization (&ldquo;NRM&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the process
of mining ore for underground and open-pit operations does not vary significantly. In both cases the Company&rsquo;s mine planning
department creates a production plan in accordance with grade information generated from reserve and NRM mapping. After the production
plan is created, areas are prepared for future mining by control drilling to reconcile planning with actual mineralization. In
the case of underground mining, the development of infrastructure and drifting is necessary to physically access veins and ore
bodies. This process is analogous to initial stripping that needs to be carried out in open-pit operations to expose the ore body.
In the case of both underground and open-pit mines, the actual process of mining consists of drilling blasting holes, blasting
ore to a selected size and hauling it from the mine to the processing plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mineral processing
in underground or open-pit mines generally employs similar equipment and the choice of metallurgical process is decided not on
the basis of the type of mining but the overall characteristics of the ore which is to be extracted and its market value. In general,
mineral processing operations all include an initial stage to reduce the size of ore rocks, which can be done through grinding
or milling operations or by the blasting method inside the mine itself. The subsequent stages of mineral processing are intended
to separate valuable metal contents from the host rock. When present, base metals are first separated using a flotation process
and left as concentrate. For precious metals, leaching is used to obtain higher recovery rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The processes described
above do not vary meaningfully between the Company&rsquo;s open-pit and underground operations. Personnel dedicated to mine operations
could work in both types of operations inside their area of expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Supply costs for both
underground and open-pit mines are essentially the same and always involve fuel, electricity and various types of plant reagents,
such as sodium cyanide and calcium oxide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>Explain
further why you believe the methods used to distribute the products are sufficiently &ldquo;similar&rdquo; to justify aggregation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that the distribution process for the Company and its subsidiary mining companies is similar regardless of the product
being distributed. In all cases there is an initial stage of sampling and loading the materials at the mining site, transportation
to Lima by air or road, sampling and storage, further sampling and delivery to the smelters and traders by air or sea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sampling and chemical
analysis processes are always undertaken by third parties regardless of the product. Transportation methods may vary depending
on the volume and value of the material being transported as well as security and safety concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>Explain
further why you believe the types or classes of customer are sufficiently &ldquo;similar&rdquo; to justify aggregation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that the products generated by the Company and each of its subsidiary mining companies are all ultimately sold to industrial
customers, including traders, smelters and refiners, and not to the final users of refined metals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The method of determining
the price for each product is also similar as the products produced by the Company are all commodities. The market prices for the
Company&rsquo;s products are a function of the value of the metal contained in the product minus treatment charges, refining charges
and penalties for impurities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>Conclusion.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As indicated above,
in the Company&rsquo;s supplemental response letter dated January 16, 2015 and in its response letter dated November 12, 2014,
the Company believes that each of its mining units have similar economic characteristics, generate similar products, are produced
through similar production processes and are distributed utilizing similar methods to similar classes of customers. For these reasons,
the Company strongly believes that its mining units constitute operating segments that can be properly aggregated into a single
reportable segment as permitted by IFRS 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Please reconcile your statement that your mining units are operated through nine mining companies
with your statement that your operating mines are operated by one of three entities.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company advises
the Staff that it considers certain of its mining units to be &ldquo;operating mines&rdquo;, while the Company considers other
mining units to be &ldquo;non-operating mines.&rdquo; The Company makes a determination that a mining unit is an &ldquo;operating
mine&rdquo; when that mining unit is in a production phase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company assesses
the stage of each mining unit that is under development to determine when a mining unit moves into the production phase. The criteria
used to assess the start of the production phase vary based on the unique nature of each mining unit, but typically the Company
considers various relevant criteria in assessing when the mining unit is substantially complete and ready for its planned use.
Some of the criteria used to identify the production start date include, but are not limited to, the level of capital expenditure
compared to development cost estimates, the completion of a reasonable testing period for the mining unit&rsquo;s plan and equipment,
and the ability to maintain ongoing production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2013, three
entities, Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A., Minera La Zanja S.R.L. and Sociedad Minera El Brocal S.A.A., collectively
owned and operated eleven operating mines (which are all of the Company&rsquo;s operating mines). Compa&ntilde;&iacute;a de Minas
Buenaventura S.A.A. (the parent company) owns and operates the following mining units: Uchucchacua, Orcopampa, Julcani, Mallay,
Breapampa, Poracota, Recuperada, Antapite and Shila-Paula mining units (the Antapite and Shila-Paula mining units were operating
mines during 2013, however, production at both of those mining units ceased in mid-2013). Minera La Zanja S.R.L. owns and operates
the La Zanja mining unit. Sociedad Minera El Brocal S.A.A. owns and operates the Colquijirca - Marcapunta Norte mining unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
operating mines identified above, the Company and its subsidiaries own additional mining units that are not yet in the production
phase and are considered &ldquo;non-operating mines.&rdquo; The following five subsidiaries of the Company own non-operating mines:
El Molle Verde S.A.C., Compa&ntilde;ia Minera Colquirrumi S.A, Minera Julcani S.A. de C.V., Compa&ntilde;&iacute;a de Minas Cerro
Hablador S.A.C. and Apu Coropuna S.R.L. The impact of these subsidiaries in the Company&acute;s operating margin is not significant
because most of the projects owned by these entities are in the very preliminary stages with small operating losses that are immaterial
in the context of the Company&rsquo;s combined results, as shown in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 33%; border: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Operating Margin (US$000)</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>% combined Operating Margin</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">El Molle Verde S.A.C.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(2,994)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(2%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(978)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(1%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Minera Julcani S.A. de C.V.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(883)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(1%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Compa&ntilde;&iacute;a de Minas Cerro Hablador S.A.C.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(0%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Apu Coropuna S.R.L.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(0%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Consolidated financial statements figures</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>132,302</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>100%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ninth mining company
is S.M.R.L Chaupiloma Dos de Cajamarca, which is a royalty mining company. As a royalty mining company it has leased its mining
concessions to an affiliated entity and receives royalties as payment for the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To summarize the foregoing,
nine mining companies within the Buenaventura corporate family operate the Company&rsquo;s mining units. Three of those entities,
Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A. (the parent company), Minera La Zanja S.R.L. (a subsidiary) and Sociedad Minera
El Brocal S.A.A. (another subsidiary), operate nine operating mines (which are all of the Company&rsquo;s operating mines) and
two non-operating mines (Antapite and Shila-Paula). Five other subsidiaries identified above operate the Company&rsquo;s remaining
non-operating mines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
lists each of the Company&rsquo;s mining units that were classified as operating mining units during 2013 and identifies the legal
entity which owns the mining unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 50%; padding: 0; text-align: center; text-indent: 0"><B>Operating Mining Companies</B></TD>
    <TD NOWRAP STYLE="width: 50%; padding: 0; text-align: center; text-indent: 0"><B>Mining Units</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Uchucchacua</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Orcopampa</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Julcani</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Mallay</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Breapampa</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Poracota</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Recuperada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Antapite</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Shila-Paula</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Minera La Zanja S.A.</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">La Zanja</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Sociedad Minera El Brocal S.A.A.</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Colquijirca &ndash; Marcapunta Norte</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
lists each of the Company&rsquo;s exploration mining companies, which own non-operating mining units and the Company&rsquo;s royalty
mining company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt"><B>Exploration Mining Companies</B></TD>
    <TD NOWRAP STYLE="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">El Molle Verde S.A.C.</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Compa&ntilde;&iacute;a Minera Colquirrumi S.A.</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Minera Julcani S.A de C.V.</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Compa&ntilde;&iacute;a de Minas Cerro Hablador S.A.C.</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Apu Coropuna S.R.L.</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><B>Royalty Mining Company</B></TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">S.M.R.L. Chaupiloma Dos de Cajamarca </TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company is responsible for the adequacy and accuracy of the disclosure in this filing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the filing; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company would appreciate receiving any
further questions or comments that the Staff may have regarding this letter, the Form 20-F or the Response at the Staff&rsquo;s
earliest convenience. You should contact the undersigned at 212-530-5546 or Trevor K. Truman at 44-20-7615-3186.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 45%; padding: 0; text-indent: 0">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">/s/ Arnold B. Peinado, III</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">cc:</TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0">Securities and Exchange Commission:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Craig Arakawa</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Steve Lo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Compa&ntilde;&iacute;a de Minas Buenaventura S.A.A.:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Carlos Galvez</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Daniel Dominguez</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
