6-K 1 a52421063.htm BUENAVENTURA MINING COMPANY INC. FORM 6-K
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 2021
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 2021 Results

Lima, Peru, April 29, 2021 – 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 (1Q21) ended March 31, 2021.  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 2021 Highlights:
•
EBITDA from direct operations reached US$ 38.2 million in 1Q21, compared to negative US$ 6.7 million reported in 1Q20.
•
1Q21 Adjusted EBITDA including associated companies reached US$ 182.9 million, compared to US$ 30.1 million in 1Q20.
•
1Q21 net income of US$ 16.4 million, compared to a net loss of US$ 68.6 million for the same period in 2020.
•
1Q21 exploration at operating units increased to US$ 9.3 million, compared to US$ 6.0 million in 1Q20. This increase was due to an internal policy change to boost exploration activities, despite Covid-19 personnel restrictions at some of our operations.
•
1Q21 capital expenditures were US$ 13.1 million, compared to US$ 10.7 million for the same period in 2020. Buenaventura’s cash position reached US$ 225.4 million for the first quarter 2021.
•
The Company will hold a Shareholders Meeting on May 21, 2021 (please refer page 7 for the proposed agenda).


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

 
1Q21
1Q20
Var
Total Revenues
185.9
114.5
62%
Operating Profit
-10.9
-59.7
82%
EBITDA Direct Operations
38.2
-6.7
N.A.
Adjusted EBITDA (Inc Associates)
182.9
30.1
508%
Net Income
16.4
-68.6
N.A.
EPS*
0.06
-0.27
N.A.

(*) As of March 31, 2021, Buenaventura had a weighted average number of shares outstanding of 253,986,867.


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 2 of 24


 Operating Revenues
 

1Q21 net sales were US$ 181.9 million, as compared to US$ 108.8 million reported in 1Q20; a significant year on year increase driven by increased commodity prices during the quarter despite reduced volume sold primarily due to COVID-19 restrictions.

Royalty income decreased 31% to US$ 4.0 million in the 1Q21, from US$ 5.7 million in 1Q20. This was due to a 31% decrease in Yanacocha revenues.

Operating Highlights
1Q21
1Q20
%
Net Sales
(in millions of US$)
181.9
108.8
67%
Average Realized Gold Price (US$/oz) (1) (2)
1,726
1,692
2%
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3)
1,764
1,613
9%
Average Realized Silver Price (US$/oz) (1) (2)
26.98
17.16
57%
Average Realized Lead Price (US$/MT) (1) (2)
2,129
1,653
29%
Average Realized
Zinc Price (US$/MT) (1) (2)
3,220
1,824
77%
Average Realized Copper Price (US$/MT) (1) (2)
8,994
5,536
62%

Volume Sold
1Q21
1Q20
%
Consolidated Gold Oz (1)
26,188
20,236
29%
Gold Oz Inc. Associated Companies (3)
64,007
81,526
-21%
Consolidated Silver Oz (1)
3,176,279
3,009,626
6%
Consolidated Lead MT (1)
4,804
7,495
-36%
Consolidated Zinc MT (1)
10,806
15,304
-29%
Consolidated Copper MT (1)
7,551
8,465
-11%


(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, 40.095% of Coimolache and 43.65% of Yanacocha.

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 3 of 24



 Production and Operating Costs
 


Buenaventura’s 1Q21 equity gold production was 62,899 ounces, compared to 89,152 ounces produced in 1Q20. This was primarily due to a 27% decrease at Orcopampa and a 49% production decrease at Yanacocha.

Silver equity production decreased by 8% year on year, primarily due to a 36% decrease in production at the Uchucchacua mine, as the mine is currently in the process of ramping up to full capacity by 3Q21.This was largely offset by a 132% production increase at El Brocal. Lead equity production decreased by 37% year on year, primarily due to a 43% decrease at the Uchucchacua mine and a 56% decrease at El Brocal. Zinc equity production decreased by 27% year on year, primarily due to a 47% production decrease at the Uchucchacua mine and a 32% decrease at El Brocal.


Equity Production
1Q21
1Q20
%
Gold Oz Direct Operations(1)
25,304
26,967
-6%
Gold Oz including Associated(2) Companies
62,899
89,152
-29%
Silver Oz Direct Operations(1)
3,159,934
3,319,008
-5%
Silver Oz including Associated Companies
3,507,350
3,814,055
-8%
Lead MT
4,414
6,970
-37%
Zinc MT
9,337
12,877
-27%
Copper MT Direct Operations(1)
4,722
5,645
-16%
Copper MT including Associated Companies(3)
23,977
23,699
1%


Consolidated Production
1Q21
1Q20
%
Gold Oz(4)
28,321
30,078
-6%
Silver Oz(4)
3,779,837
3,586,839
5%
Lead MT(4)
5,339
9,076
-41%
Zinc MT(4)
13,274
18,685
-29%
Copper MT(4)
7,687
9,163
-16%


(1)
Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.43% of El Brocal.
(2)
Based on 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
(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.

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 4 of 24




Tambomayo (100% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Gold
Oz
15,347
14,549
5%
Silver
Oz
284,677
385,532
-26%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Gold
US$/Oz
927
1,725
-46%


1Q21 gold production at Tambomayo increased 5% year on year, mainly due to a 15% increase in gold grades. Cost Applicable to Sales (CAS) decreased to 927 US$/Oz in 1Q21, compared to 1,725 US$/Oz in 1Q20, primarily due to at 177% increase in gold volume sold, despite a 154% increase in exploration activities.

Orcopampa (100% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Gold
Oz
5,986
8,160
-27%
Silver
Oz
1,043
2,805
-63%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Gold
US$/Oz
2,086
1,148
82%

The decrease in 1Q21 gold production at Orcopampa was mainly due to a 17% year on year decrease in ore treated due to Covid-19 related personnel restrictions. Cost Applicable to Sales (CAS) increased to 2,086 US$/Oz in 1Q21, compared to 1,148 US$/Oz in 1Q20, primarily due to a 37% decrease in volume sold and a 74% increase in exploration activities.


La Zanja (53.06% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Gold
Oz
3,908
3,297
19%
Silver
Oz
27,042
13,420
102%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Gold
US$/Oz
1,602
2,104
-24%


1Q21 gold production increased by 19% year on year due to increased volume treated. 1Q21 Cost Applicable to Sales (CAS) was 1,602 US$/Oz; a 24% decrease compared to 2,104 US$/Oz in 1Q20, mainly due an 18% increase in gold volume sold.
 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 5 of 24



Coimolache (40.10% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Gold
Oz
26,133
22,493
16%
Silver
Oz
200,993
188,965
6%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Gold
US$/Oz
816
897
-9%


1Q21 gold production at Coimolache increased by 16% year on year, primarily due to increased volume treated with higher gold grades. 1Q21 Cost Applicable to Sales (CAS) was 816 US$/Oz; a 9% decrease compared to 897 US$/Oz in 1Q20, mainly due to a 17% increase in volume sold.

Uchucchacua (100% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Silver
Oz
1,243,916
1,956,463
-36%
Zinc
MT
1,246
2,360
-47%
Lead
MT
1,292
2,273
-43%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Silver
US$/Oz
29.60
16.79
76%

1Q21 silver production at Uchucchacua decreased by 36%, primarily due to a reduction in ore treated and lower ore grades. This was partially offset by 4.25 Oz Ag/MT in reprocessed tailings. Uchucchacua did not achieve full capacity during the first quarter 2021 as the operational focus for this operation continues to be the ramp-up of mine development and exploration, which was adversely affected by a reduced workforce during 2020 due to Covid-19 related personnel restrictions. Cost Applicable to Sales (CAS) in 1Q21 increased by 76% year on year.


Julcani (100% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Silver
Oz
648,854
550,552
18%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Silver
US$/Oz
16.39
15.89
3%


1Q21 silver production increased 18% year on year due to a 20% increase in ore treated compared to the same period last year. First quarter 2021 silver production includes 4,786 silver ounces derived from tailings retreatment. 1Q21 Cost Applicable to Sales (CAS) was 16.39 US$/Oz, slightly above the figure reported in 1Q20.

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 6 of 24


El Brocal (61.43% owned by Buenaventura)

Production
 
 
1Q21
1Q20
Var %
Copper
MT
7,687
9,122
-16%
Zinc
MT
10,207
15,058
-32%
Silver
Oz
1,574,305
678,068
132%
 
 
 
 
 
Cost Applicable to Sales
 
 
1Q21
1Q20
Var %
Copper
US$/MT
5,603
5,193
8%
Zinc
US$/MT
1,800
1,838
-2%

El Brocal 1Q21 copper production decreased by 16% year on year, mainly due to a 13% decrease in ore grades at Marcapunta during the quarter, despite additional copper ore derived from its Tajo Norte mine. Tajo Norte 1Q21 zinc production decreased by 32% year on year due to a decrease in ore treated compared to the same period in 2020.

1Q21 Copper Cost Applicable to Sales (CAS) increased by 8% year on year, mainly due to an 11% decrease in copper volume sold and a 90% increase in exploration expenses during 1Q21. 1Q21 Zinc CAS decreased by 2% year on year.

 General and Administrative Expenses
 

1Q21 General and Administrative expenses were US$ 17.0 million; a 6% decrease as compared to US$ 18.1 million in 1Q20. This decrease is due to the Company´s successful cost containment and expense reduction during the quarter and a lower bonus and compensation provision.


 Exploration in Non-Operating Areas
 

1Q21 exploration costs in Non-Operating Areas were US$ 1.7 million, compared with US$ 1.8 million in 1Q20. During the period, Buenaventura focused exploration primarily on its Emperatriz project, resulting in US$ 0.6 million in exploration costs during 1Q21.


 Share in Associated Companies
 

During 1Q21, Buenaventura’s share in associated companies was US$ 57.2 million, compared to US$ -20.6 million reported in 1Q20, comprised of:

Share in the Result of Associates
(in millions of US$)
1Q21
1Q20
Var
Cerro Verde
54.1
-11.9
N.A.
Yanacocha
-1.0
-9.5
89%
Coimolache
4.5
0.9
420%
Other minor
-0.3
-0.1
-350%
Total
57.2
-20.6
N.A.


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 7 of 24



YANACOCHA

At Yanacocha, which is 43.65% owned by Buenaventura, 1Q21 gold production was 62,125 ounces, 27,118 ounces of which were attributable to Buenaventura. This represents a 49% decrease as compared to the 121,802 ounces produced in 1Q20; 53,167 ounces of which were attributable to Buenaventura.

Yanacocha reported a net loss of US$ 2.3 million for 1Q21, compared to a net loss of US$ 21.8 million reported in 1Q20. CAS in 1Q21 was 847 US$/Oz; a 23% decrease compared to 1,097 US$/Oz in 1Q20, mainly due to a lower stripping ratio: 1.83 in 1Q21 vs. 2.21 in 1Q20.

Capital expenditures at Yanacocha were US$ 14.3 million in 1Q21.

The Yanacocha Sulfides project


 ●
Currently in the Definitive Feasibility Stage.

●
First phase of Sulfides Deposits with an integrated processing circuit, including an autoclave to process gold, copper and silver feedstock.

●
The Project is expected to add 500 thousand gold equivalent ounces with an AISC between US$ 700 and US$ 800 per ounce for the first five full years of production.

●
Decision to proceed expected in the second half 2021, with a three-year development schedule.

●
Investment of approximately US$ 2 billion will be required

●
Environmental Impact Assessment (EIA) study was approved in March 2019.

CERRO VERDE

Cerro Verde (19.58% owned by Buenaventura) 1Q21 copper production was 98,337 MT, 19,254 MT of which is attributable to Buenaventura; an increase as compared to 92,211 MT produced in 1Q20, 18,055 MT of which was attributable to Buenaventura.

Cerro Verde reported 1Q21 net income of US$ 276.2 million, compared to net loss of US$ 60.5 million in 1Q20. This is primarily due to a 127% year on year net sales increase, with a higher average realized copper price of US$ 4.35 per pound in the first quarter of 2021 compared to US$ 1.95 per pound in the first quarter of 2020. This increase was partially offset by a year on year income tax increase.

1Q21 capital expenditures at Cerro Verde were US$ 28.8 million.

COIMOLACHE (Tantahuatay operation)

Coimolache (40.10% owned by Buenaventura) 1Q21 attributable contribution to net income was US$ 4.5 million, as compared to US$ 0.9 million in 1Q20.

 Others
 

The following resolution was passed at the Company’s April 29, 2021 Board of Directors Meeting:

• Call for a Shareholders Meeting to be held on May 21, 2021 with the following item proposed for approval:

1.
Issuance of negotiable obligations in an aggregate amount of up to US$ 550,000,000 (Five hundred and fifty million United States Dollars) and delegation of authority in favor of the Company’s board of directors for it to adopt any agreements as may be necessary or convenient in order to determine the terms, conditions, characteristics and timing of the Company’s program governing such negotiable obligations.


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 8 of 24



***

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

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

For a printed version of the Company’s 2019 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, 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.
 

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 9 of 24



**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of March 31, 2021)
 
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
Colquijirca and Marcapunta
  
Compañía Minera Coimolache S.A. **
40.10
Tantahuatay
  
Minera Yanacocha S.R.L. **
43.65
Yanacocha
  
Sociedad Minera Cerro Verde S.A.A **
19.58
Cerro Verde
  
Processadora Industrial Rio Seco S.A*
100.00
Rio Seco chemical plant
  
Consorcio Energético de Huancavelica S.A*
100.00
Energy – Huanza Hydroelectrical plant
  

 (*) Consolidated
(**) Equity Accounting


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 10 of 24


APPENDIX 2

1Q21
 
 
 
 
 
 
Gold Production
 
 
 
Mining Unit
Operating Results
Unit
1Q21
1Q20
△%
Underground
 
 
 
 
 
Tambomayo
Ore Milled
DMT
112,273
116,030
-3%
Ore Grade
Gr/MT
5.38
4.69
15%
Recovery Rate
%
79.03
83.09
-5%
Ounces Produced*
Oz
15,347
14,549
5%
Orcopampa
Ore Milled
DMT
17,052
20,616
-17%
Ore Grade
Gr/MT
10.70
12.38
-14%
Recovery Rate
%
102.09
97.59
5%
Ounces Produced*
Oz
5,986
8,160
-27%
Open Pit
 
 
 
 
 
La Zanja
Ounces Produced
Oz
3,908
3,297
19%
Coimolache
Ounces Produced
Oz
26,133
22,493
16%
(*) Includes ounces from retreatment of tailing dams
 
 
 
 
 
 
 
 
 
Silver Production
 
 
 
 
Mining Unit
Operating Results
Unit
1Q21
1Q20
△%
Underground
 
 
 
 
 
Tambomayo
Ore Milled
DMT
112,273
116,030
-3%
Ore Grade
Oz/MT
3.17
4.17
-24%
Recovery Rate
%
80.01
79.68
0%
Ounces Produced
Oz
284,677
385,532
-26%
Uchucchacua
Ore Milled
DMT
191,220
232,344
-18%
Ore Grade
Oz/MT
7.77
9.38
-17%
Recovery Rate
%
83.67
89.77
-7%
Ounces Produced
Oz
1,243,916
1,956,463
-36%
Julcani
Ore Milled
DMT
32,139
26,731
20%
Ore Grade
Oz/MT
20.69
21.29
-3%
Recovery Rate
%
96.85
96.73
0%
Ounces Produced
Oz
648,854
550,552
18%
Marcapunta
Ore Milled
DMT
512,016
507,160
1%
Ore Grade
Oz/MT
0.81
0.70
15%
Recovery Rate
%
54.93
66.79
-18%
Ounces Produced
Oz
226,928
238,367
-5%
Open Pit
 
 
 
 
 
Tajo Norte
Cu - Ag
Ore Milled
DMT
37,594
-
-
Ore Grade
Oz/MT
5.05
-
-
Recovery Rate
%
42.66
-
-
Ounces Produced
Oz
81,016
-
-
Tajo Norte
Pb - Zn
Ore Milled
DMT
574,748
850,119
-32%
Ore Grade
Oz/MT
3.04
0.81
276%
Recovery Rate
%
72.37
63.94
13%
Ounces Produced
Oz
1,266,360
439,701
188%

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 11 of 24



Zinc Production
 
 
 
 
Mining Unit
Operating Results
Unit
1Q21
1Q20
△%
Underground
 
 
 
 
 
Tambomayo
Ore Milled
DMT
112,273
116,030
-3%
Ore Grade
%
2.30
1.58
46%
Recovery Rate
%
70.43
69.14
2%
MT Produced
MT
1,821
1,267
44%
Uchucchacua
Ore Milled
DMT
191,220
232,344
-18%
Ore Grade
%
1.27
1.63
-22%
Recovery Rate
%
51.21
62.29
-18%
MT Produced
MT
1,246
2,360
-47%
Open Pit
 
 
 
 
 
Tajo Norte
Pb - Zn
Ore Milled
DMT
574,748
850,119
-32%
Ore Grade
%
2.81
3.43
-18%
Recovery Rate
%
63.11
51.69
22%
MT Produced
MT
10,207
15,058
-32%
 
 
 
 
 
 
 
 
 
 
 
 
Copper Production
 
 
 
 
Mining Unit
Operating Results
Unit
1Q21
1Q20
△%
Underground
 
 
 
 
 
Marcapunta
Ore Milled
DMT
512,016
507,160
1%
Ore Grade
%
1.68
1.93
-13%
Recovery Rate
%
87.42
93.27
-6%
MT Produced
MT
7,531
9,122
-17%
Tajo Norte
Cu - Ag
Ore Milled
DMT
37,594
-
-
Ore Grade
%
0.82
-
-
Recovery Rate
%
50.31
-
-
MT Produced
MT
156
-
-


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 12 of 24



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

EBITDA RECONCILIATION (in thousand US$)
 
 
 
 
 
 
1Q21
1Q20
Net Income
18,117
-80,367
Add / Subtract:
20,102
73,624
Depreciation and Amortization in cost of sales
46,488
36,641
Provision (credit) for income tax, net
16,073
-10,047
Interest expense
10,909
8,374
Provision of bonuses and compensations
3,747
4,342
Loss (gain) on currency exchange difference
1,441
1,096
Profit from discontinued operations
1,334
1,477
Depreciation and amortization in administration expenses
909
917
Provision (reversal) for contingencies
306
237
Depreciation and amortization in other, net
26
89
Share in associated companies by the equity method, net
-57,221
20,576
Impairment (reversal) of inventories
-2,312
10,686
Interest income
-1,598
-764
EBITDA Buenaventura Direct Operations
38,219
-6,743
EBITDA Yanacocha (43.65%)
21,613
25,283
EBITDA Cerro Verde (19.58%)
111,080
4,041
EBITDA Coimolache (40.095%)
11,985
7,481
EBITDA Buenaventura + All Associates
182,897
30,061


*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 (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
 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 13 of 24


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 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 2021 Results
 Page 14 of 24


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    
 
      2021
      2020
 
      (in thousands of US$) 
 
                 
Consolidated Cost of sales excluding depreciation and amortization
    
114,271
      
105,808
  
Add:
                
Consolidated Exploration in units in operation
    
9,328
      
6,009
  
Consolidated Commercial deductions
    
43,058
      
50,043
  
Consolidated Selling expenses
    
4,058
      
4,548
  
Consolidated Cost applicable to sales
    
170,715
      
166,407
  

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    
 
      2021 
      2020 
 
 Cost of sales by mine and mineral
     (in thousands of US$)
  
Julcani, Gold
    
6
      
0
  
Julcani, Silver
    
7,516
      
6,188
  
Julcani, Lead
    
108
      
127
  
Julcani, Copper
    
14
      
22
  
Orcopampa, Gold
    
10,036
      
9,206
  
Orcopampa, Silver
    
60
      
16
  
Orcopampa, Copper
    
0
      
0
  
Uchucchacua, Gold
    
0
      
0
  
Uchucchacua, Silver
    
22,628
      
21,687
  
Uchucchacua, Lead
    
1,589
      
2,211
  
Uchucchacua, Zinc
    
2,116
      
2,267
  
Tambomayo, Gold
    
10,564
      
7,866
  
Tambomayo, Silver
    
2,943
      
1,700
  
Tambomayo, Zinc
    
1,255
      
317
  
Tambomayo, Lead
    
1,718
      
1,682
  
La Zanja, Gold
    
6,196
      
6,906
  
La Zanja, Silver
    
710
      
699
  
El Brocal, Gold
    
1,093
      
2,123
  
El Brocal, Silver
    
10,176
      
3,909
  
El Brocal, Lead
    
1,576
      
4,070
  
El Brocal, Zinc
    
8,755
      
10,744
  
El Brocal, Copper
    
21,117
      
22,315
  
Non Mining Units
    
4,097
      
1,755
  
 Consolidated Cost of sales, excluding depreciation and amortization
    
114,271
      
105,808
  


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 15 of 24



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
  
   
2021
    
2020
  
Exploration expenses in units in operation by mine and mineral
  
(in thousands of US$)
  
Julcani, Gold
    
1
      
0
  
Julcani, Silver
    
1,451
      
1,044
  
Julcani, Lead
    
21
      
21
  
Julcani, Copper
    
3
      
4
  
Orcopampa, Gold
    
1,789
      
1,030
  
Orcopampa, Silver
    
11
      
2
  
Orcopampa, Copper
    
0
      
0
  
Uchucchacua, Gold
    
0
      
0
  
Uchucchacua, Silver
    
1,892
      
1,744
  
Uchucchacua, Lead
    
133
      
178
  
Uchucchacua, Zinc
    
177
      
182
  
Tambomayo, Gold
    
798
      
333
  
Tambomayo, Silver
    
222
      
72
  
Tambomayo, Lead
    
95
      
13
  
Tambomayo, Zinc
    
130
      
71
  
La Zanja, Gold
    
0
      
1
  
La Zanja, Silver
    
0
      
0
  
El Brocal, Gold
    
67
      
65
  
El Brocal, Silver
    
621
      
119
  
El Brocal, Lead
    
96
      
124
  
El Brocal, Zinc
    
534
      
327
  
El Brocal, Copper
    
1,288
      
678
  
Non Mining Units
    
0
      
0
  
Consolidated Exploration expenses in units in operation
    
9,328
      
6,009
  
                 
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
  
     
2021
      
2020
  
Commercial Deductions in units in operation by mine and mineral
  
(in thousands of US$)
  
Julcani, Gold
    
1
      
-16
  
Julcani, Silver
    
987
      
841
  
Julcani, Lead
    
14
      
15
  
Julcani, Copper
    
2
      
4
  
Orcopampa, Gold
    
18
      
52
  
Orcopampa, Silver
    
3
      
0
  
Orcopampa, Copper
    
0
      
0
  
Uchucchacua, Gold
    
0
      
1
  
Uchucchacua, Silver
    
5,400
      
7,342
  
Uchucchacua, Lead
    
345
      
646
  
Uchucchacua, Zinc
    
1,535
      
1,311
  
Tambomayo, Gold
    
1,584
      
567
  
Tambomayo, Silver
    
543
      
460
  
Tambomayo, Lead
    
215
      
174
  
Tambomayo, Zinc
    
1,139
      
766
  
La Zanja, Gold
    
27
      
8
  
La Zanja, Silver
    
3
      
0
  
El Brocal, Gold
    
1,005
      
1,862
  
El Brocal, Silver
    
5,081
      
2,827
  
El Brocal, Lead
    
751
      
2,351
  
El Brocal, Zinc
    
5,582
      
11,177
  
El Brocal, Copper
    
18,825
      
19,655
  
Non Mining Units
    
0
      
0
  
Consolidated Commercial deductions in units in operation
    
43,058
      
50,043
  



 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 16 of 24


Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
  
Selling expenses:
            
             
   
For the 3 months ended March 31
  
   
2021
    
2020
  
Selling expenses by mine and mineral
  
(in thousands of US$)
  
Julcani, Gold
    
0
      
0
  
Julcani, Silver
    
111
      
94
  
Julcani, Lead
    
2
      
2
  
Julcani, Copper
    
0
      
0
  
Orcopampa, Gold
    
44
      
60
  
Orcopampa, Silver
    
0
      
0
  
Orcopampa, Copper
    
0
      
0
  
Uchucchacua, Gold
    
0
      
0
  
Uchucchacua, Silver
    
567
      
797
  
Uchucchacua, Lead
    
40
      
81
  
Uchucchacua, Zinc
    
53
      
83
  
Tambomayo, Gold
    
619
      
350
  
Tambomayo, Silver
    
173
      
76
  
Tambomayo, Lead
    
74
      
14
  
Tambomayo, Zinc
    
101
      
75
  
La Zanja, Gold
    
20
      
16
  
La Zanja, Silver
    
2
      
2
  
El Brocal, Gold
    
51
      
121
  
El Brocal, Silver
    
479
      
224
  
El Brocal, Lead
    
74
      
233
  
El Brocal, Zinc
    
412
      
615
  
El Brocal, Copper
    
993
      
1,277
  
Non Mining Units
    
244
      
430
  
Consolidated Selling expenses
    
4,058
      
4,548
  




 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 17 of 24


 
 JULCANI
 
 1Q 2021
 1Q 2020
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                         6
              7,516
                 108
                  -
                      14
                      7,644
                  -
              6,188
              127
                 -
                      22
                       6,337
 Add:
                        
 Exploration Expenses (US$000)
                         1
              1,451
                    21
                  -
                         3
                      1,476
                  -
              1,044
                 21
                 -
                         4
                       1,069
 Commercial Deductions (US$000)
                         1
                 987
                    14
                  -
                         2
                      1,003
               -16
                  841
                 15
                 -
                         4
                          844
 Selling Expenses (US$000)
                         0
           111.12
                1.59
                  -
                         0
                          113
                  -
              93.75
             1.92
                 -
                   0.33
                             96
 Cost Applicable to Sales (US$000)
                         8
           10,066
                 144
                  -
                      18
                    10,236
               -16
              8,167
              165
                 -
                      30
                       8,346
 Divide:
                        
 Volume Sold
                      10
         614,164
                 113
                  -
                      14
 Not Applicable
                  -
          514,114
                 95
                 -
                         6
 Not Applicable
 CAS
              793
         16.39
         1,278
            -
           1,271
 Not Applicable
            -
         15.89
       1,734
            -
           4,693
 Not Applicable
                         
 
 ORCOPAMPA
 
 1Q 2021
 1Q 2020
 
 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)
              10,036
                    60
                     -
                  -
                        -
                    10,097
           9,206
                    16
                  -
                 -
                        -
                       9,222
 Add:
        
                        -
              
 Exploration Expenses (US$000)
                1,789
                    11
                     -
                  -
                        -
                      1,800
           1,030
                       2
                  -
                 -
                        -
                       1,032
 Commercial Deductions (US$000)
                      18
                      3
                     -
                  -
                        -
                            21
                 52
                       0
                  -
                 -
                        -
                             52
 Selling Expenses (US$000)
                      44
                      0
                     -
                  -
                        -
                            44
                 60
                       0
                  -
                 -
                        -
                             60
 Cost Applicable to Sales (US$000)
              11,888
                    74
                     -
                  -
                        -
                    11,962
        10,348
                    18
                  -
                 -
                        -
                    10,366
 Divide:
                        
 Volume Sold
                5,698
              1,878
                     -
                  -
                        -
 Not Applicable
           9,016
              1,733
                  -
                 -
                        -
 Not Applicable
 CAS
           2,086
         39.48
               -
            -
                 -
 Not Applicable
       1,148
         10.41
            -
            -
                 -
 Not Applicable
                         
 
 UCHUCCHACUA
 
 1Q 2021
 1Q 2020
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                        -
           22,628
              1,589
          2,116
                        -
                    26,332
                  -
            21,687
           2,211
          2,267
                        -
                    26,165
 Add:
                        
 Exploration Expenses (US$000)
                        -
              1,892
                 133
              177
                        -
                      2,202
                  -
              1,744
              178
              182
                        -
                       2,104
 Commercial Deductions (US$000)
                         0
              5,400
                 345
          1,535
                        -
                      7,280
                   1
              7,342
              646
          1,311
                        -
                       9,300
 Selling Expenses (US$000)
                        -
                 567
                    40
                53
                        -
                          660
                  -
                  797
                 81
                83
                        -
                          961
 Cost Applicable to Sales (US$000)
                         0
           30,487
              2,106
          3,881
                        -
                    36,475
                   1
            31,570
           3,116
          3,843
                        -
                    38,530
 Divide:
                        
 Volume Sold
                        -
     1,029,816
              1,014
              914
                        -
 Not Applicable
                  -
      1,880,330
           1,972
          1,874
                        -
 Not Applicable
 CAS
                 -
         29.60
         2,078
      4,245
                 -
 No Applicable
            -
         16.79
       1,580
      2,051
                 -
 No Applicable
                         
                         
 
 TAMBOMAYO
 
 1Q 2021
 1Q 2020
 
 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)
              10,564
              2,943
              1,255
          1,718
                        -
                    16,479
           7,866
              1,700
              317
    1,681.82
                        -
                    11,565
 Add:
                        
 Exploration Expenses (US$000)
                    798
                 222
                    95
              130
                        -
                      1,245
              333
                    72
                 13
                71
                        -
                          490
 Commercial Deductions (US$000)
                1,584
                 543
                 215
          1,139
                        -
                      3,481
              567
                  460
              174
              766
                        -
                       1,968
 Selling Expenses (US$000)
                    619
                 173
                    74
              101
                        -
                          966
              350
                    76
                 14
                75
                        -
                          514
 Cost Applicable to Sales (US$000)
              13,565
              3,882
              1,638
          3,087
                        -
                    22,171
           9,116
              2,308
              518
          2,594
                        -
                    14,537
 Divide:
                        
 Volume Sold
              14,631
         257,290
              1,440
          1,401
                        -
 Not Applicable
           5,286
          110,661
              282
              992
                        -
 Not Applicable
 CAS
              927
         15.09
         1,138
      2,203
                 -
 No Applicable
       1,725
         20.85
       1,840
      2,615
                 -
 No Applicable


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 18 of 24


 
 LA ZANJA
 
 1Q 2021
 1Q 2020
    
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                6,196
                 710
                     -
                  -
                        -
                      6,906
           6,906
                  699
                  -
                 -
                        -
                       7,605
 Add:
                        
 Exploration Expenses (US$000)
                        -
                     -
                     -
                  -
                        -
                              -
                   1
                       0
                  -
                 -
                        -
                               1
 Commercial Deductions (US$000)
                      27
                      3
                     -
                  -
                        -
                            29
                   8
                       0
                  -
                 -
                        -
                               8
 Selling Expenses (US$000)
                      20
                      2
                     -
                  -
                        -
                            22
                 16
                       2
                  -
                 -
                        -
                             18
 Cost Applicable to Sales (US$000)
                6,242
                 715
                     -
                  -
                        -
                      6,957
           6,932
                  700
                  -
                 -
                        -
                       7,632
 Divide:
                        
 Volume Sold
                3,897
           28,964
                     -
                  -
                        -
 Not Applicable
           3,295
            36,422
                  -
                 -
                        -
 Not Applicable
 CAS
           1,602
         24.67
               -
            -
                 -
 Not Applicable
       2,104
         19.23
            -
            -
                 -
 Not Applicable
                         
 
 BROCAL
 
 1Q 2021
 1Q 2020
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                1,093
           10,176
              1,576
          8,755
              21,117
                    42,716
           2,123
              3,909
           4,070
        10,744
              22,315
                    43,160
 Add:
                        
 Exploration Expenses (US$000)
                      67
                 621
                    96
              534
                1,288
                      2,605
                 65
                  119
              124
              327
                    678
                       1,312
 Commercial Deductions (US$000)
                1,005
              5,081
                 751
          5,582
              18,825
                    31,244
           1,862
              2,827
           2,351
        11,177
              19,655
                    37,871
 Selling Expenses (US$000)
                      51
                 479
                    74
              412
                    993
                      2,009
              121
                  224
              233
              615
                1,277
                       2,469
 Cost Applicable to Sales (US$000)
                2,216
           16,356
              2,496
        15,283
              42,223
                    78,574
           4,171
              7,078
           6,777
        22,861
              43,925
                    84,812
 Divide:
                        
 Volume Sold
                1,951
     1,244,168
              2,239
          8,491
                7,536
 Not Applicable
           2,639
          466,365
           5,145
        12,438
                8,458
 Not Applicable
 CAS
           1,136
         13.15
         1,115
      1,800
           5,603
 Not Applicable
       1,580
         15.18
       1,317
      1,838
           5,193
 Not Applicable
                         
 
 NON MINING COMPANIES
 
 1Q 2021
 1Q 2020
 
 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)
                        -
                     -
                     -
                  -
                        -
                      4,097
                  -
                      -
                  -
                 -
                        -
                       1,755
 Add:
          
                              -
          
                              -
 Selling Expenses (US$000)
                        -
                     -
                     -
                  -
                        -
                          244
                  -
                      -
                  -
                 -
                        -
                          430
 Total (US$000)
                        -
                     -
                     -
                  -
                        -
                      4,341
                  -
                      -
                  -
                 -
                        -
                       2,185
                         
 
 BUENAVENTURA CONSOLIDATED
 
 1Q 2021
 1Q 2020
 
 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)
27895.1526
           44,033
              4,527
        12,588
              21,130
                  114,271
        26,102
            34,199
           6,725
        14,692
              22,337
                  105,808
 Add:
                        
 Exploration Expenses (US$000)
                2,655
              4,197
                 345
              841
                1,290
                      9,328
           1,429
              2,981
              336
              580
                    682
                       6,009
 Commercial Deductions (US$000)
                2,635
           12,016
              1,324
          8,256
              18,827
                    43,058
           2,473
            11,470
           3,186
        13,254
              19,659
                    50,043
 Selling Expenses (US$000)
                    734
              1,332
                 189
              565
                    993
                      4,058
              547
              1,191
              330
              773
                1,277
                       4,548
 Cost Applicable to Sales (US$000)
              33,919
           61,579
              6,385
        22,250
              42,241
                  170,715
        30,551
            49,841
        10,577
        29,299
              43,955
                  166,407
 Divide:
                        
 Volume Sold
              26,188
     3,176,279
              4,804
        10,806
                7,551
 Not Applicable
        20,236
      3,009,626
           7,495
        15,304
                8,465
 Not Applicable
 CAS
           1,295
         19.39
         1,329
      2,059
           5,594
 Not Applicable
       1,510
         16.56
       1,411
      1,914
           5,193
 Not Applicable
                         
 
 COIMOLACHE
 
 1Q 2021
 1Q 2020
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
              22,158
              2,601
                     -
                  -
                        -
                    24,759
        20,642
              1,799
                  -
                 -
                        -
                    22,441
 Add:
                        
 Exploration Expenses (US$000)
                    320
                    37
                     -
                  -
                        -
                          357
              587
                    51
                  -
                 -
                        -
                          638
 Commercial Deductions (US$000)
                    220
                    26
                     -
                  -
                        -
                          246
              179
                    13
                  -
                 -
                        -
                          192
 Selling Expenses (US$000)
                    231
                    27
                     -
                  -
                        -
                          258
              110
                    10
                  -
                 -
                        -
                          120
 Cost Applicable to Sales (US$000)
              22,929
              2,691
                     -
                  -
                        -
                    25,620
        21,517
              1,873
                  -
                 -
                        -
                    23,391
 Divide:
                        
 Volume Sold
              28,094
         215,648
                     -
                  -
                        -
 Not Applicable
        23,978
          198,070
                  -
                 -
                        -
 Not Applicable
 CAS
              816
         12.48
               -
            -
                 -
 Not Applicable
          897
           9.46
            -
            -
                 -
 Not Applicable

 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 19 of 24


APPENDIX 5: All-in Sustaining Cost


All-in Sustaining Cost for 1Q21
                                      
                                                 
   
Buenaventura1
    
La Zanja
    
Tantahuatay
    
Attributable 2
  

   
1Q21
      
1Q21
      
1Q21
      
1Q21
  
                                                         
Au Ounces Sold Net
      
20,339
              
3,897
              
28,094
              
33,671
  
                                                                 
     
1Q21
      
1Q21
      
1Q21
      
1Q21
  
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
    
67,170
      
3,303
      
9,588
      
2,460
      
24,759
      
881
      
82,185
      
2,441
  
Exploration in Operating Units
    
6,723
      
331
      
1
      
0
      
357
      
13
      
6,867
      
204
  
Royalties
    
776
      
38
      
0
      
0
      
0
      
0
      
776
      
23
  
Comercial Deductions3
    
11,786
      
579
      
29
      
7
      
246
      
9
      
11,900
      
353
  
Selling Expenses
    
1,930
      
95
      
22
      
6
      
258
      
9
      
2,045
      
61
  
Administrative Expenses
    
10,441
      
513
      
639
      
164
      
1,005
      
36
      
11,183
      
332
  
Other, net
    
1,627
      
80
      
31
      
8
      
240
      
9
      
1,740
      
52
  
Sustaining Capex4
    
2,476
      
122
      
39
      
10
      
6,264
      
223
      
5,008
      
149
  
                                                                 
By-product Credit
    
-64,040
      
-3,149
      
-788
      
-202
      
-5,821
      
-207
      
-66,792
      
-1,984
  
                                                                 
All-in Sustaining Cost
    
38,889
      
1,912
      
9,561
      
2,453
      
27,308
      
972
      
54,911
      
1,631
  
                                                                 
*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 all metals produced.
                                                  
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
  


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 20 of 24


Buenaventura
All-in Sustaining Cost for 1Q20
                                      
                                                 

 
Buenaventura1
    
La Zanja
    
Tantahuatay
    
Attributable2
  

   
1Q20
      
1Q20
      
1Q20
      
1Q20
  
Au Ounces Sold Net
      
14,301
              
3,295
              
23,978
              
25,664
  
                                                                 
     
1Q20
      
1Q20
      
1Q20
      
1Q20
  
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
    
59,777
      
4,180
      
7,555
      
2,293
      
22,441
      
695
      
72,783
      
2,836
  
Exploration in Operating Units
    
4,696
      
328
      
0
      
0
      
638
      
50
      
4,952
      
193
  
Royalties
    
1,136
      
79
      
0
      
0
      
0
      
0
      
1,136
      
44
  
Comercial Deductions3
    
12,163
      
850
      
8
      
2
      
192
      
3
      
12,244
      
477
  
Selling Expenses
    
1,784
      
125
      
18
      
5
      
120
      
5
      
1,842
      
72
  
Administrative Expenses
    
11,972
      
837
      
592
      
180
      
1,091
      
46
      
12,724
      
496
  
Other, net
    
-2,611
      
-183
      
66
      
20
      
438
      
8
      
-2,400
      
-94
  
Sustaining Capex4
    
2,808
      
196
      
124
      
38
      
678
      
153
      
3,146
      
123
  
                                                                 
By-product Credit
    
-52,119
      
-3,644
      
-554
      
-168
      
-3,376
      
-47
      
-1,648
      
-64
  
                                                                 
All-in Sustaining Cost
    
39,606
      
2,769
      
7,809
      
2,370
      
22,222
      
927
      
52,659
      
2,052
  
                                                                 
*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 all metals produced.
  
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
  


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 21 of 24


APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
            
Consolidated Statement of Financial Position
            
As of March 31, 2021 and December 31, 2020
            
   
2021
    
2020
  
Assets
  
US$(000)
    
US$(000)
  
Current assets
            
Cash and cash equivalents
    
225,373
      
235,449
  
Trade and other receivables, net
    
202,470
      
230,830
  
Inventory, net
    
86,238
      
77,327
  
Income tax credit
    
8,428
      
19,837
  
Prepaid expenses
    
21,714
      
25,709
  
     
544,223
      
589,152
  
                 
Non-current assets
                
Trade and other receivables, net
    
108,046
      
102,347
  
Inventories, net
    
15,924
      
23,637
  
Investment in associates and joint venture
    
1,541,959
      
1,488,775
  
Mining concessions, development costs, right-of-use, property, plant and equipment, net
    
1,621,613
      
1,650,361
  
Investment properties, net
    
182
      
186
  
Deferred income tax asset
    
70,312
      
73,850
  
Prepaid expenses
    
24,584
      
24,806
  
Other assets, net
    
26,186
      
26,503
  
     
3,408,806
      
3,390,465
  
                 
Total assets
    
3,953,029
      
3,979,617
  
                 
                 
Liabilities and shareholders’ equity, net
                
Current liabilities
                
Bank loans
    
55,396
      
65,793
  
Trade and other payables
    
155,051
      
179,956
  
Provisions, contingent liabilities and other liabilities
    
66,595
      
68,000
  
Income tax payable
    
1,472
      
3,162
  
Financial obligations
    
24,845
      
25,086
  
Hedge derivative financial instruments
    
28,459
      
18,439
  
     
331,818
      
360,436
  
Non-current liabilities
                
Provisions, contingent liabilities and other liabilities
    
247,219
      
252,338
  
Financial obligations
    
500,995
      
506,567
  
Contingent consideration liability
    
22,100
      
22,100
  
Deferred income tax liabilities
    
41,171
      
38,319
  
     
811,485
      
819,324
  
                 
Total liabilities
    
1,143,303
      
1,179,760
  
                 
Shareholders’ equity, net
                
Capital stock
    
750,497
      
750,497
  
Investment shares
    
791
      
791
  
Additional paid-in capital
    
218,450
      
218,450
  
Legal reserve
    
163,194
      
163,194
  
Other reserves
    
269
      
269
  
Retained earnings
    
1,520,523
      
1,503,785
  
Other reserves of equity
    
(13,652
)
    
(9,526
)
Shareholders’ equity, net attributable to owners of the parent
    
2,640,072
      
2,627,460
  
Non-controlling interest
    
169,654
      
172,397
  
Total shareholders’ equity, net
    
2,809,726
      
2,799,857
  
                 
Total liabilities and shareholders’ equity, net
    
3,953,029
      
3,979,617
  


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 22 of 24


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
            
Consolidated Statement of Income
            
For the three month periods ended March 31, 2021 and 2020
  
             
             
   
2021
    
2020
  
Continuing operations
  
US$(000)
    
US$(000)
  
Sales revenue
            
Sales of goods
    
178,517
      
105,719
  
Sales of services
    
3,412
      
3,057
  
Royalty income
    
3,959
      
5,726
  
Total sales revenue
    
185,888
      
114,502
  
                 
Operating costs
                
Cost of sales of goods, excluding depreciation and amortization
    
(114,108
)
    
(104,957
)
Cost of sales of services, excluding depreciation and amortization
    
(163
)
    
(851
)
Depreciation and amortization
    
(46,488
)
    
(36,641
)
Exploration in operating units
    
(9,328
)
    
(6,009
)
Mining royalties
    
(1,712
)
    
(2,359
)
Total operating costs
    
(171,799
)
    
(150,817
)
                 
Gross profit (loss)
    
14,089
      
(36,315
)
                 
Operating expenses, net
                
Administrative expenses
    
(16,972
)
    
(18,121
)
Selling expenses
    
(4,058
)
    
(4,548
)
Exploration in non-operating areas
    
(1,738
)
    
(1,757
)
Reversal (provision) for contingencies and others
    
(306
)
    
(237
)
Other, net
    
(1,960
)
    
1,323
  
Total operating expenses, net
    
(25,034
)
    
(23,340
)
                 
Operating profit (loss)
    
(10,945
)
    
(59,655
)
                 
Share in the results of associates and joint venture
    
57,221
      
(20,576
)
Financial income
    
1,598
      
764
  
Financial costs
    
(10,909
)
    
(8,374
)
Net gain (loss) from currency exchange difference
    
(1,441
)
    
(1,096
)
                 
Loss before income tax
    
35,524
      
(88,937
)
                 
Current income tax
    
(6,727
)
    
(1,985
)
Deferred income tax
    
(9,346
)
    
12,032
  
                 
Loss from continuing operations
    
19,451
      
(78,890
)
                 
Discontinued operations
                
Profit (loss) from discontinued operations attributable to equity holders of the parent
    
(1,334
)
    
(1,477
)
Net loss
    
18,117
      
(80,367
)
                 
Attributable to:
                
Equity holders of the parent
    
16,370
      
(68,263
)
Non-controlling interest
    
1,747
      
(12,104
)
     
18,117
      
(80,367
)
                 
Basic and diluted loss per share attributable
                
to equity holders of the parent, stated in U.S. dollars
    
0.06
      
(0.27
)


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 23 of 24


Compañía de Minas Buenaventura S.A.A. and Subsidiaries
            
Consolidated Statement of Cash Flows
            
For the three month periods ended March 31, 2021 and 2020
            
             
   
2021
    
2020
  
   
US$(000)
    
US$(000)
  
             
Operating activities
            
Proceeds from sales
    
209,521
      
207,955
  
Value added tax recovered
    
6,434
      
4,342
  
Royalty received
    
4,710
      
5,726
  
Proceeds from dividends
    
3,551
      
-
  
Proceeds from dividends of financial investments
    
1,450
      
2,501
  
Interest received
    
35
      
1,160
  
Payments to suppliers and third-parties, and other net
    
(158,826
)
    
(148,275
)
Payments to employees
    
(33,156
)
    
(34,412
)
Payments for tax litigation
    
(7,462
)
    
-
  
Payments of income taxes and royalties paid to Peruvian State
    
(4,884
)
    
(6,071
)
Payments of interest
    
(3,814
)
    
(6,293
)
Payment of mining royalties
    
(776
)
    
(1,136
)
                 
Net cash and cash equivalents provided by operating activities
    
16,783
      
25,497
  
                 
Investing activities
                
Proceeds from sale of property, plant and equipment to third parties
    
4,382
      
21,037
  
Income from sale of investments
    
30
      
-
  
Additions to mining concessions, development costs, property, plant and equipment
  
Acquisitions of other assets
    
(96
)
    
(691
)
Purchase of shares
    
-
      
(13,453
)
                 
Net cash and cash equivalents used in investing activities
    
(8,644
)
    
(3,153
)
                 
Financing activities
                
Payments of financial obligations
    
(5,396
)
    
(9,688
)
Proceeds of bank loans
    
-
      
5,000
  
Payments of bank loans
    
(10,397
)
    
(5,000
)
Dividends paid to non-controlling interest
    
(1,400
)
    
(1,280
)
Short-term and low value lease payments
    
(1,017
)
    
-
  
Decrease (increase) of bank accounts in trust
    
(5
)
    
166
  
                 
Net cash and cash equivalents used in financing activities
    
(18,215
)
    
(10,802
)
                 
Net increase (decrease) in cash and cash equivalents during the period
    
(10,076
)
    
11,542
  
Cash and cash equivalents at the beginning of the period
    
235,449
      
210,046
  
                 
Cash and cash equivalents at period-end
    
225,373
      
221,588
  


 
Compañía de Minas Buenaventura S.A.A.
First Quarter 2021 Results
 Page 24 of 24


   
2021
    
2020
  
   
US$(000)
    
US$(000)
  
             
Reconciliation of net profit to cash and cash equivalents provided
            
by operating activities
            
             
Net loss
    
18,117
      
(80,367
)
                 
Plus (less):
                
Depreciation and amortization in cost of sales
    
46,488
      
36,641
  
Depreciation and amortization in other, net
    
26
      
89
  
Depreciation and amortization in administration expenses
 
 
    
909
      
917
  
Net share in results of associates and joint venture
    
(57,221
)
    
20,576
  
Reversal (provision) for impairment loss of inventories
    
(2,312
)
    
10,686
  
Bonus provision - executives & employes
    
3,747
      
4,342
  
Accretion expense of provision for closure of mining units and exploration projects
  
Net loss (gain) from currency exchange difference
    
1,441
      
1,096
  
Provision for estimated fair value of sales
    
13,481
      
18,944
  
Deferred income tax expense (income)
    
9,346
      
(6,774
)
Recovery (expense) for provision for contingencies
    
306
      
237
  
Other net
    
(4,277
)
    
4,416
  
                 
                 
Net changes in operating assets and liabilities:
                
Decrease (increase) in operating assets -
                
Trade and other accounts receivable
    
18,101
      
80,317
  
Inventories
    
1,114
      
(27,843
)
Income tax credit
    
3,284
      
912
  
Prepaid expenses
    
4,217
      
3,581
  
                 
Increase (decrease) in operating liabilities -
                
Trade and other accounts payable
    
(31,980
)
    
(32,021
)
Provisions, contingent liabilities and other liabilities
    
(12,053
)
    
(14,002
)
Income tax payable
    
(2,373
)
    
(344
)
                 
Proceeds from dividends
    
5,001
      
2,501
  
                 
Net cash and cash equivalents provided by operating activities
    
16,783
      
25,497
  





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 29, 2021