6-K 1 a52386159.htm BUENAVENTURA MINING COMPANY INC. 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 February 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
Fourth Quarter and Twelve Month 2020 Results

Lima, Peru, February 25, 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 fourth quarter (4Q20) and twelve-month (FY20) period ended December 31, 2020.  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$).

Fourth Quarter 2020 Highlights:
EBITDA from direct operations reached US$ 59.1 million in 4Q20, compared to US$ 73.9 million reported in 4Q19.
4Q20 Adjusted EBITDA including associated companies reached US$ 192.4 million, compared to US$ 183.7 million in 4Q19.
4Q20 capital expenditures were US$ 38.0 million, compared to US$ 39.6 million for the same period in 2019.
4Q20 net loss of US$ 60.0 million, compared to a net loss of US$ 53.7 million for the same period in 2019.
The Company´s De-Bottlenecking Program continued to progress at a reduced level during the fourth quarter of 2020. The program focused primarily on Buenaventura’s Tambomayo, Uchucchacua and El Brocal mines during 2020 (please refer to page 6 for related details).
Buenaventura’s cash position reached US$ 235.4 million for the fourth quarter 2020.
The Company had no mine-related fatalities during the full year 2020.

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

 
4Q20
4Q19
Var
FY20
FY19
Var
Total Revenues
236.1
235.5
0%
676.5
867.9
-22%
Operating Profit
-16.4
-8.7
-90%
-81.3
-58.0
-40%
EBITDA Direct Operations
59.1
73.9
-20%
147.3
202.8
-27%
Adjusted EBITDA (Inc Associates)
192.4
183.7
5%
490.6
652.0
-25%
Net Income
-60.0
-53.7
-12%
-135.7
-12.2
-1,012%
EPS*
-0.24
-0.21
-12%
-0.53
-0.05
-1,012%

(*) As of December 31, 2020, Buenaventura had a weighted average number of shares outstanding of 253,986,867.



 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 2 of 28

Operating Revenues
 

4Q20 net sales were US$ 231.5 million; in line with US$ 230.6 million reported in 4Q19. Increased commodity prices (excluding lead) supported fourth quarter 2020 net sales figures despite reduced volume sold due to the adverse effects of COVID-19.

Royalty income decreased 5% in the 4Q20 to US$ 4.6 million, from US$ 4.9 million in 4Q19. This was due to a 3% decrease in Yanacocha revenues.

Operating Highlights
4Q20
4Q19
%
FY20
FY19
%
Net Sales (in millions of US$)
231.5
230.6
0%
657.9
845.6
-22%
Average Realized Gold Price (US$/oz) (1) (2)
1,858
1,487
25%
1,842
1,405
31%
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3)
1,860
1,482
25%
1,791
1,399
28%
Average Realized Silver Price (US$/oz) (1) (2)
24.96
17.38
44%
22.14
16.36
35%
Average Realized Lead Price (US$/MT) (1) (2)
1,954
1,952
0%
1,708
1,938
-12%
Average Realized Zinc Price (US$/MT) (1) (2)
2,915
2,208
32%
2,234
2,491
-10%
Average Realized Copper Price (US$/MT) (1) (2)
7,121
5,602
27%
6,259
5,808
8%

Volume Sold
4Q20
4Q19
%
FY20
FY19
%
Consolidated Gold Oz (1)
37,108
51,432
-28%
124,644
180,876
-31%
Gold Oz Inc. Associated Companies (3)
85,102
119,224
-29%
314,666
476,877
-34%
Consolidated Silver Oz (1)
3,146,072
4,779,765
-34%
10,410,477
18,224,320
-43%
Consolidated Lead MT (1)
7,499
10,858
-31%
28,348
45,995
-38%
Consolidated Zinc MT (1)
13,569
14,702
-8%
53,971
59,953
-10%
Consolidated Copper MT (1)
8,932
11,520
-22%
28,966
41,027
-29%

(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.
Fourth Quarter 2020 Results
 Page 3 of 28

Production and Operating Costs
 
duction and Operating Costs
Buenaventura’s 4Q20 equity gold production was 79,507 ounces, compared to 114,865 ounces produced in 4Q19. This was primarily due to a 46% percent production decrease at Tambomayo, and a 30% production decrease at Yanacocha.

Silver equity production decreased by 35% year on year, primarily due to a 56% decrease in production at the Uchucchacua mine as this mine did not achieve full capacity during the fourth quarter 2020, as was previously announced. Lead equity production decreased by 34% year on year, primarily due to an 67% decrease at the Uchucchacua mine. Zinc equity production decreased by 16% year on year, primarily due to a 64% production decrease at the Uchucchacua mine.


Equity Production
4Q20
4Q19
%
FY20
FY19
%
Gold Oz Direct Operations(1)
31,271
50,060
-38%
121,342
169,273
-28%
Gold Oz including Associated(2) Companies
79,507
114,865
-31%
312,282
464,487
-33%
Silver Oz Direct Operations(1)
3,112,211
5,092,300
-39%
10,554,928
18,558,980
-43%
Silver Oz including Associated Companies
3,651,305
5,594,969
-35%
12,432,202
20,100,565
-38%
Lead MT
6,819
10,257
-34%
24,436
40,701
-40%
Zinc MT
11,453
13,570
-16%
44,221
55,588
-20%
Copper MT Direct Operations(1)
5,737
7,516
-24%
18,930
26,842
-29%
Copper MT including Associated Companies(3)
25,404
31,432
-19%
91,766
115,990
-21%

Consolidated Production
4Q20
4Q19
%
FY20
FY19
%
Gold Oz(4)
35,311
55,266
-36%
134,000
191,281
-30%
Silver Oz(4)
3,550,156
5,546,895
-36%
11,947,919
20,288,743
-41%
Lead MT(4)
8,453
12,504
-32%
32,175
49,803
-35%
Zinc MT(4)
16,541
18,071
-8%
65,399
72,397
-10%
Copper MT(4)
9,306
12,206
-24%
30,735
43,578
-29%

(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.
Fourth Quarter 2020 Results
 Page 4 of 28

Tambomayo (100% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
Oz
15,699
28,861
-46%
63,477
99,245
-36%
Silver
Oz
477,127
841,868
-43%
1,668,582
2,556,391
-35%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
US$/Oz
1,011
766
32%
941
679
39%

4Q20 year on year gold production at Tambomayo decreased 46% mainly due to a reduction in ore treated. 4Q20 production also decreased due to inventory adjustments after lower-than-expected gold recoveries within the flotation cyanidation circuit. Cost Applicable to Sales (CAS) increased to 1,011 US$/Oz in 4Q20, compared to 766 US$/Oz in 4Q19, primarily due to at 31% decrease in volume sold and higher preparation cost.

Orcopampa (100% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
Oz
10,260
14,226
-28%
41,129
41,660
-1%
Silver
Oz
2,414
4,367
-45%
9,069
18,791
-52%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
US$/Oz
1,318
976
35%
962
1,489
-35%

The decrease in 4Q20 gold production at Orcopampa was mainly due to a 33% year on year decrease in ore treated. Cost Applicable to Sales (CAS) increased to 1,318 US$/Oz in 4Q20, compared to 976 US$/Oz in 4Q19, primarily due to a 18% decrease in volume sold and a 76% increase in exploration activities.

La Zanja (53.06% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
Oz
5,817
6,217
-6%
17,228
31,500
-45%
Silver
Oz
27,083
16,216
67%
84,641
97,204
-13%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
US$/Oz
1,822
1,780
2%
1,739
1,233
41%

4Q20 gold production decreased by 6% year on year despite increased throughput, primarily due to a lower ore grade. 4Q20 Cost Applicable to Sales (CAS) was 1,822 US$/Oz; a 2% increase compared to 1,780 US$/Oz in 4Q19, in line with 4Q19 reported La Zanja gold production.

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 5 of 28

Coimolache (40.10% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
Oz
43,500
51,474
-15%
106,017
162,196
-35%
Silver
Oz
245,024
293,326
-16%
699,361
754,306
-7%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Gold
US$/Oz
806
694
16%
854
684
25%

4Q20 gold production at Coimolache decreased by 15% year on year, primarily due to lower ore grades despite an increase in ore treated. 4Q20 Cost Applicable to Sales (CAS) was 806 US$/Oz; a 16% increase compared to 694 US$/Oz in 4Q19, mainly due to a 23% decrease in volume sold.

Uchucchacua (100% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Silver
Oz
1,274,529
2,876,329
-56%
5,000,312
10,640,913
-53%
Zinc
MT
1,474
4,046
-64%
5,223
19,144
-73%
Lead
MT
1,369
4,174
-67%
5,151
17,635
-71%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Silver
US$/Oz
30.20
14.90
103%
22.24
12.15
83%

4Q20 silver production at Uchucchacua decreased by 56%, primarily due to a reduction in ore treated despite higher ore grades. Uchucchacua did not achieve full capacity during the fourth quarter 2020 as the operational focus for this operation was on the ramp-up of mine development and exploration, which was adversely affected by a reduced workforce during prior quarters in 2020 due to the COVID-19 pandemic. Cost Applicable to Sales (CAS) in 4Q20 increased by 103% year on year.


Julcani (100% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Silver
Oz
666,507
649,226
3%
1,676,731
2,609,006
-36%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Silver
US$/Oz
13.70
13.20
4%
14.27
13.49
6%

4Q20 silver production increased 3% year on year due to a 10% increase in ore grades as compared to the same period last year, despite the lower ore treated. Fourth quarter 2020 silver production includes 43,742 silver ounces derived from tailings dam retreatment. 4Q20 Cost Applicable to Sales (CAS) was 13.7 US$/Oz, in line with the figure reported in 4Q19.

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 6 of 28

El Brocal
 (61.43% owned by Buenaventura)

Production
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Copper
MT
9,252
12,159
-24%
30,608
43,394
-29%
Zinc
MT
13,191
11,670
13%
54,909
43,580
26%
Silver
Oz
1,102,496
1,158,888
-5%
3,508,585
4,366,438
-20%

Cost Applicable to Sales
 
 
4Q20
4Q19
Var %
FY20
FY19
Var %
Copper
US$/MT
5,386
5,352
1%
5,135
5,385
-5%
Zinc
US$/MT
2,308
1,989
16%
1,923
2,007
-4%

El Brocal 4Q20 copper production decreased by 24% year on year, mainly due to a 42% decrease in ore treated at Marcapunta due to limited availability of ore transport vehicles during the quarter, despite higher ore grades (23%) at Marcapunta and additional copper ore derived from its Tajo Norte mine. Tajo Norte 4Q20 zinc production increased by 13% year on year due to a 6% increase in ore treated and a 13% increase in recovery rate compared to the same period in 2019.

4Q20 Copper Cost Applicable to Sales (CAS) was in-line with that of 4Q19. Zinc CAS increased by 16% year on year for the fourth quarter 2020, mainly due to increased commercial deductions resulting from less favorable market conditions as compared to 2019.

De-bottlenecking Program — 2020 Program
 
De-Bottlenecking Program – 2020 Update
Buenaventura’s De-Bottlenecking Program progressed well during the fourth quarter 2020, particularly in light of considerable headwinds, and successfully resulted in incremental EBITDA as is illustrated below:



 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 7 of 28

General and Administrative Expenses
 

4Q20 General and Administrative expenses were US$ 17.3 million; a 19% decrease as compared to US$ 21.4 million in 4Q19. This decrease is due to the Company´s successful cost containment and expense reduction during the quarter, which partially offset the adverse effects of Peru’s current State of Emergency.

Exploration in Non-Operating Areas
 

4Q20 exploration costs in Non-Operating Areas were US$ 3.2 million, compared with US$ 2.7 million in 4Q19. During the period, Buenaventura focused exploration efforts primarily on its Emperatriz project, resulting in US$ 1.3 million in exploration costs during 4Q20.

Share in Associated Companies
 
Share in Associated Companies
During 4Q20, Buenaventura’s share in associated companies was US$ -25.6 million, compared to US$ -62.3 million reported in 4Q19, comprised of:

Share in the Result of Associates
(in millions of US$)
4Q20
4Q19
Var
FY20
FY19
Var
Cerro Verde
29.5
17.9
65%
53.8
76.5
-30%
Yanacocha
-63.2
-85.9
26%
-72.2
-41.6
-74%
Coimolache
8.6
5.8
49%
10.1
12.9
-22%
Others
-0.5
0.2
N.A.
-1.1
0.0
N.A.
Total
-25.6
-62.3
59%
-9.5
47.7
N.A.

YANACOCHA

At Yanacocha, which is 43.65% owned by Buenaventura, 4Q20 gold production was 70,548 ounces, 30,794 ounces of which were attributable to Buenaventura. This represents a 30% decrease as compared to the 101,183 ounces produced in 4Q19; 44,166 ounces of which were attributable to Buenaventura.

Full year 2020 gold production was 340,052, 148,433 ounces of which were attributable to Buenaventura; a 36% decrease as compared to 527,336 ounces in FY19, 230,182 ounces of which were attributable to Buenaventura.

Yanacocha reported a net loss of US$ -144.8 million for 4Q20, compared to a net loss of US$ -196.8 million reported in 4Q19. CAS in 4Q20 was 1,071 US$/Oz; a 12% increase compared to 958 US$/Oz in 3Q19, mainly due to a 32% decrease in volume sold.

Capital expenditures at Yanacocha were US$ 43.0 million in 4Q20.

The Yanacocha Sulfides project

Currently in the Definitive Feasibility Stage.
Decision to proceed expected in 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.


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 8 of 28

CERRO VERDE

Cerro Verde (19.58% owned by Buenaventura) 4Q20 copper production was 100,442 MT, 19,666 MT of which is attributable to Buenaventura; a decrease as compared to 122,142 MT produced in 4Q19, 23,915 MT of which was attributable to Buenaventura.

FY20 copper production was 371,992 MT; 72,836 MT of which was attributable to Buenaventura compared to FY19 copper production of 455,305 MT; 89,149 MT of which was attributable to Buenaventura.

Cerro Verde reported 4Q20 net income of US$ 150.6 million, compared to net income of US$ 131.6 million in 4Q19. This is primarily due to a 7% year on year net sales increase primarily attributed to higher average realized copper price of US$ 3.83 per pound in the fourth quarter of 2020, compared to US$2.84 per pound in the fourth quarter of 2019. This increase was partially offset by a US$ 37.1 million increase in financial expense and a US$ 28.9 million increase in income tax expense as compared to the same period in 2019.

4Q20 capital expenditures at Cerro Verde were US$ 43.6 million.

COIMOLACHE (Tantahuatay operation)

Coimolache (40.10% owned by Buenaventura) 4Q20 attributable contribution to net income was US$ 8.6 million, as compared to US$ 5.8 million in 4Q19.

Others
 

The following resolution was passed at the Company’s February 25, 2021 Board of Directors Meeting:

• Call for the Annual Shareholders Meeting to be held on March 30, 2021 with the following items proposed for approval:

a) Approval of the 2020 Annual Report
b) Approval of the Financial Statements for the year ended on December 31, 2020
c) Compensation for the Board of Directors – 2020
d) Amendment to the Policy on Compensation for the Board of Directors
e) Appointment of Independent Auditors for Year 2021

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 9 of 28

***
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.
Fourth Quarter 2020 Results
 Page 10 of 28

**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of September 30, 2020)
 
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.
Fourth Quarter 2020 Results
 Page 11 of 28

APPENDIX 2

4Q20
 
 
 
 
 
 
 
 
 
Gold Production
 
16
 
 
19
 
 
Mining Unit
Operating Results
Unit
4Q20
4Q19
△%
FY20
FY19
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
150,851
182,359
-17%
510,405
640,914
-20%
Ore Grade
Gr/MT
5.25
5.89
-11%
5.10
5.80
-12%
Recovery Rate
%
61.69
83.60
-26%
75.80
83.11
-9%
Ounces Produced*
Oz
15,699
28,861
-46%
63,477
99,245
-36%
Orcopampa
Ore Milled
DMT
24,171
35,983
-33%
88,249
127,079
-31%
Ore Grade
Gr/MT
12.88
12.12
6%
14.65
10.30
42%
Recovery Rate
%
93.38
96.92
-4%
96.41
96.75
0%
Ounces Produced*
Oz
10,260
14,226
-28%
41,129
41,660
-1%
Open Pit
 
 
 
 
 
 
 
 
La Zanja
Ounces Produced
Oz
5,817
6,217
-6%
17,228
31,500
-45%
Coimolache
Ounces Produced
Oz
43,500
51,474
-15%
106,017
162,196
-35%
(*) Includes ounces from retreatment of tailing dams
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
4Q20
4Q19
△%
FY20
FY19
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
150,851
182,359
-17%
510,405
640,914
-20%
Ore Grade
Oz/MT
3.59
5.26
-32%
3.97
4.54
-13%
Recovery Rate
%
88.06
87.81
0%
82.39
87.76
-6%
Ounces Produced
Oz
477,127
841,868
-43%
1,668,582
2,556,391
-35%
Uchucchacua
Ore Milled
DMT
148,173
373,965
-60%
550,718
1,335,018
-59%
Ore Grade
Oz/MT
10.07
8.28
22%
10.10
9.06
11%
Recovery Rate
%
85.45
92.93
-8%
89.88
87.96
2%
Ounces Produced
Oz
1,274,529
2,876,329
-56%
5,000,312
10,640,913
-53%
Julcani
Ore Milled
DMT
26,904
31,268
-14%
71,943
123,818
-42%
Ore Grade
Oz/MT
23.88
21.67
10%
22.67
21.90
3%
Recovery Rate
%
96.95
95.83
1%
96.88
96.22
1%
Ounces Produced*
Oz
666,507
649,226
3%
1,676,731
2,609,006
-36%
Marcapunta
Ore Milled
DMT
472,303
809,772
-42%
1,659,731
2,926,124
-43%
Ore Grade
Oz/MT
0.96
0.70
38%
0.78
0.77
1%
Recovery Rate
%
52.82
62.48
-15%
62.98
62.07
1%
Ounces Produced
Oz
239,555
352,328
-32%
812,501
1,392,363
-42%
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte - Pb Zn
Ore Milled
DMT
864,200
817,132
6%
2,873,790
3,407,914
-16%
Ore Grade
Oz/MT
1.73
1.55
11%
1.41
1.38
2%
Recovery Rate
%
57.83
63.61
-9%
66.52
63.32
5%
Ounces Produced
Oz
862,941
806,560
7%
2,696,084
2,974,075
-9%
Tajo Norte - Cu
Ore Milled
DMT
91,477
0
-
91,477
0
-
Ore Grade
Oz/MT
3.80
0.00
-
3.80
0.00
-
Recovery Rate
%
50.51
0.00
-
50.51
0.00
-
Ounces Produced
Oz
175,556
0
-
175,556
0
-
(*) Includes 43,472 ounces from retreatment of tailing dams in 4Q20 and 96,812 in FY20.
 
 
 
 


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 12 of 28

Zinc Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
4Q20
4Q19
△%
FY20
FY19
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
150,851
182,359
-17%
510,405
640,914
-20%
Ore Grade
%
2.20
1.85
19%
1.92
1.99
-3%
Recovery Rate
%
56.66
69.93
-19%
53.62
75.77
-29%
MT Produced
MT
1,876
2,356
-20%
5,266
9,672
-46%
Uchucchacua
Ore Milled
DMT
148,173
373,965
-60%
550,718
1,335,018
-59%
Ore Grade
%
1.50
1.67
-10%
1.56
2.20
-29%
Recovery Rate
%
66.49
64.79
3%
60.90
65.08
-6%
MT Produced
MT
1,474
4,046
-64%
5,223
19,144
-73%
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte
Ore Milled
DMT
864,200
817,132
6%
2,873,790
3,407,914
-16%
Ore Grade
%
2.76
2.92
-5%
3.43
2.42
42%
Recovery Rate
%
55.32
48.95
13%
55.70
52.86
5%
MT Produced
MT
13,191
11,670
13%
54,909
43,580
26%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Copper Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
4Q20
4Q19
△%
FY20
FY19
△ %
Underground
 
 
 
 
 
 
 
 
Marcapunta
Ore Milled
DMT
472,303
809,772
-42%
1,659,731
2,926,124
-43%
Ore Grade
%
2.05
1.66
23%
1.97
1.67
18%
Recovery Rate
%
89.77
90.45
-1%
91.78
88.68
3%
MT Produced
MT
8,681
12,159
-29%
30,038
43,394
-31%
Tajo Norte - Cu
Ore Milled
DMT
91,477
0
-
91,477
0
-
Ore Grade
%
1.04
0.00
-
1.04
0.00
-
Recovery Rate
%
59.97
0.00
-
59.97
0.00
-
MT Produced
MT
570
0
-
570
0
-


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 13 of 28

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

 
4Q20
4Q19
FY20
FY19
Net Income
-59,859
-58,874
-150,339
-28,459
Add / Substract:
118,991
132,744
297,593
231,266
Depreciation and Amortization in cost of sales
59,125
57,606
189,620
226,335
Share in associated companies by the equity method, net
25,583
62,278
9,517
-47,710
Interest expense
14,692
8,494
37,822
42,173
Impairment (reversal) of inventories
-2,112
3,256
6,558
2,239
Provision of bonuses and compensations
2,537
3,797
13,106
15,855
Depreciation and amortization in administration expenses
950
3,825
3,700
3,825
Loss (gain) on currency exchange difference
225
-938
4,116
734
Profit from discontinued operations
-9,689
3,871
-5,409
10,514
Provision (credit) for income tax, net
12,771
-19,477
25,430
-25,590
Depreciation and amortization in other, net
28
-
105
586
Interest income
-171
-4,019
-2,411
-9,675
Provision (reversal) for contingencies
3,763
-879
4,150
-2,968
Workers participation provision (reversal)
57
-25
57
-7
Write-off of fixed assets
12,675
2,926
12,675
2,926
Changes in provision of exploration activities
640
4,965
640
4,965
Contractor claims provisions
-
4,401
-
4,401
Impairment of long-term lived assets
-2,083
2,083
-2,083
2,083
Other non-cash provisions
-
580
-
580
EBITDA Buenaventura Direct Operations
59,132
73,870
147,254
202,807
EBITDA Yanacocha (43.65%)
20,703
20,531
87,769
139,694
EBITDA Cerro Verde (19.58%)
93,273
71,339
212,163
259,121
EBITDA Coimolache (40.095%)
19,297
17,987
43,419
50,332
EBITDA Buenaventura + All Associates
192,406
183,727
490,605
651,954

*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, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 14 of 28

APPENDIX 4: 2020 RESERVES

RESERVES AS OF DECEMBER 31st 2020
                         
                               
PRELIMINARY PROVEN AND PROBABLE RESERVES
 
                               
                               
GOLD
                             
   
% Ownership
   
MT (000)
   
Grade Oz/TMS
   
Oz (000)
   
Attributable (000)
 
Orcopampa
   
100.00
     
469
     
0.299
     
140
     
140
 
Julcani
   
100.00
     
269
     
0.007
     
2
     
2
 
Tambomayo
   
100.00
     
2,339
     
0.107
     
249
     
249
 
La Zanja
   
53.06
     
5,197
     
0.012
     
65
     
34
 
La Zanja (on Pads and Plant)
   
53.06
                     
1
     
1
 
Coimolache (Oxides)
   
40.10
     
75,193
     
0.011
     
798
     
320
 
Coimolache (on Pads and Plant)
   
40.10
                     
2
     
1
 
El Brocal Marcapunta
   
61.43
     
30,530
     
0.021
     
655
     
402
 
El Brocal (Tajo Norte Smelter - Cu-Ag)
   
61.43
     
31,760
     
0.007
     
212
     
130
 
San Gabriel
   
100.00
     
11,576
     
0.150
     
1,741
     
1,741
 
Total
                           
3,865
     
3,021
 
                                         
SILVER
                                       
   
% Ownership
   
MT (000)
   
Grade Oz/TMS
   
Oz (000)
   
Attributable (000)
 
Uchucchacua (Ag - Zn - Pb)
   
100.00
     
7,617
     
9.67
     
73,662
     
73,662
 
Julcani
   
100.00
     
269
     
20.93
     
5,636
     
5,636
 
Orcopampa
   
100.00
     
469
     
0.55
     
260
     
260
 
Tambomayo
   
100.00
     
2,339
     
4.08
     
9,546
     
9,546
 
La Zanja
   
53.06
     
5,197
     
0.13
     
659
     
350
 
La Zanja (on Pads and Plant)
   
53.06
                     
33
     
18
 
Coimolache (Oxides)
   
40.10
     
75,193
     
0.23
     
17,385
     
6,970
 
Coimolache (on Pads and Plant)
   
40.10
                     
79
     
32
 
El Brocal (Tajo Norte Smelter - Cu-Ag)
   
61.43
     
31,760
     
0.80
     
25,352
     
15,574
 
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
   
61.43
     
9,840
     
2.76
     
27,169
     
16,690
 
El Brocal Marcapunta
   
61.43
     
30,530
     
1.04
     
31,651
     
19,443
 
San Gabriel
   
100.00
     
11,576
     
0.24
     
2,724
     
2,724
 
Total
                           
194,156
     
150,904
 
                                         
ZINC
                                       
   
% Ownership
   
MT (000)
   
% Zn
   
MT (000)
   
Attributable (000)
 
Uchucchacua (Ag - Zn - Pb)
   
100.00
     
7,617
     
1.93
     
147
     
147
 
Tambomayo
   
100.00
     
2,339
     
1.50
     
35
     
35
 
El Brocal (Tajo Norte - Smelter Zn - Pb - Ag )
   
61.43
     
9,840
     
2.15
     
211
     
130
 
Total
                           
393
     
312
 
                                         
                                         
LEAD
                                       
   
% Ownership
   
MT (000)
   
% Pb
   
MT (000)
   
Attributable (000)
 
Uchucchacua (Ag - Zn - Pb)
   
100.00
     
7,617
     
1.11
     
85
     
85
 
Julcani
   
100.00
     
269
     
1.86
     
5
     
5
 
Tambomayo
   
100.00
     
2,339
     
1.00
     
23
     
23
 
El Brocal (Tajo Norte - Smelter Zn - Pb - Ag )
   
61.43
     
9,840
     
1.00
     
98
     
60
 
Total
                           
211
     
173
 
                                         
                                         
COPPER
                                       
   
% Ownership
   
MT (000)
   
% Cu
   
MT (000)
   
Attributable (000)
 
Julcani
   
100.00
     
269
     
0.45
     
1
     
1
 
El Brocal Marcapunta Norte
   
61.43
     
30,530
     
1.29
     
393
     
241
 
El Brocal (Tajo Norte - Smelter Cu - Ag)
   
61.43
     
31,760
     
1.48
     
469
     
288
 
Trapiche
   
100.00
     
283,200
     
0.51
     
1,444
     
1,444
 
Total
                           
2,307
     
1,975
 


Prices used for Buenaventura´s Reserves calculation: Gold 1,600 US$/Oz - Silver 20.00 US$/Oz - Zinc 2,300 US$/MT - Lead 1,900US$/MT - Copper 6,500 US$/MT

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 15 of 28

APPENDIX 5: 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.
Fourth Quarter 2020 Results
 Page 16 of 28

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 December 31
 
For the 12 months ended December 31
   
2020
 
2019
 
2020
 
2019
   
(in thousands of US$)
       
Consolidated Cost of sales excluding depreciation and amortization
136,410
 
143,190
 
395,442
 
516,252
Add:
               
Consolidated Exploration in units in operation
 
11,981
 
9,334
 
28,044
 
44,163
Consolidated Commercial deductions
 
53,318
 
66,265
 
179,748
 
220,306
Consolidated Selling expenses
 
6,466
 
7,827
 
18,533
 
24,313
Consolidated Cost applicable to sales
 
208,175
 
226,616
 
621,768
 
805,034
                 
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 December 31
 
For the 12 months ended December 31
   
2020
 
2019
 
2020
 
2019
Cost of sales by mine and mineral
 
(in thousands of US$)
Julcani, Gold
 
50
 
136
 
7
 
166
Julcani, Silver
 
6,017
 
5,977
 
15,961
 
24,405
Julcani, Lead
 
105
 
204
 
251
 
971
Julcani, Copper
 
0
 
0
 
23
 
47
Orcopampa, Gold
 
13,213
 
12,736
 
34,315
 
51,154
Orcopampa, Silver
 
25
 
42
 
81
 
228
Orcopampa, Copper
 
0
 
0
 
0
 
0
Uchucchacua, Gold
 
3
 
0
 
11
 
0
Uchucchacua, Silver
 
26,741
 
24,307
 
74,134
 
79,562
Uchucchacua, Lead
 
1,890
 
3,650
 
5,119
 
14,815
Uchucchacua, Zinc
 
2,818
 
4,071
 
6,326
 
19,004
Tambomayo, Gold
 
12,580
 
13,574
 
40,648
 
47,741
Tambomayo, Silver
 
4,464
 
3,679
 
12,640
 
13,540
Tambomayo, Zinc
 
1,884
 
1,181
 
4,123
 
4,979
Tambomayo, Lead
 
1,732
 
1,293
 
3,670
 
7,058
La Zanja, Gold
 
9,185
 
11,028
 
30,373
 
37,445
La Zanja, Silver
 
683
 
200
 
2,499
 
1,140
El Brocal, Gold
 
1,504
 
3,108
 
5,541
 
8,429
El Brocal, Silver
 
8,904
 
8,061
 
25,652
 
26,966
El Brocal, Lead
 
2,892
 
5,304
 
12,331
 
20,388
El Brocal, Zinc
 
12,510
 
10,557
 
41,583
 
42,537
El Brocal, Copper
 
24,939
 
32,217
 
73,408
 
110,979
Non Mining Units
 
4,271
 
1,864
 
6,746
 
4,697
Consolidated Cost of sales, excluding depreciation and amortization
136,410
 
143,190
 
395,442
 
516,252


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 17 of 28

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 December 31
 
For the 12 months ended December 31
   
2020
 
2019
 
2020
 
2019
Exploration expenses in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold
 
11
 
29
 
1
 
38
Julcani, Silver
 
1,338
 
1,290
 
3,112
 
5,593
Julcani, Lead
 
23
 
44
 
49
 
223
Julcani, Copper
 
0
 
0
 
4
 
11
Orcopampa, Gold
 
2,332
 
1,327
 
5,186
 
9,000
Orcopampa, Silver
 
4
 
4
 
12
 
40
Orcopampa, Copper
 
0
 
0
 
0
 
0
Uchucchacua, Gold
 
0
 
0
 
1
 
0
Uchucchacua, Silver
 
2,523
 
1,541
 
5,830
 
6,257
Uchucchacua, Lead
 
178
 
231
 
403
 
1,165
Uchucchacua, Zinc
 
266
 
258
 
498
 
1,495
Tambomayo, Gold
 
1,622
 
1,576
 
4,763
 
7,562
Tambomayo, Silver
 
576
 
427
 
1,481
 
2,145
Tambomayo, Lead
 
243
 
137
 
483
 
789
Tambomayo, Zinc
 
223
 
150
 
430
 
1,118
La Zanja, Gold
 
1
 
1
 
2
 
2
La Zanja, Silver
 
0
 
0
 
0
 
0
El Brocal, Gold
 
78
 
122
 
202
 
351
El Brocal, Silver
 
463
 
315
 
937
 
1,124
El Brocal, Lead
 
151
 
208
 
450
 
850
El Brocal, Zinc
 
651
 
413
 
1,519
 
1,774
El Brocal, Copper
 
1,298
 
1,260
 
2,681
 
4,627
Non Mining Units
 
0
 
0
 
0
 
0
Consolidated Exploration expenses in units in operation
11,981
 
9,334
 
28,044
 
44,163
                 
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 December 31
 
For the 12 months ended December 31
   
2020
 
2019
 
2020
 
2019
Commercial Deductions in units in operation by mine and mineral
(in thousands of US$)
Julcani, Gold
 
14
 
16
 
11
 
19
Julcani, Silver
 
939
 
683
 
2,505
 
3,084
Julcani, Lead
 
16
 
23
 
38
 
122
Julcani, Copper
 
0
 
0
 
5
 
8
Orcopampa, Gold
 
42
 
98
 
234
 
201
Orcopampa, Silver
 
0
 
0
 
9
 
1
Orcopampa, Copper
 
0
 
0
  0
  0
Uchucchacua, Gold
 
0
 
0
  1
  -1
Uchucchacua, Silver
 
5,072
 
11,739
 
18,831
 
29,088
Uchucchacua, Lead
 
296
 
1,341
 
1,111
 
3,324
Uchucchacua, Zinc
 
522
 
2,406
 
2,082
 
10,197
Tambomayo, Gold
 
3,145
 
3,912
 
6,266
 
7,786
Tambomayo, Silver
 
1,663
 
1,544
 
4,023
 
4,265
Tambomayo, Lead
 
548
 
447
 
1,219
 
1,497
Tambomayo, Zinc
 
1,536
 
1,324
 
3,585
 
6,170
La Zanja, Gold
 
29
 
17
 
376
 
102
La Zanja, Silver
 
2
 
0
 
21
 
2
El Brocal, Gold
 
1,263
 
2,519
 
5,377
 
7,438
El Brocal, Silver
 
5,678
 
4,458
 
17,258
 
14,730
El Brocal, Lead
 
1,161
 
1,653
 
6,528
 
5,495
El Brocal, Zinc
 
11,076
 
7,710
 
41,907
 
27,302
El Brocal, Copper
 
20,316
 
26,373
 
68,360
 
99,477
Non Mining Units
 
0
 
0
 
0
 
0
Consolidated Commercial deductions in units in operation
53,318
 
66,265
 
179,748
 
220,306


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 18 of 28

Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
       
Selling expenses:
               
                 
   
For the 3 months ended December 31
 
For the 12 months ended December 31
   
2020
 
2019
 
2020
 
2019
Selling expenses by mine and mineral
 
(in thousands of US$)
Julcani, Gold
 
2
 
3
 
0
 
3
Julcani, Silver
 
196
 
119
 
430
 
384
Julcani, Lead
 
3
 
4
 
7
 
15
Julcani, Copper
 
0
 
0
 
1
 
1
Orcopampa, Gold
 
111
 
92
 
435
 
257
Orcopampa, Silver
 
0
 
0
 
1
 
1
Orcopampa, Copper
 
0
 
0
 
0
  0
Uchucchacua, Gold
 
0
 
0
 
0
  0
Uchucchacua, Silver
 
904
 
1,671
 
2,751
 
4,278
Uchucchacua, Lead
 
64
 
251
 
190
 
797
Uchucchacua, Zinc
 
95
 
280
 
235
 
1,022
Tambomayo, Gold
 
859
 
1,031
 
2,570
 
2,566
Tambomayo, Silver
 
305
 
280
 
799
 
728
Tambomayo, Lead
 
129
 
90
 
261
 
268
Tambomayo, Zinc
 
118
 
98
 
232
 
379
La Zanja, Gold
 
0
 
50
 
74
 
312
La Zanja, Silver
 
0
 
1
 
6
 
9
El Brocal, Gold
 
94
 
174
 
317
 
437
El Brocal, Silver
 
557
 
452
 
1,468
 
1,399
El Brocal, Lead
 
181
 
297
 
706
 
1,057
El Brocal, Zinc
 
782
 
591
 
2,379
 
2,206
El Brocal, Copper
 
1,559
 
1,805
 
4,200
 
5,756
Non Mining Units
 
509
 
538
 
1,471
 
2,439
Consolidated Selling expenses
 
6,466
 
7,827
 
18,533
 
24,313


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 19 of 28

 
 JULCANI
   
 JULCANI
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
                  50
                 6,017
                  105
                 -
                      -
                   6,172
             136
                5,977
            204
             -
                  -
                   6,317
 
Cost of Sales
(without D&A)
(US$000)
                 7
            15,961
                 251
             -
                  23
                 16,241
            166
           24,405
               971
             -
                  47
                 25,589
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
                  11
                 1,338
                    23
                 -
                      -
                   1,372
               29
                1,290
              44
             -
                  -
                   1,363
 
Exploration
Expenses
(US$000)
                 1
              3,112
                   49
             -
                    4
                   3,167
              38
             5,593
               223
             -
                  11
                   5,864
Commercial
Deductions
(US$000)
                  14
                    939
                    16
                 -
                      -0
                      969
               16
                   683
              23
             -
                  -
                      722
 
Commercial
Deductions
(US$000)
               11
              2,505
                   38
             -
                    5
                   2,559
              19
             3,084
               122
             -
                    8
                   3,233
Selling Expenses
(US$000)
                    2
                    196
                      3
                 -
                      -
                      201
            2.71
              119.22
           4.08
             -
                  -
                      126
 
Selling Expenses
(US$000)
                 0
                 430
                     7
             -
                    1
                      438
                3
                384
                 15
             -
                    1
                      403
Cost Applicable
to Sales
(US$000)
                  76
                 8,490
                  148
                 -
                      -0
                   8,714
             184
                8,069
            276
             -
                  -
                   8,528
 
Cost Applicable
to Sales
(US$000)
               19
            22,008
                 345
             -
                  33
                 22,405
            225
           33,467
            1,331
             -
                  66
                 35,089
Divide:
                         
Divide:
                       
Volume
Sold
                  63
             619,666
                  128
                 -
                      -1
 Not
Applicable
             162
            611,490
            194
             -
                  -
 Not
Applicable
 
Volume
Sold
             133
       1,542,568
                 306
             -
                  18
 Not
Applicable
            179
      2,480,173
               839
             -
                  14
 Not
Applicable
CAS
            1,220
               13.70
             1,157
                 -
                      -
 Not
Applicable
        1,138
               13.20
        1,422
             -
                  -
 Not
Applicable
 
CAS
            143
            14.27
            1,126
             -
           1,819
 Not
Applicable
       1,259
            13.49
          1,585
             -
            4,788
 Not
Applicable
   

                         
6%
                   
                                                     
 
 ORCOPAMPA
   
 ORCOPAMPA
  4Q 2020
4Q 2019
    FY 2020
FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
           13,213
                      25
                    -
                 -
                      -
                 13,238
        12,736
                     42
               -
             -
                  -
                 12,778
 
Cost of Sales
(without D&A)
(US$000)
        34,315
                   81
                   -
             -
                  -
                 34,396
       51,154
                228
                 -
             -
                   -
                 51,382
Add:
       
                      -
               
Add:
                       
Exploration
Expenses
(US$000)
             2,332
                        4
                    -
                 -
                      -
                   2,336
          1,327
                       4
               -
             -
                  -
                   1,331
 
Exploration
Expenses
(US$000)
          5,186
                   12
                   -
             -
                  -
                   5,198
         9,000
                  40
                 -
             -
                   -
                   9,040
Commercial
Deductions
(US$000)
                  42
                        0
                    -
                 -
                      -
                        42
               98
                       0
               -
             -
                  -
                        99
 
Commercial
Deductions
(US$000)
             234
                     9
                   -
             -
                  -
                      243
            201
                    1
                 -
             -
                   -
                      202
Selling Expenses
(US$000)
                111
                        0
                    -
                 -
                      -
                      111
               92
                       0
               -
             -
                  -
                        92
 
Selling Expenses
(US$000)
             435
                     1
                   -
             -
                  -
                      436
            257
                    1
                 -
             -
                   -
                      258
Cost Applicable
to Sales
(US$000)
           15,697
                      30
                    -
                 -
                      -
                 15,727
        14,253
                     47
               -
             -
                  -
                 14,300
 
Cost Applicable
to Sales
(US$000)
        40,169
                 104
                   -
             -
                  -
                 40,273
       60,612
                271
                 -
             -
                   -
                 60,882
Divide:
                         
Divide:
                       
Volume
Sold
           11,907
                 1,616
                    -
                 -
                      -
 Not
Applicable
        14,601
                3,849
               -
             -
                  -
 Not
Applicable
 
Volume
Sold
        41,757
              8,113
                   -
             -
                  -
 Not
Applicable
       40,702
           15,049
                 -
             -
                   -
 Not
Applicable
CAS
            1,318
               18.64
                    -
                 -
                      -
 Not
Applicable
            976
               12.23
               -
             -
                  -
 Not
Applicable
 
CAS
            962
            12.78
                   -
             -
                  -
 Not
Applicable
       1,489
            17.98
                 -
             -
                   -
 Not
Applicable
 


                     

                     
 
 UCHUCCHACUA
   
 UCHUCCHACUA
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
                    3
               26,741
               1,890
           2,818
                      -
                 31,452
               -
              24,307
         3,650
       4,071
                  -
                 32,029
 
Cost of Sales
(without D&A)
(US$000)
               11
            74,134
              5,119
       6,326
                  -
                 85,590
              -
           79,562
          14,815
     19,004
                   -
               113,381
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
                    0
                 2,523
                  178
              266
                      -
                   2,967
               -
                1,541
            231
          258
                  -
                   2,031
 
Exploration
Expenses
(US$000)
                 1
              5,830
                 403
          498
                  -
                   6,731
              -
             6,257
            1,165
       1,495
                   -
                   8,917
Commercial
Deductions
(US$000)
                    0
                 5,072
                  296
              522
                      -
                   5,890
                 0
              11,739
         1,341
       2,406
                  -
                 15,487
 
Commercial
Deductions
(US$000)
                 1
            18,831
              1,111
       2,082
                  -
                 22,026
              -1
           29,088
            3,324
     10,197
                   -
                 42,608
Selling Expenses
(US$000)
                    0
                    904
                    64
                95
                      -
                   1,063
               -
                1,671
            251
          280
                  -
                   2,202
 
Selling Expenses
(US$000)
                 0
              2,751
                 190
          235
                  -
                   3,176
              -
             4,278
               797
       1,022
                   -
                   6,096
Cost Applicable
to Sales
(US$000)
                    4
               35,240
               2,427
           3,701
                      -
                 41,372
                 0
              39,259
         5,474
       7,015
                  -
                 51,749
 
Cost Applicable
to Sales
(US$000)
               13
          101,547
              6,823
       9,141
                  -
               117,523
              -1
         119,184
          20,101
     31,718
                   -
               171,002
Divide:
                         
Divide:
                       
Volume
Sold
                    2
          1,166,790
               1,095
           1,127
                      -
 Not
Applicable
               -
         2,634,857
         3,471
       3,211
                  -
 Not
Applicable
 
Volume
Sold
                 2
       4,566,624
              4,209
       4,066
                  -
 Not
Applicable
                0
      9,808,791
          15,347
     15,315
                   -
 Not
Applicable
CAS
            2,129
               30.20
             2,216
          3,285
                      -
 Not
Applicable
               -
               14.90
        1,577
      2,185
                  -
 Not
Applicable
 
CAS
        7,067
            22.24
            1,621
      2,248
                  -
 Not
Applicable
              -
            12.15
          1,310
      2,071
                   -
 Not
Applicable
 

                           

                   
 
 TAMBOMAYO
   
 TAMBOMAYO
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
           12,580
                 4,464
               1,884
           1,732
                      -
                 20,660
        13,574
                3,679
         1,181
  1,293.36
                  -
                 19,727
 
Cost of Sales
(without D&A)
(US$000)
        40,648
            12,640
              4,123
       3,670
                  -
                 61,082
       47,741
           13,540
            4,979
       7,058
                   -
                 73,319
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
             1,622
                    576
                  243
              223
                      -
                   2,664
          1,576
                   427
            137
          150
                  -
                   2,290
 
Exploration
Expenses
(US$000)
          4,763
              1,481
                 483
          430
                  -
                   7,157
         7,562
             2,145
               789
       1,118
                   -
                 11,613
Commercial
Deductions
(US$000)
             3,145
                 1,663
                  548
           1,536
                      -
                   6,891
          3,912
                1,544
            447
       1,324
                  -
                   7,227
 
Commercial
Deductions
(US$000)
          6,266
              4,023
              1,219
       3,585
                  -
                 15,093
         7,786
             4,265
            1,497
       6,170
                   -
                 19,718
Selling Expenses
(US$000)
                859
                    305
                  129
              118
                      -
                   1,410
          1,031
                   280
              90
            98
                  -
                   1,499
 
Selling Expenses
(US$000)
          2,570
                 799
                 261
          232
                  -
                   3,862
         2,566
                728
               268
          379
                   -
                   3,940
Cost Applicable
to Sales
(US$000)
           18,205
                 7,007
               2,803
           3,610
                      -
                 31,625
        20,093
                5,929
         1,855
       2,866
                  -
                 30,743
 
Cost Applicable
to Sales
(US$000)
        54,247
            18,944
              6,086
       7,917
                  -
                 87,194
       65,655
           20,677
            7,532
     14,725
                   -
               108,590
Divide:
                         
Divide:
                       
Volume
Sold
           17,999
             469,849
               2,501
           1,603
                      -
 Not
Applicable
        26,240
            623,846
         1,782
       1,800
                  -
 Not
Applicable
 
Volume
Sold
        57,633
       1,474,485
              6,009
       4,463
                  -
 Not
Applicable
       96,636
      2,318,434
            7,211
       7,850
                   -
 Not
Applicable
CAS
            1,011
               14.91
             1,121
          2,252
                      -
 Not
Applicable
            766
                 9.50
        1,041
      1,592
                  -
 Not
Applicable
 
CAS
            941
            12.85
            1,013
      1,774
                  -
 Not
Applicable
           679
              8.92
          1,045
      1,876
                   -
 Not
Applicable


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 20 of 28

 
 LA ZANJA
   
 LA ZANJA
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
             9,185
                    683
                    -
                 -
                      -
                   9,868
        11,028
                   200
               -
             -
                  -
                 11,228
 
Cost of Sales
(without D&A)
(US$000)
        30,373
              2,499
                   -
             -
                  -
                 32,872
       37,445
             1,140
                 -
             -
                   -
                 38,585
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
                    1
                        0
                    -
                 -
                      -
                          1
                 1
                       0
               -
             -
                  -
                          1
 
Exploration
Expenses
(US$000)
                 2
                     0
                   -
             -
                  -
                          2
                2
                    0
                 -
             -
                   -
                          2
Commercial
Deductions
(US$000)
                  29
                        2
                    -
                 -
                      -
                        31
               17
                       0
               -
             -
                  -
                        17
 
Commercial
Deductions
(US$000)
             376
                   21
                   -
             -
                  -
                      397
            102
                    2
                 -
             -
                   -
                      104
Selling
Expenses
(US$000)
                   -
                      -
                    -
                 -
                      -
                        -
               50
                       1
               -
             -
                  -
                        51
 
Selling
Expenses
(US$000)
               74
                     6
                   -
             -
                  -
                        80
            312
                    9
                 -
             -
                   -
                      321
Cost Applicable
to Sales
(US$000)
             9,215
                    686
                    -
                 -
                      -
                   9,900
        11,097
                   201
               -
             -
                  -
                 11,297
 
Cost Applicable
to Sales
(US$000)
        30,825
              2,526
                   -
             -
                  -
                 33,351
       37,861
             1,151
                 -
             -
                   -
                 39,012
Divide:
                         
Divide:
                       
Volume
Sold
             5,057
               27,476
                    -
                 -
                      -
 Not
Applicable
          6,233
                9,722
               -
             -
                  -
 Not
Applicable

Volume
Sold
        17,730
          122,180
                   -
             -
                  -
 Not
Applicable
       30,710
           80,880
                 -
             -
                   -
 Not
Applicable
CAS
            1,822
               24.96
                    -
                 -
                      -
 Not
Applicable
        1,780
               20.64
               -
             -
                  -
 Not
Applicable
 
CAS
        1,739
            20.67
                   -
             -
                  -
 Not
Applicable
       1,233
            14.24
                 -
             -
                   -
 Not
Applicable
 

                         

                     
 
 BROCAL
   
 BROCAL
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
             1,504
                 8,904
               2,892
         12,510
              24,939
                 50,749
          3,108
                8,061
         5,304
     10,557
           32,217
                 59,247
 
Cost of Sales
(without D&A)
(US$000)
          5,541
            25,652
            12,331
     41,583
           73,408
               158,515
         8,429
           26,966
          20,388
     42,537
         110,979
               209,299
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
                  78
                    463
                  151
              651
                1,298
                   2,641
             122
                   315
            208
          413
             1,260
                   2,318
 
Exploration
Expenses
(US$000)
             202
                 937
                 450
       1,519
             2,681
                   5,789
            351
             1,124
               850
       1,774
             4,627
                   8,727
Commercial
Deductions
(US$000)
             1,263
                 5,678
               1,161
         11,076
              20,316
                 39,495
          2,519
                4,458
         1,653
       7,710
           26,373
                 42,713
 
Commercial
Deductions
(US$000)
          5,377
            17,258
              6,528
     41,907
           68,360
               139,431
         7,438
           14,730
            5,495
     27,302
           99,477
               154,441
Selling
Expenses
(US$000)
                  94
                    557
                  181
              782
                1,559
                   3,172
             174
                   452
            297
          591
             1,805
                   3,319
 
Selling
Expenses
(US$000)
             317
              1,468
                 706
       2,379
             4,200
                   9,070
            437
             1,399
            1,057
       2,206
             5,756
                 10,856
Cost Applicable
to Sales
(US$000)
             2,939
               15,602
               4,385
         25,019
              48,112
                 96,057
          5,923
              13,286
         7,462
     19,271
           61,655
               107,597
 
Cost Applicable
to Sales
(US$000)
        11,437
            45,315
            20,015
     87,388
         148,650
               312,805
       16,656
           44,219
          27,790
     73,818
         220,840
               383,323
Divide:
                         
Divide:
                       
Volume
Sold
             2,080
             860,675
               3,775
         10,839
                8,933
 Not
Applicable
          4,197
            896,000
         5,412
       9,691
           11,520
 Not
Applicable
 
Volume
Sold
          7,390
       2,696,506
            17,824
     45,442
           28,948
 Not
Applicable
       12,648
      3,520,992
          22,598
     36,788
           41,013
 Not
Applicable
CAS
            1,413
               18.13
             1,162
          2,308
               5,386
 Not
Applicable
        1,411
               14.83
        1,379
      1,989
           5,352
 Not
Applicable
 
CAS
        1,548
            16.80
            1,123
      1,923
           5,135
 Not
Applicable
       1,317
            12.56
          1,230
      2,007
            5,385
 Not
Applicable
   




                       


             
 
 NON MINING COMPANIES
   
 NON MINING COMPANIES
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
                   -
                      -
                    -
                 -
                      -
                   4,271
               -
                      -
               -
             -
                  -
                   1,864
 
Cost of Sales
(without D&A)
(US$000)
               -
                   -
                   -
             -
                  -
                   6,746
              -
                   -
                 -
             -
                   -
                   4,697
Add:
                     
                         -
 
Add:
                     
                        -
Selling
Expenses
(US$000)
                   -
                      -
                    -
                 -
                      -
                      509
               -
                      -
               -
             -
                  -
                      538
 
Selling
Expenses
(US$000)
               -
                   -
                   -
             -
                  -
                   1,471
              -
                   -
                 -
             -
                   -
                   2,439
Total
(US$000)
                   -
                      -
                    -
                 -
                      -
                   4,780
               -
                      -
               -
             -
                  -
                   2,402
 
Total
(US$000)
               -
                   -
                   -
             -
                  -
                   8,217
              -
                   -
                 -
             -
                   -
                   7,136
                                                     
 
 BUENAVENTURA CONSOLIDATED
   
 BUENAVENTURA CONSOLIDATED
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 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)
           36,534
               46,834
               6,771
         17,060
              24,939
               136,410
        40,582
              42,266
       10,340
     15,922
           32,217
               143,190
 
Cost of Sales
(without D&A)
(US$000)
      110,894
          130,967
            21,825
     51,579
           73,431
               395,442
     144,936
         145,842
          41,153
     68,599
         111,026
               516,252
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
             4,044
                 4,904
                  595
           1,140
                1,298
                 11,981
          3,054
                3,578
            620
          821
             1,260
                   9,334
 
Exploration
Expenses
(US$000)
        10,155
            11,373
              1,385
       2,446
             2,685
                 28,044
       16,953
           15,159
            3,026
       4,386
             4,638
                 44,163
Commercial
Deductions
(US$000)
             4,492
               13,355
               2,021
         13,134
              20,316
                 53,318
          6,563
              18,425
         3,464
     11,440
           26,373
                 66,265
 
Commercial
Deductions
(US$000)
        12,265
            42,647
              8,897
     47,574
           68,365
               179,748
       15,545
           51,170
          10,437
     43,669
           99,485
               220,306
Selling
Expenses
(US$000)
             1,065
                 1,961
                  377
              995
                1,559
                   6,466
          1,350
                2,523
            642
          970
             1,805
                   7,827
 
Selling
Expenses
(US$000)
          3,397
              5,455
              1,163
       2,846
             4,201
                 18,533
         3,574
             6,799
            2,137
       3,607
             5,757
                 24,313
Cost Applicable
to Sales
(US$000)
           46,136
               67,054
               9,764
         32,330
              48,112
               208,175
        51,549
              66,791
       15,066
     29,153
           61,655
               226,616
 
Cost Applicable
to Sales
(US$000)
      136,710
          190,442
            33,269
   104,446
         148,683
               621,768
     181,008
         218,970
          56,754
   120,261
         220,906
               805,034
Divide:
                         
Divide:
                       
Volume
Sold
           37,108
          3,146,072
               7,499
         13,569
                8,932
 Not
Applicable
        51,432
         4,779,765
       10,858
     14,702
           11,520
 Not
Applicable
 
Volume
Sold
      124,644
     10,410,477
            28,348
     53,971
           28,966
 Not
Applicable
     180,876
    18,224,320
          45,995
     59,953
           41,027
 Not
Applicable
CAS
            1,243
               21.31
             1,302
          2,383
               5,387
 Not
Applicable
        1,002
               13.97
        1,388
      1,983
           5,352
 Not
Applicable
 
CAS
        1,097
            18.29
            1,174
      1,935
           5,133
 Not
Applicable
       1,001
            12.02
          1,234
      2,006
            5,384
 Not
Applicable
                                                     
 
 COIMOLACHE
   
 COIMOLACHE
 
 4Q 2020
 4Q 2019
   
 FY 2020
 FY 2019
 
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
   
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
 GOLD
(OZ)
  SILVER
(OZ)
 LEAD
(MT)
 ZINC
(MT)
 COPPER
(MT)
 TOTAL
Cost of Sales
(without D&A)
(US$000)
           29,590
                 2,128
                    -
                 -
                      -
                 31,718
        33,557
                2,174
               -
             -
                  -
                 35,731
 
Cost of Sales
(without D&A)
(US$000)
        84,413
              6,676
                   -
             -
                  -
                 91,089
     103,136
             5,588
                 -
             -
                   -
               108,724
Add:
                         
Add:
                       
Exploration
Expenses
(US$000)
             2,373
                    171
                    -
                 -
                      -
                   2,544
          2,222
                   144
               -
             -
                  -
                   2,366
 
Exploration
Expenses
(US$000)
          3,323
                 263
                   -
             -
                  -
                   3,586
         6,154
                333
                 -
             -
                   -
                   6,487
Commercial
Deductions
(US$000)
                125
                      11
                    -
                 -
                      -
                      135
             141
                       9
               -
             -
                  -
                      150
 
Commercial
Deductions
(US$000)
             585
                   57
                   -
             -
                  -
                      642
            436
                  23
                 -
             -
                   -
                      459
Selling
Expenses
(US$000)
                459
                      33
                    -
                 -
                      -
                      492
             357
                     23
               -
             -
                  -
                      380
 
Selling
Expenses
(US$000)
          1,195
                   94
                   -
             -
                  -
                   1,289
         1,103
                  60
                 -
             -
                   -
                   1,163
Cost Applicable
to Sales
(US$000)
           32,547
                 2,342
                    -
                 -
                      -
                 34,889
        36,278
                2,349
               -
             -
                  -
                 38,627
 
Cost Applicable
to Sales
(US$000)
        89,516
              7,090
                   -
             -
                  -
                 96,606
     110,830
             6,003
                 -
             -
                   -
               116,833
Divide:
                         
Divide:
                       
Volume
Sold
           40,369
             225,775
                    -
                 -
                      -
 Not
Applicable
        52,272
            287,716
               -
             -
                  -
 Not
Applicable
 
Volume
Sold
      104,797
          699,918
                   -
             -
                  -
 Not
Applicable
     162,013
         737,689
                 -
             -
                   -
 Not
Applicable
CAS
               806
               10.37
                    -
                 -
                      -
 Not
Applicable
            694
                 8.17
               -
             -
                  -
 Not
Applicable
 
CAS
            854
            10.13
                   -
             -
                  -
 Not
Applicable
           684
              8.14
                 -
             -
                   -
 Not
Applicable


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 21 of 28

APPENDIX 6: All-in Sustaining Cost

Buenaventura
                                               
All-in Sustaining Cost for 4Q20
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable 2
 
   
4Q20
   
4Q20
   
4Q20
   
4Q20
 
Au Ounces Sold BVN
                                                           
Au Ounces bought from La Zanja
                                                           
Au Ounces Sold Net
           
29,971
             
5,057
             
40,369
             
48,840
 
                                                                 
   
4Q20
   
US$ 000'
   
US$ 000'
   
US$ 000'
 
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
   
77,146
     
2,574
     
11,744
     
2,322
     
31,718
     
786
     
96,095
     
1,968
 
Exploration in Operating Units
   
9,340
     
312
     
1
     
0
     
2,544
     
63
     
10,361
     
212
 
Royalties
   
1,709
     
57
     
0
     
0
     
0
     
0
     
1,709
     
35
 
Comercial Deductions3
   
13,792
     
460
     
31
     
6
     
135
     
3
     
13,863
     
284
 
Selling Expenses
   
2,958
     
99
     
24
     
5
     
493
     
12
     
3,168
     
65
 
Administrative Expenses
   
9,733
     
325
     
942
     
186
     
871
     
22
     
10,582
     
217
 
Other, net
   
1,085
     
36
     
-170
     
-34
     
12
     
0
     
1,000
     
20
 
Sustaining Capex4
   
7,302
     
244
     
252
     
50
     
11,208
     
278
     
11,930
     
244
 
                                                                 
By-product Credit
   
-70,040
     
-2,337
     
-696
     
-138
     
-5,356
     
-133
     
-72,557
     
-1,486
 
                                                                 
All-in Sustaining Cost
   
53,026
     
1,769
     
12,129
     
2,398
     
41,625
     
1,031
     
76,150
     
1,559
 
                                                                 
*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.
Fourth Quarter 2020 Results
 Page 22 of 28

Buenaventura
                                               
All-in Sustaining Cost for 4Q19
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable 2
 
   
 4Q19
   
4Q19
   
4Q19
   
4Q19
 
Au Ounces Sold BVN
           
41,002
                                               
Au Ounces bought from La Zanja
                                                             
Au Ounces Sold Net
           
41,002
             
6,233
             
52,272
             
65,268
 
                                                                 
   
4Q19
     
4Q19
   
4Q19
   
4Q19
 
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
   
76,585
     
1,868
     
11,482
     
1,842
     
35,734
     
684
     
97,005
     
1,486
 
Exploration in Operating Units
   
7,015
     
171
     
0
     
0
     
2,366
     
45
     
7,964
     
122
 
Royalties
   
1,595
     
39
     
0
     
0
     
0
     
0
     
1,595
     
24
 
Comercial Deductions3
   
23,535
     
574
     
17
     
3
     
150
     
3
     
23,605
     
362
 
Selling Expenses
   
4,168
     
102
     
51
     
8
     
380
     
7
     
4,347
     
67
 
Administrative Expenses
   
11,850
     
289
     
61
     
10
     
1,246
     
24
     
12,382
     
190
 
Other, net
   
9,029
     
220
     
-17
     
-3
     
5,289
     
101
     
11,141
     
171
 
Sustaining Capex4
   
15,087
     
368
     
540
     
87
     
15,110
     
289
     
21,432
     
328
 
                                                                 
By-product Credit
   
-88,645
     
-2,162
     
-167
     
-27
     
-12,460
     
-238
     
-93,729
     
-1,436
 
                                                                 
All-in Sustaining Cost
   
60,220
     
1,469
     
11,967
     
1,920
     
47,815
     
915
     
85,741
     
1,314
 
                                                                 
*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.
Fourth Quarter 2020 Results
 Page 23 of 28

All-in Sustaining Cost for FY20
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable 2
 
   
FY20
   
FY20
   
FY20
   
FY20
 
                                                 
Au Ounces Sold Net
         
99,524
           
17,730
           
104,797
           
150,950
 
                                                         
   
FY20
   
FY20
   
FY20
   
FY20
 
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
   
218,022
     
2,191
     
31,978
     
1,804
     
91,089
     
869
     
271,512
     
1,799
 
Exploration in Operating Units
   
22,253
     
224
     
2
     
0
     
3,586
     
34
     
23,692
     
157
 
Royalties
   
6,180
     
62
     
0
     
0
     
0
     
0
     
6,180
     
41
 
Comercial Deductions3
   
39,921
     
401
     
397
     
22
     
642
     
6
     
40,389
     
268
 
Selling Expenses
   
8,542
     
86
     
104
     
6
     
1,290
     
12
     
9,114
     
60
 
Administrative Expenses
   
41,571
     
418
     
2,434
     
137
     
4,043
     
39
     
44,484
     
295
 
Other, net
   
139
     
1
     
712
     
40
     
120
     
1
     
565
     
4
 
Sustaining Capex4
   
11,320
     
114
     
815
     
46
     
18,793
     
179
     
19,288
     
128
 
                                                                 
By-product Credit
   
-200,379
     
-2,013
     
-2,678
     
-151
     
-14,886
     
-142
     
-207,769
     
-1,376
 
                                                                 
All-in Sustaining Cost
   
147,569
     
1,483
     
33,763
     
1,904
     
104,676
     
999
     
207,454
     
1,374
 
                                                                 
*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.
Fourth Quarter 2020 Results
 Page 24 of 28

Buenaventura
                                               
All-in Sustaining Cost for FY19
                                           
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable 2
 
   
FY19
   
FY19
   
FY19
   
FY19
 
Au Ounces Sold BVN
         
137,517
                                     
Au Ounces bought from La Zanja
                                             
Au Ounces Sold Net
         
137,517
           
30,710
           
162,013
           
218,771
 
                                                         
   
FY19
   
FY19
   
FY19
   
FY19
 
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
   
286,675
     
2,085
     
39,693
     
1,292
     
108,727
     
671
     
351,330
     
1,606
 
Exploration in Operating Units
   
35,434
     
258
     
2
     
0
     
6,487
     
40
     
38,036
     
174
 
Royalties
   
4,741
     
34
     
0
     
0
     
0
     
0
     
4,741
     
22
 
Comercial Deductions3
   
65,814
     
479
     
104
     
3
     
459
     
3
     
66,053
     
302
 
Selling Expenses
   
11,477
     
83
     
321
     
10
     
1,163
     
7
     
12,114
     
55
 
Administrative Expenses
   
47,131
     
343
     
2,223
     
72
     
4,709
     
29
     
50,199
     
229
 
Other, net
   
19,719
     
143
     
1,119
     
36
     
5,705
     
35
     
22,600
     
103
 
Sustaining Capex4
   
29,940
     
218
     
2,023
     
66
     
31,078
     
192
     
43,474
     
199
 
                                                                 
By-product Credit
   
-342,596
     
-2,491
     
-1,300
     
-42
     
-12,460
     
-77
     
-348,282
     
-1,592
 
                                                                 
All-in Sustaining Cost
   
158,335
     
1,151
     
44,185
     
1,439
     
145,868
     
900
     
240,265
     
1,098
 
                                                                 
*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.
Fourth Quarter 2020 Results
 Page 25 of 28

APPENDIX 7

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
           
Consolidated Statement of Financial Position
           
As of December 31, 2020 and 2019
           
   
2020
   
2019
 
Assets
 
US$(000)
   
US$(000)
 
Current assets
           
Cash and cash equivalents
   
235,449
     
210,046
 
Trade and other receivables, net
   
230,830
     
287,712
 
Inventory, net
   
77,327
     
97,973
 
Income tax credit
   
19,837
     
31,919
 
Prepaid expenses
   
25,709
     
20,969
 
     
589,152
     
648,619
 
                 
Non-current assets
               
Trade and other receivables, net
   
102,347
     
88,515
 
Inventories, net
   
23,637
     
394
 
Investment in associates and joint venture
   
1,488,775
     
1,488,247
 
Mining concessions, development costs, right-of-use, property, plant and equipment, net
   
1,650,361
     
1,754,372
 
Investment properties, net
   
186
     
204
 
Deferred income tax asset
   
73,850
     
74,556
 
Prepaid expenses
   
24,806
     
25,692
 
Other assets, net
   
26,503
     
26,675
 
     
3,390,465
     
3,458,655
 
                 
Total assets
   
3,979,617
     
4,107,274
 
                 
                 
Liabilities and shareholders’ equity, net
               
Current liabilities
               
Bank loans
   
65,793
     
55,000
 
Trade and other payables
   
179,956
     
166,244
 
Provisions, contingent liabilities and other liabilities
   
68,000
     
72,771
 
Income tax payable
   
3,162
     
5,650
 
Financial obligations
   
25,086
     
265,692
 
Hedge derivative financial instruments
   
18,439
     
-
 
     
360,436
     
565,357
 
Non-current liabilities
               
Trade and other payables
   
-
     
616
 
Provisions, contingent liabilities and other liabilities
   
252,338
     
221,736
 
Financial obligations
   
506,567
     
305,996
 
Contingent consideration liability
   
22,100
     
16,410
 
Deferred income tax liabilities
   
38,319
     
28,959
 
     
819,324
     
573,717
 
                 
Total liabilities
   
1,179,760
     
1,139,074
 
                 
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
     
163,168
 
Other reserves
   
269
     
269
 
Retained earnings
   
1,503,785
     
1,639,658
 
Other reserves of equity
   
(9,526
)
   
(1,311
)
Shareholders’ equity, net attributable to owners of the parent
   
2,627,460
     
2,771,522
 
Non-controlling interest
   
172,397
     
196,678
 
Total shareholders’ equity, net
   
2,799,857
     
2,968,200
 
                 
Total liabilities and shareholders’ equity, net
   
3,979,617
     
4,107,274
 


 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 26 of 28

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
                   
Consolidated Statement of Income
                       
For the three and twelve month periods ended December 31, 2020 and 2019
             
                         
                         
   
For the three-month period
ended December 31,
   
For the twelve month period
ended December, 31
 
   
2020
   
2019
   
2020
   
2019
 
Continuing operations
 
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
Sales revenue
                       
Sales of goods
   
220,539
     
219,306
     
637,619
     
821,930
 
Sales of services
   
10,925
     
11,321
     
20,285
     
23,661
 
Royalty income
   
4,596
     
4,863
     
18,638
     
22,297
 
Total sales revenue
   
236,060
     
235,490
     
676,542
     
867,888
 
                                 
Operating costs
                               
Cost of sales of goods, excluding depreciation and amortization
   
(135,876
)
   
(141,945
)
   
(393,888
)
   
(512,874
)
Unabsorbed cost due to production stoppage
   
166
     
-
     
(27,758
)
   
-
 
Cost of sales of services, excluding depreciation and amortization
   
(534
)
   
(1,245
)
   
(1,554
)
   
(3,378
)
Depreciation and amortization
   
(59,125
)
   
(57,606
)
   
(189,620
)
   
(226,335
)
Exploration in operating units
   
(11,981
)
   
(9,334
)
   
(28,044
)
   
(44,163
)
Mining royalties
   
(3,614
)
   
(3,727
)
   
(11,749
)
   
(12,832
)
Total operating costs
   
(210,964
)
   
(213,857
)
   
(652,613
)
   
(799,582
)
                                 
Gross profit (loss)
   
25,096
     
21,633
     
23,929
     
68,306
 
                                 
Operating expenses, net
                               
Administrative expenses
   
(17,342
)
   
(21,448
)
   
(67,185
)
   
(76,297
)
Selling expenses
   
(6,466
)
   
(7,827
)
   
(18,533
)
   
(24,313
)
Write –off of stripping activity asset
   
(11,633
)
   
-
     
(11,633
)
   
-
 
Exploration in non-operating areas
   
(3,208
)
   
(2,740
)
   
(8,475
)
   
(11,879
)
Reversal (provision) for contingencies and others
   
(3,763
)
   
879
     
(4,150
)
   
2,968
 
Impairment recovery (loss) of long-lived assets
   
(1,822
)
   
15,553
     
2,083
     
(2,083
)
Other, net
   
2,690
     
(14,715
)
   
2,690
     
(14,715
)
Total operating expenses, net
   
(41,544
)
   
(30,298
)
   
(105,203
)
   
(126,319
)
                                 
Operating profit (loss)
   
(16,448
)
   
(8,665
)
   
(81,274
)
   
(58,013
)
                                 
Financial income
   
171
     
4,019
     
2,411
     
9,675
 
Financial costs
   
(14,692
)
   
(8,494
)
   
(37,822
)
   
(42,173
)
Share in the results of associates and joint venture
   
(25,583
)
   
(62,278
)
   
(9,517
)
   
47,710
 
Net gain (loss) from currency exchange difference
   
(225
)
   
938
     
(4,116
)
   
(734
)
                                 
Loss before income tax
   
(56,777
)
   
(74,480
)
   
(130,318
)
   
(43,535
)
                                 
Current income tax
   
(3,587
)
   
(6,585
)
   
(9,924
)
   
(11,911
)
Deferred income tax
   
(9,184
)
   
26,062
     
(15,506
)
   
37,501
 
                                 
Loss from continuing operations
   
(69,548
)
   
(55,003
)
   
(155,748
)
   
(17,945
)
                                 
Discontinued operations
                               
Profit (loss) from discontinued operations attributable to equity holders of the parent
   
9,689
     
(3,871
)
   
5,409
     
(10,514
)
Net loss
   
(59,859
)
   
(58,874
)
   
(150,339
)
   
(28,459
)
                                 
Attributable to:
                               
Equity holders of the parent
   
(60,010
)
   
(53,672
)
   
(135,718
)
   
(12,208
)
Non-controlling interest
   
151
     
(5,202
)
   
(14,621
)
   
(16,251
)
     
(59,859
)
   
(58,874
)
   
(150,339
)
   
(28,459
)
                                 
Basic and diluted loss per share attributable
                               
to equity holders of the parent, stated in U.S. dollars
   
(0.24
)
   
(0.21
)
   
(0.53
)
   
(0.05
)



 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 27 of 28

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
             
Consolidated Statement of Cash Flows
                       
For the three and twelve month periods ended December 31, 2020 and 2019
             
                         
   
For the three-month period
ended December, 31
   
For the twelve month period
ended December, 31
 
   
2020
   
2019
   
2020
   
2019
 
   
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
                         
Operating activities
                       
Proceeds from sales
   
208,356
     
174,800
     
708,196
     
783,000
 
Recovery from value added tax and other taxes
   
6,359
     
16,166
     
42,967
     
45,712
 
Royalty received
   
2,260
     
6,914
     
18,954
     
23,001
 
Dividends received from related parties
   
1,017
     
2,467
     
3,649
     
33,388
 
Dividends received from investments
   
-
     
-
     
2,500
     
-
 
Proceeds from insurance claim
   
-
     
-
     
4,381
     
-
 
Interest received
   
55
     
3,742
     
1,658
     
4,265
 
Payments to suppliers and third-parties, and other net
   
(129,584
)
   
(145,681
)
   
(454,140
)
   
(610,737
)
Payments to employees
   
(31,286
)
   
(30,472
)
   
(129,353
)
   
(137,300
)
Payments of income taxes and royalties paid to Peruvian State
   
(7,925
)
   
(8,855
)
   
(25,708
)
   
(24,935
)
Payments for tax litigation
   
(22,386
)
   
(36,322
)
   
(22,386
)
   
(36,322
)
Interest paid
   
(4,135
)
   
(7,455
)
   
(21,653
)
   
(28,266
)
Payments of royalties
   
(1,709
)
   
(1,595
)
   
(6,180
)
   
(4,741
)
                                 
Net cash and cash equivalents provided by operating activities
   
21,022
     
(26,291
)
   
122,885
     
47,065
 
                                 
Investing activities
                               
Proceeds from sale of property, plant and equipment to third parties
   
2,947
     
24
     
24,416
     
726
 
Additions to mining concessions, development costs, property, plant and equipment
   
(37,464
)
   
(38,372
)
   
(71,546
)
   
(102,627
)
Acquisition of investment in associate
   
-
     
-
     
(13,453
)
   
-
 
Payments for acquisition of other assets
   
(530
)
   
(1,232
)
   
(1,641
)
   
(3,700
)
                                 
Net cash and cash equivalents used in investing activities
   
(35,047
)
   
(39,580
)
   
(62,224
)
   
(105,601
)
                                 
Financing activities
                               
Proceeds of bank loans
   
-
     
-
     
18,019
     
55,000
 
Payments of bank loans
   
(2,197
)
   
-
     
(7,197
)
   
(95,000
)
Proceeds of financial obligations
   
-
     
161,894
     
-
     
161,894
 
Payments of financial obligations
   
(9,784
)
   
(152,495
)
   
(38,994
)
   
(186,152
)
Dividends paid to controlling shareholders
   
-
     
(6,858
)
   
-
     
(22,098
)
Short-term and low value lease payments
   
(4,080
)
   
(7,596
)
   
(4,080
)
   
(7,596
)
Decrease (increase) of bank accounts in trust
   
1,919
     
2,345
     
2,134
     
(166
)
Dividends paid to non-controlling interest
   
(1,200
)
   
(1,081
)
   
(5,140
)
   
(6,500
)
                                 
Net cash and cash equivalents used in financing activities
   
(15,342
)
   
(3,791
)
   
(35,258
)
   
(100,618
)
                                 
Net increase (decrease) in cash and cash equivalents during the period
   
(29,367
)
   
(69,662
)
   
25,403
     
(159,154
)
Cash and cash equivalents at the beginning of the period
   
260,435
     
441,602
     
210,046
     
369,200
 
                                 
Cash and cash equivalents at period-end
   
231,068
     
371,940
     
235,449
     
210,046
 

 
Compañía de Minas Buenaventura S.A.A.
Fourth Quarter 2020 Results
 Page 28 of 28

   
For the three-month period
ended December, 31
   
For the twelve month period
ended December, 31
 
   
2020
   
2019
   
2020
   
2019
 
   
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
                         
Reconciliation of net profit to cash and cash equivalents provided
                   
by operating activities
                       
                         
Net loss
   
(59,859
)
   
(58,874
)
   
(150,339
)
   
(28,459
)
                                 
Plus (less):
                               
Depreciation and amortization in cost of sales
   
59,125
     
57,606
     
189,620
     
226,335
 
Depreciation and amortization in other, net
   
28
     
30
     
105
     
586
 
Depreciation and amortization in administration expenses
   
951
     
(461
)
   
3,700
     
3,825
 
Net share in results of associates and joint venture
   
25,583
     
62,278
     
9,517
     
(47,710
)
Reversal (provision) for impairment loss of inventories
   
(2,955
)
   
2,940
     
5,715
     
2,239
 
Bonus provision - executives & employes
   
2,537
     
3,797
     
13,106
     
15,855
 
Accretion expense of provision for closure of mining units and exploration projects
   
1,846
     
2,238
     
6,848
     
10,390
 
Net loss (gain) from currency exchange difference
   
225
     
(938
)
   
4,116
     
734
 
Provision for estimated fair value of sales
   
(11,669
)
   
(5,922
)
   
(9,409
)
   
(2,741
)
Deferred income tax expense (income)
   
9,184
     
(26,062
)
   
15,506
     
(37,501
)
Recovery (expense) for provision for contingencies
   
3,763
     
(879
)
   
4,150
     
(2,968
)
Fair value of provision for contingences liabilities
   
4,540
     
(807
)
   
5,690
     
655
 
Provision for impairment of long-lived assets
   
(2,083
)
   
2,083
     
(2,083
)
   
2,083
 
Write-off of fixed assets
   
586
     
2,926
     
586
     
2,926
 
Write –off of stripping activity asset
   
11,633
     
-
     
11,633
     
 
Other net
   
(626
)
   
17,620
     
(3,297
)
   
3,657
 
                                 
                                 
Net changes in operating assets and liabilities:
                               
Decrease (increase) in operating assets -
                               
Trade and other accounts receivable
   
(47,031
)
   
(122,853
)
   
36,353
     
(121,936
)
Inventories
   
11,024
     
12,742
     
(8,312
)
   
39,125
 
Income tax credit
   
(2,460
)
   
(3,204
)
   
12,082
     
(7,204
)
Prepaid expenses
   
(14,328
)
   
(6,678
)
   
(3,854
)
   
(2,938
)
                                 
Increase (decrease) in operating liabilities -
                               
Trade and other accounts payable
   
34,372
     
33,898
     
4,513
     
(21,863
)
Provisions, contingent liabilities and other liabilities
   
(5,255
)
   
(3,937
)
   
(26,722
)
   
(25,303
)
Income tax payable
   
874
     
3,699
     
(2,488
)
   
3,890
 
                                 
Proceeds from dividends
   
1,017
     
2,467
     
6,149
     
33,388
 
                                 
Net cash and cash equivalents provided by operating activities
   
21,022
     
(26,291
)
   
122,885
     
47,065
 


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: February 25, 2021