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 April 2023
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
First Quarter 2023 Results

Lima, Peru, April 27, 2023 – 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 first quarter (1Q23) ended March 31, 2023.  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$).

First Quarter Highlights:
•
1Q23 EBITDA from direct operations was US$ 51.6 million, compared to US$ 86.9 million reported in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
•
1Q23 EBITDA including associated companies reached US$ 181.9 million, compared to US$ 233.7 million in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
•
1Q23 net income from continuing operations reached US$ 72.2 million, compared to a US$ 134.7 million net income from continuing operations for the same period in 2022.
•
El Brocal ore mined from its open pit was stockpiled during the 1Q23 and was not treated during the quarter. Underground mine production increased to 9,350 tpd during 1Q23, compared to 7,100 tpd in 1Q22, as part of the ramp-up to reach 10,000 tpd during 2023. This stockpiled lead and zinc ore will be treated at El Brocal’s processing plant in 2Q23.
•
Buenaventura’s cash position reached US$ 173.5 million as of March 31, 2023. Net Debt increased to US$ 556.8 million with an average maturity of 3.1 years.
•
1Q23 capital expenditures were US$ 36.2 million, compared to US$ 19.9 million for the same period in 2022. 1Q23 CAPEX includes US$ 9.7 million related to the San Gabriel Project and US$ 8.8 million related to the Yumpag Project.
•
On March 24, 2023, Cerro Verde announced a total dividend distribution of US$ 250 million. Buenaventura will receive US$ 49.0 million relative to its stake in Cerro Verde on April 28, 2023.
•
During 1Q23, operations at Julcani were suspended for 10 days in February 2023 related to anti-government protests which adversely impacted production and mine development. Operations were fully reestablished on February 16, 2023 and Buenaventura plans to recover production in subsequent quarters and expects to meet 2023 production guidance.

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

 
1Q23
1Q22
Var
Total Revenues
185.5
232.9
-20%
Operating Income
12.6
32.2
-61%
EBITDA Direct Operations(1)
51.6
86.9
-41%
EBITDA Including Affiliates(1)
181.9
233.7
-22%
Net Income from continuing operations
72.2
134.7
-46%
EPS(2)
0.25
2.38
-89%

(1) Don’t include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha;
(2) As of March 31, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.
Operating Revenues

1Q23 net sales were US$ 185.5 million, compared to US$ 231.5 million reported in 1Q22; a year-on-year decrease resulting from decreased commodity prices and reduced lead, zinc, and silver volumes sold which was partially offset by increased copper volume sold. No ore from the El Brocal lead and zinc open pit was processed during the first quarter. However, stockpiled lead and zinc ore will be treated at El Brocal’s processing plant in 2Q23.

Operating Highlights
1Q23
1Q22
%
Net Sales (millions of US$)
185.5
231.5
-20%
Average Gold Price (US$/oz.) Direct Operations (1) (2)
1,915
1,896
1%
Average Gold Price (US$/oz.) incl. Associated (2) (3)
1,916
1,891
1%
Average Silver Price (US$/oz.) (2)
22.52
24.10
-7%
Average Lead Price (US$/MT) (2)
2,139
2,363
-9%
Average Zinc Price (US$/MT) (2)
2,004
4,105
-51%
Average Copper Price (US$/MT) (2)
8,972
9,950
-10%

Volume Sold
1Q23
1Q22
%
Gold Oz Direct Operations (1)
35,518
40,167
-12%
Gold Oz incl. Associated (3)
38,266
48,421
-21%
Silver Oz
1,310,630
1,887,788
-31%
Lead MT
1,370
4,589
-70%
Zinc MT
1,307
10,179
-87%
Copper MT
11,765
9,734
21%

(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 1Q23 equity gold production was 36,352 ounces, compared to 41,470 ounces produced in 1Q22, primarily due to La Zanja mining operation suspension since 4Q22. Silver, lead, and zinc production decreased by 38%, 65%, and 83% year on year, respectively. This decrease in production was primarily due to the fact that the El Brocal underground mine was the sole producing mine during 1Q23 as with the adverse impact of the 10-day suspension of activities at Julcani due to protests as described. The Company’s 1Q23 equity copper production was 29,254 MT, compared to 27,257 MT produced in 1Q22.

Equity Production
1Q23
1Q22
%
Gold Oz Direct Operations(1)
36,352
41,470
-12%
Gold Oz including Associated(2) Companies
38,972
49,293
-21%
Silver Oz Direct Operations(1)
1,094,691
1,762,701
-38%
Lead MT
1,430
4,142
-65%
Zinc MT
1,552
8,932
-83%
Copper MT Direct Operations(1)
7,518
6,241
20%
Copper MT including Associated Companies(3)
29,254
27,257
7%

Consolidated Production
1Q23
1Q22
%
Gold Oz(4)
38,050
43,148
-12%
Silver Oz(4)
1,263,118
2,171,414
-42%
Lead MT(4)
1,430
5,105
-72%
Zinc MT(4)
1,552
12,316
-87%
Copper MT(4)
12,238
10,159
20%

(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
 
 
1Q23
1Q22
Var %
Gold
Oz
10,600
13,867
-24%
Silver
Oz
394,305
419,396
-6%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Gold
US$/Oz
1,169
1,011
16%

1Q23 gold production at Tambomayo decreased 24% year on year, in line with the 2023 planned mining sequence. Cost Applicable to Sales (CAS) increased to 1,169 US$/Oz in 1Q23 from 1,011 US$/Oz in 1Q22. This increase was primarily due to the lower gold grade and narrower veins mined in 1Q23.
Orcopampa (100% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Gold
Oz
19,996
19,031
5%
Silver
Oz
7,618
7,856
-3%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Gold
US$/Oz
947
867
9%

1Q23 results reflect increased gold production at Orcopampa. Cost Applicable to Sales (CAS) increased to 947 US$/Oz in 1Q23, compared to 867 US$/Oz in 1Q22, primarily due to the lower gold grade of ore treated in 1Q23.

La Zanja (100.00% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Gold
Oz
3,051
5,900
-48%
Silver
Oz
6,630
23,363
-72%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Gold
US$/Oz
1,825
2,160
-16%

1Q23 gold production decreased by 48% year on year due to lower than expected gold extraction from the leach pad, as mining and ore stockpiling was suspended in 4Q22. 1Q23 Cost Applicable to Sales (CAS) was 1,825 US$/Oz, a decrease from 2,160 US$/Oz gold production in 1Q22 due to mining activity suspension.

Coimolache (40.10% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Gold
Oz
6,536
19,512
-67%
Silver
Oz
25,485
77,195
-67%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Gold
US$/Oz
3,641
1,276
185%

1Q23 gold production at Coimolache decreased by 67% year on year, primarily due to lower than expected gold extraction from the leach pad, as mining and ore stockpiling was suspended in 4Q22. Cost Applicable to Sales (CAS) increased to 3,641 US$/Oz in 1Q23, from 1,276 US$/Oz in 1Q22 due to decreased gold production.
Uchucchacua (100% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Silver
Oz
N.A.
N.A.
N.A.
Zinc
MT
N.A.
N.A.
N.A.
Lead
MT
N.A.
N.A.
N.A.
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Silver
US$/Oz
N.A.
N.A.
N.A.

Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume ore beneficiation at Uchucchacua´s processing plant remains unchanged.

Yumpag project construction and permitting continue according to schedule. Production is subject to permit approval, which is expected to be granted in the 2H23 to then begin ore production and haulage to Uchucchacua´s processing plant. Once adequate ore stockpiles have been reached, processing is expected to begin between 4Q23 and 1Q24.

Julcani (100% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Silver
Oz
417,887
661,132
-37%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Silver
US$/Oz
19.50
15.03
30%

1Q23 silver production decreased 37% year on year primarily due to the 10-day limited production and mine developments resulting from suspensions related to the February anti-government protests as well as lower than expected silver grades. 1Q23 Cost Applicable to Sales (CAS) was 19.50 US$/Oz, compared to 15.03 US$/Oz in 1Q22; a 30% year on year increase due to decreased silver production.

El Brocal (61.43% owned by Buenaventura)

Production
 
 
1Q23
1Q22
Var %
Copper
MT
12,238
10,159
20%
Zinc
MT
N.A.
8,772
N.A.
Silver
Oz
436,678
1,059,666
-59%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q23
1Q22
Var %
Copper
US$/MT
6,738
6,632
2%
Zinc
US$/MT
N.A.
2,527
N.A.

El Brocal 1Q23 copper production increased by 20% year on year due to increased ore treated at the Marcapunta underground mine. El Brocal processed nearly 9,500tpd as part of its mine ramp-up phase, and is expected to reach 10,000tpd during 2023. Silver and zinc production decreased by 59% and 100% year on year, respectively, as part as the planned transition to copper from polymetallic ore. No ore from El Brocal’s lead and zinc open pit was processed during the first quarter. However, stockpiled lead and zinc ore increased El Brocal inventories and will be treated at its processing plant in subsequent quarters (1Q23: 232,018 TMS vs. 4Q22: 60,558 TMS).
1Q23 Copper Cost Applicable to Sales (CAS) increased by 2% year on year due to fixed costs from the open pit mine which were absorbed by the underground mine.

General and Administrative Expenses

1Q23 General and Administrative expenses were US$ 18.1 million; a 2% decrease as compared to US$ 18.5 million in 1Q22.

Share in Associated Companies

Buenaventura’s share in associated companies was US$ 59.4 million in 1Q23, compared with US$ 75.4 million in 1Q22, comprised of:

Share in the Result of Associates
(in millions of US$)
1Q23
1Q22
Var
Cerro Verde
66.6
74.4
-10%
Coimolache
-6.8
1.0
N.A.
Other minor
-0.5
0.0
N.A.
Total
59.4
75.4
-21%

SAN GABRIEL Project

1Q23 CAPEX reached US$ 9.7 million and was primarily related to the Agani campsite completion. This is an extremely important milestone for the project as it enables more personnel to access the project and therefore expedites the latter stages of the construction process.

Item
Description
Progress as of March 31, 2023
1
Engineering
66%
2
Procurement
85%
3
Construction
3%
4
Commissioning
0%
 
Total
15%

CERRO VERDE (19.58% owned by Buenaventura)

1Q23 copper production was 111,012 MT, 21,736 MT of which is attributable to Buenaventura; a 3% increase as compared to 107,335 MT produced in 1Q22, 21,016 MT of which was attributable to Buenaventura.

Cerro Verde reported 1Q23 net income of US$ 328.4 million, compared to net income of US$ 379.8 million in 1Q22.

1Q23 Cerro Verde capital expenditures were US$ 54.0 million.
COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported a 1Q23 US$ 16.7 million net loss, compared to US$ 2.0 million net income in 1Q22.

***

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.

 

**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of December 31, 2022)
 
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
APPENDIX 2

Gold Production
  
13
    
Mining Unit
Operating Results
Unit
1Q23
1Q22
△%
Underground
          

Ore Milled
DMT
140,194
142,293
-1%
Tambomayo
Ore Grade
Gr/MT
2.79
3.48
-20%
 
Recovery Rate
%
84.31
87.36
-3%
 
Ounces Produced*
Oz
10,600
13,867
-24%

Ore Milled
DMT
69,171
59,297
17%
Orcopampa
Ore Grade
Gr/MT
9.39
10.02
-6%
 
Recovery Rate
%
95.72
99.64
-4%
 
Ounces Produced*
Oz
19,996
19,031
5%
Open Pit
          
La Zanja
Ounces Produced
Oz
3,051
5,900
-48%
Coimolache
Ounces Produced
Oz
6,536
19,512
-67%
           
Silver Production
          
Mining Unit
Operating Results
Unit
1Q23
1Q22
△%
Underground
          

Ore Milled
DMT
140,194
142,293
-1%
Tambomayo
Ore Grade
Oz/MT
3.18
3.18
0%
 
Recovery Rate
%
88.45
92.54
-4%
 
Ounces Produced
Oz
394,305
419,396
-6%

Ore Milled
DMT
0
0
N.A.
Uchucchacua
Ore Grade
Oz/MT
0.00
0.00
N.A.
 
Recovery Rate
%
0.00
0.00
N.A.
 
Ounces Produced
Oz
0
0
N.A.

Ore Milled
DMT
25,432
31,491
-19%
Julcani
Ore Grade
Oz/MT
16.93
21.32
-21%
 
Recovery Rate
%
97.02
98.46
-1%
 
Ounces Produced
Oz
417,887
661,132
-37%

Ore Milled
DMT
841,663
637,980
32%
Marcapunta
Ore Grade
Oz/MT
0.89
0.88
1%
 
Recovery Rate
%
56.70
53.69
6%
 
Ounces Produced
Oz
424,102
302,408
40%
Open Pit
          

Ore Milled
DMT
14,856
98,937
-85%
Tajo Norte
Ore Grade
Oz/MT
1.53
2.31
-34%
Cu - Ag
Recovery Rate
%
55.32
52.68
5%
 
Ounces Produced
Oz
12,576
119,639
-89%

Ore Milled
DMT
0
592,112
N.A.
Tajo Norte
Ore Grade
Oz/MT
0.00
1.89
N.A.
Pb - Zn
Recovery Rate
%
0.00
57.04
N.A.
 
Ounces Produced
Oz
0
637,619
N.A.
           
Zinc Production
          
Mining Unit
Operating Results
Unit
1Q23
1Q22
△%
Underground
          

Ore Milled
DMT
140,194
142,293
-1%
Tambomayo
Ore Grade
%
1.35
3.03
-55%
 
Recovery Rate
%
81.86
82.19
0%
 
MT Produced
MT
1,552
3,543
-56%

Ore Milled
DMT
0
0
N.A.
Uchucchacua
Ore Grade
%
0.00
0.00
N.A.
 
Recovery Rate
%
0.00
0.00
N.A.
 
MT Produced
MT
0
0
N.A.
Open Pit
          

Ore Milled
DMT
0
592,112
N.A.
Tajo Norte
Ore Grade
%
0.00
2.51
N.A.
Pb - Zn
Recovery Rate
%
0.00
58.72
N.A.
 
MT Produced
MT
0
8,772
N.A.
           
Copper Production
        
Mining Unit
Operating Results
Unit
1Q23
1Q22
△%
Underground
          

Ore Milled
DMT
841,663
637,980
32%
Marcapunta
Ore Grade
%
1.64
1.76
-7%
 
Recovery Rate
%
87.78
83.90
5%
 
MT Produced
MT
12,163
9,408
29%

Ore Milled
DMT
14,856
98,937
-85%
Tajo Norte
Ore Grade
%
0.85
1.24
-32%
Cu - Ag
Recovery Rate
%
59.29
60.25
-2%
 
MT Produced
MT
75
751
-90%
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

 
1Q23
1Q22
Net Income
72,812
614,667
Add / Substract:
-21,218
-227,735
Depreciation and amortization in costs of sales
31,438
45,721
Loss (gain) on currency exchange difference
-9,407
-47,810
Provision (credit) for income tax, net
-2,955
13,794
Interest expense
13,884
16,571
Impairment (reversal) of inventories
7,390
-347
Provision of bonuses and compensations
5,162
3,938
Workers´ participation provision
1,407
5,191
Depreciation and amortization in administration expenses
646
918
Loss from discontinued operations
-582
-479,997
Depreciation and amortization in other, net
24
25
Share in associated companies by the equity method, net
-59,363
-75,420
Interest income
-1,824
-9,573
Provision (reversal) for contingencies
-7,038
-746
Income from sale of investment in Yanacocha
0
300,000
EBITDA Buenaventura Direct Operations
51,594
386,932
EBITDA Cerro Verde (19.58%)
132,571
141,974
EBITDA Coimolache (40.095%)
-2,249
4,817
EBITDA Buenaventura + All Associates
181,916
533,723

*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.

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.
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, 2022 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.
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 March 31
   
2022
  
2021
   
(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization
  
100,148
  
107,968
Add:
        
Consolidated Exploration in units in operation
  
12,533
  
14,017
Consolidated Commercial deductions
  
40,468
  
50,885
Consolidated Selling expenses
  
3,428
  
4,592
Consolidated Cost applicable to sales
  
156,577
  
177,462
         
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 March 31
   
2022
  
2021
Cost of sales by mine and mineral
  
(in thousands of US$)
Julcani, Gold
  
32
  
0
Julcani, Silver
  
6,308
  
7,266
Julcani, Lead
  
131
  
82
Julcani, Copper
  
93
  
54
Orcopampa, Gold
  
17,088
  
13,828
Orcopampa, Silver
  
59
  
62
Orcopampa, Copper
  
0
  
0
Uchucchacua, Gold
  
0
  
0
Uchucchacua, Silver
  
0
  
0
Uchucchacua, Lead
  
0
  
0
Uchucchacua, Zinc
  
0
  
0
Tambomayo, Gold
  
8,967
  
8,528
Tambomayo, Silver
  
4,260
  
3,072
Tambomayo, Zinc
  
1,371
  
2,042
Tambomayo, Lead
  
1,615
  
4,559
La Zanja, Gold
  
5,580
  
11,709
La Zanja, Silver
  
229
  
558
El Brocal, Gold
  
2,144
  
1,951
El Brocal, Silver
  
3,351
  
7,546
El Brocal, Lead
  
43
  
1,907
El Brocal, Zinc
  
0
  
10,344
El Brocal, Copper
  
44,346
  
33,877
Non Mining Units
  
4,529
  
584
Consolidated Cost of sales, excluding depreciation and amortization
  
100,148
  
107,968
         
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 March 31
   
2022
  
2021
Exploration expenses in units in operation by mine and mineral
  
(in thousands of US$)
Julcani, Gold
  
7
  
0
Julcani, Silver
  
1,363
  
1,442
Julcani, Lead
  
28
  
16
Julcani, Copper
  
20
  
11
Orcopampa, Gold
  
1,652
  
2,674
Orcopampa, Silver
  
6
  
12
Orcopampa, Copper
  
0
  
0
Uchucchacua, Gold
   0
  0
Uchucchacua, Silver
   6,518
  0
Uchucchacua, Lead
   0
  0
Uchucchacua, Zinc
   0
  0
Uchucchacua
  
0
  
2,852
Tambomayo, Gold
  
332
  
1,090
Tambomayo, Silver
  
158
  
393
Tambomayo, Lead
  
51
  
261
Tambomayo, Zinc
  
60
  
583
La Zanja, Gold
  
188
  
686
La Zanja, Silver
  
8
  
33
El Brocal, Gold
  
92
  
139
El Brocal, Silver
  
144
  
538
El Brocal, Lead
  
2
  
136
El Brocal, Zinc
  
0
  
737
El Brocal, Copper
  
1,904
  
2,415
Non Mining Units
  
0
  
0
Consolidated Exploration expenses in units in operation
  
12,533
  
14,017
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 March 31
   
2022
  
2021
Commercial Deductions in units in operation by mine and mineral
  
(in thousands of US$)
Julcani, Gold
  
2
  
-10
Julcani, Silver
  
321
  
704
Julcani, Lead
  
6
  
8
Julcani, Copper
  
4
  
4
Orcopampa, Gold
  
345
  
81
Orcopampa, Silver
  
-1
  
1
Orcopampa, Copper
  
0
  
0
Uchucchacua, Gold
   0
  0
Uchucchacua, Silver
   1,298
  0
Uchucchacua, Lead
   0
  0
Uchucchacua, Zinc
   0
  0
Uchucchacua
  
0
  
229
Tambomayo, Gold
  
1,362
  
2,045
Tambomayo, Silver
  
742
  
999
Tambomayo, Lead
  
213
  
443
Tambomayo, Zinc
  
931
  
5,059
La Zanja, Gold
  
66
  
43
La Zanja, Silver
  
6
  
3
El Brocal, Gold
  
1,502
  
1,545
El Brocal, Silver
  
2,436
  
5,106
El Brocal, Lead
  
18
  
1,179
El Brocal, Zinc
  
-88
  
6,827
El Brocal, Copper
  
31,303
  
26,620
Non Mining Units
  
0
  
0
Consolidated Commercial deductions in units in operation
  
40,468
  
50,885
         
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:
         
   
For the 3 months ended March 31
   
2022
  
2021
Selling expenses by mine and mineral
  
(in thousands of US$)
Julcani, Gold
  
0
  
0
Julcani, Silver
  
61
  
154
Julcani, Lead
  
1
  
2
Julcani, Copper
  
1
  
1
Orcopampa, Gold
  
164
  
153
Orcopampa, Silver
  
1
  
1
Orcopampa, Copper
  
0
  
0
Uchucchacua, Gold
   0
  0
Uchucchacua, Silver
   653
  0
Uchucchacua, Lead
   0
  0
Uchucchacua, Zinc
   0
  0
Uchucchacua
      
312
Tambomayo, Gold
  
283
  
656
Tambomayo, Silver
  
135
  
236
Tambomayo, Lead
  
43
  
157
Tambomayo, Zinc
  
51
  
351
La Zanja, Gold
  
26
  
32
La Zanja, Silver
  
1
  
2
El Brocal, Gold
  
77
  
81
El Brocal, Silver
  
121
  
311
El Brocal, Lead
  
2
  
79
El Brocal, Zinc
  
0
  
427
El Brocal, Copper
  
1,602
  
1,398
Non Mining Units
  
206
  
238
Consolidated Selling expenses
  
3,428
  
4,592
 
 JULCANI
 
 1Q 2023
 1Q 2022
 
 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
            6,308
               131
               -
                    93
                    6,565
                -
             7,266
               82
               -
                    54
                     7,402
Add:
                        
Exploration Expenses (US$000)
                      7
            1,363
                 28
               -
                    20
                    1,418
                -
             1,442
               16
               -
                    11
                     1,469
Commercial Deductions (US$000)
                      2
               321
                   6
               -
                      4
                       333
              -10
                704
                 8
               -
                      4
                        706
Selling Expenses (US$000)
                      0
            60.54
              1.26
               -
                      1
                         63
                -
           154.11
            1.75
               -
                 1.14
                        157
Cost Applicable to Sales (US$000)
                    41
            8,052
               167
               -
                  119
                    8,379
              -10
             9,566
             109
               -
                    70
                     9,734
Divide:
                        
Volume Sold
                    25
        412,890
                 94
               -
                    16
 Not Applicable
                 0
         636,311
               76
               -
                    11
 Not Applicable
CAS
              1,643
           19.50
           1,782
               -
              7,244
 Not Applicable
               -
            15.03
         1,436
               -
              6,152
 Not Applicable
                         
 
 ORCOPAMPA
 
 1Q 2023
 1Q 2022
 
 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)
             17,088
                 59
                  -
               -
                     -
                  17,147
        13,828
                  62
                -
               -
                     -
                   13,890
Add:
        
                     -
              
Exploration Expenses (US$000)
               1,652
                   6
                  -
               -
                     -
                    1,658
          2,674
                  12
                -
               -
                     -
                     2,686
Commercial Deductions (US$000)
                  345
                  -1
                  -
               -
                     -
                       345
               81
                    1
                -
               -
                     -
                          81
Selling Expenses (US$000)
                  164
                   1
                  -
               -
                     -
                       165
             153
                    1
                -
               -
                     -
                        154
Cost Applicable to Sales (US$000)
             19,250
                 65
                  -
               -
                     -
                  19,315
        16,736
                  76
                -
               -
                     -
                   16,811
Divide:
                        
Volume Sold
             20,326
            6,699
                  -
               -
                     -
 Not Applicable
        19,307
             6,928
                -
               -
                     -
 Not Applicable
CAS
                 947
              9.73
                  -
               -
                     -
 Not Applicable
            867
            10.93
               -
               -
                     -
 Not Applicable
                         
 
 UCHUCCHACUA
 
 1Q 2023
 1Q 2022
 
 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)
                     -
                  -
                  -
               -
                     -
                          -
        
                     -
                          -
Add:
                        
Exploration Expenses (US$000)
                     -
            6,518
                  -
               -
                     -
                    6,518
        
                     -
                     2,852
Commercial Deductions (US$000)
  
            1,298
      
                    1,298
        
                     -
                        229
Selling Expenses (US$000)
                     -
               653
                  -
               -
                     -
                       653
        
                     -
                        312
Cost Applicable to Sales (US$000)
                     -
            8,469
                  -
               -
                     -
                    8,469
                -
                   -
                -
               -
                     -
                     3,393
Divide:
                        
Volume Sold
                     -
        130,642
                  -
               -
                     -
 Not Applicable
                -
                   -
                -
               -
                     -
 Not Applicable
CAS
                     -
           64.82
                  -
               -
                     -
 Not Applicable
               -
                   -
               -
               -
                     -
 Not Applicable
                         
 
 TAMBOMAYO
 
 1Q 2023
 1Q 2022
 
 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)
               8,967
            4,260
            1,371
          1,615
                     -
                  16,213
          8,528
             3,072
          2,042
    4,558.83
                     -
                   18,200
Add:
                        
Exploration Expenses (US$000)
                  332
               158
                 51
               60
                     -
                       601
          1,090
                393
             261
            583
                     -
                     2,326
Commercial Deductions (US$000)
               1,362
               742
               213
             931
                     -
                    3,249
          2,045
                999
             443
         5,059
                     -
                     8,546
Selling Expenses (US$000)
                  283
               135
                 43
               51
                     -
                       512
             656
                236
             157
            351
                     -
                     1,401
Cost Applicable to Sales (US$000)
             10,945
            5,295
            1,678
          2,657
                     -
                  20,575
        12,319
             4,700
          2,902
       10,551
                     -
                   30,473
Divide:
                        
Volume Sold
               9,360
        370,299
            1,189
          1,269
                     -
 Not Applicable
        12,181
         351,077
          2,275
         2,922
                     -
 Not Applicable
CAS
              1,169
           14.30
           1,412
         2,094
                     -
 Not Applicable
         1,011
            13.39
         1,276
        3,610
                     -
 Not Applicable
 
 LA ZANJA
 
 1Q 2023
 1Q 2022
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
Cost of Sales (without D&A) (US$000)
               5,580
               229
                  -
               -
                     -
                    5,809
        11,709
                558
                -
               -
                     -
                   12,267
Add:
                        
Exploration Expenses (US$000)
                  188
                   8
                  -
               -
                     -
                       196
             686
                  33
                -
               -
                     -
                        719
Commercial Deductions (US$000)
                    66
                   6
                  -
               -
                     -
                         72
               43
                    3
                -
               -
                     -
                          46
Selling Expenses (US$000)
                    26
                   1
                  -
               -
                     -
                         27
               32
                    2
                -
               -
                     -
                          34
Cost Applicable to Sales (US$000)
               5,861
               243
                  -
               -
                     -
                    6,104
        12,471
                595
                -
               -
                     -
                   13,066
Divide:
                        
Volume Sold
               3,211
          10,942
                  -
               -
                     -
 Not Applicable
          5,773
           21,818
                -
               -
                     -
 Not Applicable
CAS
              1,825
           22.23
                  -
               -
                     -
 Not Applicable
         2,160
            27.25
               -
               -
                     -
 Not Applicable
                         
 
 BROCAL
 
 1Q 2023
 1Q 2022
 
 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)
               2,144
            3,351
                 43
               -
             44,346
                  49,885
          1,951
             7,546
          1,907
       10,344
             33,877
                   55,625
Add:
                        
Exploration Expenses (US$000)
                    92
               144
                   2
               -
               1,904
                    2,142
             139
                538
             136
            737
               2,415
                     3,965
Commercial Deductions (US$000)
               1,502
            2,436
                 18
             -88
             31,303
                  35,172
          1,545
             5,106
          1,179
         6,827
             26,620
                   41,277
Selling Expenses (US$000)
                    77
               121
                   2
               -
               1,602
                    1,802
               81
                311
               79
            427
               1,398
                     2,296
Cost Applicable to Sales (US$000)
               3,815
            6,052
                 65
             -88
             79,155
                  89,001
          3,715
           13,501
          3,301
       18,336
             64,310
                 103,163
Divide:
                        
Volume Sold
               2,595
        379,158
                 88
               38
             11,748
 Not Applicable
          2,907
         852,933
          2,239
         7,256
               9,697
 Not Applicable
CAS
              1,470
           15.96
               744
               -
              6,738
 Not Applicable
         1,278
            15.83
         1,475
        2,527
              6,632
 Not Applicable
                         
 
 NON MINING COMPANIES
 
 1Q 2023
 1Q 2022
 
 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)
                     -
                  -
                  -
               -
                     -
                    4,529
                -
                   -
                -
               -
                     -
                        584
Add:
          
                          -
          
                          -
Selling Expenses (US$000)
                     -
                  -
                  -
               -
                     -
                       206
                -
                   -
                -
               -
                     -
                        238
Total (US$000)
                     -
                  -
                  -
               -
                     -
                    4,735
                -
                   -
                -
               -
                     -
                        822
                         
 
 BUENAVENTURA CONSOLIDATED
 
 1Q 2023
 1Q 2022
 
 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)
             33,811
          14,208
            1,545
          1,615
             44,440
                100,148
        36,015
           18,504
          4,031
       14,903
             33,931
                 107,968
Add:
                        
Exploration Expenses (US$000)
               2,272
            8,196
                 81
               60
               1,924
                  12,533
          4,589
             2,417
             413
         1,320
               2,425
                   14,017
Commercial Deductions (US$000)
               3,278
            4,802
               238
             843
             31,308
  
          3,704
             6,812
          1,630
       11,886
             26,623
                   50,885
Selling Expenses (US$000)
                  551
               971
                 46
               51
               1,603
                    3,428
             923
                704
             238
            778
               1,399
                     4,592
Cost Applicable to Sales (US$000)
             39,912
          28,177
            1,910
          2,569
             79,274
                116,109
        45,231
           28,437
          6,312
       28,887
             64,379
                 177,462
Divide:
                        
Volume Sold
             35,518
     1,310,630
            1,370
          1,307
             11,765
 Not Applicable
        40,167
      1,869,066
          4,589
       10,179
               9,709
 Not Applicable
CAS
              1,124
           21.50
           1,394
         1,966
              6,738
 Not Applicable
         1,126
            15.21
         1,375
        2,838
              6,631
 Not Applicable
                         
 
 COIMOLACHE
 
 1Q 2023
 1Q 2022
 
 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)
             21,432
               956
                  -
               -
                     -
                  22,388
        23,760
             1,283
                -
               -
                     -
                   25,043
Add:
                        
Exploration Expenses (US$000)
               3,364
               150
                  -
               -
                     -
                    3,514
          2,015
                109
                -
               -
                     -
                     2,124
Commercial Deductions (US$000)
                    39
                   3
                  -
               -
                     -
                         42
             254
                  30
                -
               -
                     -
                        284
Selling Expenses (US$000)
                  118
                   5
                  -
               -
                     -
                       123
             243
                  13
                -
               -
                     -
                        256
Cost Applicable to Sales (US$000)
             24,952
            1,115
                  -
               -
                     -
                  26,067
        26,272
             1,435
                -
               -
                     -
                   27,707
Divide:
                        
Volume Sold
               6,854
          24,909
                  -
               -
                     -
 Not Applicable
        20,586
           96,634
                -
               -
                     -
 Not Applicable
CAS
              3,641
           44.75
                  -
               -
                     -
 Not Applicable
         1,276
            14.85
               -
               -
                     -
 Not Applicable
APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 1Q23
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
1Q23
  
1Q23
  
1Q23
  
1Q23
                       
Au Ounces Sold Net
  
        29,712
    
         3,211
    
         6,854
    
        35,671
                       
 
1Q23
  
1Q23
  
1Q23
  
1Q23
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
41,696
1,403
  
9,151
2,850
  
22,388
3,266
  
59,823
1,677
Exploration in Operating Units
10,195
343
  
197
61
  
3,513
513
  
11,801
331
Royalties
3,038
102
  
0
0
  
0
0
  
3,038
85
Comercial Deductions3
5,225
176
  
72
22
  
42
6
  
5,313
149
Selling Expenses
1,393
47
  
27
8
  
122
18
  
1,469
41
Administrative Expenses
11,097
373
  
595
185
  
1,025
150
  
12,103
339
Other, net
1,230
41
  
129
40
  
-154
-22
  
1,297
36
Sustaining Capex4
583
20
  
39
12
  
2,509
366
  
1,628
46
                       
By-product Credit
-27,350
-921
  
-264
-82
  
-590
-86
  
-27,851
-781
                       
All-in Sustaining Cost
47,106
1,585
  
9,946
3,097
  
28,855
4,210
  
68,622
1,924
                       
*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.
All-in Sustaining Cost for 1Q22
                       
 
Buenaventura1
  
La Zanja
  
Tantahuatay
  
Attributable 2
 
1Q22
  
1Q22
  
1Q22
  
1Q22
                       
Au Ounces Sold Net
  
31,488
    
5,773
    
20,586
    
45,515
                       
 
1Q22
  
1Q22
  
1Q22
  
1Q22
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
41,361
1,314
  
11,482
1,989
  
25,043
1,217
  
62,884
1,382
Exploration in Operating Units
9,333
296
  
719
125
  
2,124
103
  
10,904
240
Royalties
2,934
93
  
0
0
  
0
0
  
2,934
64
Comercial Deductions3
9,562
304
  
46
8
  
284
14
  
9,722
214
Selling Expenses
2,157
69
  
34
6
  
256
12
  
2,294
50
Administrative Expenses
12,075
383
  
684
118
  
905
44
  
13,122
288
Other, net
-831
-26
  
-108
-19
  
-372
-18
  
-1,088
-24
Sustaining Capex4
1,460
46
  
34
6
  
4,403
214
  
3,259
72
                       
By-product Credit
-41,720
-1,325
  
-519
-90
  
-2,077
-101
  
-43,071
-946
                       
All-in Sustaining Cost
36,331
1,154
  
12,372
2,143
  
30,566
1,485
  
60,959
1,339
                       
*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.
APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
        
Interim condensed consolidated statements of financial position
        
As of March 31, 2023 (unaudited) and December 31, 2022 (audited)
        
             
   
2023
    
2022
  
Assets
  
US$(000)
    
US$(000)
  
Current assets
            
Cash and cash equivalents
    
173,493
      
253,918
  
Trade and other receivables
    
256,428
      
221,899
  
Inventories
    
88,264
      
88,345
  
Income tax credit
    
26,516
      
28,046
  
Prepaid expenses
    
22,641
      
19,333
  
Hedge derivative financial instruments
    
-
      
8,839
  
     
567,342
      
620,380
  
                 
Non-current assets
                
Trade and other receivables
    
685,964
      
673,627
  
Investments in associates and joint venture
    
1,530,978
      
1,520,977
  
Property, plant, equipment and development cost
    
1,546,863
      
1,535,195
  
Deferred income tax asset
    
118,521
      
106,170
  
Prepaid expenses
    
22,812
      
23,033
  
Other non-financial assets
    
23,670
      
23,845
  
     
3,928,808
      
3,882,847
  
Total assets
    
4,496,150
      
4,503,227
  
                 
                 
Liabilities and equity
                
Current liabilities
                
Trade and other payables
    
199,771
      
247,989
  
Provisions
    
93,350
      
94,171
  
Income tax payable
    
2,853
      
2,366
  
Financial obligations
    
34,698
      
35,071
  
     
330,672
      
379,597
  
Non-current liabilities
                
Trade and other payables
    
4,401
      
3,553
  
Provisions
    
204,570
      
204,347
  
Financial obligations
    
695,564
      
703,463
  
Contingent consideration liability
    
17,710
      
16,905
  
Deferred income tax liabilities
    
32,152
      
32,421
  
     
954,397
      
960,689
  
                 
Total liabilities
    
1,285,069
      
1,340,286
  
                 
Equity
                
Capital stock
    
750,497
      
750,497
  
Investment shares
    
791
      
791
  
Additional paid-in capital
    
218,450
      
218,450
  
Legal reserve
    
163,372
      
163,270
  
Other reserves
    
31,897
      
31,897
  
Other reserves of equity
    
(1,491
)
    
2,184
  
Retained earnings
    
1,887,623
      
1,841,761
  
Shareholders’ equity attributable to owners of the parent
    
3,051,139
      
3,008,850
  
Non-controlling interest
    
159,942
      
154,091
  
Total equity
    
3,211,081
      
3,162,941
  
Total liabilities and equity
    
4,496,150
      
4,503,227
  
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
  
Interim consolidated statements of profit or loss (unaudited)
  
For the three-month periods ended March 31, 2023 and 2022
  
             
             
   
2023
    
2022
  
Continuing operations
  
US$(000)
    
US$(000)
  
Operating income
            
Sales of goods
    
182,123
      
227,855
  
Sales of services
    
3,375
      
3,683
  
Royalty income
    
-
      
1,381
  
Total operating income
    
185,498
      
232,919
  
                 
Cost of sales
                
Cost of sales of goods, excluding depreciation and amortization
      (99,171 )
     (107,418 )
Unabsorbed cost due to production stoppage
    
(5,001
)
    
(6,079
)
Cost of sales of services, excluding depreciation and amortization
      (977 )
     (550 )
Depreciation and amortization
    
(31,438
)
    
(45,721
)
Exploration in operating units
    
(12,533
)
    
(14,017
)
Mining royalties
    
(4,220
)
    
(4,409
)
Total costs of sales
    
(153,340
)
    
(178,194
)
Gross profit
    
32,158
      
54,725
  
                 
Operating income (expenses)
                
Administrative expenses
    
(18,090
)
    
(18,494
)
Selling expenses
    
(3,428
)
    
(4,592
)
Exploration in non-operating areas
    
(1,815
)
    
(2,044
)
Reversal of contingencies
    
7,038
      
746
  
Other, net
    
(3,298
)
    
1,891
  
Total operating income (expenses)
    
(19,593
)
    
(22,493
)
                 
Operating profit
    
12,565
      
32,232
  
                 
Share in the results of associates and joint venture
    
59,363
      
75,420
  
Foreign currency exchange difference
    
9,407
      
47,810
  
Finance income
    
1,824
      
9,573
  
Finance costs
    
(13,884
)
    
(16,571
)
Profit before income tax
    
69,275
      
148,464
  
                 
Current income tax
    
(7,066
)
    
(22,330
)
Deferred income tax
    
10,021
      
8,536
  
     
2,955
      
(13,794
)
                 
Profit from continuing operations
    
72,230
      
134,670
  
                 
Profit from discontinued operations
    
582
      
479,997
  
Net profit
    
72,812
      
614,667
  
                 
Profit attributable to:
                
Owners of the parent
    
64,404
      
604,524
  
Non-controlling interest
    
8,408
      
10,143
  
     
72,812
      
614,667
  
                 
Basic and diluted profit per share, stated in U.S. dollars
    
0.25
      
2.38
  
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
  
Interim condensed consolidated statements of cash flows (unaudited)
  
For the three-month periods ended March 31, 2023 and 2022
  
             
   
2023
    
2022
  
   
US$(000)
    
US$(000)
  
             
Cash flows of operating activities
            
Proceeds from sales of goods and services
    
183,472
      
235,299
  
Recovery from value added tax
    
8,361
      
8,027
  
Interest received
    
1,471
      
263
  
Dividends received from associates
    
401
      
-
  
Dividends received from investments
    
150
      
-
  
Royalty received
    
-
      
5,643
  
Payments to suppliers and third-parties, and other net
     (165,528
)
     (188,893
 )
Payments to employees
    
(32,092
)
    
(33,579
)
Interest paid
    
(17,507
)
    
(20,052
)
Short-term and low value lease payments
    
(8,459
)
    
(7,594
)
Income tax and royalties paid to the Peruvian State
     (4,494
 )
     (57,497 )
Payment of royalties
    
(3,038
)
    
(2,934
)
                 
Net cash and cash equivalents used in operating activities
    
(37,263
)
    
(61,317
)
                 
Cash flows of investing activities
                
Payments for acquisition of property, plant and equipment
     (36,185
)
    (19,863
)
Payments for acquisitions of other assets
    
(248
)
    
(94
)
Proceeds from sale of property, plant and equipment
     2,139
      42
 
Collection for sale of participation in Yanacocha
    
-
      
300,000
  
Collection for purchase of La Zanja shares
    
-
      
45,000
  
                 
Net cash flows from (used in) investing activities
    
(34,294
)
    
325,085
  
                 
Cash flows of financing activities
                
Payments of financial obligations
    
(7,759
)
    
(280,396
)
Lease payments
    
(1,122
)
    
(1,010
)
Decrease of bank accounts in trust
    
13
      
7
  
Increase of restricted time deposits
    
-
      
29,117
  
Proceeds from bank loans
    
-
      
(50,000
)
Dividends paid to non-controlling interest
    
-
      
(1,075
)
Net cash and cash equivalents used in financing activities
    
(8,868
)
    
(303,357
)
                 
Decrease in cash and cash equivalents
    
(80,425
)
    
(39,589
)
Cash and cash equivalents at beginning of the period
     253,918
      376,999
 
                 
Cash and cash equivalents at the end of the period
    
173,493
      
337,410
  
   
2023
    
2022
  
   
US$(000)
    
US$(000)
  
             
Reconciliation of net profit to cash and cash equivalents provided by operating activities
  
             
Net profit
    
72,812
      
614,667
  
                 
Plus (less):
                
Share in the results of associates and joint venture
    
(59,363
)
    
(75,420
)
Deferred income tax (continuing operations)
    
(10,021
)
    
(8,536
)
Exchange difference
    
(9,407
)
    
(47,810
)
Reversal (provision) of contingencies
    
(7,038
)
    
(746
)
Depreciation and amortization in cost of sales
    
31,438
      
45,721
  
Non - cash discontinued operations
    
(1,423
)
    
(524,844
)
Reversal (provision) for estimated fair value of sales
    
2,179
      
(5,408
)
Workers´ participation provision
    
1,407
      
5,191
  
Bonus provision - executives & employes
    
5,162
      
3,938
  
Other minor
    
1,635
      
(4,436
)
                 
Net changes in operating assets and liabilities:
                
Decrease (increase) in operating assets -
                
Trade and other accounts receivable
    
20,222
      
32,505
  
Inventories
    
(7,309
)
    
(11,268
)
Income tax credit
    
1,530
      
-
  
Prepaid expenses
    
(1,139
)
    
2,319
  
                 
Increase (decrease) in operating liabilities -
                
Trade and other accounts payable
    
(77,964
)
    
(94,690
)
Provisions
    
(872
)
    
(2,080
)
Income tax payable
    
487
      
9,580
  
                 
Proceeds from dividends in associates
    
401
      
-
  
                 
                 
Net cash and cash equivalents used in operating activities
    
(37,263
)
    
(61,317
)
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: April 27, 2023
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