CORRESP 1 filename1.htm

Marcelo A. Mottesi

Partner

55 Hudson Yards | New York, NY 10001-2163

T: 212.530.5602

MMOTTESI@milbank.com

December 28, 2022

Mr. Mark Wojciechowski

Mr. John Cannarella

Mr. John Coleman

Division of Corporation Finance

Office of Energy & Transportation

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-4628

Re: Buenaventura Mining Company Inc.

Form 20-F for the Fiscal Year ended December 31, 2021, filed May 13, 2022

File No. 001-14370

Dear Mr. Wojciechowski, Mr. Cannarella, Mr. Coleman:

We note the receipt by Buenaventura Mining Company Inc. (Compañía de Minas Buenaventura S.A.A., or the “Company”), a sociedad anónima abierta (open stock company) under the laws of the Republic of Peru (“Peru”), of the comment letter (the “Comment Letter”) dated November 14, 2022 from the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) regarding the above-referenced Form 20-F (the “2021 20-F”). For your convenience, we have reproduced the Staff’s comments in italics and have provided responses immediately below.

If you have any questions or if we can provide any additional information, please do not hesitate to contact the persons listed at the end of this response letter.

SEC Comment No. 1.

Information on the Company, Page 26

We note your response to prior comment 1 stating that you do not plan to provide any information for the Julcani and La Zanja properties in future filings because you do not consider them to be material and have not prepared estimates of mineralization consistent with the definitions and standards in Subpart 1300 of Regulation S-K.

However, even though you may consider and identify the Julcani and La Zanja properties as not material, you would nevertheless need to provide the information prescribed for summary disclosure under Item 1303 of Regulation S-K. Further, while a technical report summary is not required for a non-material property, based on Item 1302(b) of Regulation S-K, estimates of resources and reserves must be prepared by a qualified person in accordance with Item 1302(e) of Regulation S-K. Please submit the revisions that you propose in the form of a draft amendment to comply with the aforementioned guidance.

December 28, 2022

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Response to SEC Comment No. 1.

The Company respectfully informs the Staff that, although it acknowledges the guidance set forth in Item 1302(b) of Regulation S-K, it is unable to provide information regarding reserves and resources prescribed for summary disclosure under Item 1303 of Regulation S-K in respect of the Julcani and La Zanja properties. The Company has included in Appendix 1 hereof the Company’s proposed revisions to its 2021 20-F in respect of such properties, which address the reasons that make it impracticable for the Company to provide investors with this information. The Company respectfully requests that these revised disclosures be provided on a prospective basis for all future filings on Form 20-F.

SEC Comment No. 2.

We note that in response to prior comment two you propose to include a map that appears to be an overview indicating the general location of all properties to address Item 1303(b)(1) of Regulation S-K. However, Item 1304(b)(1)(i) of Regulation S-K requires disclosure of a property specific map for each material property. The maps should be accurate to within one mile and based on an easily recognizable coordinate system.

We also note that you agreed to disclose the total cost and book value of each property and its associated plant and equipment to comply with Item 1304(b)(2)(iii) of Regulation S-K. However, we do not see these details among your proposed revisions.

Please submit a complete draft amendment with all proposed changes marked; and include a reference to the particular page and paragraph or section where revisions appear in response to each comment. We reissue prior comment two.

Response to SEC Comment No. 2.

The Company acknowledges the guidance set forth in Items 1304(b)(1)(i) and 1304(b)(2)(iii) of Regulation S-K and has included in Appendix 1 and Appendix 2 hereof the Company’s proposed revisions to its 2021 20-F, in respect of the Julcani and La Zanja properties and its other mining properties, respectively, to reflect the Staff’s comment that the Company include details regarding the total cost or book value of each property and its associated plant and equipment. For ease of reference, such revisions in respect of the Company’s prior response in respect of disclosure set forth in Appendix 2 are shown in bold and underlined. The Company respectfully requests that these revised disclosures be provided by the Company on a prospective basis for all future filings on Form 20-F.

SEC Comment No. 3.

We note that the revisions you proposed in response to prior comment 3 continue to omit the point of reference in which mineral resources and reserves are presented. For example, if mineral resources and reserves are presented as in-situ materials (prior to mining losses and processing losses), as mill feed (after mining losses and prior to processing losses), or on some other basis, this should be evident from your disclosures. Please comply with Item 1304(d)(1) of Regulation S-K. We reissue prior comment 3.

December 28, 2022

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Response to SEC Comment No. 3.

In response to the Staff’s request, the Company has included in Appendix 3 hereof the Company’s proposed revisions to its 2021 20-F to reflect the Staff’s comment that the Company disclose the point of reference with its resource and reserve tables as required by Item 1303(b)(3) and Item 1304(d)(1) of Regulation S-K. For ease of reference, such revisions in respect of the Company’s prior response are shown in bold and underlined. The Company respectfully requests that these revised disclosures be provided by the Company on a prospective basis for all future filings on Form 20-F.

* * *

The Company acknowledges that:

the Company is responsible for the adequacy and accuracy of the disclosure in this filing;

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

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.

If you have any questions, or require additional information please feel free to contact me at mmottesi@milbank.com or at (212) 530-5602.

	Sincerely,

	/s/ Marcelo Mottesi
	Marcelo Mottesi

cc:	Securities and Exchange Commission:

Karl Hiller

Compañía de Minas Buenaventura S.A.A.:

Daniel Dominguez

Gulnara LaRosa

December 28, 2022

Page 4

Appendix 1: Proposed changes to 2021 20-F in response to SEC Comment No. 1 and

SEC Comment No. 2 in respect of the Julcani and La Zanja properties¹

Proposed changes to the Company’s 2021 20-F are set forth below.

The Company will replace the section “Julcani” starting on page 36 of the 2021 20-F, with the following:

Julcani

Location and means of access

Julcani is an underground mine that is wholly owned and operated by us that we acquired in 1953 as our first operating mine. Julcani is located in the province of Angaraes, in the department of Huancavelica, approximately 500 kilometers southeast of Lima at an altitude between 4,200 and 5,000 meters above sea level. There are two routes to access the mine site, both departing from Lima: (1) a first road starting in Lima and continuing to La Oroya followed by Huancayo and Huancavelica for a total distance of 444 kilometers; and (2) a second road starting in Lima and continuing to Pisco and then through Huancavelica which is 45 kilometers from the property for a total distance of approximately 499 kilometers.

History

The mining district of Julcani has been known since colonial times. Between 1936 and 1945 the Swiss-Peruvian Julcani Mining Company mined the veins on an industrial scale. The mine was then worked by the Cerro de Pasco Corporation until 1951. In 1953, the Buenaventura Mining Company was founded and has worked the Julcani mines until today, more than 68 years later.

Title, leases and options

The Julcani mining unit, comprises six mining concessions and one beneficiation concession (concentrator). These six concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. Julcani’s concessions have a total area of approximately 11,566 hectares.

Mineralization

Julcani is a large polymetallic deposit in Central Peru, which principally produces silver that presents mainly as sulpho-salts in many mineralogically complex veins. They are hosted in dacite domes, tuffs, breccias and other tertiary volcanic rocks.

Operations and infrastructure

Ore is processed by bulk flotation to obtain a concentrate of silver-lead-copper-gold. The plant has a rated capacity of 585 tons per day. Water for operations in Julcani is obtained from mine drainage (that must be previously treated with lime), from seasonal streams and a small lagoon.

¹ Requested to be included on a prospective basis.

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The mining method used in this operation is cut and fill, for which the primary equipment employed are pneumatic shovels, and locomotives. The mine is currently deepening the mine at level 710 operating with synergistic equipment such as electric shovels, jumbo jets and battery powered locomotives.

Electric power for the site is generated by two hydroelectric plants, Huapa and El Ingenio.Power is also provided by the Peruvian national electricity grid which Julcani is connected to.

Production

The Julcani mine is in the production stage and has a treatment plant capacity of 500 tons of ore per day. The table below summarizes the Julcani’s mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated. Production in 2021 was significantly higher than 2020 due to the higher volume of ore treated. This was primarily due to the fact that in 2020, our operations were suspended from March until August as a result of the impact of government measures related to COVID-19.

	For the Year Ended December 31,
	2019		2020		2021
Treatment ore (in tonnes)		123,818		71,943		127,925
Average ore grade
Gold grade (g/t)		0.09		0.07		0.10
Silver grade (g/t)		681.16		704.98		625.82
Lead grade (%)		0.86		0.63		0.42
Metal contained in concentrates production
Gold (Oz)		150		315		358
Silver (Oz)		2,609,006		1,676,731		2,572,036
Lead (t)		966		408		478
Cost applicable to sales per oz. of silver (US$/Oz-Ag)		13.49		14.27		16.79
Cost applicable to sales per ton of lead (US$/t-Pb)		1,585		1,126		1,579
Capital Expenditures (in millions of US$)		1.6		1.1		2.4

Mineral Reserves and Mineral Resources

The method used to estimate resources and reserves in the Julcani property requires the person preparing the estimation to manually determine the blocks and samples to be used, as well as the scope of the grades to be considered for such purposes. This manual determination is made subjectively by the applicable geologist upon visiting the property and is not based on objective parameters such as an interpretation of the vein. Additionally, the information used by Company’s management for internal purposes is prepared on the basis of ‘relative coordinates’ that would need to be converted to The World Geodetic System 1984 standards for purposes of producing information compliant with the requirements of Regulation S-K 1300.

These manual processes prevent the possibility of repetition across different blocks within the property, which in turn would lead to the production of information that would not meet the standard of “transparency” required pursuant to Regulation S-K 1300. Further, given that the scope of the samples is not based on objective natural parameters, the Company’s calculations would likely also fail to satisfy the principle of “materiality” underlying Regulation S-K 1300.

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In light of the material amount of resources that would be required for the Company to produce reserves and resources information that is compliant with Regulation S-K 1300 for a property that Company management deems to be nearly depleted and immaterial when compared to the Company’s aggregate reserves and resources disclosed elsewhere in this annual report, the Company has decided that the cost to produce such information would outweigh its benefits and will therefore discontinue its reporting of reserves and resources in respect of the Julcani property going forward.

The total book value for the Julcani property and its associated plant and equipment was US$ 18.6 million as of December 31, 2021.

The Company will replace the section “La Zanja” starting on page 554of the 2021 20-F, with the following:

La Zanja

Location and means of access

The La Zanja mine is located in the district of Pulan, province of Santa Cruz, department of Cajamarca, 48 kilometers northwest of the Yanacocha gold mine, at an average altitude of 3,500 meters above sea level. Access to the operation site is available through the Panamericana Norte highway from Lima to Cajamarca followed by a departmental road network that leads to Pulán where the mining concession is located. La Zanja is operated by us.

History

In 1990, La Zanja was part of the northern Peru project established between Buenaventura and Newmont, covering 83,900 hectares in the Yanacocha volcanic belt by Buenaventura Ingenieros S.A. In addition to La Zanja, other copper and gold prospects were discovered in the La Huaca, Peña Verde and Galeno zones. In 1997, a total of 3,800 m of diamond drilling was completed at La Zanja.

After many years, in August 2010, the Peruvian government granted permits to Buenaventura to commence metallurgical operations at La Zanja. In September of 2010, Buenaventura and Newmont began production at La Zanja. The mine was expected to produce 100,000 oz Au per year over a seven-year mine life.

Title, leases and options

The operation area has mining concessions assigned to La Zanja, and the surrounding area also shows the presence of other concession holders such as Buenaventura, Newmont and several other companies. The La Zanja mining unit comprises 43 mining concessions and one beneficiation concession (concentrator). These 43 concessions represent the area of mines and exploration projects. Mining and exploration activities are carried out within these mining concessions. La Zanja’s concessions have an extension of approximately 27,414 hectares.

Mineralization

La Zanja is located within a large area of hydrothermal alteration, mainly related to epithermal gold deposits in high sulphidation environments, in addition to some bonanza Au vein epithermal systems, Cu-Au transitional epithermal-porphyry, and breccias pipe Cu-Au-Mo. We have two-ore deposits in production in oxide material: San Pedro Sur and Pampa Verde.

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Operations and infrastructure

During 2021, the operation focused on the San Pedro Sur and Pampa Verde open pits. Reinterpretation geological exploration was also carried out in projects with resources and reserves. The operation is carried out with outsourced equipment, which includes loading equipment of 2.4–4.7 m³ and hauling equipment of 20-22 m³. The average material moved is 11.7 kilo tons per day.

Mining operations are conducted through the open-pit method. The plant utilizes a carbon-in-column circuit as well as a Merrill-Crowe circuit to recover gold from heap leach operations. The gold laden carbon is then transported to Coimolache to be processed into doré bars.

In 2021, a total of 18,331 meters of diamond drilling in the Cu-Au exploration project Emperatriz, and the extensions of the corridors Olga and Isabel were confirmed.

Production

The La Zanja mine is in the production stage and has a treatment plan capacity of 20,000 tons of ore per day. The table below summarizes the La Zanja mine’s doré bars production, metal contained in doré bars produced and average grades for the periods indicated. Production in 2021 was significantly higher than in 2020 due to a higher volume of ore treated. The increase was primarily due to the fact that in 2020, our operations were suspended from March to June due to the impact of government restriction imposed in connection with COVID-19.

	For the Year Ended December 31,
	2019		2020		2021
Treatment ore (in tonnes)		1,577,645		1,639,008		2,627,252
Average ore grade
Gold grade (g/t)		0.46		0.37		0.42
Silver grade (oz/t)		6.73		9.41		0.12
Metal contained in concentrates production
Gold (Oz)		31,500		17,228		22,611
Silver (Oz)		97,204		84,641		104,534
Cost applicable to sales per oz. of gold (US$/Oz-Au)		1,233		1,739		1,697
Cost applicable to sales per oz. of silver (US$/Oz-Ag)		14.24		20.67		24.00
Capital Expenditures (in millions of US$)		1.6		0.8		1.0

Mineral Reserves and Mineral Resources

The total book value for the La Zanja property and its associated plant and equipment was US$ 15.4 million as of December 31, 2021.

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Appendix 2: Proposed changes to 2021 20-F in response to SEC Comment No. 2 in respect of Company properties other than Julcani and La Zanja²

Proposed changes to the Company’s 2021 20-F are set forth below.

The Company will include the following map prior to the first paragraph under “Location and means of access” on page 29 of the 2021 20-F:

The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 30 of the 2021 20-F, with the following:

The Orcopampa Mineral Reserves are estimated at a net smelter return (“NSR”) cut-off value of 188.89 US Dollars per tonne (“US$/t”). A minimum mining width of 1 to 6m was used and inclusive dilution was applied based on mining method. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of gold: 1,600 US$/oz and silver: 25 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at life of mine (“LOM”) average head grade amounts to 97.0% for gold and 70.0% for silver. The current LOM plan continues through 2024. The total book value for the Orcopampa property and its associated plant and equipment was US$29.1 million as of December 31, 2021.

² Requested to be included on a prospective basis.

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The Company will include the following map prior to the first paragraph under “Location and means of access” on page 32 of the 2021 20-F:

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The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 34 of the 2021 20-F, with the following:

The Uchucchacua Mineral Reserves are estimated at an NSR cut-off value between 58.01 US$/t to 83.48 US$/t. A minimum mining width of 0.9 to 25m was used and inclusive dilution was applied based on mining method. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using the following metal prices, based on average long term metal prices of silver: 25 US$/oz, lead: 2,286 US$/t, zinc: 2,385 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average amounts to 83.0% for silver, 64.0% for lead and 44.0% for zinc. The current LOM plan continues through 2024. The total book value for the Uchucchacua property and its associated plant and equipment was US$99.6 million as of December 31, 2021.

The Company will include the following map prior to the first paragraph under “Location and means of access” on page 39 of the 2021 20-F:

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The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 40 of the 2021 20-F, with the following:

The Tambomayo Mineral Reserves are estimated at an NSR cut-off value between 72.18 US$/t to 92.58 US$/t. A minimum mining width of 2.1 to 20m was used and inclusive dilution was applied based on mining method. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using the following metal prices, based on average long term metal prices of gold: 1,600 US$/oz, silver: 25 US$/oz, lead: 2,286 US$/t, zinc: 2,385 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average amounts to 80.0% for gold, 87.0% for silver, 81.0 % for lead and 74.0% for zinc. The current LOM plan continues through 2024. The total book value for the Tambomayo property and its associated plant and equipment was US$216.5 million as of December 31, 2021.

The Company will include the following map prior to the first paragraph under “Location and means of access” on page 42 of the 2021 20-F:

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The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 44 of the 2021 20-F, with the following:

The Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) Mineral Reserves are estimated at an internal NSR cut-off value of 27.14 US$/t. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of silver: 25 US$/oz, lead: 2,286 US$/t, Zinc: 2,385 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average head grade for lead-zinc open pit is 45.0% for lead, 54.0% for zinc and 63% for silver. The current LOM plan continues through 2032. The total book value for the El Brocal property and its associated plant and equipment was US$478.4 million as of December 31, 2021.

The Company will replace the final paragraph on page 47 of the 2021 20-F, with the following:

The Brocal Copper-Silver zone of Tajo Norte (Colquijirca) Mineral Reserves are estimated at an internal NSR cut-off value of 25.95 US$/t. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using the following metal prices, based on average long term metal prices of copper: 8,000 US$/t, gold: 1,600 US$/oz, silver: 25 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average head grade for copper open pit is 70.0% for copper, 48.0% for silver and 24% for gold. The current LOM plan continues through 2032. The total book value for the El Brocal property and its associated plant and equipment was US$478.4 million as of December 31, 2021.

The Company will replace the final paragraph on page 50 of the 2021 20-F, with the following:

The Brocal Marcapunta Mineral Reserves are estimated at an NSR cut-off value between 37.49 US$/t to 41.12 US$/t. A minimum mining width of 6 to 14 m was used and inclusive dilution was applied based on mining method. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of copper: 8,000 US$/t, gold: 1,600 US$/oz and silver: 25 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average amounts to 84.0% for copper, 52.0% for silver and 35.0% for gold. The current LOM plan continues through 2032. The total book value for the El Brocal property and its associated plant and equipment was US$478.4 million as of December 31, 2021.

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The Company will include the following map prior to the first paragraph under “Location and means of access” on page 58 of the 2021 20-F:

The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 59 of the 2021 20-F, with the following:

The Coimolache Mineral Reserves are estimated at an internal NSR cut-off value between 3.85 US$/t to 5.67 US$/t. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using metal prices, based on average long term metal prices of gold: 1,600 US$/oz and silver: 25 US$/oz. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and are variable as a function of head grade. Recoveries at LOM average amounts to 72.0% for gold and 16.0% for silver. The current LOM plan continues through 2027. The total book value for the Coimolache property and its associated plant and equipment was US$144.90 million as of December 31, 2021.

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The Company will include the following map prior to the first paragraph under “Location and means of access” on page 63 of the 2021 20-F:

The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 64 of the 2021 20-F, with the following:

Cerro Verde Mineral Reserves are estimated at an internal NSR cut-off grade of 0.17% equivalent copper. The cut-off grade is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs and using reserve metal prices, metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of copper: 2.50 US$/lb, silver: 15 US$/oz, molybdenum: 10 US$/lb. Metallurgical recoveries based on historical processing data and are variable as a function of head grade. Recoveries at LOM is 73% for copper, 45% for silver and 54% for molybdenum. The current LOM plan continues through 2052. The total book value for the Cerro Verde property and its associated plant and equipment was US$5,371.53 million as of December 31, 2021.

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The Company will include the following map prior to the first paragraph under “Location and means of access” on page 68 of the 2021 20-F:

The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 69 of the 2021 20-F, with the following:

The San Gabriel Project Mineral Reserves are estimated at an NSR cut-off value between 85 US$/t to 90 US$/t. The NSR cut-off value is determined using the concentrate transport, treatment and refining costs, as well as mine operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of gold: 1,600 US$/oz and silver: 25 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on extensive test work data and are variable as a function of head grade. Recoveries at LOM average amounts to 85.0% for gold and 45.0% for silver. The project LOM is currently estimated at 14 years. The total book value for the San Gabriel property and its associated plant and equipment was US$337.99 million as of December 31, 2021.

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The Company will include the following map prior to the first paragraph under “Location and means of access” on page 70 of the 2021 20-F:

The Company will replace the first paragraph under “Mineral Reserves and Mineral Resources” on page 71 of the 2021 20-F, with the following:

The Trapiche Project Mineral Reserves are estimated at an NSR cut-off value of 6.5 US$/t. The NSR cut-off value is determined using the cathodes transport charges and site operating costs. The NSR value is determined using reserve metal prices and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources. Mineral Reserves are estimated using average long term metal prices of cooper: 8,000 US$/t. Metallurgical recoveries are accounted for in NSR calculations based on historical processing data and with fixed values for each type of Ore. Recoveries at LOM average head grade estimated for copper is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. The project LOM is currently estimated at 18 years. The total book value for the Trapiche property and its associated plant and equipment was US$88.33 million as of December 31, 2021.

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Appendix 3: Proposed changes to 2021 20-F in response to SEC Comment No. 3³

Proposed changes to the Company’s 2021 20-F are set forth below.

The Company will replace the section under the heading “Mineral Reserves” on pages 74 through 75 of the 2021 20-F, with the following:

The following table shows our estimates of Attributable Mineral Reserves for our material mining properties as of December 31, 2021. The below estimates were prepared in accordance with Subpart 1300 of Regulation S-K.

	Ownership Interest			Proven Mineral Reserves						Probable Mineral Reserves						Total Mineral Reserves
	(%)			Total⁽⁵⁾		Grades		Contained Metal		Total⁽⁵⁾		Grades		Contained Metal		Total⁽⁵⁾		Grades		Contained Metal
Gold				(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.52		9.37		155.69		0.52		9.37		155.69
Tambomayo⁽¹⁾		100.00	%		0.49		3.39		53.18		0.90		2.81		81.31		1.39		3.01		134.49
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		1.41		0.01		0.49		14.78		0.24		113.23		16.19		0.22		113.71
El Brocal Marcapunta⁽¹⁾		61.43	%		0.02		0.69		0.47		19.93		0.77		493.17		19.96		0.77		493.64
Coimolache⁽¹⁾		40.10	%		-		-		-		26.24		0.30		251.15		26.24		0.30		251.15
San Gabriel⁽¹⁾		100.00	%		0.98		5.09		160.83		13.95		3.97		1,778.98		14.93		4.04		1,939.81
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-
Total					2.90		2.31		214.97		76.33		1.17		2,873.53		79.22		1.21		3,088.50
Silver					(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.52		17.78		0.30		0.52		17.78		0.30
Tambomayo⁽¹⁾		100.00	%		0.49		215.52		3.38		0.90		133.16		3.86		1.39		162.08		7.23
Uchucchacua⁽¹⁾		100.00	%		0.60		227.92		4.43		5.51		329.78		58.46		6.12		319.72		62.89
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		2.94		91.55		8.66		2.10		91.92		6.21		5.04		91.70		14.86
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		1.41		96.48		4.36		14.78		15.56		7.39		16.19		22.59		11.75
El Brocal Marcapunta⁽¹⁾		61.43	%		0.02		31.35		0.02		19.93		22.26		14.27		19.96		22.27		14.29
Coimolache⁽¹⁾		40.10	%		-		-		-		26.24		8.42		7.10		26.24		8.42		7.10
San Gabriel⁽¹⁾		100.00	%		0.98		2.26		0.07		13.95		6.72		3.02		14.93		6.43		3.09
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		141.37		1.86		8.44		641.64		1.88		38.81		783.00		1.88		47.25
Total					147.81		6.18		29.36		725.58		5.98		139.41		873.39		6.01		168.77
Zinc					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.49		1.47		7.19		0.90		1.38		12.42		1.39		1.41		19.61
Uchucchacua⁽¹⁾		100.00	%		0.60		2.24		13.55		5.51		1.85		102.15		6.12		1.89		115.69
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		2.94		2.65		77.89		2.10		1.44		30.33		5.04		2.15		108.22
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-
Total					4.03		2.44		98.62		8.51		1.70		144.90		12.55		1.94		243.52
Lead					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.49		0.98		4.79		0.90		0.92		8.29		1.39		0.94		13.08
Uchucchacua⁽¹⁾		100.00	%		0.60		1.26		7.60		5.51		1.09		60.23		6.12		1.11		67.83
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		2.94		1.37		40.32		2.10		0.70		14.78		5.04		1.09		55.10
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-
Total					4.03		1.31		52.72		8.51		0.98		83.30		12.55		1.08		136.01
Copper					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		1.41		2.35		33.03		14.78		1.64		242.48		16.19		1.70		275.50
El Brocal Marcapunta⁽¹⁾		61.43	%		0.02		1.18		0.25		19.93		1.32		262.68		19.96		1.32		262.93
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		283.20		0.51		1,444.28		283.20		0.51		1,444.28
Cerro Verde⁽³⁾		19.58	%		141.37		0.38		538.50		641.64		0.36		2,319.07		783.00		0.36		2,857.56
Total					142.79		0.40		571.78		959.55		0.44		4,268.50		1,102.34		0.44		4,840.28
Molybdenum					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		141.37		0.01		21.22		641.64		0.01		90.61		783.00		0.01		111.83
Total					141.37		0.01		21.22		641.64		0.01		90.61		783.00		0.01		111.83

Notes:

* Numbers may not add due to rounding.

** This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”.

*** The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis.

(1) The qualified person for the Mineral Reserves estimate of Orcopampa, Uchucchacua, Tambomayo, El Brocal and Coimolache is SRK Consulting Perú S.A.

(2) The qualified person for the Mineral Reserves estimate of San Gabriel is Agnitia Consultores S.A.C.

(3) The qualified person for the Mineral Reserves estimate of Trapiche is Mining Plus Peru S.A.C.

(4) The qualified person for the Mineral Reserves estimate of Cerro Verde is Freeport-McMoran Inc.

(5) The point of reference used is in situ tons.

³ Requested to be included on a prospective basis.

December 28, 2022

Page 18

The following table shows our estimates of Mineral Reserves (100% ownership basis) for our material mining properties as of December 31, 2021 prepared in accordance with S-K 1300.

	Ownership Interest			Proven Mineral Reserves						Probable Mineral Reserves						Total Mineral Reserves
	(%)			Total⁽⁵⁾		Grades		Contained Metal		Total⁽⁵⁾		Grades		Contained Metal		Total⁽⁵⁾		Grades		Contained Metal
Gold					(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.52		9.37		155.69		0.52		9.37		155.69
Tambomayo⁽¹⁾		100.00	%		0.49		3.39		53.18		0.90		2.81		81.31		1.39		3.01		134.49
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		2.29		0.01		0.79		24.06		0.24		184.32		26.35		0.22		185.11
El Brocal Marcapunta⁽¹⁾		100.00	%		0.03		0.69		0.77		32.45		0.77		802.82		32.48		0.77		803.59
Coimolache⁽¹⁾		100.00	%		-		-		-		65.45		0.30		626.40		65.45		0.30		626.40
San Gabriel⁽²⁾		100.00	%		0.98		5.09		160.83		13.95		3.97		1,778.98		14.93		4.04		1,939.81
Trapiche⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽⁴⁾		100.00	%		-		-		-		-		-		-		-		-		-
Total					3.79		1.77		215.57		137.33		0.82		3,629.51		141.12		0.85		3,845.08
Silver					(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.52		17.78		0.30		0.52		17.78		0.30
Tambomayo⁽¹⁾		100.00	%		0.49		215.52		3.38		0.90		133.16		3.86		1.39		162.08		7.23
Uchucchacua⁽¹⁾		100.00	%		0.60		227.92		4.43		5.51		329.78		58.46		6.12		319.72		62.89
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		4.79		91.55		14.09		3.42		91.92		10.10		8.21		91.70		24.20
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		2.29		96.48		7.10		24.06		15.56		12.03		26.35		22.59		19.13
El Brocal Marcapunta⁽¹⁾		100.00	%		0.03		31.35		0.03		32.45		22.26		23.23		32.48		22.27		23.26
Coimolache⁽¹⁾		100.00	%		-		-		-		65.45		8.42		17.72		65.45		8.42		17.72
San Gabriel⁽²⁾		100.00	%		0.98		2.26		0.07		13.95		6.72		3.02		14.93		6.43		3.09
Trapiche⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽⁴⁾		100.00	%		722.00		1.86		43.11		3,277.00		1.88		198.20		3,999.00		1.88		241.31
Total					731.19		3.07		72.22		3,423.26		2.97		326.91		4,154.45		2.99		399.13
Zinc					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.49		1.47		7.19		0.90		1.38		12.42		1.39		1.41		19.61
Uchucchacua⁽¹⁾		100.00	%		0.60		2.24		13.55		5.51		1.85		102.15		6.12		1.89		115.69
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		4.79		2.65		126.80		3.42		1.44		49.37		8.21		2.15		176.16
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽⁴⁾		100.00	%		-		-		-		-		-		-		-		-		-
Total					5.88		2.51		147.53		9.83		1.67		163.94		15.71		1.98		311.47
Lead					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.49		0.98		4.79		0.90		0.92		8.29		1.39		0.94		13.08
Uchucchacua⁽¹⁾		100.00	%		0.60		1.26		7.60		5.51		1.09		60.23		6.12		1.11		67.83
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		4.79		1.37		65.64		3.42		0.70		24.05		8.21		1.09		89.69
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽⁴⁾		100.00	%		-		-		-		-		-		-		-		-		-
Total					5.88		1.33		78.03		9.83		0.94		92.57		15.71		1.09		170.61
Copper					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		2.29		2.35		53.76		24.06		1.64		394.72		26.35		1.70		448.48
El Brocal Marcapunta⁽¹⁾		100.00	%		0.03		1.18		0.41		32.45		1.32		427.61		32.48		1.32		428.02
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽³⁾		100.00	%		-		-		-		283.20		0.51		1,444.28		283.20		0.51		1,444.28
Cerro Verde⁽⁴⁾		100.00	%		722.00		0.38		2,750.25		3,277.00		0.36		11,844.05		3,999.00		0.36		14,594.30
Total					724.32		0.39		2,804.42		3,616.71		0.39		14,110.66		4,341.03		0.39		16,915.08
Molybdenum					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-
San Gabriel⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-
Trapiche⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-
Cerro Verde⁽⁴⁾		100.00	%		722.00		0.01		108.40		3,277.00		0.01		462.76		3,999.00		0.01		571.16
Total					722.00		0.01		108.40		3,277.00		0.01		462.76		3,999.00		0.01		571.16

Notes:

Numbers may not add due to rounding.

This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”.

***

The total tonnage and content amounts presented in this table considered an ownership basis of 100%.

(1)

The qualified person for the Mineral Reserves estimate of Orcopampa, Uchucchacua, Tambomayo, El Brocal and Coimolache is SRK Consulting Perú S.A.

(2)

The qualified person for the Mineral Reserves estimate of San Gabriel is Agnitia Consultores S.A.C

(3)

The qualified person for the Mineral Reserves estimate of Trapiche is Mining Plus Peru S.A.C

(4)

The qualified person for the Mineral Reserves estimate of Cerro Verde is Freeport-McMoran Inc

(5)

The point of reference used is in situ tons.

December 28, 2022

Page 19

As required by Item 1304(d)(1) of Regulation S-K, the Company will include the following heading and table, below the section titled “Mineral Reserves” ending on page 75 of the 2021 20-F:

The following table shows a summary of our Mineral Reserves for our material mining properties as of December 31, 2021 prepared in accordance with Item 1304(d)(1) of S-K 1300(*):

	Ownership			Total
	Interest			Mineral Reserves						NSR		Metallurgical
	(%)			Total⁽³⁾		Grades		Contained Metal		Cut-off⁽¹⁾		Recovery
Gold					(Mt)		(g/t)		(kOz)		(US$/t)		(%)
Orcopampa		100.00	%		0.52		9.37		155.69		188.89		97	%
Tambomayo		100.00	%		1.39		3.01		134.49		72.18 - 92.58		80	%
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		16.19		0.22		113.71		27.14		24	%
El Brocal Marcapunta		61.43	%		19.96		0.77		493.64		37.49 - 41.12		35	%
Coimolache		40.10	%		26.24		0.30		251.15		3.85 - 5.67		80	%
San Gabriel		100.00	%		14.93		4.04		1,939.81		85.00 – 90.00		85	%
Trapiche		100.00	%		-		-		-		6.50		-
Cerro Verde		19.58	%		-		-		-		-		-
Total					79.22		1.21		3,088.50
Silver					(Mt)		(g/t)		(MOz)		(US$/t)		(%)
Orcopampa		100.00	%		0.52		17.78		0.30		188.89		70	%
Tambomayo		100.00	%		1.39		162.08		7.23		72.18 - 92.58		87	%
Uchucchacua		100.00	%		6.12		319.72		62.89		58.01 - 83.48		83	%
El Brocal Tajo Norte Pb-Zn		61.43	%		5.04		91.70		14.86		25.95		63	%
El Brocal Tajo Norte Cu		61.43	%		16.19		22.59		11.75		27.14		48	%
El Brocal Marcapunta		61.43	%		19.96		22.27		14.29		37.49 - 41.12		52	%
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde		19.58	%		783.00		1.88		47.25		0.17		45	%
Total					873.39		6.01		168.77
Zinc					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		1.39		1.41		19.61		72.18 - 92.58		74	%
Uchucchacua		100.00	%		6.12		1.89		115.69		58.01 - 83.48		44	%
El Brocal Tajo Norte Pb-Zn		61.43	%		5.04		2.15		108.22		25.95		54	%
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde		19.58	%		-		-		-		-		-
Total					12.55		1.94		243.52
Lead					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		1.39		0.94		13.08		72.18 - 92.58		91	%
Uchucchacua		100.00	%		6.12		1.11		67.83		58.01 - 83.48		64	%
El Brocal Tajo Norte Pb-Zn		61.43	%		5.04		1.09		55.10		25.95		45	%
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde		19.58	%		-		-		-		-		-
Total					12.55		1.08		136.01
Copper					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		-		-		-		-		-
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		16.19		1.70		275.50		27.14		70	%
El Brocal Marcapunta		61.43	%		19.96		1.32		262.93		37.49 - 41.12		84	%
Trapiche		100.00	%		283.20		0.51		1,444.28		6.50		62%⁽²⁾-
Cerro Verde		19.58	%		783.00		0.36		2,857.56		0.17		73	%
Total					1,102.34		0.44		4,840.28
Molybdenum					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		-		-		-		-		-
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde		19.58	%		783.00		0.01		111.83		0.17		54	%
Total					783.00		0.01		111.83

^* Based on metal prices of Gold: 1,600 US$/oz, Silver: 25 US$/t, Copper: 8,000 US$/t, Lead: 2,286 US$/t and Zinc: 2,385 US$/t

^** This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”.

⁽¹⁾ Cut-off for Cerro Verde is calculated as grade in % Equivalent Copper

⁽²⁾ Recovery is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. 62% is an average.

(3) The point of reference used is in situ tons.

December 28, 2022

Page 20

The Company will replace the section under the heading “Mineral Resources” on pages 76 through 78 of the 2021 20-F, with the following:

The following table shows our estimates of Attributable Mineral Resources for our material mining properties as of December 31, 2021 prepared in accordance with S-K 1300.

	Ownership Interest			Measured Mineral Resources						Indicated Mineral Resources						Measured plus Indicated Mineral Resources						Inferred Mineral Resources
	(%)			Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal
Gold					(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.34		9.97		110.42		0.34		9.97		110.42		0.37		10.13		121.42
Tambomayo⁽¹⁾		100.00	%		0.25		3.88		31.66		0.30		2.00		19.51		0.56		2.86		51.17		0.12		1.73		6.68
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		0.02		0.04		0.02		0.72		0.12		2.69		0.74		0.11		2.72		8.50		0.17		45.36
El Brocal Marcapunta⁽¹⁾		61.43	%		0.55		1.04		18.40		17.63		0.87		494.03		18.18		0.88		512.43		12.09		0.80		310.24
Coimolache⁽¹⁾		40.10	%		-		-		-		15.27		0.24		119.82		15.27		0.24		119.82		5.24		0.27		45.43
San Gabriel⁽¹⁾		100.00	%		0.38		1.65		20.19		10.51		1.61		543.29		10.89		1.61		563.47		13.97		2.49		1,120.10
Trapiche⁽²⁾		100.00	%		24.20		0.04		32.60		593.00		0.03		529.40		617.20		0.03		562.00		36.61		0.04		49.00
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					25.40		0.13		102.87		637.78		0.09		1,819.16		663.18		0.09		1,922.03		76.91		0.69		1,698.23
Silver					(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.34		23.72		0.26		0.34		23.72		0.26		0.37		15.19		0.18
Tambomayo⁽¹⁾		100.00	%		0.25		156.76		1.28		0.30		136.36		1.33		0.56		145.64		2.61		0.12		261.39		1.01
Uchucchacua⁽¹⁾		100.00	%		0.63		253.04		5.12		1.80		272.11		15.77		2.43		267.18		20.89		7.18		374.89		86.50
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		0.67		14.53		0.31		0.79		38.10		0.97		1.46		27.32		1.28		1.22		103.02		4.04
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		0.02		139.41		0.08		0.72		25.84		0.60		0.74		28.49		0.68		8.50		15.26		4.17
El Brocal Marcapunta⁽¹⁾		61.43	%		0.55		41.46		0.73		17.63		24.82		14.07		18.18		25.32		14.80		12.09		22.56		8.77
Coimolache⁽¹⁾		40.10	%		-		-		-		15.27		13.66		6.71		15.27		13.66		6.71		5.24		7.11		1.20
San Gabriel⁽¹⁾		100.00	%		0.38		2.78		0.03		10.51		7.24		2.45		10.89		7.09		2.48		13.97		9.53		4.28
Trapiche⁽²⁾		100.00	%		24.20		2.85		2.22		593.00		2.37		45.11		617.20		2.39		47.33		36.61		4.39		5.16
Cerro Verde⁽³⁾		19.58	%		6.27		1.13		0.23		291.15		1.86		17.42		297.42		1.85		17.64		134.32		1.83		7.92
Total					32.96		9.44		10.00		931.53		3.50		104.68		964.50		3.70		114.68		219.63		17.45		123.23
Zinc					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.25		1.76		4.46		0.30		1.46		4.43		0.56		1.60		8.89		0.12		1.08		1.30
Uchucchacua⁽¹⁾		100.00	%		0.63		1.67		10.52		1.80		1.71		30.83		2.43		1.70		41.35		7.18		2.18		156.19
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		0.67		3.78		25.29		0.79		3.05		24.24		1.46		3.39		49.53		1.22		1.02		12.48
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					1.55		2.59		40.27		2.90		2.05		59.50		4.45		2.24		99.78		8.52		2.00		169.97
Lead					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.25		1.10		2.78		0.30		0.90		2.73		0.56		0.99		5.51		0.12		0.79		0.95
Uchucchacua⁽¹⁾		100.00	%		0.63		1.05		6.64		1.80		1.01		18.28		2.43		1.02		24.92		7.18		1.47		105.68
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		0.67		1.25		8.36		0.79		0.91		7.19		1.46		1.06		15.55		1.22		0.33		4.03
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					1.55		1.15		17.78		2.90		0.97		28.19		4.45		1.03		45.97		8.52		1.30		110.66
Copper					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		0.02		2.95		0.51		0.72		1.72		12.39		0.74		1.75		12.90		8.50		1.54		131.02
El Brocal Marcapunta⁽¹⁾		61.43	%		0.55		2.64		14.49		17.63		1.59		280.91		18.18		1.62		295.40		12.09		1.76		212.47
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		24.20		0.31		74.43		593.00		0.32		1,896.43		617.20		0.32		1,970.86		36.61		0.32		115.67
Cerro Verde⁽³⁾		19.58	%		6.27		0.32		19.72		291.15		0.35		1,031.92		297.42		0.35		1,051.73		134.32		0.35		470.27
Total					31.03		0.35		109.15		902.51		0.36		3,221.66		933.54		0.36		3,330.89		191.52		0.49		929.42
Molybdenum					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		61.43	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		40.10	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		19.58	%		6.27		0.01		0.44		291.15		0.01		36.50		297.42		0.01		36.95		134.32		0.01		15.90
Total					6.27		0.01		0.44		291.15		0.01		36.50		297.42		0.01		36.95		134.32		0.01		15.90

Notes:

Numbers may not add due to rounding.

The estimation of Mineral Resources involves assumptions about future commodity prices and technical mining matters. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

***

The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis.

****

(1)

The qualified person for the Mineral Resources estimate of Orcopampa, Uchucchacua, Tambomayo, El Brocal, Coimolache and San Gabriel is SRK Consulting Perú S.A.

(2)

The qualified person for the Mineral Resources estimate of Trapiche is Mining Plus Peru S.A.C.

(3)

The qualified person for the Mineral Resources estimate of Cerro Verde is Freeport-McMoran Inc.

(4)

The point of reference used is in situ tons.

December 28, 2022

Page 21

The following table shows our estimates of Mineral Resources (100% ownership basis) for our material mining properties as of December 31, 2021 prepared in accordance with S-K 1300.

	Ownership Interest			Measured Mineral Resources						Indicated Mineral Resources						Measured plus Indicated Mineral Resources						Inferred Mineral Resources
	(%)			Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal		Total⁽⁴⁾		Grades		Contained Metal
Gold					(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)		(Mt)		(g/t)		(kOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.34		9.97		110.42		0.34		9.97		110.42		0.37		10.13		121.42
Tambomayo⁽¹⁾		100.00	%		0.25		3.88		31.66		0.30		2.00		19.51		0.56		2.86		51.17		0.12		1.73		6.68
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		0.03		0.04		0.03		1.17		0.12		4.39		1.20		0.11		4.42		13.84		0.17		73.84
El Brocal Marcapunta⁽¹⁾		100.00	%		0.89		1.04		29.95		28.70		0.87		804.21		29.60		0.88		834.17		19.68		0.80		505.02
Coimolache⁽¹⁾		100.00	%		-		-		-		38.08		0.24		298.85		38.08		0.24		298.85		13.08		0.27		113.30
San Gabriel⁽¹⁾		100.00	%		0.38		1.65		20.19		10.51		1.61		543.29		10.89		1.61		563.47		13.97		2.49		1,120.10
Trapiche⁽²⁾		100.00	%		24.20		0.04		32.60		593.00		0.03		529.40		617.20		0.03		562.00		36.61		0.04		49.00
Cerro Verde⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					25.75		0.14		114.44		672.12		0.11		2,310.07		697.87		0.11		2,424.50		97.67		0.63		1,989.37
Silver					(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)		(Mt)		(g/t)		(MOz)
Orcopampa⁽¹⁾		100.00	%		-		-		-		0.34		23.72		0.26		0.34		23.72		0.26		0.37		15.19		0.18
Tambomayo⁽¹⁾		100.00	%		0.25		156.76		1.28		0.30		136.36		1.33		0.56		145.64		2.61		0.12		261.39		1.01
Uchucchacua⁽¹⁾		100.00	%		0.63		253.04		5.12		1.80		272.11		15.77		2.43		267.18		20.89		7.18		374.89		86.50
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		1.09		14.53		0.51		1.29		38.10		1.58		2.38		27.32		2.09		1.99		103.02		6.58
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		0.03		139.41		0.13		1.17		25.84		0.97		1.20		28.49		1.10		13.84		15.26		6.79
El Brocal Marcapunta⁽¹⁾		100.00	%		0.89		41.46		1.19		28.70		24.82		22.90		29.60		25.32		24.09		19.68		22.56		14.27
Coimolache⁽¹⁾		100.00	%		-		-		-		38.08		13.66		16.72		38.08		13.66		16.72		13.08		7.11		2.99
San Gabriel⁽¹⁾		100.00	%		0.38		2.78		0.03		10.51		7.24		2.45		10.89		7.09		2.48		13.97		9.53		4.28
Trapiche⁽²⁾		100.00	%		24.20		2.85		2.22		593.00		2.37		45.11		617.20		2.39		47.33		36.61		4.39		5.16
Cerro Verde⁽³⁾		100.00	%		32.00		1.13		1.15		1,487.00		1.86		88.95		1,519.00		1.85		90.10		686.00		1.83		40.43
Total					59.47		6.09		11.63		2,162.21		2.82		196.06		2,221.69		2.91		207.69		792.84		6.60		168.19
Zinc					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.25		1.76		4.46		0.30		1.46		4.43		0.56		1.60		8.89		0.12		1.08		1.30
Uchucchacua⁽¹⁾		100.00	%		0.63		1.67		10.52		1.80		1.71		30.83		2.43		1.70		41.35		7.18		2.18		156.19
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		1.09		3.78		41.18		1.29		3.05		39.46		2.38		3.39		80.63		1.99		1.02		20.32
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					1.97		2.85		56.15		3.40		2.20		74.72		5.37		2.44		130.88		9.28		1.92		177.81
Lead					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		0.25		1.10		2.78		0.30		0.90		2.73		0.56		0.99		5.51		0.12		0.79		0.95
Uchucchacua⁽¹⁾		100.00	%		0.63		1.05		6.64		1.80		1.01		18.28		2.43		1.02		24.92		7.18		1.47		105.68
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		1.09		1.25		13.61		1.29		0.91		11.70		2.38		1.06		25.31		1.99		0.33		6.55
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Total					1.97		1.17		23.03		3.40		0.96		32.70		5.37		1.04		55.73		9.28		1.22		113.18
Copper					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		0.03		2.95		0.82		1.17		1.72		20.18		1.20		1.75		21.00		13.84		1.54		213.28
El Brocal Marcapunta⁽¹⁾		100.00	%		0.89		2.64		23.59		28.70		1.59		457.29		29.60		1.62		480.88		19.68		1.76		345.87
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		24.20		0.31		74.43		593.00		0.32		1,896.43		617.20		0.32		1,970.86		36.61		0.32		115.67
Cerro Verde⁽³⁾		100.00	%		32.00		0.32		100.70		1,487.00		0.35		5,270.30		1,519.00		0.35		5,371.45		686.00		0.35		2,401.77
Total					57.12		0.35		199.54		2,109.88		0.36		7,644.19		2,167.00		0.36		7,844.19		756.13		0.41		3,076.59
Molybdenum					(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)		(Mt)		(%)		(kt)
Orcopampa⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Tambomayo⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Uchucchacua⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Tajo Norte Cu⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
El Brocal Marcapunta⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Coimolache⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
San Gabriel⁽¹⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Trapiche⁽²⁾		100.00	%		-		-		-		-		-		-		-		-		-		-		-		-
Cerro Verde⁽³⁾		100.00	%		32.00		0.01		2.27		1,487.00		0.01		186.43		1,519.00		0.01		188.69		686.00		0.01		81.19
Total					32.00		0.01		2.27		1,487.00		0.01		186.43		1,519.00		0.01		188.69		686.00		0.01		81.19

Notes:

Numbers may not add due to rounding.

***

The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis.

****

(1)

The qualified person for the Mineral Resources estimate of Orcopampa, Uchucchacua, Tambomayo, El Brocal, Coimolache and San Gabriel is SRK Consulting Perú S.A.

(2)

The qualified person for the Mineral Resources estimate of Trapiche is Mining Plus Peru S.A.C.

(3)

The qualified person for the Mineral Resources estimate of Cerro Verde is Freeport-McMoran Inc.

(4)

The point of reference used is in situ tons.

December 28, 2022

Page 22

As required by Item 1304(d)(1) of Regulation S-K, the Company will include the following heading and table, below the section titled “Mineral Resources” ending on page 78 of the 2021 20-F:

The following table shows a summary of our Mineral Resources for our material mining properties as of December 31, 2021 prepared in accordance with Item 1304(d)(1) of S-K 1300(*):

	Ownership			Measured + Indicated
	Interest			Mineral Resources						NSR		Metallurgical
	(%)			Total⁽³⁾		Grades		Contained Metal		Cut-off⁽¹⁾		Recovery
Gold					(Mt)		(g/t)		(kOz)		(US$/t)		(%)
Orcopampa		100.00	%		0.34		9.97		110.42		188.89		97	%
Tambomayo		100.00	%		0.56		2.86		51.17		72.18 - 92.58		80	%
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		0.74		0.11		2.72		27.14		24	%
El Brocal Marcapunta		61.43	%		18.18		0.88		512.43		37.49 - 41.12		35	%
Coimolache		40.10	%		15.27		0.24		119.82		3.85 - 5.67		80	%
San Gabriel		100.00	%		10.89		1.61		563.47		85.00 – 90.00		85	%
Trapiche		100.00	%		617.20		0.03		562.00		6.50		-
Cerro Verde⁽¹⁾		19.58	%		-		-		-		-		-
Total					663.18		0.09		1,922.03
Silver					(Mt)		(g/t)		(MOz)		(US$/t)		(%)
Orcopampa		100.00	%		0.34		23.72		0.26		188.89		70	%
Tambomayo		100.00	%		0.56		145.64		2.61		72.18 - 92.58		87	%
Uchucchacua		100.00	%		2.43		267.18		20.89		58.01 - 83.48		83	%
El Brocal Tajo Norte Pb-Zn		61.43	%		1.46		27.32		1.28		25.95		63	%
El Brocal Tajo Norte Cu		61.43	%		0.74		28.49		0.68		27.14		48	%
El Brocal Marcapunta		61.43	%		18.18		25.32		14.80		37.49 - 41.12		52	%
Coimolache		40.10	%		15.27		13.66		6.71		3.85 - 5.67		72	%
San Gabriel		100.00	%		10.89		7.09		2.48		85.00 – 90.00		45	%
Trapiche		100.00	%		617.20		2.39		47.33		6.50		-
Cerro Verde⁽¹⁾		19.58	%		297.42		1.85		17.64		0.12		45	%
Total					964.50		3.70		114.68
Zinc					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		0.56		1.60		8.89		72.18 - 92.58		74	%
Uchucchacua		100.00	%		2.43		1.70		41.35		58.01 - 83.48		44	%
El Brocal Tajo Norte Pb-Zn		61.43	%		1.46		3.39		49.53		25.95		54	%
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Coimolache		40.10	%		-		-		-		-		-
San Gabriel		100.00	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde⁽¹⁾		19.58	%		-		-		-		-		-
Total					4.45		2.24		99.78
Lead					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		0.56		0.99		5.51		72.18 - 92.58		91	%
Uchucchacua		100.00	%		2.43		1.02		24.92		58.01 - 83.48		64	%
El Brocal Tajo Norte Pb-Zn		61.43	%		1.46		1.06		15.55		25.95		45	%
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Coimolache		40.10	%		-		-		-		-		-
San Gabriel		100.00	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde⁽¹⁾		19.58	%		-		-		-		-		-
Total					4.45		1.03		45.97
Copper					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		-		-		-		-		-
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		0.74		1.75		12.90		27.14		70	%
El Brocal Marcapunta		61.43	%		18.18		1.62		295.40		37.49 - 41.12		84	%
Coimolache		40.10	%		-		-		-		-		-
San Gabriel		100.00	%		-		-		-		-		-
Trapiche		100.00	%		617.20		0.32		1,970.86		6.50		62	%⁽²⁾
Cerro Verde⁽¹⁾		19.58	%		297.42		0.35		1,051.73		0.12		73	%
Total					933.54		0.36		3,330.89
Molybdenum					(Mt)		(%)		(kt)		(US$/t)		(%)
Orcopampa		100.00	%		-		-		-		-		-
Tambomayo		100.00	%		-		-		-		-		-
Uchucchacua		100.00	%		-		-		-		-		-
El Brocal Tajo Norte Pb-Zn		61.43	%		-		-		-		-		-
El Brocal Tajo Norte Cu		61.43	%		-		-		-		-		-
El Brocal Marcapunta		61.43	%		-		-		-		-		-
Coimolache		40.10	%		-		-		-		-		-
San Gabriel		100.00	%		-		-		-		-		-
Trapiche		100.00	%		-		-		-		-		-
Cerro Verde⁽¹⁾		19.58	%		297.42		0.01		36.95		0.12		54	%
Total					297.42		0.01		36.95

^(*) Based on metal prices of Gold: 1,600 US$/oz, Silver: 25 US$/t, Copper: 8,000 US$/t, Lead: 2,286 US$/t and Zinc: 2,385 US$/t

⁽¹⁾ Cut-off for Cerro Verde is calculated as grade in % Equivalent Copper

⁽²⁾ Recovery is 71.7% for Enriched Ore, 55.0% for Transitional Ore, 85.0% for Oxide and Mixed Ore and 40.0% for ROM low grade ore. 62% is an average.

(3) The point of reference used is in situ tons