6-K 1 v451578_6k.htm 6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

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

Securities Exchange Act of 1934

For the month of October 2016

BUENAVENTURA MINING COMPANY INC.

(Translation of Registrant's Name into English)

CARLOS VILLARAN 790

SANTA CATALINA, LIMA 13, PERU

(Address of Principal Executive Offices)

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

Form 20-F x Form 40-F ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

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

Buenaventura Announces Third Quarter and

Nine-Month 2016 Results

Lima, Peru, October 27, 2016 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the third quarter (3Q16) and nine-month (9M16) periods ended September 30, 2016. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non GAAP basis and are stated in U.S. dollars (US$).

Third Quarter 2016 Highlights:

· In 3Q16, EBITDA from direct operations was US$83.3 million compared to US$5.6 million reported in 3Q15. Adjusted EBITDA (including associated companies) increased 99% (US$ 134.6 million in 3Q16 compared to the US$ 67.6 million in 3Q15).

· All in Sustaining Cost (AISC*) decreased 51% in 3Q16 (US$ 570/oz) compared to 3Q15 (US$ 1,171/oz).

· At El Brocal, we expect an improvement in 4Q16 due to i) higher ore treated, ii) higher zinc grade and better commercial terms.

· Net income in 3Q16 was negative US$ 24.7 mainly due to El Brocal and Yanacocha results.

· Production from direct operations in 3Q16 was 93k gold ounces and 5.8 million silver ounces, higher compared to 89k gold ounces and 5.6 million silver ounces in 3Q15.

· The Tambomayo project remains in-line with schedule and budget. Total project progress is at 96%. Production ramp up is expected to begin in December 2016.

· Buenaventura´s Net debt/EBITDA ratio has been reduced to 2x. By the end of the year, we expect a ratio of 1.6x-1.9x.

· Dividend payment to be resumed (US$ 0.030 per share/ADS).

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

	3Q16	3Q15	Var%	9M16	9M15	Var%
Total Revenues	269.0	211.0	28%	781.7	694.4	13%
Operating Profit	34.7	-54.2	N.A.	107.4	-93.5	N.A.
EBITDA Direct Operations	83.3	5.6	1391%	252.9	80.2	215%
Adjusted EBITDA (Inc Associates)	134.6	67.6	99%	468.5	303.8	54%
Net Income	-24.7	-23.2	6%	82.4	-24.7	N.A.
EPS**	-0.10	-0.09	6%	0.32	-0.10	N.A.

(*) See Appendix 5

(**) as of September 30, 2016 Buenaventura had 253,986,867 outstanding shares.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
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Operating Revenues

During 3Q16, net sales were US$263.1 million, a 30% increase compared to the US$202.3 million reported in 3Q15. This result was mainly explained by an increase in all metal prices as well as higher volume sales of copper, zinc and lead.

Royalty income decreased 32% from US$8.7 million in 3Q15 to US$5.9 million in 3Q16 as a result of lower revenues at Yanacocha.

Operating Highlights	3Q16	3Q15	Var%	9M16	6M15	Var%
Net Sales (in millions of US$)	263.1	202.3	30%	763.2	669.2	14%
Average Realized Gold Price (US$/oz) (1) (2)	1,334	1,103	21%	1,275	1,169	9%
Average Realized Gold Price (US$/oz) inc. Affiliates (3)	1,338	1,112	20%	1,267	1,172	8%
Average Realized Silver Price (US$/oz) (1) (2)	20.83	14.50	44%	17.60	15.34	15%
Average Realized Lead Price (US$/MT) (1) (2)	1,950	1,593	22%	1,839	1,734	6%
Average Realized Zinc Price (US$/MT) (1) (2)	2,460	1,775	39%	2,092	1,998	5%
Average Realized Copper Price (US$/MT) (1) (2)	4,820	3,723	29%	4,666	4,599	1%
Volume Sold	3Q16	3Q15	Var%	9M16	6M15	Var%
Gold Oz Direct Operations (1)	94,539	91,370	3%	268,280	271,479	-1%
Gold Oz inc Associated Companies (3)	173,291	217,320	-20%	520,267	618,138	-16%
Silver Oz (1)	4,975,143	4,801,621	4%	15,924,538	14,239,819	12%
Lead MT (1)	7,138	6,409	11%	21,374	22,086	-3%
Zinc MT (1)	15,040	12,543	20%	42,866	39,442	9%
Copper MT (1)	11,225	7,456	51%	32,895	19,917	65%

(1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

(2) The realized price considers the adjustments of quotational periods

(3) Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal, 40.95% of Coimolache and 43.65% of Yanacocha

For 9M16, net sales increased 14%, from US$669.2 million in 9M15 to US$763.2 million in 9M16. Royalty income for 9M16 was US$18.5 million, lower than US$25.2 million during 9M15.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
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Production and Operating Costs

In 3Q16, Buenaventura’s gold equity production from direct operations was 4% higher compared to the figure reported in 3Q15 (92,571 gold ounces in 3Q16 vs 88,669 gold ounces in 3Q15). Gold production including associated companies in 3Q16 was 156,905 ounces, 19% lower than the amount reported in the same period 2015. This decline is explained by a decrease in production from Yanacocha. Silver equity production from direct operations increased 5%, mainly due to higher production at the Uchucchacua mine and the Mallay mine.

Equity Production	3Q16	3Q15	Var%	9M16	9M15	Var%
Gold Oz Direct Operations(1)	92,571	88,669	4%	257,280	254,195	1%
Gold Oz including Associated Companies	156,905	194,500	-19%	468,222	562,553	-17%
Silver Oz Direct Operations(1)	5,840,913	5,583,565	5%	17,575,037	15,232,580	15%
Silver Oz including Associated Companies	6,099,334	5,716,336	7%	18,290,013	15,624,885	17%
Lead MT	7,087	6,542	8%	21,135	19,697	7%
Zinc MT	13,175	10,047	31%	35,819	31,502	14%
Copper MT Direct Operations(1)	7,608	5,187	47%	20,978	12,640	66%
Copper MT including Associated Companies	31,128	16,115	93%	93,361	42,275	121%
Consolidated Production	3Q16	3Q15	Var%	9M16	9M15	Var%
Gold Oz(2)	96,271	92,870	4%	269,563	267,080	1%
Silver Oz(2)	5,980,514	5,854,489	2%	18,024,485	16,248,238	11%
Lead MT(2)	8,156	7,957	3%	24,676	25,148	-2%
Zinc MT(2)	18,527	15,407	20%	51,179	48,209	6%
Copper MT(2)	12,362	9,525	30%	35,531	23,156	53%

(1) Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.32% of El Brocal

(2) Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

Orcopampa (100% owned by Buenaventura)

Production
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	Oz	53,167	54,035	-2%	145,129	156,023	-7%
Silver	Oz	179,210	146,930	22%	492,810	392,541	26%
Cost Applicable to Sales
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	US$/Oz	660	636	4%	682	676	1%

Gold production at Orcopampa decreased 2% in 3Q16 (compared to 3Q15) mainly due to lower ore grade (see Appendix 2). Cost Applicable to Sales (CAS) in 3Q16 (660 US$/Oz) increased 4% compared to 3Q15 (636 US$/Oz), mainly due to higher exploration expenses in order to increase resources at the Pucara and the Lucia area.

Gold production guidance for 2016 is 190k – 200k ounces.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
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Uchucchacua (100% owned by Buenaventura)

Production
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	Oz	4,086,850	3,775,051	8%	12,170,024	9,801,413	24%
Zinc	MT	1,950	1,293	51%	5,566	4,090	36%
Lead	MT	2,772	2,340	18%	7,869	5,869	34%
Cost Applicable to Sales
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	US$/Oz	11.06	13.56	-18%	10.84	14.47	-25%

Silver production in 3Q16 increased 8% compared to 3Q15, due to higher volumes of ore treated and higher ore grade (see Appendix 2). Cost Applicable to Sales (CAS) in 3Q16 decreased 18% compared to 3Q15, an improvement primarily explained by i) Increasing efficiencies as a result of massive mining using the bench & fill method and ii) lower reagent prices and consumption.

Silver production guidance for 2016 is 15.5 million – 16.5 million ounces.

Mallay (100% owned by Buenaventura)

Production
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	Oz	412,526	323,095	28%	1,252,490	928,126	35%
Zinc	MT	2,740	2,445	12%	8,137	6,765	20%
Lead	MT	1,965	1,925	2%	5,907	5,353	10%
Gold	Oz	420	259	62%	1,460	396	268%
Cost Applicable to Sales
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	US$/Oz	13.05	13.99	-7%	12.55	13.96	-10%

Silver production in 3Q16 increased 28% compared to 3Q15, mainly due to increased amounts ore treated (see Appendix 2). Cost Applicable to Sales (CAS) in 3Q16 was 7% lower compared to 3Q15 mainly due to more volume sold.

Silver production guidance for 2016 is 1.5 million – 1.9 million ounces.

Julcani (100% owned by Buenaventura)

Production
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	Oz	782,813	794,810	-2%	2,473,802	2,397,790	3%
Cost Applicable to Sales
		3Q16	3Q15	Var%	9M16	9M15	Var%
Silver	US$/Oz	11.86	12.94	-8%	11.32	12.70	-11%

Silver production in 3Q16 is in line with the figure reported in 3Q15. Cost Applicable to Sales (CAS) in 3Q16 was 8% lower than 3Q15, an improvement primarily mainly explained by higher volume sold and lower commercial deductions.

Silver production guidance for 2016 is 3.0 million – 3.4 million ounces.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
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La Zanja (53.06% owned by Buenaventura)

Production
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	Oz	37,407	35,653	5%	106,984	103,362	4%
Silver	Oz	50,309	78,844	-36%	159,012	241,969	-34%
Cost Applicable to Sales
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	US$/Oz	641	906	-29%	568	838	-32%

Gold production in 3Q16 increased 5% compared to 3Q15. CAS in 3Q16 decreased 29% compared to 3Q15, an improvement primarily due to i) lower headcount generated by new synergies with Tantahuatay mine, ii) lower reagent and explosives prices and consumption, and iii) lower contractor expenses resulting from more favorable prices.

Gold production guidance for 2016 is 130k – 140k ounces.

Tantahuatay (40.10% owned by Buenaventura)

Production
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	Oz	39,595	34,739	14%	110,890	97,085	14%
Silver	Oz	162,983	259,433	-37%	587,551	598,392	-2%
Cost Applicable to Sales
		3Q16	3Q15	Var %	9M16	9M15	Var %
Gold	US$/Oz	527	484	9%	476	542	-12%

Gold production in 3Q16 increased 14% compared to the figure reported in 3Q15. CAS in 3Q16 increased 9% compared to 3Q15 mainly due to an inventory write-down and higher exploration expenses.

Gold production guidance for 2016 is 145k – 155k ounces

El Brocal (61.32%* owned by Buenaventura)

Production
		3Q16	3Q15	Var %	9M16	9M15	Var %
Copper	MT	12,291	9,446	30%	35,312	22,895	54%
Zinc	MT	13,836	11,670	19%	37,477	37,353	0%
Silver	Oz	468,806	735,760	-36%	1,476,348	2,486,399	-41%
Cost Applicable to Sales
		3Q16	3Q15	Var %	9M16	9M15	Var %
Copper	US$/Lb	2.17	2.34	-7%	2.18	2.39	-9%
Zinc	US$/Lb	0.92	0.83	12%	0.80	0.75	7%

During 3Q16, copper production increased 30% compared to 3Q15, due to a higher ore volume treated and ore grade. Moreover, in 3Q16 zinc production increased 19% as a result of higher ore treated.

(*) Since August 2016, the new ownership of El Brocal is 61.32%.

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Third Quarter and Nine-Month 2016 Results
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In 3Q16, zinc Cost Applicable to sales (CAS) increased 12% compared to 3Q15 mainly due to lower ore grade and lower silver by-product contribution. Copper CAS in 3Q16 decreased 7% compared to 3Q15 mainly due higher ore grade and lower commercial deductions per ton resulting from the renegotiation of commercial contracts.

Zinc production guidance for 2016 is 55k – 65k MT, while copper production guidance for 2016 is 40k – 50k MT.

General and Administrative Expenses

General and administrative expenses in 3Q16 were US$16.9 million, 15% lower compared to the US$19.8 million in 3Q15. For 9M16, the expense was US$58.0 million (US$58.8 million in 9M15).

Exploration in Non-Operating Areas

Exploration costs in non-operating areas during 3Q16 were US$6.4 million compared with US$5.3 million in 3Q15. During the period, Buenaventura’s main exploration efforts were focused on the Tambomayo project (US$1.75 million), the San Gabriel project (US$1.21 million) and Marcapunta Norte (US$0.32 million). For 9M16, the expense was US$14.8 million (US$25.7 million in 9M15).

Share in Associated Companies

During 3Q16, Buenaventura’s share in associated companies was negative US$11.9 million, compared to US$13.4 million reported in 3Q15, composed by:

Share in the Result of Associates (in millions of US$)	3Q16	3Q15	Var %	9M16	9M15	Var %
Cerro Verde	9.5	1.3	621%	44.3	10.1	339%
Coimolache	4.9	4.1	20%	17.0	9.1	87%
Yanacocha	-26.2	8.0	N.A.	-24.1	42.4	N.A.
Total	-11.9	13.4	N.A.	37.2	61.6	-40%

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 3Q16, gold production was 147,386 ounces, 39% lower than 3Q15 production (242,454 ounces). For 9M16, gold production was 483,258 ounces, 32% lower than 706,433 ounces in 9M15.

Gold production guidance at Yanacocha for 2016 is 630k – 660k ounces.

In 3Q16, Yanacocha reported a net loss of US$60.1 million compared to a net income of US$18.2 million reported in 3Q15. CAS in 3Q16 was US$1,040/oz, 65% higher than the US$630/oz reported in 3Q15 mainly due to: i) an inventory write-down of US$49.4 million in 3Q16 (US$19.9 million in 3Q15), and ii) lower volume sold (145,582 gold ounces in 3Q16 vs 257,606 gold ounces in 3Q15).

Advancing Yanacocha sulfides through Chaquicocha exploration drilling.

Capital expenditures at Yanacocha were US$26.7 million in 3Q16, while for 9M16 was US$62.7 million.

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Third Quarter and Nine-Month 2016 Results
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CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 3Q16 copper production was 120,124 MT (23,520 MT attributable to Buenaventura), a 115% increase compared to 3Q15 (55,811 MT and 10,928 MT attributable to Buenaventura). For 9M16, copper production was 369,681 MT (72,384 MT attributable to Buenaventura).

During 3Q16, Cerro Verde reported a net income of US$48.3 million compared to net income of US$6.7 million in 3Q15. This increase was primarily due to: i) a lower cash cost, and ii) higher volumes sold. For 9M16, net income was US$226.0 million (compared to US$46.5 million in 9M15).

Copper production guidance at Cerro Verde for 2016 is 500k MT – 550k MT.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to net income in 3Q16 was US$4.9 million (US$4.1 million in 3Q15). For 9M16, the contribution was US$17.0 million, compared to US$9.1 million reported in 9M15.

Project Development and Exploration

The Tambomayo Project (100% ownership)

· Proyect is on schedule and within budget

· Total CAPEX: US$ 340 M

· Overall project progress is at 96% (As of September 2016)

o Exploration and mine development are completed (100% of progress).

o The construction progress of the facilities is at 93%.

· The following facilities have been completed and already commissioned:

o Tailings dam

o Water dam

o Power line and substations

o Access road

o Crusher and stockpile area

The San Gabriel Project (100% ownership)

· Environmental Impact Assessment (EIA) of the project´s construction is expected to be approved in December 2016.

· Objectives for 4Q16:

o Drilling program: 3,000 meters in order to confirm resources and certainty

o Complete Metallurgical studies to be completed in order to improve recovery

Other

During the October 27, 2016 meeting, the Board of Directors meeting passed the following resolution:

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
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· Declaration of cash dividend of US$ 0.030 per share or ADS, payable on November 30, 2016

* * *

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*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo project.

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2015 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, 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.

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Associates (as of September 30, 2016)
	BVN	Operating
	Equity %	Mines / Business
El Molle Verde S.A.C*	100.00	Trapiche project
Minera La Zanja S.A*	53.06	La Zanja
Sociedad Minera El Brocal S.A.A*	61.32	Colquijirca and Marcapunta
Compañía Minera Coimolache S.A **	40.10	Tantahuatay
Minera Yanacocha S.R.L **	43.65	Yanacocha
Sociedad Minera Cerro Verde S.A.A **	19.58	Cerro Verde
Processadora Industrial Rio Seco S.A*	100.00	Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*	100.00	Energy – Huanza Hydroelectrical plant
Buenaventura Ingenieros S.A*	100.00	Engineering Consultant

(*)Consolidates

(**) Equity Accounting

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Third Quarter and Nine-Month 2016 Results
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APPENDIX 2

		GOLD PRODUCTION
		3Q16	3Q15	%	9M16	9M15	%
Mining Unit	Operating Results	Underground
Orcopampa	Ore Milled  DMT	121,714	114,509	6%	350,643	337,344	4%
	Ore Grade OZ/MT	0.42	0.49	-14%	0.42	0.48	-11%
	Recovery Rate %	97.0%	95.2%	2%	96.0%	95.8%	0%
	Ounces Produced*	53,167	54,035	-2%	145,129	156,023	-7%
Mining Unit	Operating Results	Open Pit
La Zanja	Ounces Produced	37,407	35,653	5%	106,984	103,362	4%
Tantahuatay	Ounces Produced	39,595	34,739	14%	110,890	97,085	14%
		SILVER PRODUCTION
		3Q16	3Q15	%	9M16	9M15	%
Mining Unit	Operating Results	Underground
Uchucchacua	Ore Milled  DMT	320,838	310,733	3%	943,460	803,255	17%
	Ore Grade OZ/MT	15.15	14.56	4%	15.37	14.57	6%
	Recovery Rate %	84.1%	83.5%	1%	83.9%	83.8%	0%
	Ounces Produced	4,086,850	3,775,051	8%	12,170,024	9,801,413	24%
Julcani	Ore Milled  DMT	42,647	44,937	-5%	131,425	132,924	-1%
	Ore Grade OZ/MT	18.96	18.51	2%	19.60	18.93	4%
	Recovery Rate %	96.8%	95.5%	1%	96.1%	95.3%	1%
	Ounces Produced	782,813	794,810	-2%	2,473,802	2,397,790	3%
Mallay	Ore Milled  DMT	51,463	41,888	23%	152,422	115,312	32%
	Ore Grade OZ/MT	8.39	8.31	1%	8.77	8.57	2%
	Recovery Rate %	93.3%	92.8%	1%	93.7%	94.0%	0%
	Ounces Produced	412,526	323,095	28%	1,252,490	928,126	35%
Mining Unit	Operating Results	Open Pit
Colquijirca	Ounces Produced	277,255	517,648	-46%	937,547	1,781,192	-47%
		ZINC PRODUCTION
		3Q16	3Q15	%	9M16	9M15	%
Mining Unit	Operating Results	Underground
Uchucchacua	Ore Milled  DMT	320,838	310,733	3%	943,460	803,256	17%
	Ore Grade %	1.16%	1.03%	13%	1.15%	1.05%	10%
	Recovery Rate %	52.45%	40.5%	29%	51.0%	48.2%	6%
	MT Produced	1,950	1,294	51%	5,566	4,091	36%
Mallay	Ore Milled  DMT	51,463	41,888	23%	152,422	115,312	32%
	Ore Grade %	5.93%	6.6%	-11%	6.05%	6.64%	-9%
	Recovery Rate %	88.5%	87.8%	1%	87.9%	88.5%	-1%
	MT Produced	2,740	2,445	12%	8,137	6,765	20%
Mining Unit	Operating Results	Open Pit
Colquijirca	MT Produced	13,836	11,670	19%	37,477	37,353	0%

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APPENDIX 3: EBITDA Reconciliation (in thousand US$)

	3Q16	3Q15	9M16	9M15
Net Income	-28,366	-39,006	81,355	-60,248
Add / Substract:	111,685	44,596	171,593	140,429
Provision for income tax, net	31,129	-14,297	37,625	-3,934
Share in associated companies by the equity method, net	11,850	-13,381	-37,222	-61,621
Interest income	-1,749	-827	-6,061	-2,441
Interest expense	10,911	6,934	26,585	21,078
Loss on currency exchange difference	4,233	3,936	-1,255	7,517
Long Term Compensation provision	336	-12	926	123
Depreciation and Amortization	45,361	59,564	138,041	169,078
Workers´ participation provision	2,878	246	6,572	629
Impairment of long-term lived assets	0	0	0	3,803
Loss from discontinued operations	6,736	2,433	6,382	6,197
EBITDA Buenaventura Direct Operations	83,319	5,590	252,948	80,181
EBITDA Yanacocha (43.65%)	-2,817	40,736	42,808	153,251
EBITDA Cerro Verde (19.58%)	41,603	11,906	136,151	44,764
EBITDA Coimolache (40.10%)	12,515	9,402	36,567	25,605
Adjusted EBITDA (Including Associated companies)	134,620	67,634	468,475	303,801

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 associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

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

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 11 of 23

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.  The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 12 of 23

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:

	For the 3 months ended Sep 30				For the 9 months ended Sep 30
	2016		2015		2016		2015
	(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization	129,752		145,921		371,545		427,228
Add:
Consolidated Exploration in units in operation	24,985		20,990		66,206		66,008
Consolidated Commercial deductions	57,590		45,094		171,306		135,147
Consolidated Selling expenses	5,531		4,655		15,646		12,701
Consolidated Cost applicable to sales	217,858		216,660		624,703		641,084

Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:

	For the 3 months ended Sep 30				For the 9 months ended Sep 30
	2016		2015		2016		2015
Cost of sales by mine and mineral	(in thousands of US$)
Julcani, Gold	9		6		15		40
Julcani, Silver	5,460		3,709		14,545		16,398
Julcani, Lead	464		282		1,345		1,420
Julcani, Copper	9		41		57		189
Mallay, Gold	103		58		454		54
Mallay, Silver	2,476		1,950		7,157		5,784
Mallay, Lead	1,120		1,313		3,620		3,848
Mallay, Zinc	1,883		1,588		5,289		4,933
Orcopampa, Gold	24,293		24,290		66,824		78,317
Orcopampa, Silver	1,136		813		3,173		2,636
Orcopampa, Copper	33		0		42		0
Uchucchacua, Gold	20		16		68		18
Uchucchacua, Silver	20,552		28,758		66,971		78,965
Uchucchacua, Lead	1,185		1,748		3,855		4,653
Uchucchacua, Zinc	990		825		2,946		3,837
La Zanja, Gold	22,964		32,256		64,726		86,549
La Zanja, Silver	369		940		1,208		2,826
El Brocal, Gold	1,600		1,370		5,370		2,542
El Brocal, Silver	2,513		3,861		7,645		14,007
El Brocal, Lead	2,299		2,566		6,718		9,693
El Brocal, Zinc	12,747		11,403		30,718		31,404
El Brocal, Copper	24,852		17,878		70,449		46,358
Non Mining Units	2,675		10,252		8,351		32,757
Consolidated Cost of sales, excluding depreciation and amortization	129,752		145,921		371,545		427,228

Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:

	For the 3 months ended Sep 30				For the 9 months ended Sep 30
	2016		2015		2016		2015
Exploration expenses in units in operation by mine and mineral	(in thousands of US$)
Julcani, Gold	4		4		7		22
Julcani, Silver	2,503		2,582		7,321		8,944
Julcani, Lead	213		196		677		775
Julcani, Copper	4		29		29		103
Mallay, Gold	33		21		157		20
Mallay, Silver	800		699		2,475		2,178
Mallay, Lead	362		470		1,252		1,449
Mallay, Zinc	609		569		1,829		1,857
Orcopampa, Gold	11,680		9,364		29,259		30,664
Orcopampa, Silver	546		313		1,389		1,032
Orcopampa, Copper	16		0		18		0
Uchucchacua, Gold	7		3		20		4
Uchucchacua, Silver	7,336		6,177		19,671		17,087
Uchucchacua, Lead	423		375		1,132		1,007
Uchucchacua, Zinc	353		177		865		830
La Zanja, Gold	94		10		101		35
La Zanja, Silver	2		0		2		1
El Brocal, Gold	0		0		0		0
El Brocal, Silver	0		0		0		0
El Brocal, Lead	0		0		0		0
El Brocal, Zinc	0		0		0		0
El Brocal, Copper	0		0		0		0
Non Mining Units	0		0		0		0
Consolidated Exploration expenses in units in operation	24,985		20,990		66,206		66,008

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 13 of 23

Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:

	For the 3 months ended Sep 30				For the 9 months ended Sep 30
	2016		2015		2016		2015
Commercial Deductions in units in operation by mine and mineral	(in thousands of US$)
Julcani, Gold	2		2		3		11
Julcani, Silver	1,022		1,241		3,892		5,251
Julcani, Lead	87		95		362		447
Julcani, Copper	1		16		20		64
Mallay, Gold	42		29		166		29
Mallay, Silver	1,319		1,083		3,578		2,883
Mallay, Lead	572		732		1,803		1,920
Mallay, Zinc	1,538		1,062		4,210		3,155
Orcopampa, Gold	183		81		331		200
Orcopampa, Silver	66		0		82		0
Orcopampa, Copper	8		0		9		0
Uchucchacua, Gold	8		5		27		5
Uchucchacua, Silver	8,686		9,094		28,325		25,236
Uchucchacua, Lead	491		565		1,620		1,486
Uchucchacua, Zinc	1,458		831		4,201		3,958
La Zanja, Gold	16		77		181		141
La Zanja, Silver	4		12		12		12
El Brocal, Gold	1,939		1,287		6,541		2,922
El Brocal, Silver	1,974		2,646		6,094		9,592
El Brocal, Lead	1,097		1,129		3,418		4,400
El Brocal, Zinc	9,794		5,631		23,747		17,719
El Brocal, Copper	27,281		19,477		82,682		55,717
Non Mining Units	0		0		0		0
Consolidated Commercial deductions in units in operation	57,590		45,094		171,306		135,147

Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:

	For the 3 months ended Sep 30				For the 9 months ended Sep 30
	2016		2015		2016		2015
Selling expenses by mine and mineral	(in thousands of US$)
Julcani, Gold	0		0		1		2
Julcani, Silver	168		197		554		781
Julcani, Lead	14		15		51		68
Julcani, Copper	0		2		2		9
Mallay, Gold	8		4		33		4
Mallay, Silver	185		147		523		418
Mallay, Lead	84		99		265		278
Mallay, Zinc	141		119		387		357
Orcopampa, Gold	249		192		569		634
Orcopampa, Silver	12		6		27		21
Orcopampa, Copper	0		0		0		0
Uchucchacua, Gold	1		0		3		0
Uchucchacua, Silver	1,014		816		3,036		2,166
Uchucchacua, Lead	58		50		175		128
Uchucchacua, Zinc	49		23		134		105
La Zanja, Gold	294		272		780		927
La Zanja, Silver	5		8		15		30
El Brocal, Gold	93		79		341		133
El Brocal, Silver	146		222		486		733
El Brocal, Lead	134		147		427		507
El Brocal, Zinc	742		654		1,952		1,642
El Brocal, Copper	1,447		1,026		4,476		2,424
Non Mining Units	686		576		1,411		1,334
Consolidated Selling expenses	5,531		4,655		15,646		12,701

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 14 of 23

	JULCANI
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	9	5,460	464	-	9	5,942	6	3,709	282	-	41	4,038
Add:
Exploration Expenses (US$000)	4	2,503	213	-	4	2,724	4	2,582	196	-	29	2,811
Commercial Deductions (US$000)	2	1,022	87	-	1	1,112	2	1,241	95	-	16	1,353
Selling Expenses (US$000)	0	168	14	-	0	183	0	197	15	-	2	215
Cost Applicable to Sales (US$000)	16	9,153	777	-	15	9,961	12	7,729	588	-	88	8,417
Divide:
Volume Sold	21	771,898	726	-	5	Not Applicable	12	597,425	405	-	19	Not Applicable
CAS	776	11.86	1,070	-	2,751	Not Applicable	993	12.94	1,451	-	4,722	Not Applicable
	MALLAY
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	103	2,476	1,120	1,883	-	5,582	58	1,950	1,313	1,588	-	4,908
Add:
Exploration Expenses (US$000)	33	800	362	609	-	1,804	21	699	470	569	-	1,759
Commercial Deductions (US$000)	42	1,319	572	1,538	-	3,471	29	1,083	732	1,062	-	2,906
Selling Expenses (US$000)	8	185	84	141	-	418	4	147	99	119	-	369
Cost Applicable to Sales (US$000)	186	4,781	2,138	4,171	-	11,275	112	3,878	2,614	3,338	-	9,942
Divide:
Volume Sold	234	366,346	1,845	2,277	-	Not Applicable	105	277,157	1,737	2,024	-	Not Applicable
CAS	794	13.05	1,159	1,832	-	Not Applicable	1,066.11	13.99	1,505	1,649	-	Not Applicable
	ORCOPAMPA
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	24,293	1,136	-	-	33	25,461	24,290	813	-	-	-	25,102
Add:					-
Exploration Expenses (US$000)	11,680	546	-	-	16	12,242	9,364	313	-	-	-	9,678
Commercial Deductions (US$000)	183	66	-	-	8	257	81	-	-	-	-	81
Selling Expenses (US$000)	249	12	-	-	0	261	192	6	-	-	-	198
Cost Applicable to Sales (US$000)	36,405	1,759	-	-	57	38,221	33,926	1,133	-	-	-	35,059
Divide:
Volume Sold	55,191	182,484	-	-	21	Not Applicable	53,376	136,573	-	-	-	Not Applicable
CAS	660	9.64	-	-	2,693	Not Applicable	636	8.29	-	-	-	Not Applicable
	UCHUCCHACUA
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	20	20,552	1,185	990	-	22,747	16	28,758	1,748	825	-	31,347
Add:
Exploration Expenses (US$000)	7	7,336	423	353	-	8,119	3	6,177	375	177	-	6,733
Commercial Deductions (US$000)	8	8,686	491	1,458	-	10,644	5	9,094	565	831	-	10,495
Selling Expenses (US$000)	1	1,014	58	49	-	1,122	0	816	50	23	-	889
Cost Applicable to Sales (US$000)	36	37,588	2,157	2,850	-	42,632	25	44,845	2,738	1,856	-	49,464
Divide:
Volume Sold	51	3,398,654	2,141	1,313	-	Not Applicable	23	3,307,909	1,831	815	-	Not Applicable
CAS	714	11.06	1,008	2,171	-	No Applicable	1,047	13.56	1,496	2,277	-	No Applicable
	JULCANI
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	15	14,545	1,345	-	57	15,963	40	16,398	1,420	-	189	18,047
Add:
Exploration Expenses (US$000)	7	7,321	677	-	29	8,035	22	8,944	775	-	103	9,844
Commercial Deductions (US$000)	3	3,892	362	-	20	4,277	11	5,251	447	-	64	5,773
Selling Expenses (US$000)	1	554	51	-	2	608	2	781	68	-	9	860
Cost Applicable to Sales (US$000)	26	26,313	2,436	-	108	28,883	75	31,375	2,710	-	365	34,524
Divide:
Volume Sold	31	2,323,633	2,092	-	37	Not Applicable	76	2,471,004	1,804	-	77	No Aplicable
CAS	828	11.32	1,165	-	2,939	No Applicable	984	12.70	1,502	-	4,739	No Applicable
	MALLAY
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	454	7,157	3,620	5,289	-	16,520	54	5,784	3,848	4,933	-	14,619
Add:
Exploration Expenses (US$000)	157	2,475	1,252	1,829	-	5,713	20	2,178	1,449	1,857	-	5,504
Commercial Deductions (US$000)	166	3,578	1,803	4,210	-	9,757	29	2,883	1,920	3,155	-	7,987
Selling Expenses (US$000)	33	523	265	387	-	1,208	4	418	278	357	-	1,057
Cost Applicable to Sales (US$000)	810	13,734	6,940	11,715	-	33,198	108	11,262	7,494	10,302	-	29,167
Divide:
Volume Sold	933	1,094,056	5,415	6,802	-	Not Applicable	105	806,831	4,847	5,501	-	Not Applicable
CAS	868	12.55	1,281	1,722	-	No Applicable	1,029	13.96	1,546	1,873	-	No Applicable
	ORCOPAMPA
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	66,824	3,173	-	-	42	70,039	78,317	2,636	-	-	-	80,953
Add:
Exploration Expenses (US$000)	29,259	1,389	-	-	18	30,666	30,664	1,032	-	-	-	31,696
Commercial Deductions (US$000)	331	82	-	-	9	423	200	0	-	-	-	200
Selling Expenses (US$000)	569	27	-	-	0	596	634	21	-	-	-	655
Cost Applicable to Sales (US$000)	96,983	4,671	-	-	70	101,724	109,815	3,689	-	-	-	113,504
Divide:
Volume Sold	142,272	524,582	-	-	24	Not Applicable	162,333	415,757	-	-	-	Not Applicable
CAS	682	8.90	-	-	2,885	No Applicable	676	8.87	-	-	-	No Applicable
	UCHUCCHACUA
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	68	66,971	3,855	2,946	-	73,839	18	78,965	4,653	3,837	-	87,473
Add:
Exploration Expenses (US$000)	20	19,671	1,132	865	-	21,689	4	17,087	1,007	830	-	18,929
Commercial Deductions (US$000)	27	28,325	1,620	4,201	-	34,174	5	25,236	1,486	3,958	-	30,685
Selling Expenses (US$000)	3	3,036	175	134	-	3,347	0	2,166	128	105	-	2,399
Cost Applicable to Sales (US$000)	118	118,003	6,782	8,146	-	133,049	27	123,454	7,273	8,731	-	139,486
Divide:
Volume Sold	153	10,882,782	6,131	4,041	-	Not Applicable	26	8,534,639	4,567	3,230	-	Not Applicable
CAS	771	10.84	1,106	2,016	-	No Applicable	1,058	14.47	1,593	2,703	-	No Applicable

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 15 of 23

	LA ZANJA
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	22,964	369	-	-	-	23,333	32,256	940	-	-	-	33,196
Add:
Exploration Expenses (US$000)	94	2	-	-	-	96	10	0	-	-	-	10
Commercial Deductions (US$000)	16	4	-	-	-	21	77	12	-	-	-	90
Selling Expenses (US$000)	294	5	-	-	-	299	272	8	-	-	-	280
Cost Applicable to Sales (US$000)	23,369	380	-	-	-	23,749	32,615	961	-	-	-	33,576
Divide:
Volume Sold	36,472	40,097	-	-	-	Not Applicable	35,995	79,267	-	-	-	Not Applicable
CAS	641	9.47	-	-	-	Not Applicable	906	12.12	-	-	-	Not Applicable
	BROCAL
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	1,600	2,513	2,299	12,747	24,852	44,012	1,370	3,861	2,566	11,403	17,878	37,077
Add:
Exploration Expenses (US$000)	-	-	-	-	-	-	-	-	-	-	-	-
Commercial Deductions (US$000)	1,939	1,974	1,097	9,794	27,281	42,085	1,287	2,646	1,129	5,631	19,477	30,169
Selling Expenses (US$000)	93	146	134	742	1,447	2,562	79	222	147	654	1,026	2,128
Cost Applicable to Sales (US$000)	3,632	4,634	3,530	23,283	53,580	88,659	2,735	6,729	3,842	17,688	38,380	69,374
Divide:
Volume Sold	2,570	215,665	2,426	11,450	11,199	Not Applicable	1,858	403,292	2,436	9,704	7,437	Not Applicable
CAS	1,413	21.49	1,455	2,033	4,785	Not Applicable	1,472	16.68	1,577	1,823	5,161	Not Applicable
	NON MINING COMPANIES
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	-	-	-	-	-	2,675	-	-	-	-	-	10,252
Add:
Selling Expenses (US$000)	-	-	-	-	-	686	-	-	-	-	-	576
Total (US$000)	-	-	-	-	-	3,361	-	-	-	-	-	10,828
	BUENAVENTURA CONSOLIDATED
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	48,989	32,507	5,067	15,620	24,894	129,752	57,995	40,031	5,908	13,816	17,919	145,921
Add:
Exploration Expenses (US$000)	11,819	11,187	997	962	20	24,985	9,402	9,771	1,042	746	29	20,990
Commercial Deductions (US$000)	2,190	13,072	2,248	12,790	27,291	57,590	1,480	14,077	2,521	7,524	19,492	45,094
Selling Expenses (US$000)	645	1,530	290	932	1,447	5,531	547	1,396	311	797	1,028	4,655
Cost Applicable to Sales (US$000)	63,644	58,295	8,603	30,304	53,651	217,858	69,424	65,274	9,782	22,883	38,468	216,660
Divide:
Volume Sold	94,539	4,975,143	7,138	15,040	11,225	Not Applicable	91,370	4,801,621	6,409	12,543	7,456	Not Applicable
CAS	673	11.72	1,205	2,015	4,780	Not Applicable	760	13.59	1,526	1,824	5,160	Not Applicable
	COIMOLACHE
	3Q 2016						3Q 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	16,681	1,085	-	-	-	17,766	13,666	1,307	-	-	-	14,973
Add:
Exploration Expenses (US$000)	2,932	191	-	-	-	3,123	2,192	210	-	-	-	2,402
Commercial Deductions (US$000)	114	7	-	-	-	122	219	18	-	-	-	237
Selling Expenses (US$000)	240	16	-	-	-	256	207	20	-	-	-	227
Cost Applicable to Sales (US$000)	19,967	1,299	-	-	-	21,267	16,285	1,554	-	-	-	17,839
Divide:
Volume Sold	37,923	162,764	-	-	-	Not Applicable	33,682	247,769	-	-	-	Not Applicable
CAS	527	7.98	-	-	-	Not Applicable	484	6.27	-	-	-	Not Applicable
	LA ZANJA
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	64,726	1,208	-	-	-	65,934	86,549	2,826	-	-	-	89,375
Add:
Exploration Expenses (US$000)	101	2	-	-	-	103	35	1	-	-	-	36
Commercial Deductions (US$000)	181	12	-	-	-	193	141	12	-	-	-	153
Selling Expenses (US$000)	780	15	-	-	-	795	927	30	-	-	-	957
Cost Applicable to Sales (US$000)	65,788	1,237	-	-	-	67,025	87,652	2,869	-	-	-	90,521
Divide:
Volume Sold	115,760	166,485	-	-	-	Not Applicable	104,594	255,566	-	-	-	Not Applicable
CAS	568	7.43	-	-	-	No Applicable	838	11.23	-	-	-	Not Applicable
	BROCAL
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	5,370	7,645	6,718	30,718	70,449	120,899	2,542	14,007	9,693	31,404	46,358	104,004
Add:
Exploration Expenses (US$000)	-	-	-	-	-	-	-	-	-	-	-	-
Commercial Deductions (US$000)	6,541	6,094	3,418	23,747	82,682	122,482	2,922	9,592	4,400	17,719	55,717	90,349
Selling Expenses (US$000)	341	486	427	1,952	4,476	7,681	133	733	507	1,642	2,424	5,439
Cost Applicable to Sales (US$000)	12,252	14,224	10,563	56,417	157,607	251,062	5,597	24,331	14,600	50,765	104,499	199,792
Divide:
Volume Sold	9,131	933,000	7,736	32,023	32,834	Not Applicable	4,346	1,756,023	10,869	30,711	19,840	Not Applicable
CAS	1,342	15.25	1,365	1,762	4,800	No Applicable	1,288	13.86	1,343	1,653	5,267	Not Applicable
	NON MINING COMPANIES
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	-	-	-	-	-	8,351	-	-	-	-	-	32,757
Add:
Selling Expenses (US$000)	-	-	-	-	-	1,411	-	-	-	-	-	1,334
Total (US$000)	-	-	-	-	-	9,762	-	-	-	-	-	34,091
	BUENAVENTURA CONSOLIDATED
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	137,456	100,699	15,538	38,953	70,548	371,545	167,522	120,615	19,613	40,174	46,546	427,228
Add:
Exploration Expenses (US$000)	29,544	30,859	3,061	2,694	47	66,206	30,745	29,243	3,230	2,688	103	66,008
Commercial Deductions (US$000)	7,249	41,985	7,203	32,158	82,711	171,306	3,307	42,973	8,253	24,832	55,782	135,147
Selling Expenses (US$000)	1,727	4,640	917	2,472	4,478	15,646	1,700	4,149	980	2,104	2,433	12,701
Cost Applicable to Sales (US$000)	175,976	178,183	26,720	76,277	157,785	624,703	203,273	196,981	32,077	69,798	104,864	641,084
Divide:
Volume Sold	268,280	15,924,538	21,374	42,866	32,895	Not Applicable	271,479	14,239,819	22,086	39,442	19,917	Not Applicable
CAS	656	11.19	1,250	1,779	4,797	Not Applicable	749	13.83	1,452	1,770	5,265	Not Applicable
	COIMOLACHE
	9M 2016						9M 2015
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	43,048	3,192	-	-	-	46,240	39,023	3,212	-	-	-	42,235
Add:
Exploration Expenses (US$000)	6,878	510	-	-	-	7,388	11,015	907	-	-	-	11,922
Commercial Deductions (US$000)	434	40	-	-	-	474	509	40	-	-	-	549
Selling Expenses (US$000)	753	56	-	-	-	809	647	53	-	-	-	700
Cost Applicable to Sales (US$000)	51,114	3,798	-	-	-	54,911	51,194	4,212	-	-	-	55,406
Divide:
Volume Sold	107,327	592,768	-	-	-	Not Applicable	94,428	579,275	-	-	-	Not Applicable
CAS	476	6.41	-	-	-	No Applicable	542	7.27	-	-	-	Not Applicable

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 16 of 23

APPENDIX 5: ALL-IN SUSTAINING COST

All-in Sustaining Cost for 3Q16

Buenaventura1

La Zanja

Tantahuatay

Attributable 2

3Q16

3Q16

3Q16

3Q16

Au Ounces Sold BVN

91,908

Au Ounces bought from La Zanja

-36,412

Au Ounces Sold Net

55,497

51,272

37,923

97,907

			3Q16								3Q16								3Q16								3Q16
Income Statement & Cash Flow			US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au
Cost of Sales3			67,151				1,210				23,180				452				17,766				468				86,573				884
Exploration in Operating Units			24,889				448				875				17				3,122				82				26,605				272
Royalties			6,143				111				0				0				0				0				6,143				63
Comercial Deductions4			15,484				279				803				16				122				3				15,959				163
Selling Expenses			2,045				37				236				5				256				7				2,273				23
Administrative Expenses5			12,653				228				615				12				746				20				13,279				136
Other Expenses			0				0				2,484				48				2,702				71				2,401				25
Other Incomes			-2,993				-54				-5,589				-109				-3,072				-81				-7,190				-73
Administrative charges			0				0				1,562				30				354				9				971				10
Sustaining Capex6			17,774				320				9,076				177				9,611				253				26,443				270
By-product Credit			-115,724				-2,085				-1,015				-20				-3,373				-89				-117,615				-1,201
All-in Sustaining Cost			27,422				494				32,227				629				28,234				745				55,842				570

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.

3. For Buenaventura does not consider purchase of concentrate from La Zanja.

4. For all metals produced.

5. For Buenaventura, does not consider management services charged to subsidiaries.

6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 17 of 23

All-in Sustaining Cost for 3Q15

Buenaventura1

La Zanja

Tantahuatay

Attributable Production2

3Q15

3Q15

3Q15

3Q15

Au Ounces Sold BVN

92,866

Au Ounces bought from La Zanja

-35,879

Au Ounces Sold Net

56,987

32,990

33,682

87,996

			3Q15								3Q15								3Q15								3Q15
Income Statement & Cash Flow			US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au
Cost of Sales3			76,109				1,336				29,950				908				14,973				445				98,004				1,114
Exploration in Operating Units			20,982				368				137				4				2,402				71				22,018				250
Royalties			5,302				93				0				0				0				0				5,302				60
Comercial Deductions4			14,852				261				855				26				237				7				15,401				175
Selling Expenses			1,724				30				277				8				227				7				1,962				22
Administrative Expenses5			11,516				202				459				14				436				13				11,934				136
Other Expenses			0				0				3,525				107				2,887				86				3,028				34
Other Incomes			-965				-17				-6,704				-203				-3,422				-102				-5,894				-67
Other administrative charges			0				0				3,031				92				233				7				1,702				19
Sustaining Capex6			12,643				222				12,488				379				17,092				507				26,122				297
By-product Credit			-74,363				-1,305				-1,333				-40				-3,590				-107				-76,510				-869
All-in Sustaining Cost			67,800				1,190				42,684				1,294				31,476				935				103,069				1,171

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.

3. For Buenaventura does not consider purchase of concentrate from La Zanja.

4. For all metals produced.

5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.

6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 18 of 23

All-in Sustaining Cost for 9M16

Buenaventura1

La Zanja

Tantahuatay

Attributable 2

9M16

9M16

9M16

9M16

Au Ounces Sold BVN

258,386

Au Ounces bought from La Zanja

-114,997

Au Ounces Sold Net

143,389

107,702

107,327

243,568

			9M16								9M16								9M16								9M16
Income Statement & Cash Flow			US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au
Cost of Sales3			342,087				2,386				60,004				557				46,240				431				392,465				1,611
Exploration in Operating Units			66,103				461				2,147				20				7,388				69				70,204				288
Royalties			15,499				108				0				0				0				0				15,499				64
Comercial Deductions4			48,833				341				2,611				24				474				4				50,409				207
Selling Expenses			10,738				75				732				7				809				8				11,450				47
Administrative Expenses5			38,122				266				1,641				15				1,799				17				39,714				163
Other Expenses			0				0				6,578				61				4,840				45				5,431				22
Other Incomes			-5,162				-36				-12,745				-118				-5,892				-55				-14,287				-59
Administrative charges			0				0				1,959				18				858				8				1,383				6
Sustaining Capex6			33,852				236				11,897				110				18,483				172				47,575				195
By-product Credit			-458,672				-3,199				-2,801				-26				-10,269				-96				-464,275				-1,906
All-in Sustaining Cost			91,401				637				72,022				669				64,731				603				155,569				639

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.

3. For Buenaventura does not consider purchase of concentrate from La Zanja.

4. For all metals produced.

5. For Buenaventura, does not consider management services charged to subsidiaries.

6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 19 of 23

All-in Sustaining Cost for 9M15

Buenaventura1

La Zanja

Tantahuatay

Attributable Production2

9M15

9M15

9M15

9M15

Au Ounces Sold BVN

283,085

Au Ounces bought from La Zanja

-104,477

Au Ounces Sold Net

178,608

100,618

94,428

269,857

			9M15								9M15								9M15								9M15
Income Statement & Cash Flow			US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au				US$ 000'				US$/Oz Au
Cost of Sales3			228,941				1,282				87,133				866				42,235				447				292,108				1,082
Exploration in Operating Units			66,056				370				8,446				84				11,922				126				75,318				279
Royalties			16,902				95				0				0				0				0				16,902				63
Comercial Deductions4			44,711				250				2,494				25				549				6				46,254				171
Selling Expenses			5,088				28				954				9				700				7				5,875				22
Administrative Expenses5			35,644				200				1,200				12				1,364				14				36,827				136
Other Expenses			0				0				10,156				101				5,635				60				7,648				28
Other Incomes			-3,983				-22				-16,039				-159				-7,022				-74				-15,308				-57
Other administrative charges			0				0				5,472				54				126				1				2,954				11
Sustaining Capex6			22,652				127				26,024				259				32,644				346				49,549				184
By-product Credit			-226,736				-1,269				-3,969				-39				-9,122				-97				-232,500				-862
All-in Sustaining Cost			189,275				1,060				121,870				1,211				79,032				837				285,626				1,058

*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.

3. For Buenaventura does not consider purchase of concentrate from La Zanja.

4. For all metals produced.

5. For Buenaventura, does not consider management services charged to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.

6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 20 of 23

APPENDIX 6

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

Consolidated Statement of Financial Position

As of September 30, 2016 and December 31, 2015

		2016				2015
		US$(000)				US$(000)
Assets
Current assets
Cash and cash equivalents			117,243				78,519
Trade and other accounts receivable, net			286,035				219,862
Inventory, net			139,127				101,473
Income tax credit			17,607				45,919
Prepaid expenses			6,860				8,231
Total current assets			566,872				454,004
Assets classified as held for sale			4,421				15,592
			571,293				469,596
Non-current assets
Trade and other accounts receivable, net			167,869				162,567
Income tax credit			4,092				-
Inventory, net			5,655				26,029
Investment in associates			1,941,603				2,043,983
Mining concessions, development costs, property, plant and equipment, net			1,854,681				1,747,624
Investment properties, net			10,293				10,719
Deferred income tax asset, net			30,653				41,574
Prepaid expenses			30,647				29,235
Other assets			17,814				15,854
Total non-current assets			4,063,307				4,077,585
Total assets			4,634,600				4,547,181
Liabilities and shareholders’ equity
Current liabilities
Bank loans			54,547				285,302
Trade and other accounts payable			240,000				247,114
Provisions			60,805				49,829
Income tax payable			4,516				2,444
Embedded derivatives for concentrate sales, net			4,153				1,694
Hedge derivative financial instruments			219				10,643
Financial obligations			38,945				33,394
Total current liabilities			403,185				630,420
Liabilities directly associated with assets classified as held for sale			8,768				20,611
			411,953				651,031
Non-current liabilities
Trade and other accounts payable			17,266				15,057
Provisions			144,752				141,885
Financial obligations			561,712				320,316
Contingent consideration liability			20,524				16,994
Deferred income tax liability, net			10,206				12,662
Total non-current liabilities			754,460				506,914
Total liabilities			1,166,413				1,157,945
Shareholders’ equity
Capital stock			750,497				750,497
Investment shares			791				1,396
Additional paid-in capital			218,450				219,055
Legal reserve			162,744				162,714
Other reserves			269				269
Retained earnings			2,103,608				2,024,895
Other reserves of equity			(313	)			2,240
Shareholders’ equity, net attributable to owners of the parent			3,236,046				3,161,066
Non-controlling interest			232,141				228,170
Total shareholders’ equity			3,468,187				3,389,236
Total liabilities and shareholders’ equity			4,634,600				4,547,181

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 21 of 23

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

Consolidated Statement of profit or loss

For the three-month and nine-month periods ended September 30, 2016 and 2015

		For the three-month period ended September 30,								For the nine-month period ended September 30,
		2016				2015				2016				2015
		US$(000)				US$(000)				US$(000)				US$(000)
Continuing operations
Operating income
Net sales of goods			257,484				191,869				746,310				626,503
Net sales of services			5,598				10,391				16,859				42,698
Royalty income			5,947				8,720				18,493				25,200
Total operating income			269,029				210,980				781,662				694,401
Operating costs
Cost of sales of goods, excluding depreciation and amortization			(127,210	)			(130,505	)			(363,194	)			(380,910	)
Cost of services, excluding depreciation and amortization			(2,542	)			(15,416	)			(8,351	)			(46,318	)
Depreciation and amortization			(45,361	)			(59,564	)			(138,041	)			(169,078	)
Exploration in operating units			(24,985	)			(20,990	)			(66,206	)			(66,008	)
Mining royalties			(7,332	)			(6,937	)			(20,375	)			(21,844	)
Total operating costs			(207,430	)			(233,412	)			(596,167	)			(684,158	)
Gross profit			61,599				(22,432	)			185,495				10,243
Operating expenses, net
Administrative expenses			(16,879	)			(19,838	)			(58,048	)			(58,806	)
Exploration in non-operating areas			(6,355	)			(5,259	)			(14,824	)			(25,660	)
Selling expenses			(5,531	)			(4,655	)			(15,646	)			(12,701	)
Reversal (expense) for provision for contingencies			(331	)			201				(129	)			(280	)
Provision for impairment of long–lived assets			-				-				-				(3,803	)
Other, net			2,241				(2,225	)			10,561				(2,445	)
Total operating expenses, net			(26,855	)			(31,776	)			(78,086	)			(103,695	)
Operating profit (loss)			34,744				(54,208	)			107,409				(93,452	)
Other income (expense), net
Share in results of associates under equity method			(11,850	)			13,381				37,222				61,621
Financial income			1,749				827				6,061				2,441
Net gain (loss) from currency exchange difference			(4,233	)			(3,936	)			1,255				(7,517	)
Financial costs			(10,911	)			(6,934	)			(26,585	)			(21,078	)
Total other income (expense), net			(25,245	)			3,338				17,953				35,467
Profit (loss) before income tax			9,499				(50,870	)			125,362				(57,985	)
Current income tax			(14,054	)			(3,176	)			(32,359	)			(10,556	)
Deferred income tax			(17,075	)			17,473				(5,266	)			14,490
Profit (loss) from continuing operations			(21,630	)			(36,573	)			87,737				(54,051	)
Discontinued operations
Profit (loss) from discontinued operations			(6,736	)			(2,433	)			(6,382	)			(6,197	)
Net profit			(28,366	)			(39,006	)			81,355				(60,248	)
Attributable to:
Owners of the parent			(24,651	)			(23,229	)			82,372				(24,656	)
Non-controlling interest			(3,715	)			(15,777	)			(1,017	)			(35,592	)
			(28,366	)			(39,006	)			81,355				(60,248	)
Basic and diluted profit (loss) per share attributable to equity holders of the parent, stated in U.S. dollars			(0.10	)			(0.09	)			0.32				(0.10	)
Profit (loss) for continuing operations, basic and diluted per share attributable to equity holders of the parent, expressed in U.S. dollars			(0.07	)			(0.08	)			0.35				(0.07	)
Weighted average number of shares outstanding (common and investment), in units			253,715,190				253,715,190				253,715,190				253,715,190

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 22 of 23

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

Consolidated Statements of cash Flows

For the three-month and nine-month periods ended September 30, 2016 and 2015

		For the three-month period ended September 30,								For the nine-month period ended September 30,
		2016				2015				2016				2015
		US$(000)				US$(000)				US$(000)				US$(000)
Operating activities
Proceeds from sales			262,108				239,513				677,953				721,967
Proceeds from dividends			3,142				1,816				139,926				4,775
Value Added Tax recovered			34,850				21,911				105,722				74,784
Royalty received			5,947				7,151				27,005				28,966
Interest received			52				700				1,766				2,497
Payments to suppliers and third-parties			(190,615	)			(192,714	)			(523,634	)			(553,471	)
Payments to employees			(36,065	)			(40,892	)			(105,219	)			(127,920	)
Payments of interest			(1,068	)			(7,684	)			(18,941	)			(17,283	)
Payment of income taxes			(2,705	)			(6,125	)			(14,166	)			(17,387	)
Payments of mining royalties			(6,053	)			(5,525	)			(15,409	)			(17,407	)
Net cash and cash equivalents provided by operating activities			69,593				18,151				275,003				99,521
Investing activities
Proceeds from sales of mining concessions, property, plant and equipment			3,352				569				5,651				2,589
Proceeds from loan to third parties			-				141				-				141
Acquisitions of mining concessions, development costs, property, plant and equipment			(118,296	)			(84,895	)			(239,664	)			(166,527	)
Loans granted to associates			-				(20,800	)			-				(20,800	)
Opening of time deposits			-				(7,350	)			-				(7,350	)
Net cash and cash equivalents used in investing activities			(114,944	)			(112,335	)			(234,013	)			(191,947	)
Financing activities
Proceeds from bank loans			-				150,000				175,851				240,000
Payments of bank loans			(3,760	)			(50,000	)			(415,760	)			(90,000	)
Proceeds from financial obligations			210				-				275,210				10,000
Payments of financial obligations			(8,297	)			(20,784	)			(25,180	)			(29,870	)
Dividends paid to non-controlling interest			(1,649	)			(2,140	)			(5,709	)			(8,048	)
Acquisition of non-controlling interest			(4,152	)			-				(5,459	)			-
Increase of restricted bank accounts			(2,023	)			-				(4,011	)			-
Repurchase of treasury shares			(1,210	)			-				(1,210	)			-
Payments of dividends			-				(70	)			(9	)			(70	)
Net cash and cash equivalents provided by (used in) financing activities			(20,881	)			77,006				(6,277	)			122,012
Net increase (decrease) in cash and cash equivalents during the period			(66,232	)			(17,178	)			34,713				29,586
Cash and cash equivalents at the beginning of the period			179,464				125,276				78,519				78,512
Cash and cash equivalents at period-end			113,232				108,098				113,232				108,098
Unrealized gain (loss) for changes in the fair value of hedge financial instruments			827				(154	)			(2,911	)			(2,495	)
Changes in the asset for closure of mining units			-				12,272				8,433				53,988

Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page 23 of 23

		For the three-month period ended September 30,								For the nine-month period ended September 30,
		2016				2015				2016				2015
		US$(000)				US$(000)				US$(000)				US$(000)
Reconciliation of net profit to cash and cash equivalents provided by operating activities
Net profit (loss) attributable to owners of the parent			(24,651	)			(23,229	)			82,372				(24,656	)
Plus (less):
Depreciation and amortization			45,361				61,377				138,041				179,185
Net loss (gain) on sales of mining concessions, property, plant and equipment			-				10,667				2,072				13,620
Accretion expense of provision for closure of mining units and exploration projects			1,112				96				2,810				2,931
Loss (income) attributable to non-controlling interest			(3,715	)			(15,777	)			(1,017	)			(35,592	)
Net share in results of associates			11,850				(13,381	)			(37,222	)			(61,621	)
Provision for estimated fair value of embedded derivatives related to concentrate			20,651				(5,752	)			(9,298	)			(6,347	)
sales and adjustments on open liquidations
Deferred income tax expense (income)			17,075				(17,473	)			5,266				(14,490	)
Reversal (provision) for impairment loss of inventories			(291	)			8,928				(9,145	)			13,710
Net loss (gain) from currency exchange difference			4,233				3,945				(1,255	)			7,525
Provision for impairment of long–lived assets			-				-				-				3,803
Other net			(765	)			(513	)			(1,352	)			3,326
Net changes in operating assets and liabilities:
Decrease (increase) in operating assets -
Trade and other accounts receivable			(32,057	)			22,496				(68,235	)			51,970
Inventories			(8,598	)			(12,810	)			(6,777	)			11,656
Income tax credit			6,219				5,570				24,220				5,390
Prepaid expenses			3,809				4,543				(3,115	)			7,242
Increase (decrease) in operating liabilities -
Trade and other accounts payable			38,245				(17,892	)			21,908				(35,210	)
Provisions			(12,621	)			5,845				(4,196	)			(26,749	)
Income tax payable			594				(305	)			-				(947	)
Proceeds from dividends			3,142				1,816				139,926				4,775
Net cash and cash equivalents provided by operating activities			69,593				18,151				275,003				99,521

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Compañía de Minas Buenaventura S.A.A.

/s/ CARLOS E. GALVEZ PINILLOS

Carlos E. Gálvez Pinillos

Chief Financial Officer

Date: October 28, 2016