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 2018

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 2018 Results

Lima, Peru, April 26, 2018 – 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 (1Q18) ended March 31, 2018. 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 2018 Highlights:

·	In 1Q18, EBITDA from direct operations was US$97.6 million; a 20% increase as compared to US$81.3 million reported in 1Q17. Adjusted EBITDA (including associated companies) decreased 3% (US$ 173.7 million) in 1Q18, compared to the US$179.2 million in 1Q17.

·	Total attributable production in 1Q18 was 148 thousand gold ounces and 7.2 million silver ounces, compared to 136 thousand gold ounces and 6.2 million silver ounces for the same period in 2017.

·	Buenaventura refinanced its syndicated loan, extending the maturity until 2022 with a rate which has been reduced to Libor + 2.15%. All other terms remain the same.

·	The Company´s Net Debt/EBITDA ratio was reduced to 1.2x.

·	Adjusted EBITDA and Net Income have been affected mainly by the results coming from the affiliates.

·	Management remains confident in achieving its production guidance for all of Buenaventura’s direct operations as was provided at the beginning of the year.

·	At Cerro Verde, a dividend of US$ 200 million (US$ 39 million attributable to Buenaventura) was declared in the last AGM.

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

	1Q18	1Q17	Var%
Total Revenues	316.9	278.3	14%
Operating Profit	41.3	25.2	64%
EBITDA Direct Operations	97.6	81.3	20%
Adjusted EBITDA (Inc Associates)	173.7	179.2	-3%
Net Income	28.4	70.7	-60%
EPS*	0.11	0.28	-60%

(*) as of March 31, 2018 Buenaventura had a weighted average number of shares outstanding of 253,986,867.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 2 of 23

Operating Revenues

1Q18 net sales were US$312.5 million; a 15% increase compared to the US$272.8 million reported in 1Q17. This result was primarily due to an increase in gold, lead, zinc and copper prices as well as to higher sales volume of gold and zinc.

Royalty income decreased 19%, from US$5.5 million in 1Q17 to US$4.4 million in 1Q18 due to lower revenues at Yanacocha (19% QoQ).

Operating Highlights	1Q18	1Q17	Var%
Net Sales (in millions of US$)	312.5	272.8	15%
Average Realized Gold Price (US$/oz) ^{(1) (2)}	1,344	1,231	9%
Average Realized Gold Price (US$/oz) inc. Affiliates ⁽³⁾	1,341	1,218	10%
Average Realized Silver Price (US$/oz) ^{(1) (2)}	16.20	16.65	-3%
Average Realized Lead Price (US$/MT)^{(1) (2)}	2,667	2,290	16%
Average Realized Zinc Price (US$/MT)^{(1) (2)}	3,451	2,899	19%
Average Realized Copper Price (US$/MT)^{(1) (2)}	6,864	5,999	14%

Volume Sold	1Q18	1Q17	Var%
Gold Oz Direct Operations ⁽¹⁾	94,120	78,338	20%
Gold Oz inc Associated Companies ⁽³⁾	154,734	155,088	0%
Silver Oz ⁽¹⁾	5,871,687	5,999,608	-2%
Lead MT ⁽¹⁾	7,911	9,719	-19%
Zinc MT ⁽¹⁾	17,561	16,691	5%
Copper MT ⁽¹⁾	9,883	9,829	1%

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

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

(3)	Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal, 40.095% of Coimolache and 45.95% of Yanacocha.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 3 of 23

Production and Operating Costs

In 1Q18, Buenaventura’s gold equity production from direct operations was 87,617; a 39% increase in comparison to 1Q17. 1Q18 Gold production including associated companies was 147,507 ounces; a 9% increase as compared to the same period in 2017. This is mainly due to new production coming from Tambomayo. 1Q18 consolidated Silver and Zinc equity production increased as compared to 1Q17 primarily due to increased production at Uchucchacua and the new production coming from Tambomayo.

Equity Production	1Q18	1Q17	Var%
Gold Oz Direct Operations⁽¹⁾	87,617	63,094	39%
Gold Oz including Associated⁽²⁾ Companies	147,507	135,693	9%
Silver Oz Direct Operations⁽¹⁾	6,666,745	5,825,738	14%
Silver Oz including Associated Companies	7,231,323	6,186,085	17%
Lead MT	8,124	8,092	0%
Zinc MT	16,565	14,421	15%
Copper MT Direct Operations⁽¹⁾	6,477	6,899	-6%
Copper MT including Associated Companies	28,114	30,149	-7%

Consolidated Production	1Q18	1Q17	Var%
Gold Oz⁽³⁾	98,647	80,280	23%
Silver Oz⁽³⁾	6,982,187	6,262,265	11%
Lead MT⁽³⁾	9,565	10,320	-7%
Zinc MT⁽³⁾	21,886	20,959	4%
Copper MT⁽³⁾	10,520	11,214	-6%

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

(2)	Consider 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 45.95% of Yanacocha.

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

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 4 of 23

Tambomayo (100% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Gold	Oz	33,693
Silver	Oz	1,019,915

Cost Applicable to Sales
		1Q18	1Q17	Var %
Gold	US$/Oz	522

Tambomayo began commercial operation in August 2017. 2018 will be Tambomayo’s first full year operating at full capacity.

Gold production guidance for 2018 is 110k – 130k ounces and silver production guidance is 3.0M – 3.5M ounces.

Orcopampa (100% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Gold	Oz	39,987	42,332	-6%
Silver	Oz	86,002	140,095	-39%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Gold	US$/Oz	864	788	10%

1Q18 gold production at Orcopampa decreased mainly due to lower ore grades (14% decrease QoQ). 1Q18 Cost Applicable to Sales (CAS) increased 10%, to 864 US$/Oz, compared to 788 US$/Oz in 1Q17, mainly due to lower volume sold (5% decrease QoQ).

Gold production guidance for 2018 is 190k – 210k ounces.

Uchucchacua (100% owned by Buenaventura)*

Production
		1Q18	1Q17	Var %
Silver	Oz	4,413,249	4,021,722	10%
Zinc	MT	4,575	1,882	143%
Lead	MT	4,184	2,794	50%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Silver	US$/Oz	9.77	11.02	-11%

1Q18 silver production at Uchucchacua increased mainly due to higher ore grades, reflecting a 5% increase in ore grades, QoQ. 1Q18 Cost Applicable to Sales (CAS) of 9.77 US$/Oz was 11% lower than 11.02 US$/Oz in 1Q17, primarily due to a higher by-product contribution, reflecting a 52% increase in volume of lead sold and 240% higher volume of zinc sold.

Silver production guidance for 2018 is 17.2 million – 18.6 million ounces.

*1Q18 production includes 231,396 Ag Oz, 389 Zn MT and 391 Pb MT of production from Uchucchacua´s material treated at Mallay´s processing plant.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 5 of 23

Mallay (100% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Silver	Oz	155,000	320,372	-52%
Zinc	MT	952	2,174	-56%
Lead	MT	504	1,322	-62%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Silver	US$/Oz	12.43	13.35	-7%

Mallay silver, lead and zinc production decreased in 1Q18 in order to accommodate production of Uchucchacua´s ore (higher value). 1Q18 Cost Applicable to Sales (CAS) of 12.43 US$/Oz was 7% lower than 13.85 US$/Oz in 1Q17, primarily explained by lower exploration expenses (86% lower QoQ).

Silver production guidance for 2018 from Mallay´s mining operation is 0.4 million – 0.5 million ounces.

Julcani (100% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Silver	Oz	504,155	666,236	-24%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Silver	US$/Oz	16.69	13.93	20%

1Q18 silver production decreased 24% QoQ primarily due to a 37% QoQ decrease in ore treated despite higher- a 20% QoQ increase- in ore grades. 1Q18 Cost Applicable to Sales (CAS) of 16.69 US$/Oz was 20% higher than 13.93 US$/Oz in 1Q17, primarily explained by a decrease in volume sold and lower exploration expenses (59% decrease QoQ).

Julcani continues with the process of strengthening its mining procedures in order to improve safety and increase profitability.

Silver production guidance for 2018 is 2.1 million – 2.4 million ounces.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 6 of 23

La Zanja (53.06% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Gold	Oz	17,722	32,255	-45%
Silver	Oz	64,412	68,931	-7%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Gold	US$/Oz	1,016	724	40%

Gold production in 1Q18 decreased by 45% year on year, in line with the mine production plan. 1Q18 Cost Applicable to Sales (CAS) was 1,016 US$/Oz; a 40% increase compared to 724 US$/Oz in 1Q17, mainly due to lower volume sold (44% lower QoQ).

Gold production guidance for 2018 is 70k – 80k ounces.

Tantahuatay (40.10% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Gold	Oz	29,915	31,245	-4%
Silver	Oz	179,906	133,274	35%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Gold	US$/Oz	658	508	30%

1Q18 gold production decreased by 4% quarter on quarter, in line with the mine production plan. 1Q18 Cost Applicable to Sales (CAS) increased by 30%, compared to 508 US$/Oz in 1Q17, mainly due to a higher stripping ratio, 0.62 in 1Q18 vs. 0.11 in 1Q17, and a 4% QoQ increase in hauling expenses.

It is important to note that the strategy of treating Gold Fields ore has enabled Buenaventura to increase gold ore grade; mitigating the cost increase previously described.

Gold production guidance for 2018 is 160k – 180k ounces.

El Brocal (61.43% owned by Buenaventura)

Production
		1Q18	1Q17	Var %
Copper	MT	10,482	11,155	-6%
Zinc	MT	13,797	16,903	-18%
Silver	Oz	739,454	1,044,908	-29%

Cost Applicable to Sales
		1Q18	1Q17	Var %
Copper	US$/MT	4,989	4,890	2%
Zinc	US$/MT	1,729	1,953	-11%

1Q18 copper production decreased 6% compared to 1Q17, mainly due to lower ore grades (10% decrease QoQ). Zinc production in 1Q18 was in line with 1Q17.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 7 of 23

In 1Q17, zinc Cost Applicable to Sales (CAS) decreased 11% quarter on quarter, mainly due to an increase in by-product contribution and a reduced stripping ratio; 3.4 in 1Q18 vs. 5.8 in 1Q17. Copper CAS in 1Q18 was in line with 1Q17.

Zinc production guidance for 2018 is 43k – 50k MT, while copper production guidance for 2018 is 61k – 71k MT.

General and Administrative Expenses

1Q18 General and Administrative expenses were US$25.0 million; a 19% increase as compared to the US$21.1 million in 1Q17, mainly due to a US$ 2.1 million increase in compensation provisions.

Exploration in Non-Operating Areas

1Q18 costs related to Exploration in Non-Operating Areas reached US$6.8 million compared with US$2.3 million in 1Q17. During the period, Buenaventura primarily focused its exploration efforts on the Yumpaq (US$2.9 million), Emperatiz (US$ 0.6 million) and Luciana projects (US$0.5 million).

Share in Associated Companies

During 1Q18, Buenaventura’s share in associated companies was US$14.8 million, compared to US$44.9 million reported in 1Q17, comprised of:

Share in the Result of Associates (in millions of US$)	1Q18	1Q17	Var %
Yanacocha	-14.8	4.6	N.A.
Coimolache	2.6	4.3	-40%
Cerro Verde	27.1	36.0	-25%
Total	14.8	44.9	-67%

YANACOCHA

At Yanacocha (45.95% owned by Buenaventura), 1Q18 gold production was 104,233 ounces, 47,895 ounces of which is attributable to Buenaventura; a 24% decrease as compared to the 137,621 ounces (60,072 ounces attributable to Buenaventura) produced in 1Q17.

Gold production guidance at Yanacocha for 2018 is 470k – 545k ounces.

In 1Q18, Yanacocha reported a net loss of US$32.3 million, compared to a net income of US$10.4 million reported in 1Q17, mainly due to lower volume sold (27% decrease QoQ)

1Q18 CAS was US$1,083/oz; a 32% increase as compared to the US$823/oz reported in 1Q17.

Capital expenditures at Yanacocha were US$14.0 million in 1Q18.

The Quecher Main project (oxide deposit) is currently in its Execution Stage. First production is expected in early 2019 with commercial production expected in the fourth quarter of 2019. The Quecher Main project extends the life of the Yanacocha operation until 2027, with average annual gold production of 200,000 ounces per year expected between 2020 and 2025. Cost applicable to sales (CAS) is expected to be between US$750 and US$850 per ounce and AISC between US$900 and US$1,000. Total CAPEX for the project is expected to be between US$250 and US$300 million; US$80 – US$90 million of which is in 2018.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 8 of 23

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), 1Q18 attributable contribution to net income was US$2.6 million as compared to US$4.3 million in 1Q17.

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), 1Q18 copper production was 110,506 MT, 21,637 MT of which is attributable to Buenaventura, a 7% decrease compared to 1Q17; 118,744 MT and 23,250 MT of which was attributable to Buenaventura.

During 1Q18, Cerro Verde reported a net income of US$138.3 million compared to net income of US$184.0 million in 1Q17. This decrease was primarily due to lower volume sold.

Capital expenditures at Cerro Verde were US$77.4 million in 1Q18.

Copper production guidance at Cerro Verde for 2018 is 460k MT – 500k MT.

De-bottlenecking program

1Q18 UPDATE

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 9 of 23

***

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache.

The Company owns 45.95% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2016 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

**Tables to follow**

APPENDIX 1

Equity Participation in Subsidiaries and Associates (as of March 31,2018)
	BVN	Operating
	Equity %	Mines / Business
El Molle Verde S.A.C*	100.00	Trapiche Project
Minera La Zanja S.A*	53.06	La Zanja
Sociedad Minera El Brocal S.A.A*	61.43	Tajo Norte and Marcapunta
Compañía Minera Coimolache S.A **	40.10	Tantahuatay
Minera Yanacocha S.R.L **	45.95	Yanacocha
Sociedad Minera Cerro Verde S.A.A **	19.58	Cerro Verde
Processadora Industrial Rio Seco S.A*	100.00	Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*	100.00	Energy – Huanza Hydroelectrical plant
Buenaventura Ingenieros S.A*	100.00	Engineering Consultant

(*)Consolidates

(**) Equity Accounting

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 10 of 23

APPENDIX 2

Gold Production
Mining Unit	Operating Results	Unit	1Q18	1Q17	△%
Underground
Tambomayo	Ore Milled	DMT	135,662	-	-
	Ore Grade	g/MT	0.26	-	-
	Recovery Rate	%	91.99	-	-
	Ounces Produced*	Oz	33,693	-	-
Orcopampa	Ore Milled	DMT	122,313	114,485	7%
	Ore Grade	g/MT	0.33	0.38	-14%
	Recovery Rate	%	97.36	96.82	1%
	Ounces Produced*	Oz	39,987	42,332	-6%
Open Pit
La Zanja	Ounces Produced	Oz	17,722	32,255	-45%
Tantahuatay	Ounces Produced	Oz	29,915	31,245	-4%
(*) Includes ounces from retreatment of tailing dams

Silver Production
Mining Unit	Operating Results	Unit	1Q18	1Q17	△%
Underground
Tambomayo	Ore Milled	DMT	135,662	-	-
	Ore Grade	Oz/MT	8.85	-	-
	Recovery Rate	%	83.36	-	-
	Ounces Produced	Oz	1,019,915	-	-
Uchucchacua	Ore Milled	DMT	332,816	332,876	0%
	Ore Grade	Oz/MT	15.13	14.38	5%
	Recovery Rate	%	82.97	84.01	-1%
	Ounces Produced	Oz	4,413,249	4,021,722	10%
Julcani	Ore Milled	DMT	24,087	38,341	-37%
	Ore Grade	Oz/MT	21.49	17.92	20%
	Recovery Rate	%	96.85	96.99	0%
	Ounces Produced	Oz	504,155	666,236	-24%
Mallay	Ore Milled	DMT	21,366	49,382	-57%
	Ore Grade	Oz/MT	8.20	7.05	16%
	Recovery Rate	%	87.87	92.11	-5%
	Ounces Produced	Oz	155,000	320,372	-52%
Marcapunta	Ore Milled	DMT	648,618	609,626	6%
	Ore Grade	Oz/MT	0.59	0.64	-7%
	Recovery Rate	%	60.21	59.76	1%
	Ounces Produced	Oz	230,924	231,910	0%
Open Pit
Tajo Norte	Ore Milled	DMT	837,623	833,237	1%
	Ore Grade	Oz/MT	1.01	1.35	-25%
	Recovery Rate	%	60.27	72.27	-17%
	Ounces Produced	Oz	508,529	812,998	-37%


Zinc Production
Mining Unit	Operating Results	Unit	1Q18	1Q17	△%
Underground
Tambomayo	Ore Milled	DMT	135,662	-	-
	Ore Grade	%	2.37	-	-
	Recovery Rate	%	76.71	-	-
	MT Produced	MT	2,562	-	-
Uchucchacua	Ore Milled	DMT	332,816	332,876	0%
	Ore Grade	%	2.17	1.23	76%
	Recovery Rate	%	63.46	45.98	38%
	MT Produced	MT	4,575	1,882	143%
Mallay	Ore Milled	DMT	21,366	49,382	-57%
	Ore Grade	%	5.10	4.98	2%
	Recovery Rate	%	80.12	88.29	-9%
	MT Produced	MT	952	2,174	-56%
Open Pit
Tajo Norte	Ore Milled	DMT	837,623	833,237	1%
	Ore Grade	%	2.77	3.25	-15%
	Recovery Rate	%	59.46	62.47	-5%
	MT Produced	MT	13,797	16,903	-18%


Copper Production
Mining Unit	Operating Results	Unit	1Q18	1Q17	△%
Underground
Marcapunta	Ore Milled	DMT	648,618	609,626	6%
	Ore Grade	%	1.75	1.95	-10%
	Recovery Rate	%	92.47	93.90	-2%
	MT Produced	MT	10,482	11,155	-6%

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 11 of 23

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


	1Q18	1Q17
Net Income	30,826	76,250
Add / Substract:	66,792	5,051
Provision for income tax, net	17,451	-3,459
Share in associated companies by the equity method, net	-14,803	-44,864
Interest income	-1,130	-1,291
Interest expense	8,684	7,159
Loss on currency exchange difference	-665	-3,003
Long Term Compensation provision	851	-4
Depreciation and Amortization	53,809	42,754
Workers´ participation provision	1,954	836
Bonus provision - executives & employees	1,185	0
Loss from discontinued operations	931	-5,576
Provision for contingencies	-1,475	12,499
EBITDA Buenaventura Direct Operations	97,618	81,301
EBITDA Yanacocha (45.95%)	3,544	12,956
EBITDA Cerro Verde (19.58%)	64,388	75,764
EBITDA Coimolache (40.01%)	8,148	9,169
Adjusted EBITDA (including Associated companies)	173,699	179,189

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

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

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

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 12 of 23

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

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

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

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

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

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 13 of 23


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

	For the 3 months ended Mar 31
	2018		2017
	(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization		150,595		141,320
Add:
Consolidated Exploration in units in operation		22,769		20,986
Consolidated Commercial deductions		49,894		66,155
Consolidated Selling expenses		5,997		4,313
Consolidated Cost applicable to sales		229,255		232,773

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 Mar 31
		2018		2017
Cost of sales by mine and mineral	(in thousands of US$)
Julcani, Gold		16		2
Julcani, Silver		3,830		7,746
Julcani, Lead		349		652
Julcani, Copper		10		45
Mallay, Gold		2		100
Mallay, Silver		1,201		2,377
Mallay, Lead		574		1,469
Mallay, Zinc		1,383		2,097
Orcopampa, Gold		25,224		23,970
Orcopampa, Silver		768		1,152
Orcopampa, Copper		87		18
Uchucchacua, Gold		27		20
Uchucchacua, Silver		24,130		26,136
Uchucchacua, Lead		3,451		2,483
Uchucchacua, Zinc		5,168		1,526
Tambomayo, Gold		12,848		0
Tambomayo, Silver		4,341		0
Tambomayo, Lead		415		0
Tambomayo, Zinc		1,772		0
La Zanja, Gold		18,275		22,969
La Zanja, Silver		695		686
El Brocal, Gold		2,287		1,420
El Brocal, Silver		2,765		4,915
El Brocal, Lead		3,096		4,009
El Brocal, Zinc		13,044		13,451
El Brocal, Copper		22,688		19,610
Non Mining Units		2,147		4,466
Consolidated Cost of sales, excluding depreciation and amortization		150,595		141,320

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 Mar 31
		2018		2017
Exploration expenses in units in operation by mine and mineral	(in thousands of US$)
Julcani, Gold		6		1
Julcani, Silver		1,425		3,528
Julcani, Lead		130		297
Julcani, Copper		4		21
Mallay, Gold		0		32
Mallay, Silver		104		766
Mallay, Lead		50		473
Mallay, Zinc		119		676
Orcopampa, Gold		8,813		8,933
Orcopampa, Silver		268		429
Orcopampa, Copper		31		7
Uchucchacua, Gold		5		4
Uchucchacua, Silver		4,327		4,698
Uchucchacua, Lead		619		446
Uchucchacua, Zinc		927		274
Tambomayo, Gold		2,612		0
Tambomayo, Silver		883		0
Tambomayo, Lead		84		0
Tambomayo, Zinc		360		0
La Zanja, Gold		6		389
La Zanja, Silver		0		12
El Brocal, Gold		104		0
El Brocal, Silver		126		0
El Brocal, Lead		141		0
El Brocal, Zinc		593		0
El Brocal, Copper		1,032		0
Non Mining Units		0		0
Consolidated Exploration expenses in units in operation		22,769		20,986

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 14 of 23

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

	For the 3 months ended Mar 31
	2018		2017
Commercial Deductions in units in operation by mine and mineral	(in thousands of US$)
Julcani, Gold		2		0
Julcani, Silver		569		1,341
Julcani, Lead		49		113
Julcani, Copper		1		8
Mallay, Gold		1
Mallay, Silver		344		909
Mallay, Lead		166		552
Mallay, Zinc		417		1,181
Orcopampa, Gold		305		99
Orcopampa, Silver		34		32
Orcopampa, Copper		16		4
Uchucchacua, Gold		7		7
Uchucchacua, Silver		7,995		9,626
Uchucchacua, Lead		1,032		910
Uchucchacua, Zinc		3,461		1,544
Tambomayo, Gold		98		0
Tambomayo, Silver		148		0
Tambomayo, Lead		52		0
Tambomayo, Zinc		449		0
La Zanja, Gold		94		62
La Zanja, Silver		3		1
El Brocal, Gold		2,428		2,039
El Brocal, Silver		1,743		4,178
El Brocal, Lead		1,292		2,792
El Brocal, Zinc		5,174		13,393
El Brocal, Copper		24,015		27,323
Non Mining Units		0		0
Consolidated Commercial deductions in units in operation		49,894		66,155

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

	For the 3 months ended Mar 31
		2018		2017
Selling expenses by mine and mineral	(in thousands of US$)
Julcani, Gold		0		0
Julcani, Silver		56		102
Julcani, Lead		5		9
Julcani, Copper		0		1
Mallay, Gold		0		4
Mallay, Silver		51		102
Mallay, Lead		25		63
Mallay, Zinc		59		90
Orcopampa, Gold		243		154
Orcopampa, Silver		7		7
Orcopampa, Copper		1		0
Uchucchacua, Gold		1		1
Uchucchacua, Silver		1,183		673
Uchucchacua, Lead		169		64
Uchucchacua, Zinc		253		39
Tambomayo, Gold		466		0
Tambomayo, Silver		158		0
Tambomayo, Lead		15		0
Tambomayo, Zinc		64		0
La Zanja, Gold		140		174
La Zanja, Silver		5		5
El Brocal, Gold		143		73
El Brocal, Silver		173		254
El Brocal, Lead		194		207
El Brocal, Zinc		818		696
El Brocal, Copper		1,422		1,014
Non Mining Units		344		580
Consolidated Selling expenses		5,997		4,313

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 15 of 23

	JULCANI
	1Q 2018													1Q 2017
	GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)			COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)			COPPER (MT)		TOTAL
Cost of Sales (without D&A)(US$000)		16		3,830		349		-			10		4,205		2		7,746		652		-			45		8,446
Add:
Exploration Expenses (US$000)		6		1,425		130		-			4		1,565		1		3,528		297		-			21		3,847
Commercial Deductions (US$000)		2		569		49		-			1		621		0		1,341		113		-			8		1,463
Selling Expenses (US$000)		0		56		5		-			0		62		0		102		9		-			1		111
Cost Applicable to Sales (US$000)		25		5,880		534		-			15		6,453		4		12,717		1,072		-			74		13,867
Divide:
Volume Sold		10		352,236		169		-			2	Not Applicable			4		912,656		591		-			16	Not Applicable
CAS		2,470		16.69		3,161		-			7,391	Not Applicable			965		13.93		1,812		-			4,703	Not Applicable

	MALLAY
	1Q 2018													1Q 2017
	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		1,201		574		1,383			-		3,161		100		2,377		1,469		2,097			-		6,044
Add:
Exploration Expenses (US$000)		0		104		50		119			-		273		32		766		473		676			-		1,947
Commercial Deductions (US$000)		1		344		166		417			-		928		39		909		552		1,181			-		2,680
Selling Expenses (US$000)		0		51		25		59			-		135		4		102		63		90			-		260
Cost Applicable to Sales (US$000)		3		1,701		814		1,979			-		4,497		175		4,154		2,558		4,044			-		10,931
Divide:
Volume Sold		3		136,838		440		733			-	Not Applicable			193		311,157		1,276		1,472			-	Not Applicable
CAS		971		12.43		1,848		2,701			-	Not Applicable			909		13.35		2,005		2,747			-	Not Applicable


	ORCOPAMPA
	1Q 2018													1Q 2017
	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)		25,224		768		-		-			87		26,079		23,970		1,152		-		-			18		25,140
Add:											-
Exploration Expenses (US$000)		8,813		268		-		-			31		9,112		8,933		429		-		-			7		9,369
Commercial Deductions (US$000)		305		34		-		-			16		355		99		32		-		-			4		135
Selling Expenses (US$000)		243		7		-		-			1		251		154		7		-		-			0		161
Cost Applicable to Sales (US$000)		34,585		1,077		-		-			135		35,797		33,155		1,621		-		-			29		34,805
Divide:
Volume Sold		40,015		99,573		-		-			27	Not Applicable			42,101		150,134		-		-			7	Not Applicable
CAS		864		10.82		-		-			4,898	Not Applicable			788		10.80		-		-			4,180	Not Applicable

	UCHUCCHACUA
	1Q 2018													1Q 2017
	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)		27		24,130		3,451		5,168			-		32,777		20		26,136		2,483		1,526			-		30,164
Add:
Exploration Expenses (US$000)		5		4,327		619		927			-		5,878		4		4,698		446		274			-		5,422
Commercial Deductions (US$000)		7		7,995		1,032		3,461			-		12,495		7		9,626		910		1,544			-		12,087
Selling Expenses (US$000)		1		1,183		169		253			-		1,607		1		673		64		39			-		777
Cost Applicable to Sales (US$000)		40		37,635		5,272		9,809			-		52,757		31		41,133		3,903		3,384			-		48,451
Divide:
Volume Sold		70		3,853,518		3,434		3,802			-	Not Applicable			42		3,732,401		2,258		1,118			-	Not Applicable
CAS		575		9.77		1,535		2,580			-	No Applicable			737		11.02		1,729		3,028			-	No Applicable

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 16 of 23

	TAMBOMAYO
	1Q 2018												1Q 2017
	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)		12,848		4,341		415		1,772		-		19,376
Add:
Exploration Expenses (US$000)		2,612		883		84		360		-		3,939
Commercial Deductions (US$000)		98		148		52		449		-		747
Selling Expenses (US$000)		466		158		15		64		-		703
Cost Applicable to Sales (US$000)		16,024		5,529		567		2,645		-		24,765
Divide:
Volume Sold		30,698		837,123		528		1,672		-	Not Applicable
CAS		522		6.60		1,073		1,582		-	No Applicable			-		-		-		-		-	No Applicable

	LA ZANJA
	1Q 2018												1Q 2017
	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)		18,275		695		-		-		-		18,970		22,969		686		-		-		-		23,654
Add:
Exploration Expenses (US$000)		6		0		-		-		-		6		389		12		-		-		-		400
Commercial Deductions (US$000)		94		3		-		-		-		96		62		1		-		-		-		63
Selling Expenses (US$000)		140		5		-		-		-		145		174		5		-		-		-		179
Cost Applicable to Sales (US$000)		18,514		704		-		-		-		19,217		23,594		703		-		-		-		24,297
Divide:
Volume Sold		18,222		55,814		-		-		-	Not Applicable			32,570		67,519		-		-		-	Not Applicable
CAS		1,016		12.61		-		-		-	Not Applicable			724		10.42		-		-		-	Not Applicable

	BROCAL
	1Q 2018												1Q 2017
	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)		2,287		2,765		3,096		13,044		22,688		43,880		1,420		4,915		4,009		13,451		19,610		43,406
Add:
Exploration Expenses (US$000)		104		126		141		593		1,032		1,996		-		-		-		-		-		-
Commercial Deductions (US$000)		2,428		1,743		1,292		5,174		24,015		34,652		2,039		4,178		2,792		13,393		27,323		49,726
Selling Expenses (US$000)		143		173		194		818		1,422		2,750		73		254		207		696		1,014		2,245
Cost Applicable to Sales (US$000)		4,962		4,807		4,723		19,629		49,157		83,278		3,533		9,348		7,009		27,539		47,948		95,377
Divide:
Volume Sold		5,102		536,585		3,339		11,354		9,854	Not Applicable			3,429		825,740		5,595		14,102		9,806	Not Applicable
CAS		973		8.96		1,414		1,729		4,989	Not Applicable			1,030		11.32		1,253		1,953		4,890	Not Applicable

	NON MINING COMPANIES
	1Q 2018												1Q 2017
	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)		-		-		-		-		-		2,147		-		-		-		-		-		4,466
Add:												-												-
Selling Expenses (US$000)		-		-		-		-		-		344		-		-		-		-		-		580
Total (US$000)		-		-		-		-		-		2,491		-		-		-		-		-		5,046

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 17 of 23

	BUENAVENTURA CONSOLIDATED
	1Q 2018												1Q 2017
	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)		58,679		37,730		7,886		21,368		22,786		150,595		48,481		43,012		8,614		17,074		19,673		141,320
Add:
Exploration Expenses (US$000)		11,546		7,133		1,024		2,000		1,066		22,769		9,358		9,433		1,217		950		27		20,986
Commercial Deductions (US$000)		2,935		10,835		2,591		9,501		24,032		49,894		2,246		16,088		4,368		16,118		27,335		66,155
Selling Expenses (US$000)		994		1,634		408		1,194		1,423		5,997		406		1,144		343		825		1,015		4,313
Cost Applicable to Sales (US$000)		74,153		57,333		11,909		34,063		49,307		229,255		60,491		69,677		14,542		34,967		48,051		232,773
Divide:
Volume Sold		94,120		5,871,687		7,911		17,561		9,883	Not Applicable			78,338		5,999,608		9,719		16,691		9,829	Not Applicable
CAS		788		9.76		1,505		1,940		4,989	Not Applicable			772		11.61		1,496		2,095		4,889	Not Applicable

	COIMOLACHE
	1Q 2018												1Q 2017
	GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL
Cost of Sales (without D&A) (US$000)		16,342		1,186		-		-		-		17,528		13,536		811		-		-		-		14,347
Add:
Exploration Expenses (US$000)		1,798		130		-		-		-		1,928		1,623		97		-		-		-		1,720
Commercial Deductions (US$000)		155		12		-		-		-		166		170		9		-		-		-		179
Selling Expenses (US$000)		112		8		-		-		-		120		159		9		-		-		-		168
Cost Applicable to Sales (US$000)		18,406		1,336		-		-		-		19,742		15,488		927		-		-		-		16,414
Divide:
Volume Sold		27,957		164,097		-		-		-	Not Applicable			30,493		123,896		-		-		-	Not Applicable
CAS		658		8.14		-		-		-	Not Applicable			508		7.48		-		-		-	Not Applicable

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 18 of 23

APPENDIX 5: ALL-IN SUSTAINING COST

Buenaventura
All-in Sustaining Cost for 1Q18

	Buenaventura¹				La Zanja				Tantahuatay				Attributable ²
		1Q18				1Q18				1Q18				1Q18
Au Ounces Sold BVN				70,796
Au Ounces bought from La Zanja				0
Au Ounces Sold Net				70,796				18,222				27,957				91,674

		1Q18				1Q18				1Q18				1Q18
Income Statement & Cash Flow	US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au

Cost of Sales³		91,830		1,297		19,283		1,058		17,528		627		109,089		1,190
Exploration in Operating Units		20,767		293		5		0		1,928		69		21,543		235
Royalties		4,343		61		0		0		0		0		4,343		47
Comercial Deductions⁴		15,146		214		96		5		166		6		15,264		167
Selling Expenses		2,889		41		145		8		120		4		3,014		33
Administrative Expenses		19,626		277		630		35		1,243		44		20,459		223
Other, net		3,460		49		173		9		251		9		3,652		40
Sustaining Capex⁵		10,631		150		2,764		152		3,526		126		13,512		147

By-product Credit		-119,744		-1,691		-932		-51		-2,769		-99		-1,605		-18

All-in Sustaining Cost		48,948		691		22,164		1,216		21,994		787		69,527		758

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 19 of 23

Buenaventura
All-in Sustaining Cost for 1Q17

	Buenaventura¹				La Zanja				Tantahuatay				Attributable ²
		1Q17				1Q17				1Q17				1Q17
Au Ounces Sold BVN				69,617
Au Ounces bought from La Zanja				-27,278
Au Ounces Sold Net				42,339				32,248				30,493				71,675

		1Q17				1Q17				1Q17				1Q17
Income Statement & Cash Flow	US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au		US$ 000'		US$/Oz Au

Cost of Sales³		76,195		1,800		23,264		721		14,347		471		94,291		1,316
Exploration in Operating Units		19,261		455		827		26		1,720		56		20,390		284
Royalties		4,379		103		0		0		0		0		4,379		61
Comercial Deductions⁴		16,365		387		709		22		179		6		16,813		235
Selling Expenses		1,349		32		139		4		168		5		1,490		21
Administrative Expenses		15,428		364		493		15		909		30		16,054		224
Other Expenses		1,640		39		2,515		78		1,141		37		3,432		48
Other Incomes				0		2,265		70		-1,368		-45		653		9
Sustaining Capex⁵		7,029		166		543		17		2,003		66		8,120		113

By-product Credit		-102,334		-2,417		-1,166		-36		-2,153		-71		-421,275		-5,878

All-in Sustaining Cost		39,312		929		29,588		918		16,945		556		61,806		862

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 20 of 23

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of March 31, 2018 and December 31, 2017
	2018			2017
Assets	US$(000)			US$(000)
Current assets
Cash and cash equivalents		258,227			214,551
Trade and other accounts receivable, net		325,277			314,308
Inventory, net		146,790			132,287
Income tax credit		12,981			23,165
Prepaid expenses		14,314			17,551
		757,589			701,862

Non-current assets
Trade and other receivables, net		38,565			44,191
Long-term inventory		4,664			3,238
Long-term income tax credit		3,428			3,413
Investment in associates		1,512,227			1,536,887
Mining concessions, development costs, property, plant and equipment, net		1,920,348			1,949,555
Investment properties, net		255			222
Deferred income tax asset, net		28,811			43,129
Prepaid expenses		27,304			27,555
Other assets		20,373			22,761
		3,555,975			3,630,951

Total assets		4,313,564			4,332,813


Liabilities and shareholders’ equity, net
Current liabilities
Bank loans		45,000			96,215
Trade and other payables		203,759			233,355
Provisions		77,193			76,847
Income tax payable		1,739			2,081
Financial obligations		45,583			83,991
Hedge derivative financial instruments		2,723			28,705
		375,997			521,194


Non-current liabilities
Bank loans		50,000			-
Trade and other payables		702			663
Provisions		170,802			164,877
Financial obligations		577,797			549,092
Contingent consideration liability		17,570			17,570
Deferred income tax liability, net		16,966			15,790
		833,837			747,992

Total liabilities		1,209,834			1,269,186

Shareholders’ equity, net
Capital stock		750,497			750,497
Investment shares		791			791
Additional paid-in capital		218,450			218,450
Legal reserve		163,071			163,071
Other reserves		269			269
Retained earnings		1,749,711			1,728,847
Other reserves of equity		(3,058	)		(13,888	)
Shareholders’ equity, net attributable to owners of the parent		2,879,731			2,848,037
Non-controlling interest		223,999			215,590
Total shareholders’ equity, net		3,103,730			3,063,627

Total liabilities and shareholders’ equity, net		4,313,564			4,332,813

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 21 of 23

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income
For the three month periods ended March 31, 2018 and 2017


	For the three month period ended March, 31
	2018			2017
Continuing operations	US$(000)			US$(000)
Operating income
Net sales of goods		306,756			266,289
Net sales of services		5,763			6,503
Royalty income		4,419			5,470
Total operating income		316,938			278,262

Operating costs
Cost of sales, without considering depreciation and amortization		(148,585	)		(136,607	)
Cost of services, without considering depreciation and amortization		(2,010	)		(4,713	)
Exploration in operating units		(22,769	)		(20,986	)
Depreciation and amortization		(53,809	)		(42,754	)
Mining royalties		(6,395	)		(6,358	)
Total operating costs		(233,568	)		(211,418	)

Gross profit		83,370			66,844

Operating expenses, net
Administrative expenses		(25,045	)		(21,114	)
Provision for contingencies and others		1,475			(12,499	)
Selling expenses		(5,997	)		(4,313	)
Exploration in non-operating areas		(6,767	)		(2,293	)
Other, net		(5,742	)		(1,409	)
Total operating expenses, net		(42,076	)		(41,628	)

Operating profit		41,294			25,216

Other income (expense), net
Share in the results of associates		14,803			44,864
Net gain (loss) from currency exchange difference		665			3,003
Financial income		1,130			1,291
Financial costs		(8,684	)		(7,159	)
Total other income, net		7,914			41,999

Profit (loss) before income tax		49,208			67,215

Current income tax		(10,217	)		(6,260	)
Deferred income tax		(7,234	)		9,719

Profit (loss) from continuing operations		31,757			70,674

Discontinued operations
Profit (loss) from discontinued operations		(931	)		5,576
Net profit (loss)		30,826			76,250

Attributable to:
Owners of the parent		28,418			70,696
Non-controlling interest		2,408			5,554
		30,826			76,250

Basic and diluted profit (loss) per share attributable to
equity holders of the parent, stated in U.S. dollars		0.11			0.28

Weighted average number of shares outstanding
(common and investment), in units		253,986,867			254,186,867

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 22 of 23

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three month periods ended March 31, 2018 and 2017

	For the three month period ended March, 31
	2018			2017
	US$(000)			US$(000)

Operating activities
Proceeds from sales		329,843			255,316
Value Added Tax recovered		37,670			7,938
Royalty received		5,276			6,209
Proceeds from dividends		3,431			3,073
Interest received		131			961
Payments to suppliers and third-parties		(230,788	)		(189,653	)
Payments to employees		(50,007	)		(42,720	)
Payment of income taxes		(7,331	)		(11,434	)
Payments of interest		(5,999	)		(5,937	)
Payments of mining royalties		(4,343	)		(4,379	)

Net cash and cash equivalents provided by operating activities		77,883			19,374

Investing activities
Proceeds from sales of mining concessions, property, plant and equipment		46			6,571
Proceeds from loans		-			17,680
Acquisitions of mining concessions, development costs, property, plant and equipment		(21,188	)		(81,612	)
Payments to other assets		(662	)		-

Net cash and cash equivalents used in investing activities		(21,804	)		(57,361	)

Financing activities
Proceeds of bank loans		80,000			165,000
Payments of bank loans		(81,215	)		(30,000	)
Payments of financial obligations		(9,996	)		(3,613	)
Increase of restricted bank accounts		248			(1,691	)
Dividends paid to non-controlling interest		(1,440	)		(1,669	)

Net cash and cash equivalents provided by (used in) financing activities		(12,403	)		128,027

Net increase in cash and cash equivalents during the period		43,676			90,040
Cash and cash equivalents at the beginning of the period		214,551			80,544

Cash and cash equivalents at period-end		258,227			170,584

Compañía de Minas Buenaventura S.A.A.

First Quarter 2018Results

Page 23 of 23

	For the three month period ended March, 31
	2018			2017
	US$(000)			US$(000)

Reconciliation of net profit to cash and cash equivalents provided
by operating activities

Net loss		30,826			76,250

Plus (less):
Depreciation and amortization		53,809			42,754
Hedge derivative instruments		8,535			5,947
Deferred income tax expense (income)		7,234			(9,719	)
Provision for estimated fair value of embedded derivatives related to concentrate
sales and adjustments on open liquidations		7,143			(10,266	)
Income attributable to non-controlling interest		(2,408	)		(5,554	)
Accretion expense of provision for closure of mining units and exploration projects		1,033			290
Net share in results of associates		(14,803	)		(44,864	)
Recovery (expense) for provision for contingencies		(1,475	)		12,499
Net loss (gain) from currency exchange difference		(665	)		(3,003	)
Reversal (provision) for impairment loss of inventories		-			(291	)
Other net		(8,577	)		(12,090	)

Net changes in operating assets and liabilities:
Decrease (increase) in operating assets -
Trade and other accounts receivable		-			(22,005	)
Inventories		(15,929	)		946
Income tax credit		10,184			6,815
Prepaid expenses		3,488			505
Increase (decrease) in operating liabilities -
Trade and other accounts payable		(29,557	)		(16,002	)
Provisions		6,271			(7,228	)
Income tax payable		(342	)		1,317

Proceeds from dividends		3,431			3,073

Net cash and cash equivalents provided by operating activities		58,198			19,374

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/ LEANDRO GARCÍA RAGGIO

Name: Leandro García Raggio

Title: Chief Financial Officer

Date: April 26, 2018