UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2022
Commission File Number 001-14370
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
BUENAVENTURA MINING COMPANY INC.
(Translation of registrant’s name into English)
Republic of Peru
(Jurisdiction of incorporation or organization)
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 Form 20-F or Form 40-F.
Form 20-F ____X___ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
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): Not applicable.

Buenaventura Announces
Second Quarter and Six-month 2022 Results

Lima, Peru, July 26, 2022 – 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, today announced results for the second quarter (2Q22) and six-month period ended June 30, 2022.  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$).

Second Quarter 2022 Highlights:
•
2Q22 EBITDA from direct operations was US$ -19.1 million, compared to US$ 68.5 million reported in 2Q21.
•
2Q22 Operating Cash Flow reached US$ 72.7 million, compared to US$ 101.7 million in 2Q21.
•
2Q22 net loss was US$ 39.9 million, compared to a US$ 37.5 million net income for the same period in 2021.
•
2Q22 exploration at operating units increased to US$ 18.9 million, compared to US$ 14.5 million in 2Q21. This increase was part of the Company’s revised strategy to increase its focus on exploration in order to extend LOM.
•
2Q22 capital expenditures were US$ 30.4 million, compared to US$ 21.4 million for the same period in 2021. 2Q22 CAPEX includes US$ 11.0 million related to the San Gabriel Project and US$ 6.3 million related to the Yumpag Project.
•
The Company continued its strategy of progressively reducing fixed costs at the Uchucchacua mine to improve the cost structure efficiency when the operation restarts.
•
COVID related expenses were reduced from US$ 19.1 million in 2Q21 to US$ 1.9 million reported in 2Q22.
•
Buenaventura’s cash position reached US$ 326.3 million as of June 30, 2022. Net Debt was reduced to US$ 416.4 million, with and average maturity of 3.8 years (vs. 2Q21: 2.2 years).
•
On April 29, 2022, Cerro Verde paid a total dividend of US$ 150 million. Buenaventura received US$ 29.4 million relative to its stake in Cerro Verde.
•
Huanza’s current debt amounts to US$90 million with a coupon rate of 5.05% per annum, payable until 2027.

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

 
2Q22
2Q21
Var
6M22
6M21
Var
Total Revenues
150.1
240.9
-38%
383.0
426.7
-10%
Operating Income
-70.4
10.5
N.A.
6.9
1.0
N.A.
EBITDA Direct Operations
-19.1
68.5
N.A.
412.9
108.2
282%
EBITDA Including Affiliates
51.6
180.9
-71%
630.4
343.6
83%
Net Income
-39.9
37.5
N.A.
596.3
53.9
N.A.
EPS
-0.16
0.15
N.A.
2.35
0.21
N.A.

(*) As of June 30, 2022, Buenaventura had a weighted average number of shares outstanding of 253,986,867.






Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 2 of 25


Operating Revenues

2Q22 net sales were US$ 150.1 million, as compared to US$ 235.9 million reported in 2Q21; a year on year decrease driven by lower volume sold of lead, zinc and silver.

Operating Highlights
2Q22
2Q21
%
6M22
6M21
%
Net Sales (million of US$)
150.1
235.9
-36%
381.6
417.9
-9%
Average Gold Price (US$/oz.) Direct Operations (1) (2)
1,825
1,815
1%
1,861
1,776
5%
Average Gold Price (US$/oz.) inc Associated (2) (3)
1,829
1,813
1%
1,861
1,779
5%
Average Silver Price (US$/oz.) (2)
22.71
27.06
-16%
23.42
27.02
-13%
Average Lead Price (US$/MT) (2)
2,180
2,192
-1%
2,280
2,166
5%
Average Zinc Price (US$/MT) (2)
4,489
3,010
49%
4,257
3,108
37%
Average Copper Price (US$/MT) (2)
9,073
10,033
-10%
9,498
9,585
-1%

Volume Sold
2Q22
2Q21
%
6M22
6M21
%
Gold Oz Direct Operations (1)
37,718
33,575
12%
77,885
59,763
30%
Gold Oz inc Associated (3)
45,958
45,529
1%
94,379
82,981
14%
Silver Oz
1,813,579
3,505,471
-48%
3,701,368
6,681,750
-45%
Lead MT
3,811
6,713
-43%
8,401
11,517
-27%
Zinc MT
6,632
12,476
-47%
16,810
23,282
-28%
Copper MT
10,330
9,966
4%
20,063
17,517
15%

(1)
Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
(2)
The realized price takes into account the adjustments of quotational periods.
(3)
Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.


Production and Operating Costs

Buenaventura’s 2Q22 equity gold production was 47,596 ounces, compared to 46,421 ounces produced in 2Q21. Silver production decreased by 51% year on year, lead production decreased by 41% year on year and zinc production decreased by 46% year on year, primarily due to the suspension of Uchucchacua’s operations as was previously announced, and a change of the mine plan sequence at El Brocal. The Company’s 2Q22 copper production has remained consistent, year on year.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 3 of 25


Equity Production
2Q22
2Q21
%
6M22
6M21
%
Gold Oz Direct Operations(1)
39,605
34,241
16%
81,075
61,379
32%
Gold Oz including Associated(2) Companies
47,596
46,421
3%
96,889
84,037
15%
Silver Oz Direct Operations(1)
1,607,230
3,278,118
-51%
3,369,931
6,450,745
-48%
Lead MT
3,749
6,332
-41%
7,891
10,589
-25%
Zinc MT
6,467
11,990
-46%
15,400
21,326
-28%
Copper MT Direct Operations(1)
6,473
6,447
0%
12,714
11,340
12%
Copper MT including Associated Companies(3)
27,900
24,769
13%
55,157
48,916
13%

Consolidated Production
2Q22
2Q21
%
6M22
6M21
%
Gold Oz(4)
41,324
35,906
15%
84,471
64,227
32%
Silver Oz(4)
1,918,152
3,896,475
-51%
4,089,566
7,676,312
-47%
Lead Pb(4)
4,253
7,417
-43%
9,357
12,499
-25%
Zinc MT(4)
8,066
15,311
-47%
20,382
28,585
-29%
Copper MT(4)
10,537
10,494
0%
20,696
18,460
12%

(1)
Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal.
(2)
Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache.
(3)
Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.
(4)
Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal


Tambomayo (100% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
14,351
17,964
-20%
28,218
33,311
-15%
Silver
Oz
433,820
432,638
0%
853,216
717,315
19%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
944
873
8%
977
895
9%

2Q22 gold production at Tambomayo decreased 20% year on year, primarily due to a 28% decrease in the gold grade despite increased amounts of ore treated. Cost Applicable to Sales (CAS) increased to 944 US$/Oz in 2Q22, from 873 US$/Oz in 2Q21. This primarily due to a 48% year on year increase in commercial deductions, as the Company sold more lead and zinc concentrates and less gold and silver during the second quarter of 2022.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 4 of 25


Orcopampa (100% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
17,749
9,130
94%
36,780
15,116
143%
Silver
Oz
7,334
1,781
312%
15,190
2,823
438%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
1,079
1,650
-35%
969
1,813
-47%


La Zanja (100.00% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
4,767
4,447
7%
10,667
8,355
28%
Silver
Oz
30,318
20,519
48%
53,682
47,561
13%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
1,650
1,775
-7%
1,935
1,693
14%

2Q21 gold production increased by 7% year on year due to a 129% year on year increase in ore volume treated. 2Q22 Cost Applicable to Sales (CAS) was 1,650 US$/Oz; a 7% decrease compared to 1,775 US$/Oz in 2Q21 mainly due to an increase in ore treated. La Zanja’s mining plan has been updated to reflect an inflation based OpEx increase in Phase 5 of the Pampa Verde pit. Mining operations will therefore only be extended through October 2022 when Phase 4 mining will be completed. Operations will be limited to pad leaching during November 2022 while Buenaventura continues exploration related to the underground Cu/Au-sulphide project.


Coimolache (40.10% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
Oz
19,930
30,378
-34%
39,442
56,510
-30%
Silver
Oz
75,504
166,327
-55%
152,699
367,320
-58%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Gold
US$/Oz
867
851
2%
1,072
834
29%

2Q22 gold production at Coimolache decreased by 34% year on year, primarily due to an 18% decrease in gold grade and a 30% decrease in ore stockpiled on the leach pad. 2Q22 Cost Applicable to Sales (CAS) of 867 US$/Oz was in line with 2Q21 CAS 851 US$/Oz in 2Q21, reflecting a slight 2% increase.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 5 of 25


Uchucchacua (100% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
Oz
N.A.
1,268,082
N.A.
N.A.
2,511,997
N.A.
Zinc
MT
N.A.
3,029
N.A.
N.A.
4,275
N.A.
Lead
MT
N.A.
1,715
N.A.
N.A.
3,006
N.A.

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
US$/Oz
N.A.
28.16
N.A.
N.A.
28.73
N.A.

Mine exploration at Uchucchacua continues as planned. Buenaventura has completed 100% of the tunneling to date and expects to reach 700m/month by August 2022. A larger part of said 700m/month has gradually been allocated to mine development in order to ensure production resumes by 4Q23.


Julcani (100% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
Oz
640,557
570,248
12%
1,301,689
1,219,102
7%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Silver
US$/Oz
14.71
17.56
-16%
14.91
16.94
-12%

2Q22 silver production increased 12% year on year primarily due to a 7% increase in ore treated and an 8% increase in silver grade. 2Q22 Cost Applicable to Sales (CAS) was 14.71 US$/Oz; compared to 17.56 US$/Oz in 2Q21, a 16% year on year decrease due to a 62% decrease in commercial deductions.


El Brocal (61.43% owned by Buenaventura)

Production
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Copper
MT
10,537
10,494
0%
20,696
18,460
12%
Zinc
MT
4,146
8,612
-52%
12,918
18,819
-31%
Silver
Oz
806,123
1,603,208
-50%
1,865,789
3,177,513
-41%

Cost Applicable to Sales
   
2Q22
2Q21
Var %
6M22
6M21
Var %
Copper
US$/MT
7,211
6,243
16%
6,886
5,957
16%
Zinc
US$/MT
4,161
1,555
168%
3,099
1,697
83%

El Brocal 2Q22 copper production was in line with 2Q21 production. Zinc and silver production decreased by 52% and 50%, respectively, year on year as part as the planned transition from polymetallic to copper ore as well as due to the need to alter El Brocal’s mine plan as a result of the landslide which occurred within the mine’s open pit on March 19, 2022.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 6 of 25


2Q22 Copper Cost Applicable to Sales (CAS) increased by 16% year on year, mainly due to a 10% year on year increase in cost of sales driven by ramp-up from 7,500 to 8,500tpd during 2022 as well as inflationary pressures in diesel, reagents and consumables. 2Q22 Zinc CAS increased by 168% year on year due to a 52% decrease in zinc production.


General and Administrative Expenses

2Q22 General and Administrative expenses were US$ 16.6 million; an 3% increase as compared to US$ 16.1 million in 2Q21.


Exploration in Non-Operating Areas

2Q22 exploration costs in Non-Operating Areas were US$ 4.8 million, compared with US$ 2.0 million in 2Q21. The increase in exploration during the quarter is in line with Buenaventura’s strategy to focus on extending LOM.


Share in Associated Companies

Buenaventura’s share in associated companies was US$ 56.1 million in 2Q22, which remained unchanged as compared to US$ 56.1 million reported in 2Q21, comprised of:

Share in the Result of Associates
(in millions of US$)
2Q21
2Q20
Var
6M21
6M20
Var
Cerro Verde
25.0
47.1
-47%
99.4
101.2
-2%
Coimolache
-0.6
3.4
N.A.
0.5
7.9
-94%
Other minor
-2.2
-0.4
423%
-2.2
-0.8
189%
Total
22.3
50.0
-55%
97.7
108.3
10%


SAN GABRIEL Project

Construction has been delayed due to local social matters which are being addressed. Construction is expected to resume activity in the weeks ahead. Engineering and Procurement work packages are underway; engineering has reached 40% completion and procurement has reached 61% completion. Power Line BOOT bidding has begun with 93% of the land secured and 3.5 Km remain.


CERRO VERDE (19.58% owned by Buenaventura)

2Q22 copper production was 109,382 MT, 21,417 MT of which is attributable to Buenaventura; a 17% increase as compared to 93,576 MT produced in 2Q21, 18,322 MT of which was attributable to Buenaventura. This is primarily due to a 14% increase in ore treated and a 6% increase in copper grade.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 7 of 25


Cerro Verde reported 2Q22 net income of US$ 127.8 million, compared to net income of US$ 240.3 million in 2Q21. This is primarily due to:
i.
US$ 86.7 million year on year net sales decrease, mainly due to a lower average realized copper price of US$ 3.18 per pound in 2Q22 compared to US$ 4.73 per pound in the 2Q21;
ii.
An increase in costs due to an inflationary increase materials and supplies
iii.
Increased selling expenses associated with an increase in ocean freight coupled with higher sales volumes. This decrease was partially offset by a year-on-year income tax decrease.

2Q22 capital expenditures at Cerro Verde were US$ 41.4 million.


COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported 2Q22 net loss of US$ 1.9 million, compared to net income of US$ 7.9 million in 2Q21.


***

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: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2021 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 and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
 
This press release may also 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, 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, 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.
 

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 8 of 25


**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of June 30, 2021)
 
BVN
Operating
 
Equity %
Mines / Business
El Molle Verde S.A.C*
100.00
Trapiche Project
Minera La Zanja S.A*
100.00
La Zanja
Sociedad Minera El Brocal S.A.A*
61.43
Colquijirca and Marcapunta
Compañía Minera Coimolache S.A. **
40.10
Tantahuatay
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

 (*) Consolidated
(**) Equity Accounting

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 9 of 25


APPENDIX 2


Gold Production

Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
Gr/MT
3.08
4.27
-28%
3.27
4.74
-31%
Recovery Rate
%
88.21
86.95
1%
87.67
83.11
5%
Ounces Produced
Oz
14,351
17,964
-20%
28,218
33,311
-15%
Orcopampa
Ore Milled
DMT
57,309
31,607
81%
116,606
48,659
140%
Ore Grade
Gr/MT
6.41
9.91
-35%
8.25
10.19
-19%
Recovery Rate
%
100.07
90.64
10%
99.79
94.85
5%
Ounces Produced*
Oz
17,749
9,130
94%
36,780
15,116
143%
Open Pit
 
 
 
 
 
 
 
 
La Zanja
Ounces Produced
Oz
4,767
4,447
7%
10,667
8,355
28%
Coimolache
Ounces Produced
Oz
19,930
30,378
-34%
39,442
56,510
-30%


Silver Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
Oz/MT
2.69
3.13
-14%
2.92
3.14
-7%
Recovery Rate
%
98.25
91.96
7%
95.36
86.82
10%
Ounces Produced
Oz
433,820
432,638
0%
853,216
717,315
19%
Uchucchacua
Ore Milled
DMT
-
292,177
N.A.
-
483,398
N.A.
Ore Grade
Oz/MT
-
5.93
N.A.
-
6.66
N.A.
Recovery Rate
%
-
73.20
N.A.
-
78.03
N.A.
Ounces Produced
Oz
-
1,268,082
N.A.
-
2,511,997
N.A.
Julcani
Ore Milled
DMT
32,112
30,024
7%
63,603
62,163
2%
Ore Grade
Oz/MT
20.33
18.77
8%
20.82
19.77
5%
Recovery Rate
%
98.13
96.88
1%
98.30
96.86
1%
Ounces Produced
Oz
640,557
570,248
12%
1,301,689
1,219,102
7%
Marcapunta
Ore Milled
DMT
742,030
644,455
15%
1,380,010
1,142,223
21%
Ore Grade
Oz/MT
0.78
0.97
-20%
0.82
0.88
-6%
Recovery Rate
%
50.64
48.62
4%
52.23
50.82
3%
Ounces Produced
Oz
291,328
303,197
-4%
593,736
508,753
17%
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte
Cu - Ag
Ore Milled
DMT
57,405
185,554
-69%
156,342
237,396
-34%
Ore Grade
Oz/MT
1.88
4.77
-61%
2.15
4.63
-54%
Recovery Rate
%
54.79
57.18
-4%
53.16
54.90
-3%
Ounces Produced
Oz
59,130
505,739
-88%
178,769
608,128
-71%
Tajo Norte
Pb - Zn
Ore Milled
DMT
468,339
584,976
-20%
1,060,451
1,159,724
-9%
Ore Grade
Oz/MT
1.97
1.89
4%
1.92
2.46
-22%
Recovery Rate
%
49.34
71.77
-31%
53.58
72.14
-26%
Ounces Produced
Oz
455,665
794,272
-43%
1,093,284
2,060,632
-47%

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 10 of 25


Zinc Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
164,266
150,476
9%
306,559
262,749
17%
Ore Grade
%
2.43
3.07
-21%
2.70
2.74
-1%
Recovery Rate
%
98.36
79.48
24%
90.01
76.23
18%
MT Produced
MT
3,920
3,671
7%
7,464
5,491
36%
Uchucchacua
Ore Milled
DMT
-
292,177
N.A.
-
483,398
N.A.
Ore Grade
%
-
1.76
N.A.
-
1.57
N.A.
Recovery Rate
%
-
58.84
N.A.
-
56.39
N.A.
MT Produced
MT
-
3,029
N.A.
-
4,275
N.A.
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte
Pb - Zn
Ore Milled
DMT
468,339
584,976
-20%
1,060,451
1,159,724
-9%
Ore Grade
%
2.15
2.49
-14%
2.35
2.65
-11%
Recovery Rate
%
41.26
59.23
-30%
51.83
61.27
-15%
MT Produced
MT
4,146
8,612
-52%
12,918
18,819
-31%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Copper Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
2Q22
2Q21
△%
6M22
6M21
△ %
Underground
 
 
 
 
 
 
 
 
Marcapunta
Ore Milled
DMT
742,030
644,455
15%
1,380,010
1,142,223
21%
Ore Grade
%
1.61
1.69
-5%
1.68
1.70
-1%
Recovery Rate
%
85.24
85.06
0%
84.54
86.14
-2%
MT Produced
MT
10,192
9,252
10%
19,600
16,699
17%
Tajo Norte
Cu - Ag
Ore Milled
DMT
57,405
185,554
-69%
156,342
237,396
-34%
Ore Grade
%
0.93
1.05
-12%
1.13
0.99
14%
Recovery Rate
%
64.93
64.00
1%
62.17
62.93
-1%
MT Produced
MT
345
1,242
-72%
1,096
1,482
-26%

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 11 of 25


APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

EBITDA RECONCILIATION
(in thousand US$)

 
2Q22
2Q21
6M22
6M21
Net Income
-50,745
37,969
595,550
56,086
Add / Substract:
31,680
30,577
-182,683
52,129
Income from sale of investment in Yanacocha
0
0
300,000
-
Depreciation and Amortization in cost of sales
44,333
48,332
90,054
94,820
Provision (credit) for income tax, net
-32,696
9,710
-5,530
25,783
Interest expense
12,880
10,984
29,451
21,893
Loss (gain) on currency exchange difference
22,935
7,506
-24,875
8,947
Provision of bonuses and compensations
766
2,480
4,704
6,227
Loss (gain) from discontinued operations
190
-5,097
-479,807
-2,760
Workers' participation provision
-2,254
1,971
2,937
1,971
Depreciation and amortization in administration expenses
298
908
1,216
1,817
Depreciation and Amortization in other, net
26
28
51
54
Provision (reversal) for contingencies
2,591
-735
1,845
-429
Share in associated companies by the equity method, net
-22,287
-50,039
-97,707
-108,263
Write-off of fixed assets
318
6,763
318
6,763
Impairment (reversal) of inventories
5,231
-1,686
4,884
-3,998
Interest income
-651
-548
-10,224
-696
EBITDA Buenaventura Direct Operations
-19,065
68,546
412,867
108,215
EBITDA Cerro Verde (19.58%)
66,804
99,496
208,778
210,575
EBITDA Coimolache (40.095%)
3,907
12,820
8,725
24,805
EBITDA Buenaventura + All Associates
51,647
180,862
630,370
343,595

*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 12 of 25


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 (Cerro Verde), plus (2) 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.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 13 of 25


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.
Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.
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 twelve months ended December 31, 2020 and 2021 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 twelve months ended December 31, 2021 and 2022 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.
Second Quarter 2021 Results
Page 14 of 25


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 June 30
  
For the 6 months ended June 30
   
2022
    
2021
    
2022
    
2021
  
   
(in thousands of US$)
            
Consolidated Cost of sales excluding depreciation and amortization
117,274
    
136,979
    
225,242
    
251,249
  
Add:
                        
Consolidated Exploration in units in operation
18,904
    
14,515
    
32,921
    
23,843
  
Consolidated Commercial deductions
  
44,963
    
55,703
    
95,848
    
98,761
  
Consolidated Selling expenses
  
5,044
    
5,697
    
9,636
    
9,755
  
Consolidated Cost applicable to sales
  
186,185
    
212,894
    
363,647
    
383,608
  
                         
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 June 30
  
For the 6 months ended June 30
   
2022
    
2021
    
2022
    
2021
  
Cost of sales by mine and mineral
  
(in thousands of US$)
  
Julcani, Gold
  
37
    
36
    
0
    
40
  
Julcani, Silver
  
6,782
    
6,924
    
14,085
    
14,442
  
Julcani, Lead
  
97
    
97
    
179
    
205
  
Julcani, Copper
  
89
    
18
    
142
    
31
  
Orcopampa, Gold
  
15,182
    
13,274
    
29,017
    
23,317
  
Orcopampa, Silver
  
130
    
31
    
185
    
85
  
Orcopampa, Copper
  
0
    
0
    
0
    
0
  
Uchucchacua, Gold
  
0
    
0
    
0
    
0
  
Uchucchacua, Silver
  
0
    
22,260
    
0
    
44,648
  
Uchucchacua, Lead
  
0
    
2,090
    
0
    
3,710
  
Uchucchacua, Zinc
  
0
    
4,576
    
0
    
6,901
  
Tambomayo, Gold
  
8,824
    
10,623
    
17,352
    
21,044
  
Tambomayo, Silver
  
3,108
    
3,581
    
6,179
    
6,535
  
Tambomayo, Zinc
  
2,216
    
1,875
    
9,765

 
5,042
  
Tambomayo, Lead
  
5,206
    
3,225
    
4,258

 
3,162
  
La Zanja, Gold
  
6,580
    
7,728
    
18,252
    
13,917
  
La Zanja, Silver
  
517
    
622
    
1,112
    
1,339
  
El Brocal, Gold
  
2,322
    
1,693
    
4,250
    
2,780
  
El Brocal, Silver
  
7,134
    
12,048
    
14,843
    
22,258
  
El Brocal, Lead
  
1,058
    
2,010
    
3,106
    
3,587
  
El Brocal, Zinc
  
7,514
    
7,129
    
18,384
    
15,992
  
El Brocal, Copper
  
43,520
    
32,939
    
76,589
    
53,920
  
Non Mining Units
  
6,959
    
4,198
    
7,543
    
8,294
  
Consolidated Cost of sales, excluding depreciation and amortization
117,274
    
136,979
    
225,242
    
251,249
  
                         
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 June 30
  
For the 6 months ended June 30
   
2022
    
2021
    
2022
    
2021
  
Exploration expenses in units in operation by mine and mineral
(in thousands of US$)
  
Julcani, Gold
  
9
    
7
    
0
    
8
  
Julcani, Silver
  
1,602
    
1,405
    
3,054
    
2,857
  
Julcani, Lead
  
23
    
20
    
39
    
41
  
Julcani, Copper
  
21
    
4
    
31
    
6
  
Orcopampa, Gold
  
3,495
    
2,453
    
6,172
    
4,244
  
Orcopampa, Silver
  
30
    
6
    
39
    
15
  
Orcopampa, Copper
  
0
    
0
    
0
    
0
  
Uchucchacua, Gold
  
0
    
0
    
0
    
0
  
Uchucchacua, Silver
  
5,883
    
2,991
    
8,813
    
4,920
  
Uchucchacua, Lead
  
78
    
281
    
0
    
409
  
Uchucchacua, Zinc
  
0
    
615
    
0
    
760
  
Tambomayo, Gold
  
1,180
    
1,571
    
2,271
    
2,411
  
Tambomayo, Silver
  
416
    
530
    
809
    
749
  
Tambomayo, Lead
  
296
    
277
    
557
    
362
  
Tambomayo, Zinc
  
696
    
477
    
1,278
    
578
  
La Zanja, Gold
  
708
    
126
    
1,398
    
124
  
La Zanja, Silver
  
56
    
10
    
85
    
12
  
El Brocal, Gold
  
166
    
114
    
304
    
179
  
El Brocal, Silver
  
511
    
808
    
1,061
    
1,434
  
El Brocal, Lead
  
76
    
135
    
222
    
231
  
El Brocal, Zinc
  
539
    
478
    
1,314
    
1,030
  
El Brocal, Copper
  
3,119
    
2,208
    
5,475
    
3,473
  
Non Mining Units
  
0
    
0
    
0
    
0
  
Consolidated Exploration expenses in units in operation
18,904
    
14,515
    
32,921
    
23,843
  

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 15 of 25


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 June 30
  
For the 6 months ended June 30
   
2022
    
2021
    
2022
    
2021
  
Commercial Deductions in units in operation by mine and mineral
(in thousands of US$)
  
Julcani, Gold
  
2
    
6
    
-8
    
7
  
Julcani, Silver
  
442
    
1,165
    
1,145
    
2,152
  
Julcani, Lead
  
6
    
16
    
14
    
30
  
Julcani, Copper
  
6
    
2
    
10
    
4
  
Orcopampa, Gold
  
309
    
66
    
390
    
84
  
Orcopampa, Silver
  
12
    
0
    
13
    
3
  
Orcopampa, Copper
  
0
    
0
    
0
    
0
  
Uchucchacua, Gold
  
0
    
0
    
0
    
0
  
Uchucchacua, Silver
  
524
    
8,379
    
497
    
13,778
  
Uchucchacua, Lead
  
11
    
522
    
-5
    
866
  
Uchucchacua, Zinc
  
0
    
4,438
    
272
    
5,973
  
Tambomayo, Gold
  
1,539
    
1,652
    
3,584
    
3,236
  
Tambomayo, Silver
  
701
    
702
    
1,701
    
1,246
  
Tambomayo, Lead
  
400
    
322
    
843
    
537
  
Tambomayo, Zinc
  
3,196
    
1,260
    
8,255
    
2,399
  
La Zanja, Gold
  
37
    
31
    
81
    
57
  
La Zanja, Silver
  
2
    
8
    
4
    
11
  
El Brocal, Gold
  
1,409
    
1,330
    
2,953
    
2,335
  
El Brocal, Silver
  
3,991
    
6,546
    
9,097
    
11,627
  
El Brocal, Lead
  
430
    
812
    
1,610
    
1,563
  
El Brocal, Zinc
  
5,715
    
3,108
    
12,542
    
8,690
  
El Brocal, Copper
  
26,231
    
25,338
    
52,850
    
44,164
  
Non Mining Units
  
0
    
0
    
0
    
0
  
Consolidated Commercial deductions in units in operation
44,963
    
55,703
    
95,848
    
98,761
  
                         
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
      
Selling expenses:
                        
                         
   
For the 3 months ended June 30
  
For the 6 months ended June 30
   
2022
    
2021
    
2022
    
2021
  
Selling expenses by mine and mineral
  
(in thousands of US$)
  
Julcani, Gold
  
0
    
1
    
0
    
1
  
Julcani, Silver
  
81
    
122
    
236
    
234
  
Julcani, Lead
  
1
    
2
    
3
    
3
  
Julcani, Copper
  
1
    
0
    
2
    
1
  
Orcopampa, Gold
  
140
    
78
    
293
    
122
  
Orcopampa, Silver
  
1
    
0
    
2
    
0
  
Orcopampa, Copper
  
0
    
0
    
0
    
0
  
Uchucchacua, Gold
  
0
    
0
    
0
    
0
  
Uchucchacua, Silver
  
1,033
    
890
    
1,359
    
1,468
  
Uchucchacua, Lead
  
14
    
84
    
0
    
122
  
Uchucchacua, Zinc
  
0
    
183
    
0
    
227
  
Tambomayo, Gold
  
645
    
694
    
1,301
    
1,310
  
Tambomayo, Silver
  
227
    
234
    
463
    
407
  
Tambomayo, Lead
  
162
    
123
    
319
    
197
  
Tambomayo, Zinc
  
381
    
211
    
732
    
314
  
La Zanja, Gold
  
20
    
21
    
53
    
41
  
La Zanja, Silver
  
2
    
2
    
3
    
4
  
El Brocal, Gold
  
79
    
83
    
159
    
134
  
El Brocal, Silver
  
242
    
594
    
556
    
1,075
  
El Brocal, Lead
  
36
    
99
    
116
    
173
  
El Brocal, Zinc
  
255
    
351
    
688
    
773
  
El Brocal, Copper
  
1,479
    
1,624
    
2,868
    
2,605
  
Non Mining Units
  
243
    
300
    
481
    
544
  
Consolidated Selling expenses
  
5,044
    
5,697
    
9,636
    
9,755
  

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 16 of 25


 
JULCANI
 
2Q 2022
2Q 2021
 
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)
37
6,782
97
-
89
7,004
               36
             6,924
               97
               -
                    18
                     7,075
Add:
                        
Exploration Expenses (US$000)
9
1,602
23
-
21
1,655
                 7
             1,405
               20
               -
                      4
                     1,436
Commercial Deductions (US$000)
2
442
6
-
6
456
                 6
             1,165
               16
               -
                      2
                     1,190
Selling Expenses (US$000)
0
81.33
1.16
-
1
84
                 1
                122
                 2
               -
                      0
                        125
Cost Applicable to Sales (US$000)
48
8,907
127
-
116
9,199
               50
             9,616
            135
               -
                    24
                     9,826
Divide:
                        
Volume Sold
40
605,641
93
-
19
Not Applicable
               46
        547,606
               91
               -
                    18
 Not Applicable
CAS
1,214
14.71
1,369
-
6,137
Not Applicable
         1,083
             17.56
         1,485
               -
              1,359
 Not Applicable

 
 JULCANI
 
6M 2022
6M 2021
 
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)
                  -
             14,085
                   179
               -
                 142
                   14,406
               40
         14,442
                205
               -
                   31
                  14,719
Add:
                        
Exploration Expenses (US$000)
                  -
               3,054
                     39
               -
                    31
                     3,124
                 8
            2,857
                   41
               -
                      6
                     2,912
Commercial Deductions (US$000)
                 -8
               1,145
                     14
               -
                    10
                     1,162
                 7
            2,152
                   30
               -
                      4
                     2,193
Selling Expenses (US$000)
                  -
                   236
                       3
               -
                      2
                        241
                 1
               234
                     3
               -
                      1
                        238
Cost Applicable to Sales (US$000)
                 -8
             18,520
                   235
               -
                 185
                   18,933
               55
         19,685
                279
               -
                   42
                  20,062
Divide:
                        
Volume Sold
                40
       1,241,952
                   168
               -
                    30
 Not Applicable
               56
    1,161,770
                204
               -
                   32
 Not Aplicable
CAS
                 -
               14.91
               1,399
               -
              6,118
 Not Applicable
             990
           16.94
             1,372
               -
             1,307
 Not Applicable

 
ORCOPAMPA
 
2Q 2022
2Q 2021
 
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)
       15,182
                130
                   -
                -
                      -
                  15,312
       13,274
                   31
                -
               -
                     -
                   13,305
Add:
        
                      -
              
Exploration Expenses (US$000)
         3,495
                  30
                   -
                -
                      -
                     3,525
         2,453
                     6
                -
               -
                     -
                     2,459
Commercial Deductions (US$000)
            309
                  12
                   -
                -
                      -
                        322
               66
                     0
                -
               -
                     -
                           66
Selling Expenses (US$000)
            140
                    1
                   -
                -
                      -
                        141
               78
                     0
                -
               -
                     -
                           78
Cost Applicable to Sales (US$000)
       19,127
                173
                   -
                -
                      -
                  19,300
       15,871
                   37
                -
               -
                     -
                   15,908
Divide:
                        
Volume Sold
       17,719
          12,411
                   -
                -
                      -
 Not Applicable
         9,618
             1,518
                -
               -
                     -
 Not Applicable
CAS
         1,079
            13.93
                   -
                -
                     -
 Not Applicable
         1,650
             24.49
                -
               -
                     -
 Not Applicable

 
ORCOPAMPA
 
6M 2022
6M 2021
 
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)
        29,017
                   185
                      -
               -
                     -
                   29,202
       23,317
                 85
                    -
               -
                     -
                  23,402
Add:
                        
Exploration Expenses (US$000)
           6,172
                     39
                      -
               -
                     -
                     6,211
         4,244
                 15
                    -
               -
                     -
                     4,259
Commercial Deductions (US$000)
              390
                     13
                      -
               -
                     -
                        403
               84
                    3
                    -
               -
                     -
                          87
Selling Expenses (US$000)
              293
                       2
                      -
               -
                     -
                        295
             122
                    0
                    -
               -
                     -
                        122
Cost Applicable to Sales (US$000)
        35,872
                   239
                      -
               -
                     -
                   36,111
       27,766
               104
                    -
               -
                     -
                  27,870
Divide:
                        
Volume Sold
        37,026
             19,339
                      -
               -
                     -
 Not Applicable
       15,316
            3,396
                    -
               -
                     -
 Not Applicable
CAS
              969
               12.37
                      -
               -
                     -
 Not Applicable
         1,813
           30.62
                    -
               -
                    -
 Not Applicable

 
UCHUCCHACUA
 
2Q 2022
2Q 2021
 
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)
                -
                   -
                   -
                -
                      -
                            -
                -
           22,260
         2,090
        4,576
                     -
                   28,926
Add:
                        
Exploration Expenses (US$000)
                -
            5,883
                  78
                -
                      -
                     5,961
                -
             2,991
            281
            615
                     -
                     3,887
Commercial Deductions (US$000)
                -
                524
                  11
                -
                      -
                        534
                -
             8,379
            522
        4,438
                     -
                   13,338
Selling Expenses (US$000)
                -
            1,033
                  14
                -
                      -
                     1,047
                -
                890
               84
            183
                     -
                     1,157
Cost Applicable to Sales (US$000)
                -
            7,440
                102
                -
                      -
                     7,542
                -
           34,521
         2,976
        9,812
                     -
                   47,308
Divide:
                        
Volume Sold
                -
        139,688
                  18
                -
                      -
 Not Applicable
                -
     1,226,055
         1,450
        2,309
                     -
 Not Applicable
CAS
                -
            53.26
            5,558
                -
                     -
 Not Applicable
                -
             28.16
         2,053
        4,250
                     -
 Not Applicable

 
UCHUCCHACUA
 
6M 2022
6M 2021
 
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)
                  -
                      -
                      -
               -
                     -
                            -
                -
         44,648
             3,710
        6,901
                     -
                  55,259
Add:
                        
Exploration Expenses (US$000)
                  -
               8,813
                      -
               -
                     -
                     8,813
                -
            4,920
                409
            760
                     -
                     6,089
Commercial Deductions (US$000)
                  -
                   497
                      -5
            272
                     -
                        763
                 0
         13,778
                866
        5,973
                     -
                  20,618
Selling Expenses (US$000)
                  -
               1,359
                      -
               -
                     -
                     1,359
                -
            1,468
                122
            227
                     -
                     1,817
Cost Applicable to Sales (US$000)
                  -
             10,669
                      -5
            272
                     -
                   10,935
                 0
         64,814
             5,108
      13,861
                     -
                  83,783
Divide:
                        
Volume Sold
                  -
           158,418
                     18
               -
                     -
 Not Applicable
                -
    2,255,872
             2,463
        3,223
                     -
 Not Applicable
CAS
                 -
               67.35
                      -
               -
                     -
 Not Applicable
                -
           28.73
             2,074
        4,300
                    -
 Not Applicable

 
TAMBOMAYO
 
2Q 2022
2Q 2021
 
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)
         8,824
            3,108
            2,216
         5,206
                      -
                  19,355
       10,623
             3,581
         1,875
        3,225
                     -
                   19,304
Add:
                        
Exploration Expenses (US$000)
         1,180
                416
                296
             696
                      -
                     2,588
         1,571
                530
            277
            477
                     -
                     2,855
Commercial Deductions (US$000)
         1,539
                701
                400
         3,196
                      -
                     5,837
         1,652
                702
            322
        1,260
                     -
                     3,936
Selling Expenses (US$000)
            645
                227
                162
             381
                      -
                     1,415
            694
                234
            123
            211
                     -
                     1,262
Cost Applicable to Sales (US$000)
       12,188
            4,453
            3,075
         9,479
                      -
                  29,195
       14,540
             5,047
         2,597
        5,173
                     -
                   27,357
Divide:
                        
Volume Sold
       12,917
        376,313
            2,629
         3,262
                      -
 Not Applicable
       16,652
        380,029
         2,575
        3,049
                     -
 Not Applicable
CAS
            944
            11.83
            1,170
         2,906
                     -
 Not Applicable
            873
             13.28
         1,008
        1,697
                     -
 Not Applicable

 
TAMBOMAYO
 
6M 2022
6M 2021
 
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)
        17,352
               6,179
               4,258
        9,765
                     -
                   37,555
       21,044
            6,535
             3,162
        5,042
                     -
                  35,783
Add:
                        
Exploration Expenses (US$000)
           2,271
                   809
                   557
        1,278
                     -
                     4,914
         2,411
               749
                362
            578
                     -
                     4,100
Commercial Deductions (US$000)
           3,584
               1,701
                   843
        8,255
                     -
                   14,383
         3,236
            1,246
                537
        2,399
                     -
                     7,417
Selling Expenses (US$000)
           1,301
                   463
                   319
            732
                     -
                     2,816
         1,310
               407
                197
            314
                     -
                     2,228
Cost Applicable to Sales (US$000)
        24,508
               9,152
               5,978
      20,030
                     -
                   59,668
       28,001
            8,936
             4,258
        8,332
                     -
                  49,528
Divide:
                        
Volume Sold
        25,098
           727,390
               4,904
        6,184
                     -
 Not Applicable
       31,283
       637,319
             4,015
        4,451
                     -
 Not Applicable
CAS
              977
               12.58
               1,219
        3,239
                     -
 Not Applicable
             895
           14.02
             1,061
        1,872
                    -
 Not Applicable

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 17 of 25


 
LA ZANJA
 
2Q 2022
2Q 2021
 
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)
         6,580
                517
                   -
                -
                      -
                     7,097
         7,728
                622
                -
               -
                     -
                     8,351
Add:
                        
Exploration Expenses (US$000)
            708
                  56
                   -
                -
                      -
                        764
            126
                   10
                -
               -
                     -
                        136
Commercial Deductions (US$000)
               37
                    2
                   -
                -
                      -
                          39
               31
                     8
                -
               -
                     -
                           39
Selling Expenses (US$000)
               20
                    2
                   -
                -
                      -
                          22
               21
                     2
                -
               -
                     -
                           23
Cost Applicable to Sales (US$000)
         7,346
                576
                   -
                -
                      -
                     7,922
         7,906
                642
                -
               -
                     -
                     8,549
Divide:
                        
Volume Sold
         4,452
          29,273
                   -
                -
                      -
 Not Applicable
         4,455
           24,710
                -
               -
                     -
 Not Applicable
CAS
         1,650
            19.67
                   -
                -
                     -
 Not Applicable
         1,775
             26.00
                -
               -
                     -
 Not Applicable


 
LA ZANJA
 
6M 2022
6M 2021
 
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)
        18,252
               1,112
                      -
               -
                     -
                   19,364
       13,917
            1,339
                    -
               -
                     -
                  15,257
Add:
                        
Exploration Expenses (US$000)
           1,398
                     85
                      -
               -
                     -
                     1,483
             124
                 12
                    -
               -
                     -
                        136
Commercial Deductions (US$000)
                81
                       4
                      -
               -
                     -
                           85
               57
                 11
                    -
               -
                     -
                          68
Selling Expenses (US$000)
                53
                       3
                      -
               -
                     -
                           56
               41
                    4
                    -
               -
                     -
                          45
Cost Applicable to Sales (US$000)
        19,783
               1,205
                      -
               -
                     -
                   20,988
       14,140
            1,366
                    -
               -
                     -
                  15,506
Divide:
                        
Volume Sold
        10,225
             51,090
                      -
               -
                     -
 Not Applicable
         8,352
         53,673
                    -
               -
                     -
 Not Applicable
CAS
          1,935
               23.58
                      -
               -
                     -
 Not Applicable
         1,693
           25.45
                    -
               -
                    -
 Not Applicable

 
BROCAL
 
2Q 2022
2Q 2021
 
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)
         2,322
            7,134
            1,058
         7,514
            43,520
                  61,547
         1,693
           12,048
         2,010
        7,129
            32,939
                   55,819
Add:
                        
Exploration Expenses (US$000)
            166
                511
                  76
             539
               3,119
                     4,411
            114
                808
            135
            478
              2,208
                     3,742
Commercial Deductions (US$000)
         1,409
            3,991
                430
         5,715
            26,231
                  37,775
         1,330
             6,546
            812
        3,108
            25,338
                   37,135
Selling Expenses (US$000)
               79
                242
                  36
             255
               1,479
                     2,092
               83
                594
               99
            351
              1,624
                     2,752
Cost Applicable to Sales (US$000)
         3,976
          11,879
            1,600
       14,022
            74,348
                105,825
         3,220
           19,996
         3,056
      11,067
            62,110
                   99,448
Divide:
                        
Volume Sold
         2,590
        650,260
            1,071
         3,370
            10,311
 Not Applicable
         2,805
     1,325,553
         2,597
        7,117
              9,948
 Not Applicable
CAS
         1,535
            18.27
            1,494
         4,161
              7,211
 Not Applicable
         1,148
             15.08
         1,177
        1,555
              6,243
 Not Applicable

 
BROCAL
 
6M 2022
6M 2021
 
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)
           4,250
             14,843
               3,106
      18,384
            76,589
                117,172
         2,780
         22,258
             3,587
      15,992
           53,920
                  98,536
Add:
                        
Exploration Expenses (US$000)
              304
               1,061
                   222
        1,314
              5,475
                     8,376
             179
            1,434
                231
        1,030
              3,473
                     6,347
Commercial Deductions (US$000)
           2,953
               9,097
               1,610
      12,542
            52,850
                   79,052
         2,335
         11,627
             1,563
        8,690
           44,164
                  68,378
Selling Expenses (US$000)
              159
                   556
                   116
            688
              2,868
                     4,388
             134
            1,075
                173
            773
              2,605
                     4,761
Cost Applicable to Sales (US$000)
           7,667
             25,556
               5,054
      32,928
         137,782
                208,988
         5,428
         36,394
             5,554
      26,485
         104,162
                178,022
Divide:
                        
Volume Sold
           5,496
       1,503,193
               3,310
      10,626
            20,008
 Not Applicable
         4,756
    2,569,720
             4,836
      15,608
           17,485
 Not Applicable
CAS
          1,395
               17.00
               1,527
        3,099
              6,886
 Not Applicable
         1,141
           14.16
             1,148
        1,697
             5,957
 Not Applicable

 
NON MINING COMPANIES
 
2Q 2022
2Q 2021
 
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)
                -
                   -
                   -
                -
                      -
                     6,959
                -
                    -
                -
               -
                     -
                     4,198
Add:
                        
Selling Expenses (US$000)
                -
                   -
                   -
                -
                      -
                        243
                -
                    -
                -
               -
                     -
                        300
Total (US$000)
                -
                   -
                   -
                -
                      -
                     7,202
                -
                    -
                -
               -
                     -
                     4,498

 
NON MINING COMPANIES
 
6M 2022
6M 2021
 
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)
                  -
                      -
                      -
               -
                     -
                     7,543
                -
                   -
                    -
               -
                     -
                     8,294
Add:
                      
                            -
Selling Expenses (US$000)
                  -
                      -
                      -
               -
                     -
                        481
                -
                   -
                    -
               -
                     -
                        544
Total (US$000)
                  -
                      -
                      -
               -
                     -
                     8,024
                -
                   -
                    -
               -
                     -
                     8,838

 
BUENAVENTURA CONSOLIDATED
 
2Q 2022
2Q 2021
 
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)
       32,946
          17,670
            3,371
       12,720
            43,608
                117,274
       33,355
           45,466
         6,072
      14,931
            32,957
                136,979
Add:
                        
Exploration Expenses (US$000)
         5,559
            8,498
                473
         1,235
               3,140
                  18,904
         4,271
             5,750
            713
        1,570
              2,212
                   14,515
Commercial Deductions (US$000)
         3,297
            5,672
                848
         8,911
            26,236
                  44,963
         3,084
           16,800
         1,672
        8,806
            25,341
                   55,703
Selling Expenses (US$000)
            885
            1,587
                213
             636
               1,480
                     4,801
            878
             1,843
            307
            745
              1,624
                     5,697
Cost Applicable to Sales (US$000)
       42,686
          33,427
            4,904
       23,501
            74,465
                178,983
       41,588
           69,859
         8,763
      26,052
            62,134
                212,894
Divide:
                        
Volume Sold
       37,718
    1,813,586
            3,811
         6,632
            10,330
Not Applicable
       33,575
     3,505,471
         6,713
      12,476
              9,966
 Not Applicable
 CAS
         1,132
            18.43
            1,287
         3,544
              7,209
 Not Applicable
         1,239
             19.93
         1,305
        2,088
              6,234
 Not Applicable

 
BUENAVENTURA CONSOLIDATED
 
6M 2022
6M 2021
 
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)
        68,872
             36,404
               7,543
      28,149
            76,731
                225,242
       61,098
         89,307
           10,665
      27,934
           53,951
                251,249
Add:
                        
Exploration Expenses (US$000)
        10,144
             13,861
                   818
        2,592
              5,506
                   32,921
         6,966
            9,987
             1,043
        2,368
              3,479
                  23,843
Commercial Deductions (US$000)
           7,001
             12,457
               2,462
      21,069
            52,860
                   95,848
         5,719
         28,817
             2,996
      17,062
           44,168
                  98,761
Selling Expenses (US$000)
           1,806
               2,619
                   439
        1,421
              2,871
                     9,155
         1,608
            3,188
                496
        1,314
              2,606
                     9,755
Cost Applicable to Sales (US$000)
        87,823
             65,341
             11,262
      53,230
         137,968
                355,623
       75,391
       131,299
           15,199
      48,677
         104,204
                383,608
Divide:
                        
Volume Sold
        77,885
       3,701,382
               8,401
      16,810
            20,038
Not Applicable
       59,763
    6,681,750
           11,517
      23,282
           17,517
 Not Applicable
CAS
          1,128
               17.65
               1,341
        3,167
              6,885
 Not Applicable
         1,262
           19.65
             1,320
        2,091
             5,949
 Not Applicable

 
COIMOLACHE
 
2Q 2022
2Q 2021
 
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)
16124.17
823.825599
                   -
                -
                      -
                  16,948
       23,670
             2,093
                -
               -
                     -
                   25,763
Add:
                        
Exploration Expenses (US$000)
         1,466
                  75
                   -
                -
                      -
                     1,541
         1,160
                103
                -
               -
                     -
                     1,263
Commercial Deductions (US$000)
               71
                    9
                   -
                -
                      -
                          80
            286
                   73
                -
               -
                     -
                        359
Selling Expenses (US$000)
            166
                    9
                   -
                -
                      -
                        175
            263
                   23
                -
               -
                     -
                        286
Cost Applicable to Sales (US$000)
       17,828
                916
                   -
                -
                      -
                  18,744
       25,379
             2,292
                -
               -
                     -
                   27,671
Divide:
                        
Volume Sold
       20,551
          84,859
                   -
                -
                      -
 Not Applicable
       29,815
        178,729
                -
               -
                     -
 Not Applicable
CAS
            867
            10.80
                   -
                -
                     -
 Not Applicable
            851
             12.83
                -
               -
                     -
 Not Applicable

 
COIMOLACHE
 
6M 2022
6M 2021
 
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)
        39,894
               2,097
                      -
               -
                     -
                   41,991
       45,834
            4,688
                    -
               -
                     -
                  50,522
Add:
                        
Exploration Expenses (US$000)
           3,482
                   183
                      -
               -
                     -
                     3,665
         1,470
               150
                    -
               -
                     -
                     1,620
Commercial Deductions (US$000)
              325
                     39
                      -
               -
                     -
                        364
             506
                 99
                    -
               -
                     -
                        606
Selling Expenses (US$000)
              409
                     22
                      -
               -
                     -
                        431
             494
                 50
                    -
               -
                     -
                        544
Cost Applicable to Sales (US$000)
        44,111
               2,340
                      -
               -
                     -
                   46,451
       48,303
            4,989
                    -
               -
                     -
                  53,292
Divide:
                        
Volume Sold
        41,137
           181,494
                      -
               -
                     -
 Not Applicable
       57,909
       394,377
                    -
               -
                     -
 Not Applicable
CAS
          1,072
               12.89
                      -
               -
                     -
 Not Applicable
             834
           12.65
                    -
               -
                    -
 Not Applicable

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 18 of 25


APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 2Q22
                      
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
2Q22
  
2Q22
  
2Q22
  
2Q22
Au Ounces Sold Net
  
30,676
    
4,452
    
20,551
    
43,368
                       
 
2Q22
  
2Q22
  
2Q22
  
2Q22
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 Sales
43,543
1,419
  
14,424
3,240
  
25,538
695
  
68,206
1,573
Exploration in Operating Units
13,730
448
  
764
172
  
1,926
50
  
15,266
352
Royalties
2,732
89
  
0
0
  
0
0
  
2,732
63
Comercial Deductions3
7,149
233
  
39
9
  
80
3
  
7,220
166
Selling Expenses
2,818
92
  
22
5
  
244
5
  
2,938
68
Administrative Expenses
10,173
332
  
635
143
  
859
46
  
11,152
257
Other, net
2,526
82
  
-72
-16
  
1,029
8
  
2,867
66
Sustaining Capex4
1,439
47
  
266
60
  
4,872
153
  
3,658
84
                       
By-product Credit
-45,064
-1,469
  
-647
-145
  
-1,943
-47
  
-46,490
-1,072
                       
All-in Sustaining Cost
39,046
1,273
  
15,431
3,466
  
32,604
1,586
  
67,550
1,558
                       
*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., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 19 of 25


All-in Sustaining Cost for 2Q21
                      
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
2Q21
  
2Q21
  
2Q21
  
2Q21
Au Ounces Sold Net
  
26,315
    
4,455
    
29,815
    
42,724
                       
 
2Q21
  
2Q21
  
2Q21
  
2Q21
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 Sales
74,927
2,847
  
11,474
2,576
  
25,764
695
  
96,731
2,264
Exploration in Operating Units
10,637
404
  
136
31
  
1,264
50
  
11,280
264
Royalties
1,528
58
  
0
0
  
0
0
  
1,528
36
Comercial Deductions3
18,529
704
  
39
9
  
359
3
  
18,712
438
Selling Expenses
2,792
106
  
23
5
  
286
5
  
2,930
69
Administrative Expenses
9,568
364
  
703
158
  
949
46
  
10,652
249
Other, net
125
5
  
-396
-89
  
104
8
  
-229
-5
Sustaining Capex4
2,737
104
  
357
80
  
3,581
153
  
4,530
106
                       
By-product Credit
-82,166
-3,122
  
-692
-155
  
-4,757
-47
  
-84,766
-1,984
                       
All-in Sustaining Cost
38,677
1,470
  
11,644
2,614
  
27,550
924
  
61,367
1,436
                       
*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., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 20 of 25


All-in Sustaining Cost for 1S22
                      
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
1S22
  
1S22
  
1S22
  
1S22
Au Ounces Sold Net
  
62,164
    
10,225
    
41,137
    
88,883
                       
 
1S22
  
1S22
  
1S22
  
1S22
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 Sales
84,904
1,366
  
25,906
2,534
  
50,581
1,230
  
131,090
1,475
Exploration in Operating Units
23,063
371
  
1,483
145
  
4,050
98
  
26,170
294
Royalties
5,666
91
  
0
0
  
0
0
  
5,666
64
Comercial Deductions3
16,711
269
  
85
8
  
364
9
  
16,942
191
Selling Expenses
4,975
80
  
56
5
  
500
12
  
5,231
59
Administrative Expenses
22,248
358
  
1,319
129
  
1,764
43
  
24,274
273
Other, net
1,695
27
  
-180
-18
  
657
16
  
1,778
20
Sustaining Capex4
2,898
47
  
300
29
  
9,274
225
  
6,917
78
                       
By-product Credit
-86,423
-1,390
  
-1,165
-114
  
-4,021
-98
  
-89,200
-1,004
                       
All-in Sustaining Cost
75,737
1,218
  
27,804
2,719
  
63,170
1,536
  
128,869
1,450
                       
*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., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 21 of 25


All-in Sustaining Cost for 1S21
                      
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
1S21
  
1S21
  
1S21
  
1S21
Au Ounces Sold Net
  
46,654
    
8,352
    
57,909
    
78,225
                       
 
1S21
  
1S21
  
1S21
  
1S21
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 Sales
142,097
3,046
  
21,061
2,522
  
50,522
872
  
183,415
2,345
Exploration in Operating Units
17,360
372
  
136
16
  
1,620
28
  
18,146
232
Royalties
2,304
49
  
0
0
  
0
0
  
2,304
29
Comercial Deductions3
30,315
650
  
68
8
  
606
10
  
30,626
392
Selling Expenses
4,722
101
  
45
5
  
544
9
  
4,985
64
Administrative Expenses
20,009
429
  
1,458
175
  
1,955
34
  
22,251
284
Other, net
1,752
38
  
-366
-44
  
344
6
  
1,524
19
Sustaining Capex4
5,213
112
  
396
47
  
9,845
170
  
9,556
122
                       
By-product Credit
-146,206
-3,134
  
-1,481
-177
  
-10,579
-183
  
-151,926
-1,942
                       
All-in Sustaining Cost
77,566
1,663
  
21,317
2,552
  
54,857
947
  
120,878
1,545
                       
*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., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
 
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 22 of 25


APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
        
Interim condensed consolidated statements of financial position
  
As of June 30, 2022 (unaudited) and December 31, 2021 (audited)
  
             
   
2022
    
2021
  
Assets
  
US$(000)
    
US$(000)
  
Current assets
            
Cash and cash equivalents
    
326,316
      
376,999
  
Trade and other receivables
    
147,970
      
240,432
  
Inventories
    
90,782
      
86,264
  
Current income tax asset
    
12,418
      
15,456
  
Prepaid expenses
    
14,297
      
20,394
  
Hedge derivative financial instruments
    
25,468
      
-
  
     
617,251
      
739,545
  
                 
Non-current assets
                
Trade and other receivables
    
659,439
      
635,832
  
Inventories
    
13,827
      
12,802
  
Investments in associates and joint venture
    
1,492,130
      
1,422,295
  
Property, plant, equipment, development costs, net
    
1,498,459
      
1,537,870
  
Deferred income tax asset
    
119,249
      
164,351
  
Prepaid expenses
    
23,477
      
23,920
  
Other assets
    
24,467
      
25,196
  
     
3,831,048
      
3,822,266
  
Total assets
    
4,448,299
      
4,561,811
  
                 
                 
Liabilities and equity
                
Current liabilities
                
Bank loans
    
-
      
50,000
  
Trade and other payables
    
203,633
      
259,641
  
Provisions
    
79,386
      
81,039
  
Current income tax payable
    
2,031
      
3,026
  
Financial obligations
    
32,376
      
179,417
  
Hedge derivative financial instruments
    
-
      
6,976
  
     
317,426
      
580,099
  
Liabilities directly associated with assets classified as held for sale
    
-
      
264,838
  
     
317,426
      
844,937
  
Non-current liabilities
                
Trade and other payables
    
2,783
      
3,037
  
Provisions
    
232,983
      
232,288
  
Financial obligations
    
710,365
      
878,558
  
Contingent consideration liability
    
18,201
      
17,718
  
Deferred income tax liabilities
    
30,591
      
46,742
  
     
994,923
      
1,178,343
  
                 
Total liabilities
    
1,312,349
      
2,023,280
  
                 
Equity
                
Capital stock
    
750,497
      
750,497
  
Investment shares
    
791
      
791
  
Additional paid-in capital
    
218,450
      
218,450
  
Legal reserve
    
163,270
      
163,270
  
Other reserves
    
269
      
269
  
Other reserves of equity
    
9,389
      
(4,477
)
Retained earnings
    
1,835,306
      
1,239,526
  
Shareholders’ equity, net attributable to owners of the parent
    
2,977,972
      
2,368,326
  
Non-controlling interest
    
157,978
      
170,205
  
Total equity
    
3,135,950
      
2,538,531
  
Total liabilities and equity
    
4,448,299
      
4,561,811
  
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 23 of 25


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
                    
Interim consolidated statements of profit or loss (unaudited)
                    
For the three-month and six-month period ended June 30, 2022 and 2021
                    
                         
                         
   
For the three-month period
ended June 30,
    
For the six-month period
ended June 30,
  
   
2021
    
2020
    
2022
    
2021
  
Continuing operations
  
US$(000)
    
US$(000)
    
US$(000)
    
US$(000)
  
Operating income
                        
Sales of goods
    
146,592
      
232,637
      
374,447
      
411,154
  
Sales of services
    
3,513
      
3,312
      
7,196
      
6,724
  
Royalty income
    
-
      
4,907
      
1,381
      
8,866
  
Total operating income
    
150,105
      
240,856
      
383,024
      
426,744
  
                                 
Cost of sales
                                
Cost of sales of goods, excluding depreciation and amortization
    
(116,441
)
    
(136,748
)
    
(223,859
)
    
(250,856
)
Unabsorbed cost due to production stoppage
    
(4,890
)
    
-
      
(10,969
)
    
-
  
Cost of sales of services, excluding depreciation and amortization
    
(833
)
    
(230
)
    
(1,383
)
    
(393
)
Depreciation and amortization
    
(44,333
)
    
(48,332
)
    
(90,054
)
    
(94,820
)
Exploration in operating units
    
(18,904
)
    
(14,515
)
    
(32,921
)
    
(23,843
)
Mining royalties
    
(4,450
)
    
(2,725
)
    
(8,859
)
    
(4,437
)
Total costs of sales
    
(189,851
)
    
(202,550
)
    
(368,045
)
    
(374,349
)
Gross profit (loss)
    
(39,746
)
    
38,306
      
14,979
      
52,395
  
                                 
Operating income (expenses)
                                
Administrative expenses
    
(16,583
)
    
(16,108
)
    
(35,077
)
    
(33,080
)
Selling expenses
    
(5,044
)
    
(5,697
)
    
(9,636
)
    
(9,755
)
Exploration in non-operating areas
    
(4,786
)
    
(1,960
)
    
(6,830
)
    
(3,698
)
Reversal (provision) of contingents
    
(2,591
)
    
735
      
(1,845
)
    
429
  
Write –off of stripping activity asset
    
-
      
(6,763
)
    
-
      
(6,763
)
Other, net
    
(1,624
)
    
1,972
      
45,267
      
1,462
  
Total operating income (expenses)
    
(30,628
)
    
(27,821
)
    
(8,121
)
    
(51,405
)
                                 
Operating profit (loss)
    
(70,374
)
    
10,485
      
6,858
      
990
  
                                 
Share in the results of associates and joint venture
    
22,287
      
50,039
      
97,707
      
108,263
  
Exchange difference
    
(22,935
)
    
(7,506
)
    
24,875
      
(8,947
)
Financial income
    
651
      
548
      
10,224
      
696
  
Financial costs
    
(12,880
)
    
(10,984
)
    
(29,451
)
    
(21,893
)
                                 
Profit (loss) before income tax
    
(83,251
)
    
42,582
      
110,213
      
79,109
  
                                 
Current income tax
    
6,038
      
(8,096
)
    
(16,292
)
    
(14,823
)
Deferred income tax
    
26,658
      
(1,614
)
    
21,822
      
(10,960
)
     
32,696
      
(9,710
)
    
5,530
      
(25,783
)
Profit (loss) from continuing operations
    
(50,555
)
    
32,872
      
115,743
      
53,326
  
                                 
Gain (loss) from discontinued operations, net of taxes
    
(190
)
    
5,097
      
479,807
      
2,760
  
Net profit (loss)
    
(50,745
)
    
37,969
      
595,550
      
56,086
  
                                 
Attributable to:
                                
Owners of the parent
    
(39,898
)
    
37,542
      
596,254
      
53,912
  
Non-controlling interest
    
(10,847
)
    
427
      
(704
)
    
2,174
  
     
(50,745
)
    
37,969
      
595,550
      
56,086
  
                                 
Basic and diluted profit (loss) per share stated in U.S. dollars
    
(0.16
)
    
0.15
      
2.35
      
0.21
  
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 24 of 25


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
  
Interim condensed consolidated statements of cash flows (unaudited)
  
For the three-month and six-month period ended June 30, 2022 and 2021
  
                         
   
For the three-month period
ended June 30,
    
For the six-month period
ended June 30,
  
   
2022
    
2021
    
2022
    
2021
  
   
US$(000)
    
US$(000)
    
US$(000)
    
US$(000)
  
                         
Cash flows from (used in) operating activities
        
Proceeds from sales of goods and services
    
211,509
      
236,873
      
446,808
      
446,394
  
Dividends received from associates
    
29,377
      
39,169
      
29,377
      
42,720
  
Recovery from value added tax
    
13,826
      
15,266
      
21,853
      
21,700
  
Royalty received
    
-
      
4,173
      
5,183
      
8,883
  
Interest received
    
548
      
29
      
811
      
64
  
Dividends received from investments
    
-
      
1,599
      
-
      
3,049
  
Payments to suppliers and third-parties, and others net
    
(137,398
)
    
(151,474
)
    
(326,693
)
    
(302,885
)
Income tax and royalties paid to the Peruvian State
    
(9,741
)
    
(7,996
)
    
(67,238
)
    
(12,880
)
Payments to employees
    
(31,101
)
    
(29,941
)
    
(64,680
)
    
(63,097
)
Interest paid
    
(1,548
)
    
(3,524
)
    
(21,600
)
    
(7,338
)
Payment of royalties
    
(2,732
)
    
(1,528
)
    
(5,666
)
    
(2,304
)
Payments for tax litigation
    
-
      
(948
)
    
-
      
(8,410
)
                                 
Net cash and cash equivalents provided by (used in) operating activities
    
72,740
      
101,698
      
18,155
      
125,896
  
                                 
Cash flows from (used in) investing activities
          
Gain from sale of investments
    
-
      
-
      
300,000
      
-
  
Income from purchase of shares in La Zanja
    
-
      
-
      
45,000
      
-
  
Proceeds from sales of property, plant and equipment
    
8,741
      
102
      
8,783
      
257
  
Income from sale of shares
    
1,577
      
−
      
1,577
      
3,640
  
Acquisitions of property, plant and equipment
    
(30,442
)
    
(21,356
)
    
(49,443
)
    
(34,316
)
Capital increase in associates
    
(1,677
)
    
-
      
(1,677
)
    
-
  
Payments for acquisitions of other assets
    
(25
)
    
(109
)
    
(119
)
    
(205
)
                                 
Net cash flows from (used in) investing activities
    
(21,826
)
    
(21,363
)
    
304,121
      
(30,624
)
                                 
Cash flows from (used in) financing activities
          
Increase of restricted time deposits
    
-
      
-
      
29,117
      
(29,117
)
Payments of financial obligations
    
(28,493
)
    
(5,397
)
    
(308,889
)
    
(10,793
)
Payments of bank loans
    
-
      
(5,396
)
    
(50,000
)
    
(15,793
)
Short-term and low value lease payments
    
(11,606
)
    
(8,527
)
    
(19,200
)
    
(15,325
)
Dividends paid to controlling interest
    
(18,542
)
    
-
      
(18,542
)
    
-
  
Dividends paid to non-controlling interest
    
(1,573
)
    
(1,080
)
    
(2,647
)
    
(2,480
)
Payments of obligations for leases
    
(1,039
)
    
(1,019
)
    
(2,049
)
    
(2,036
)
Increase (decrease) of restricted bank accounts
    
(755
)
    
60
      
(749
)
    
55
  
                                 
Net cash and cash equivalents provided by (used in) in financing activities
    
(62,008
)
    
(21,359
)
    
(372,959
)
    
(75,489
)
                                 
Increase (decrease) in cash and cash equivalents during the period, net
    
(11,094
)
    
58,976
      
(50,683
)
    
19,783
  
Cash and cash equivalents at beginning of period
    
337,410
      
196,256
      
376,999
      
235,449
  
                                 
Cash and cash equivalents at period-end
    
326,316
      
255,232
      
326,316
      
255,232
  
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 25 of 25

   
For the three-month period
ended June 30,
    
For the six-month period
ended June 30,
  
   
2022
    
2021
    
2022
    
2021
  
   
US$(000)
    
US$(000)
    
US$(000)
    
US$(000)
  
                         
Reconciliation of net profit to cash and cash equivalents provided
  
by operating activities
                        
                         
Net profit (loss)
    
(50,745
)
    
37,969
      
595,550
      
56,086
  
                                 
Plus (less):
                                
Share in the results of associates and joint venture
    
(22,287
)
    
(50,039
)
    
(97,707
)
    
(108,263
)
Deferred income tax in Continued operations
    
(26,658
)
    
1,614
      
(21,822
)
    
10,960
  
Exchange difference
    
22,935
      
7,506
      
(24,875
)
    
8,947
  
Fair value of provision for contingences liabilities
    
181
      
497
      
483
      
497
  
Accretion expense of provision for closure of mining units and exploration projects
    
1,236
      
1,401
      
2,435
      
2,822
  
Recovery (expense) for provision for contingencies
    
2,591
      
(735
)
    
1,845
      
(429
)
Income from purchase of shares in La Zanja
    
-
      
-
      
(45,000
)
    
-
  
Write –off of stripping activity asset
    
-
      
6,763
      
-
      
6,763
  
Depreciation and amortization in Cost of sales
    
44,333
      
48,332
      
90,054
      
94,820
  
Depreciation and amortization in Administration expenses
    
298
      
908
      
1,216
      
1,817
  
Depreciation and amortization in Other, net
    
26
      
24
      
51
      
54
  
Provision for estimated fair value of sales
    
30,414
      
(2,080
)
    
34,471
      
11,041
  
Workers´ participation provision
    
(2,254
)
    
1,971
      
2,937
      
1,971
  
Bonus provision - executives & employes
    
766
      
2,480
      
4,704
      
6,227
  
Reduction of debt restructuring costs by prepayment
    
-
      
-
      
(8,855
)
    
-
  
Deferred income tax expense (income) in Discontinued operations
    
-
      
-
      
41,414
      
-
  
Income from discontinued operation of Yanacocha in Discontinued operations
    
-
      
-
      
(265,946
)
    
-
  
Gain from sale of investments in Discontinued operations
    
-
      
-
      
(300,000
)
    
-
  
Other minor
    
2,031
      
(145
)
    
961
      
(5,892
)
                                 
                                 
Net changes in operating assets and liabilities:
          
Decrease (increase) in operating assets -
                  
Trade and other accounts receivable
    
22,691
      
(21,194
)
    
55,196
      
(3,093
)
Inventories
    
840
      
(2,090
)
    
(10,428
)
    
(976
)
Income tax credit
    
3,038
      
8,218
      
3,038
      
11,502
  
Prepaid expenses
    
4,221
      
2,256
      
6,540
      
6,473
  
                                 
Increase (decrease) in operating liabilities -
          
Trade and other accounts payable
    
9,898
      
20,571
      
(68,161
)
    
3,985
  
Provisions
    
(6,248
)
    
(4,766
)
    
(8,328
)
    
(16,819
)
Income tax payable
    
6,056
      
2,417
      
(995
)
    
44
  
                                 
Payments for tax litigation
    
-
      
(948
)
    
-
      
(8,410
)
Proceeds from dividends in associates
    
29,377
      
40,768
      
29,377
      
45,769
  
                                 
Net cash and cash equivalents provided by operating activities
    
72,740
      
101,698
      
18,155
      
125,896
  


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.

 
 

By: /s/ DANIEL DOMINGUEZ

Name: Daniel Dominguez

Title: Chief Financial Officer

 
 

Date: July 26, 2022

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