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 October 2022
 
Commission File Number 001-14370
 
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
 
BUENAVENTURA MINING COMPANY INC.
(Translation of registrant’s name into English)
 
Republic of Peru
(Jurisdiction of incorporation or organization)
 
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ____X___ Form 40-F _______
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes _______ No ___X____
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
 


Buenaventura Announces
Third Quarter and Nine-month 2022 Results

Lima, Peru, October 27, 2022 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the third quarter (3Q22) and nine-month period ended September 30, 2022.  All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Third Quarter 2022 Highlights:
3Q22 EBITDA from direct operations was US$ 22.2 million, compared to US$ 39.5 million reported in 3Q21.
3Q22 Operating Cash Flow reached US$ 16.1 million, compared to US$ -464.3 million in 3Q21. The 3Q21 Operating Cash Flow figures include a US$ 544.2 million payment to SUNAT, the Peruvian tax authority.
3Q22 net loss was US$ 19.8 million, compared to a US$ 91.9 million net loss for the same period in 2021.
3Q22 exploration at operating units increased to US$ 20.7 million, compared to US$ 17.1 million in 3Q21. This increase was aligned with the Company’s revised strategy to increase its focus on exploration in order to extend LOM.
Buenaventura’s cash position reached US$ 288.0 million as of September 30, 2022. Net Debt decreased to US$ 448.1 million with an average maturity of 3.6 years.
3Q22 capital expenditures were US$ 37.2 million, compared to US$ 23.9 million for the same period in 2021. 3Q22 CAPEX includes US$ 5.2 million related to the San Gabriel Project and US$ 7.3 million related to the Yumpag Project.
Construction related activities at San Gabriel are gradually and progressively resuming. Buenaventura has therefore updated its CAPEX guidance for San Gabriel and now expects this to reach approximately US$ 65.0 million by year end 2022.


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

 
3Q22
3Q21
Var
9M22
9M21
Var
Total Revenues
195.4
220.4
-11%
578.4
647.1
-11%
Operating Income
-20.0
-13.6
47%
-52.0
-16.6
213%
EBITDA Direct Operations
22.2
39.5
-44%
396.3
144.6
174%
EBITDA Including Affiliates
78.2
171.3
-54%
669.8
511.9
31%
Net Income
-19.8
-91.9
-78%
535.1
-39.3
N.A.
EPS
-0.08
-0.36
-78%
2.11
-0.15
N.A.

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



Operating Revenues

3Q22 net sales were US$ 195.4 million, as compared to US$ 216.9 million reported in 3Q21; a year on year decrease resulting from lower prices and lower volume sold of lead, zinc and silver.

Operating Highlights
3Q22
3Q21
%
9M22
9M21
%
Net Sales (millions of US$)
195.4
216.9
-10%
577.1
634.8
-9%
Average Gold Price (US$/oz.) Direct Operations (1) (2)
1,678
1,764
-5%
1,794
1,771
1%
Average Gold Price (US$/oz.) inc Associated (2) (3)
1,677
1,763
-5%
1,794
1,772
1%
Average Silver Price (US$/oz.) (2)
17.33
23.94
-28%
21.32
25.98
-18%
Average Lead Price (US$/MT) (2)
1,713
2,412
-29%
2,093
2,249
-7%
Average Zinc Price (US$/MT) (2)
3,412
3,048
12%
3,983
3,088
29%
Average Copper Price (US$/MT) (2)
7,261
9,488
-23%
8,685
9,553
-9%


Volume Sold
3Q22
3Q21
%
9M22
9M21
%
Gold Oz Direct Operations (1)
45,807
40,633
13%
123,692
100,396
23%
Gold Oz inc Associated (3)
54,399
53,020
3%
148,778
136,001
9%
Silver Oz
1,954,000
3,426,079
-43%
5,655,367
10,107,830
-44%
Lead MT
4,129
5,918
-30%
12,530
17,435
-28%
Zinc MT
8,061
11,114
-27%
24,871
34,396
-28%
Copper MT
11,449
8,691
32%
31,512
26,207
20%

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


Production and Operating Costs

Buenaventura’s 3Q22 equity gold production was 55,837 ounces, compared to 54,595 ounces produced in 3Q21. Silver production decreased by 50% year on year, lead production decreased by 33% year on year and zinc production decreased by 36% year on year, primarily due to the suspension of Uchucchacua’s operations as was previously announced, as well as a change in the mine plan sequence at El Brocal. The Company’s 3Q22 equity copper production was 28,909 MT, compared to 25,665 MT produced in 3Q21.



Equity Production
3Q22
3Q21
%
9M22
9M21
%
Gold Oz Direct Operations(1)
47,057
42,728
10%
128,131
104,107
23%
Gold Oz including Associated(2) Companies
55,837
54,595
2%
152,726
138,632
10%
Silver Oz Direct Operations(1)
1,664,600
3,326,943
-50%
5,034,531
9,777,688
-49%
Lead MT
3,738
5,614
-33%
11,628
16,203
-28%
Zinc MT
6,937
10,810
-36%
22,336
32,136
-30%
Copper MT Direct Operations(1)
7,438
5,618
32%
20,152
16,958
19%
Copper MT including Associated Companies(3)
28,909
25,665
13%
84,065
74,581
13%


Consolidated Production
3Q22
3Q21
%
9M22
9M21
%
Gold Oz(4)
49,789
44,796
11%
134,261
109,023
23%
Silver Oz(4)
1,906,679
3,898,613
-51%
5,996,245
11,574,925
-48%
Lead MT(4)
4,340
6,676
-35%
13,698
19,175
-29%
Zinc MT(4)
9,129
14,254
-36%
29,511
42,839
-31%
Copper MT(4)
12,108
9,146
32%
32,805
27,606
19%

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


Tambomayo (100% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
Oz
13,755
17,837
-23%
41,973
51,148
-18%
Silver
Oz
546,256
509,836
7%
1,399,472
1,227,151
14%
Zinc
MT
3,446
3,397
1%
10,910
8,888
23%
Lead
MT
2,639
1,978
33%
7,970
6,249
28%
 
 
 
 
 
 
 
 
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
US$/Oz
982
973
1%
978
922
6%

3Q22 gold production at Tambomayo decreased 23% year on year, primarily due to production from lower gold grade areas during the third quarter 2022 partially offset by higher lead and zinc grades, which was aligned with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 982 US$/Oz in 3Q22, from 973 US$/Oz in 3Q21. This was primarily due to lower gold grade of ore treated in 3Q22.



Orcopampa (100% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
Oz
20,164
15,547
30%
56,944
30,663
86%
Silver
Oz
8,247
4,716
75%
23,437
7,539
211%

 






Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
US$/Oz
803
1,147
-30%
911
1,476
-38%

Increased 3Q22 gold production at Orcopampa was primarily due to stable production from the asset’s Pucara vein. Cost Applicable to Sales (CAS) decreased to 803 US$/Oz in 3Q22, compared to 1,147 US$/Oz in 3Q21, primarily due to higher gold grade and lower cash cost.


La Zanja (100.00% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
Oz
8,786
5,967
47%
19,452
14,322
36%
Silver
Oz
31,665
24,011
32%
85,347
71,573
19%
 
 
 
 
 
     
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
US$/Oz
1,892
1,763
7%
1,914
1,716
12%

3Q21 gold production increased by 47% year on year due to the conclusion of Pampa Verde pit (Phase 4) pre-stripping which enables full access to the ore body. 3Q22 Cost Applicable to Sales (CAS) was 1,892 US$/Oz; a 7% increase compared to 1,763 US$/Oz in 3Q21 mainly due to lower than expected Au extraction from the leach pad.

La Zanja’s mine plan has been updated to reflect an OpEx increase associated with raw materials cost inflation during the 3Q22. Mining operations will therefore only be extended through October 2022 when Phase 4 mining will be completed. Operations will be limited to pad leaching during November 2022 while Buenaventura continues exploration related to the underground Cu/Au-sulfide project.


Coimolache (40.10% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
Oz
21,899
29,597
-26%
61,341
86,107
-29%
Silver
Oz
76,133
159,072
-52%
228,832
526,393
-57%
 
 
 
 
 
     
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Gold
US$/Oz
1,710
973
76%
1,288
882
46%



3Q22 gold production at Coimolache decreased by 26% year on year, primarily due to lower grades mined as well as decreased tonnage used for leaching due to permit-related leach pad constraints. Cost Applicable to Sales (CAS) increased to 1,710 US$/Oz in 3Q22, from 973 US$/Oz in 3Q21. This was due to a one-time land purchase transaction in the amount of 234 US$/Oz included within 3Q22 CAS of a small tract of land on the site access route enabling more cost effective and efficient site access.


Uchucchacua (100% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Silver
Oz
N.A.
1,220,393
N.A.
N.A.
3,732,391
N.A.
Zinc
MT
N.A.
1,928
N.A.
N.A.
6,203
N.A.
Lead
MT
N.A.
1,830
N.A.
N.A.
4,836
N.A.
 
 
 
 
 
     
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Silver
US$/Oz
N.A.
25.98
N.A.
N.A.
27.84
N.A.

Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume production remains unchanged.
 
Yumpag project construction and permitting continue according to schedule. The 1H24 target to begin production remains unchanged.
 

Julcani (100% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Silver
Oz
692,876
657,494
5%
1,994,565
1,876,596
6%
 
 
 
 
 
     
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Silver
US$/Oz
13.80
16.79
-18%
14.55
16.89
-14%

3Q22 silver production increased 5% year on year primarily due to a higher silver grade. 3Q22 Cost Applicable to Sales (CAS) was 13.80 US$/Oz; compared to 16.79 US$/Oz in 3Q21; an 18% year on year decrease due to a combination of higher grade and lower cash cost (US$/dmt).


El Brocal (61.43% owned by Buenaventura)

Production
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Copper
MT
12,108
9,146
32%
32,805
27,606
19%
Zinc
MT
5,683
8,930
-36%
18,601
27,748
-33%
Silver
Oz
627,635
1,482,163
-58%
2,493,424
4,659,676
-46%
 
 
 
 
 
     
Cost Applicable to Sales
 
 
3Q22
3Q21
Var %
9M22
9M21
Var %
Copper
US$/MT
6,690
6,819
-2%
6,676
6,304
6%
Zinc
US$/MT
2,698
1,814
49%
2,931
1,760
66%



El Brocal 3Q22 copper production increased by 32% year on year due to increased throughput and Cu grades from the Marcapunta underground mine. Zinc and silver production decreased by 36% and 58%, respectively, year on year as part as the planned transition from polymetallic to copper ore as well as due to the need to revise El Brocal’s mine plan as a result of the landslide which occurred within the mine’s open pit on March 19, 2022.

3Q22 Copper Cost Applicable to Sales (CAS) decreased by 2% year on year, as higher Cu grades were adversely impacted by the high stripping ratio at the open pit which contributes to El Brocal’s consolidated Cu production in the quarter. 3Q22 zinc CAS increased by 49% year on year due to a higher stripping ratio as part of the revised open pit mine plan which implied mining in a higher stripping ratio area.


General and Administrative Expenses

3Q22 General and Administrative expenses were US$ 15.4 million; a 2% decrease as compared to US$ 15.6 million in 3Q21.


Exploration in Non-Operating Areas

3Q22 exploration costs in Non-Operating Areas were US$ 4.2 million, compared with US$ 3.5 million in 3Q21. Increased exploration costs during the quarter are in line with Buenaventura’s strategy to focus on extending LOM.


Share in Associated Companies

Buenaventura’s share in associated companies was US$ 20.4 million in 3Q22, compared with US$ 58.2 million in 3Q21, comprised of:

Share in the Result of Associates
(in millions of US$)
3Q22
3Q21
Var
9M22
9M21
Var
Cerro Verde
20.7
57.4
-64%
120.1
158.6
-24%
Coimolache
-0.2
0.8
-127%
0.3
8.6
-97%
Other minor
0.0
0.0
N.A.
-2.2
-0.8
181%
Total
20.4
58.2
-65%
118.1
166.4
-29%


SAN GABRIEL Project

Construction related activities at San Gabriel at gradually and progressively resuming. CAPEX guidance for San Gabriel has been updated and is now expected to reach approximately US$ 65.0 million by year end 2022.

Engineering and procurement work offsite activities progressed as planned by a significant 45% and 67%, respectively, relative to total targeted for the project completion. This thereby reduces overall project uncertainty and potentially enabling the recovery of a portion of time lost related to this project relative to its targeted completion.



CERRO VERDE (19.58% owned by Buenaventura)

3Q22 copper production was 109,655 MT, 21,471 MT of which is attributable to Buenaventura; a 7% increase as compared to 102,382 MT produced in 3Q21, 20,046 MT of which was attributable to Buenaventura. This is primarily due to a 6% increase in volumes of ore treated and a 4% increase in copper grade.

Cerro Verde reported 3Q22 net income of US$ 105.5 million, compared to net income of US$ 293.3 million in 3Q21. This is primarily due to:

i.
An increase in cost due to an inflationary increase in materials and supplies,
ii.
A decrease in sales due to lower average realized copper prices.

3Q22 capital expenditures at Cerro Verde were US$ 52.7 million.


COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported a 3Q22 net loss of US$ 1.0 million, compared to net loss of US$ 0.4 million in 3Q21.





***

Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
 
Buenaventura currently operates several mines in Peru: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.

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

For a printed version of the Company’s 2021 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura


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

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



**Tables to follow**
APPENDIX 1

Equity Participation in
Subsidiaries and Associates (as of September 30, 2022)
 
BVN
Operating
 
Equity %
Mines / Business
El Molle Verde S.A.C*
100.00
Trapiche Project
Minera La Zanja S.A*
100.00
La Zanja
Sociedad Minera El Brocal S.A.A*
61.43
Colquijirca and Marcapunta
Compañía Minera Coimolache S.A. **
40.10
Tantahuatay
Sociedad Minera Cerro Verde S.A.A **
19.58
Cerro Verde
Processadora Industrial Rio Seco S.A*
100.00
Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*
100.00
Energy – Huanza Hydroelectrical plant

 (*) Consolidated
(**) Equity Accounting




APPENDIX 2

Gold Production
 
15
 
 
18
 
 
Mining Unit
Operating Results
Unit
3Q22
3Q21
△%
9M22
9M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
161,764
153,248
6%
468,323
415,997
13%
Ore Grade
Gr/MT
3.00
3.86
-22%
3.17
4.42
-28%
Recovery Rate
%
88.26
93.68
-6%
87.97
86.52
2%
Ounces Produced
Oz
13,755
17,837
-23%
41,973
51,148
-18%
Orcopampa
Ore Milled
DMT
63,736
78,474
-19%
180,342
127,133
42%
Ore Grade
Gr/MT
10.16
6.01
69%
10.00
7.61
31%
Recovery Rate
%
96.90
102.58
-6%
98.17
98.62
0%
Ounces Produced
Oz
20,164
15,547
30%
56,944
30,663
86%
Open Pit
 
 
 
 
 
 
 
 
La Zanja
Ounces Produced
Oz
8,786
5,967
47%
19,452
14,322
36%
Coimolache
Ounces Produced
Oz
21,899
29,597
-26%
61,341
86,107
-29%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
3Q22
3Q21
△%
9M22
9M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
161,764
153,248
6%
468,323
415,997
13%
Ore Grade
Oz/MT
3.54
3.80
-7%
3.13
3.39
-8%
Recovery Rate
%
96.43
87.48
10%
95.54
87.09
10%
Ounces Produced
Oz
546,256
509,836
7%
1,399,472
1,227,151
14%
Uchucchacua
Ore Milled
DMT
0
274,547
N.A.
0
757,945
N.A.
Ore Grade
Oz/MT
0.00
6.08
N.A.
0.00
6.45
N.A.
Recovery Rate
%
0.00
74.18
N.A.
0.00
76.35
N.A.
Ounces Produced
Oz
0
1,220,393
N.A.
0
3,732,391
N.A.
Julcani
Ore Milled
DMT
34,691
32,081
8%
98,294
94,244
4%
Ore Grade
Oz/MT
20.36
20.07
1%
20.66
19.87
4%
Recovery Rate
%
98.10
97.60
1%
98.22
97.12
1%
Ounces Produced
Oz
692,876
657,494
5%
1,994,565
1,876,596
6%
Marcapunta
Ore Milled
DMT
794,447
630,907
26%
2,174,456
1,773,129
23%
Ore Grade
Oz/MT
0.98
1.15
-15%
0.88
0.97
-10%
Recovery Rate
%
55.65
54.97
1%
53.28
52.56
1%
Ounces Produced
Oz
442,811
411,542
8%
1,036,547
920,295
13%
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte
Cu - Ag
Ore Milled
DMT
0
70,604
N.A.
156,342
308,000
-49%
Ore Grade
Oz/MT
0.00
4.07
N.A.
2.15
4.51
-52%
Recovery Rate
%
0.00
61.96
N.A.
53.45
56.36
-5%
Ounces Produced
Oz
0
178,261
N.A.
178,769
786,388
-77%
Tajo Norte
Pb - Zn
Ore Milled
DMT
425,835
623,106
-32%
1,486,286
1,782,831
-17%
Ore Grade
Oz/MT
0.84
2.17
-61%
1.61
2.36
-32%
Recovery Rate
%
51.04
66.00
-23%
52.99
70.16
-24%
Ounces Produced
Oz
184,824
892,360
-79%
1,278,107
2,952,992
-57%



Zinc Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
3Q22
3Q21
△%
9M22
9M21
△ %
Underground
 
 
 
 
 
 
 
 
Tambomayo
Ore Milled
DMT
161,764
153,248
6%
468,323
415,997
13%
Ore Grade
%
2.44
2.29
6%
2.61
2.58
1%
Recovery Rate
%
87.43
96.76
-10%
89.41
82.96
8%
MT Produced
MT
3,446
3,397
1%
10,910
8,888
23%
Uchucchacua
Ore Milled
DMT
0
274,547
N.A.
0
757,945
N.A.
Ore Grade
%
0.00
1.69
N.A.
0.00
1.61
N.A.
Recovery Rate
%
0.00
45.80
N.A.
0.00
50.75
N.A.
MT Produced
MT
0
1,928
N.A.
0
6,203
N.A.
Open Pit
 
 
 
 
 
 
 
 
Tajo Norte
Pb - Zn
Ore Milled
DMT
425,835
623,106
-32%
1,486,286
1,782,831
-17%
Ore Grade
%
2.66
2.51
6%
2.44
2.60
-6%
Recovery Rate
%
50.17
57.01
-12%
50.47
59.83
-16%
MT Produced
MT
5,683
8,930
-36%
18,601
27,748
-33%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Copper Production
 
 
 
 
 
 
 
Mining Unit
Operating Results
Unit
3Q22
3Q21
△%
9M22
9M21
△ %
Underground
 
 
 
 
 
 
 
 
Marcapunta
Ore Milled
DMT
794,447
630,907
26%
2,174,456
1,773,129
23%
Ore Grade
%
1.78
1.71
4%
1.72
1.70
1%
Recovery Rate
%
85.60
80.17
7%
84.99
84.01
1%
MT Produced
MT
12,108
8,711
39%
31,709
25,411
25%
Tajo Norte
Cu - Ag
Ore Milled
DMT
0
70,604
N.A.
156,342
308,000
-49%
Ore Grade
%
0.00
0.94
N.A.
1.13
0.98
15%
Recovery Rate
%
0.00
65.78
N.A.
61.97
63.56
-3%
MT Produced
MT
0
435
N.A.
1,096
1,917
-43%



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

EBITDA RECONCILIATION (in thousand US$)
       
         
 
3Q22
3Q21
9M22
9M21
Net Income
-22,487
-94,428
534,221
-40,544
Add / Substract:
44,733
133,899
-137,950
185,183
Income from sale of investment in Yanacocha
0
0
300,000
0
Depreciation and Amortization in cost of sales
41,477
44,305
131,531
140,110
Share in associated companies by the equity method, net
-20,442
-58,186
-118,149
-82,441
Interest expense
12,641
26,667
42,092
48,560
Impairment (reversal) of inventories
-6,392
5,091
-1,508
1,093
Provision of bonuses and compensations
7,260
2,529
11,964
8,756
Depreciation and amortization in administration expenses
600
898
1,816
2,715
Loss (gain) on currency exchange difference
27,961
31,914
3,086
40,861
Loss from discontinued operations
-62
89,152
-479,869
2,384
Provision (credit) for income tax, net
-16,296
-8,217
-21,826
15,744
Depreciation and amortization in other, net
25
26
76
80
Interest income
-1,337
-489
-11,561
-1,193
Provision (reversal) for contingencies
1,960
145
3,805
-284
Workers participation provision (reversal)
-2,666
64
271
2,035
Write-off of fixed assets
4
-
322
6,763
EBITDA Buenaventura Direct Operations
22,246
39,471
396,271
144,639
EBITDA Cerro Verde (19.58%)
52,321
120,926
261,100
331,501
EBITDA Coimolache (40.095%)
3,672
10,928
12,397
35,733
EBITDA Buenaventura + All Associates
78,240
171,325
669,768
511,873

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

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

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

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



APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold
 
Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.
 
Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance.  Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.
 
Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.
 
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2020 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.  The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
 



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 September 30
   
For the 9 months ended September 30
 
   
2022
   
2021
   
2022
   
2021
 
   
(in thousands of US$)
             
Consolidated Cost of sales excluding depreciation and amortization
   
118,419
     
138,702
     
337,503
     
392,990
 
Add:
                               
Consolidated Exploration in units in operation
   
20,708
     
17,058
     
53,629
     
40,901
 
Consolidated Commercial deductions
   
42,039
     
47,865
     
137,887
     
146,626
 
Consolidated Selling expenses
   
5,854
     
4,935
     
15,490
     
14,690
 
Consolidated Cost applicable to sales
   
187,020
     
208,561
     
544,509
     
595,208
 

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 September 30
   
For the 9 months ended September 30
 
   
2022
   
2021
   
2022
   
2021
 
Cost of sales by mine and mineral
 
(in thousands of US$)
 
Julcani, Gold
   
43
     
72
     
12
     
107
 
Julcani, Silver
   
6,843
     
7,398
     
20,965
     
21,847
 
Julcani, Lead
   
130
     
115
     
302
     
320
 
Julcani, Copper
   
68
     
19
     
211
     
50
 
Orcopampa, Gold
   
12,207
     
14,137
     
41,227
     
37,452
 
Orcopampa, Silver
   
51
     
57
     
233
     
143
 
Orcopampa, Copper
   
0
     
0
     
0
     
0
 
Uchucchacua, Gold
   
0
     
15
     
0
     
18
 
Uchucchacua, Silver
   
0
     
19,547
     
0
     
64,218
 
Uchucchacua, Lead
   
0
     
3,003
     
0
     
6,689
 
Uchucchacua, Zinc
   
0
     
3,426
     
0
     
10,324
 
Tambomayo, Gold
   
8,430
     
11,137
     
25,782
     
32,192
 
Tambomayo, Silver
   
3,434
     
4,234
     
9,584
     
10,756
 
Tambomayo, Zinc
   
1,757
     
1,687
     
14,353
     
7,830
 
Tambomayo, Lead
   
4,578
     
2,788
     
6,034
     
4,851
 
La Zanja, Gold
   
14,961
     
8,916
     
33,201
     
22,788
 
La Zanja, Silver
   
647
     
601
     
1,771
     
1,985
 
El Brocal, Gold
   
5,089
     
2,700
     
8,531
     
5,444
 
El Brocal, Silver
   
6,818
     
12,320
     
21,345
     
35,392
 
El Brocal, Lead
   
1,523
     
2,345
     
4,541
     
6,021
 
El Brocal, Zinc
   
9,404
     
8,977
     
27,179
     
25,544
 
El Brocal, Copper
   
47,037
     
33,164
     
119,290
     
88,679
 
Other Small Units, Gold
                               
Other Small Units, Silver
                               
Other Small Units, Lead
                               
Other Small Units, Zinc
                               
Non Mining Units
   
-4,601
     
2,043
     
2,942
     
10,338
 
Consolidated Cost of sales, excluding depreciation and amortization
   
118,419
     
138,702
     
337,503
     
392,990
 

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 September 30
   
For the 9 months ended September 30
 
   
2022
   
2021
   
2022
   
2021
 
Exploration expenses in units in operation by mine and mineral
 
(in thousands of US$)
 
Julcani, Gold
   
11
     
14
     
3
     
21
 
Julcani, Silver
   
1,716
     
1,466
     
4,781
     
4,325
 
Julcani, Lead
   
33
     
23
     
69
     
63
 
Julcani, Copper
   
17
     
4
     
48
     
10
 
Orcopampa, Gold
   
3,328
     
3,574
     
9,499
     
7,817
 
Orcopampa, Silver
   
14
     
14
     
54
     
30
 
Orcopampa, Copper
   
0
     
0
     
0
     
0
 
Uchucchacua, Gold
   
0
     
2
     
0
     
2
 
Uchucchacua, Silver
   
6,536
     
2,598
     
15,531
     
7,543
 
Uchucchacua, Lead
   
0
     
399
     
-182
     
786
 
Uchucchacua, Zinc
   
0
     
455
     
0
     
1,213
 
Tambomayo, Gold
   
1,424
     
1,655
     
3,694
     
4,080
 
Tambomayo, Silver
   
580
     
629
     
1,373
     
1,363
 
Tambomayo, Lead
   
297
     
251
     
865
     
615
 
Tambomayo, Zinc
   
774
     
414
     
2,057
     
992
 
La Zanja, Gold
   
1,056
     
130
     
2,454
     
253
 
La Zanja, Silver
   
46
     
9
     
131
     
22
 
El Brocal, Gold
   
355
     
246
     
625
     
398
 
El Brocal, Silver
   
476
     
1,122
     
1,564
     
2,585
 
El Brocal, Lead
   
106
     
214
     
333
     
440
 
El Brocal, Zinc
   
656
     
817
     
1,991
     
1,866
 
El Brocal, Copper
   
3,282
     
3,020
     
8,739
     
6,477
 
Non Mining Units
   
0
     
0
     
0
     
0
 
Consolidated Exploration expenses in units in operation
   
20,708
     
17,058
     
53,629
     
40,901
 



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 September 30
   
For the 9 months ended September 30
 
   
2022
   
2021
   
2022
   
2021
 
Commercial Deductions in units in operation by mine and mineral
 
(in thousands of US$)
 
Julcani, Gold
   
2
     
18
     
-6
     
25
 
Julcani, Silver
   
352
     
1,190
     
1,496
     
3,342
 
Julcani, Lead
   
6
     
18
     
22
     
49
 
Julcani, Copper
   
4
     
2
     
13
     
7
 
Orcopampa, Gold
   
217
     
127
     
608
     
211
 
Orcopampa, Silver
   
0
     
1
     
13
     
4
 
Orcopampa, Copper
   
0
     
0
      0       0  
Uchucchacua, Gold
   
0
     
1
      0       2  
Uchucchacua, Silver
   
1,340
     
5,954
     
1,837
     
19,733
 
Uchucchacua, Lead
   
12
     
750
     
7
     
1,616
 
Uchucchacua, Zinc
   
0
     
1,889
     
272
     
7,862
 
Tambomayo, Gold
   
1,414
     
1,920
     
4,998
     
5,155
 
Tambomayo, Silver
   
738
     
848
     
2,439
     
2,094
 
Tambomayo, Lead
   
285
     
280
     
1,128
     
817
 
Tambomayo, Zinc
   
3,027
     
1,260
     
11,282
     
3,658
 
La Zanja, Gold
   
131
     
39
     
211
     
96
 
La Zanja, Silver
   
23
     
3
     
28
     
14
 
El Brocal, Gold
   
2,607
     
1,815
     
5,561
     
4,150
 
El Brocal, Silver
   
3,229
     
5,756
     
12,325
     
17,383
 
El Brocal, Lead
   
719
     
883
     
2,328
     
2,446
 
El Brocal, Zinc
   
3,672
     
3,262
     
16,214
     
11,952
 
El Brocal, Copper
   
24,260
     
21,848
     
77,110
     
66,012
 
Non Mining Units
   
0
     
0
     
0
     
0
 
Consolidated Commercial deductions in units in operation
   
42,039
     
47,865
     
137,887
     
146,626
 

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

   
For the 3 months ended September 30
   
For the 9 months ended September 30
 
   
2022
   
2021
   
2022
   
2021
 
Selling expenses by mine and mineral
 
(in thousands of US$)
 
Julcani, Gold
   
0
     
1
     
0
     
2
 
Julcani, Silver
   
71
     
130
     
307
     
364
 
Julcani, Lead
   
1
     
2
     
4
     
5
 
Julcani, Copper
   
1
     
0
     
3
     
1
 
Orcopampa, Gold
   
150
     
112
     
443
     
233
 
Orcopampa, Silver
   
1
     
0
     
3
     
1
 
Orcopampa, Copper
   
0
     
0
     
0
      0
 
Uchucchacua, Gold
   
0
     
1
     
0
      1
 
Uchucchacua, Silver
   
1,084
     
663
     
2,472
     
2,132
 
Uchucchacua, Lead
   
0
     
102
     
-29
     
222
 
Uchucchacua, Zinc
   
0
     
116
     
0
     
343
 
Tambomayo, Gold
   
665
     
795
     
1,966
     
2,109
 
Tambomayo, Silver
   
271
     
302
     
731
     
705
 
Tambomayo, Lead
   
139
     
120
     
460
     
318
 
Tambomayo, Zinc
   
361
     
199
     
1,095
     
513
 
La Zanja, Gold
   
74
     
30
     
126
     
71
 
La Zanja, Silver
   
3
     
2
     
7
     
6
 
El Brocal, Gold
   
205
     
92
     
339
     
230
 
El Brocal, Silver
   
274
     
421
     
849
     
1,493
 
El Brocal, Lead
   
61
     
80
     
181
     
254
 
El Brocal, Zinc
   
378
     
307
     
1,082
     
1,078
 
El Brocal, Copper
   
1,892
     
1,134
     
4,747
     
3,741
 
Non Mining Units
   
222
     
325
     
703
     
869
 
Consolidated Selling expenses
   
5,854
     
4,935
     
15,490
     
14,690
 



 
JULCANI
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
               43
            6,843
                 130
                 -
                    68
                     7,084
               72
            7,398
              115
                -
                     19
                      7,605
 Add:
                       
 Exploration Expenses (US$000)
                 11
              1,716
                  33
                 -
                     17
                      1,777
                14
             1,466
               23
                -
                       4
                       1,507
 Commercial Deductions (US$000)
                 2
                352
                     6
                 -
                      4
                         364
                18
              1,190
                18
                -
                       2
                       1,229
 Selling Expenses (US$000)
                 0
             71.48
                1.36
                 -
                       1
                           74
                  1
                130
                 2
                -
                       0
                          134
 Cost Applicable to Sales (US$000)
        57
      8,983
         170
         -
            89
            9,299
       106
     10,185
       158
         -
            26
           10,475
 Divide:
                       
 Volume Sold
               39
        651,077
                  112
                 -
                     18
 Not Applicable
               64
       606,737
               83
                -
                     14
 Not Applicable
 CAS
  1,457
     13.80
     1,521
         -
     5,024
 Not Applicable
  1,665
    16.79
   1,914
        -
       1,841
 Not Applicable
                         
 
ORCOPAMPA
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
       12,207
                   51
                    -
                 -
                     -
                    12,258
        14,137
                  57
                -
                -
                      -
                     14,194
 Add:
       
                     -
             
 Exploration Expenses (US$000)
         3,328
                   14
                    -
                 -
                     -
                     3,342
         3,574
                   14
                -
                -
                      -
                      3,588
 Commercial Deductions (US$000)
             217
                     0
                    -
                 -
                     -
                          217
             127
                     1
                -
                -
                      -
                          128
 Selling Expenses (US$000)
             150
                      1
                    -
                 -
                     -
                           151
              112
                    0
                -
                -
                      -
                           112
 Cost Applicable to Sales (US$000)
  15,903
           65
           -
         -
            -
          15,968
  17,950
          72
         -
         -
             -
           18,022
 Divide:
                       
 Volume Sold
        19,814
             7,715
                    -
                 -
                     -
 Not Applicable
       15,646
            4,709
                -
                -
                      -
 Not Applicable
 CAS
     803
      8.48
           -
         -
            -
 Not Applicable
   1,147
    15.27
        -
        -
            -
 Not Applicable
                         
 
UCHUCCHACUA
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                -
                    -
                    -
                 -
                     -
                             -
                15
          19,547
         3,003
        3,426
                      -
                    25,991
 Add:
                       
 Exploration Expenses (US$000)
                -
            6,536
                    -
                 -
                     -
                     6,536
                 2
            2,598
            399
            455
                      -
                      3,455
 Commercial Deductions (US$000)
                -
             1,340
                   12
                 -
                     -
                      1,352
                  1
            5,954
            750
         1,889
                      -
                      8,595
 Selling Expenses (US$000)
                -
             1,084
                    -
                 -
                     -
                      1,084
                  1
               663
             102
              116
                      -
                          881
 Cost Applicable to Sales (US$000)
         -
      8,960
           12
         -
            -
            8,972
         19
   28,763
   4,254
   5,886
             -
           38,921
 Divide:
                -
         
                -
         
 Volume Sold
 
        150,426
                    -
                 -
                     -
 Not Applicable
                 5
     1,107,282
          1,562
         1,444
                      -
 Not Applicable
 CAS
        -
    59.56
           -
         -
            -
 No Applicable
3,478.35
    25.98
  2,723
 4,077
            -
 No Applicable
                         
 
TAMBOMAYO
 
 3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
         8,430
            3,434
             1,757
         4,578
                     -
                     18,198
         11,137
            4,234
          1,687
        2,788
                      -
                    19,847
 Add:
                       
 Exploration Expenses (US$000)
          1,424
                580
                297
             774
                     -
                     3,075
          1,655
               629
             251
             414
                      -
                      2,950
 Commercial Deductions (US$000)
           1,414
                738
                285
         3,027
                     -
                     5,464
          1,920
               848
            280
         1,260
                      -
                      4,308
 Selling Expenses (US$000)
            665
                 271
                 139
              361
                     -
                      1,436
            795
               302
             120
             199
                      -
                        1,417
 Cost Applicable to Sales (US$000)
   11,933
      5,023
      2,477
    8,739
            -
          28,173
  15,507
      6,013
   2,339
   4,662
             -
           28,521
 Divide:
                       
 Volume Sold
        12,150
       468,076
            2,449
         2,832
                     -
 Not Applicable
       15,943
       445,525
           1,813
        2,304
                      -
 Not Applicable
 CAS
     982
     10.73
     1,012
  3,086
            -
 No Applicable
     973
    13.50
   1,291
 2,024
            -
 No Applicable


 
JULCANI
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                  12
             20,965
                   302
                -
                    211
                    21,490
              107
          21,847
                 320
                -
                    50
                   22,324
 Add:
                       
 Exploration Expenses (US$000)
                   3
                 4,781
                      69
                -
                    48
                       4,901
                21
            4,325
                   63
                -
                     10
                      4,419
 Commercial Deductions (US$000)
                  -6
                 1,496
                      22
                -
                     13
                       1,526
               25
            3,342
                   49
                -
                      7
                     3,422
 Selling Expenses (US$000)
                   0
                   307
                        4
                -
                       3
                          315
                  2
               364
                      5
                -
                       1
                         372
 Cost Applicable to Sales (US$000)
            9
      27,550
           397
         -
          275
          28,232
       155
   29,877
         437
         -
            68
          30,536
 Divide:
                       
 Volume Sold
                 79
         1,893,014
                   280
                -
                    48
 Not Applicable
               119
    1,768,507
                 286
                -
                    46
 No Aplicable
 CAS
       120
       14.55
        1,417
        -
     5,737
 No Applicable
   1,301
    16.89
     1,524
        -
      1,461
 No Applicable
                         
 
ORCOPAMPA
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
         41,227
                   233
                       -
                -
                      -
                    41,460
       37,452
                143
                     -
                -
                     -
                   37,596
 Add:
                       
 Exploration Expenses (US$000)
           9,499
                      54
                       -
                -
                      -
                      9,553
          7,817
                  30
                     -
                -
                     -
                     7,847
 Commercial Deductions (US$000)
              608
                       13
                       -
                -
                      -
                          621
               211
                    4
                     -
                -
                     -
                          215
 Selling Expenses (US$000)
              443
                        3
                       -
                -
                      -
                         446
             233
                     1
                     -
                -
                     -
                         234
 Cost Applicable to Sales (US$000)
   51,777
           303
              -
         -
             -
          52,080
  45,714
         178
            -
         -
            -
          45,892
 Divide:
                       
 Volume Sold
        56,840
             27,054
                       -
                -
                      -
 Not Applicable
       30,962
             8,105
                     -
                -
                     -
 Not Applicable
 CAS
        911
        11.19
             -
        -
            -
 No Applicable
   1,476
    21.93
           -
        -
            -
 No Applicable
                         
 
UCHUCCHACUA
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                  -
                       -
                       -
                -
                      -
                             -
                18
          64,218
             6,689
       10,324
                     -
                    81,249
 Add:
                       
 Exploration Expenses (US$000)
                  -
               15,531
                   -182
                -
                      -
                    15,349
                  2
            7,543
                 786
          1,213
                     -
                     9,544
 Commercial Deductions (US$000)
                  -
                 1,837
                        7
            272
                      -
                        2,116
                  2
          19,733
               1,616
        7,862
                     -
                    29,213
 Selling Expenses (US$000)
                  -
                2,472
                    -29
                -
                      -
                      2,443
                   1
             2,132
                 222
            343
                     -
                     2,698
 Cost Applicable to Sales (US$000)
          -
       19,840
          -204
      272
             -
           19,908
         23
   93,627
       9,314
  19,741
            -
        122,704
 Divide:
                       
 Volume Sold
                  -
           308,844
                       18
                -
                      -
 Not Applicable
                  5
    3,363,154
             4,025
        4,667
                     -
 Not Applicable
 CAS
          -
      64.24
             -
        -
            -
 No Applicable
   4,156
    27.84
     2,314
 4,230
            -
 No Applicable
                         
 
TAMBOMAYO
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
        25,782
                9,584
                6,034
       14,353
                      -
                   55,753
        32,192
          10,756
              4,851
        7,830
                     -
                   55,630
 Add:
                       
 Exploration Expenses (US$000)
           3,694
                 1,373
                   865
        2,057
                      -
                      7,989
         4,080
             1,363
                  615
            992
                     -
                     7,050
 Commercial Deductions (US$000)
           4,998
                2,439
                  1,128
        11,282
                      -
                    19,847
          5,155
            2,094
                  817
        3,658
                     -
                     11,724
 Selling Expenses (US$000)
            1,966
                    731
                   460
         1,095
                      -
                      4,252
          2,109
               705
                  318
             513
                     -
                     3,645
 Cost Applicable to Sales (US$000)
   36,440
       14,128
        8,487
 28,786
             -
           87,841
  43,537
     14,918
       6,601
  12,994
            -
          78,049
 Divide:
                       
 Volume Sold
        37,248
         1,195,466
                7,353
         9,016
                      -
 Not Applicable
       47,225
    1,082,844
             5,827
        6,754
                     -
 Not Applicable
 CAS
       978
        11.82
        1,154
  3,193
            -
 No Applicable
      922
    13.78
      1,133
  1,924
            -
 Not Applicable



 
LA ZANJA
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
        14,961
                647
                    -
                 -
                     -
                    15,608
                  8,916
                601
                -
                -
                      -
                       9,517
 Add:
                       
 Exploration Expenses (US$000)
          1,056
                  46
                    -
                 -
                     -
                       1,102
                      130
                    9
                -
                -
                      -
                          139
 Commercial Deductions (US$000)
              131
                  23
                    -
                 -
                     -
                          154
                       39
                    3
                -
                -
                      -
                            42
 Selling Expenses (US$000)
               74
                     3
                    -
                 -
                     -
                           77
                       30
                    2
                -
                -
                      -
                            32
 Cost Applicable to Sales (US$000)
   16,221
         720
           -
         -
            -
           16,941
          9,115
         615
         -
         -
             -
            9,730
 Divide:
                       
 Volume Sold
         8,575
           34,147
                    -
                 -
                     -
 Not Applicable
                  5,169
         26,683
                -
                -
                      -
 Not Applicable
 CAS
  1,892
     21.07
           -
         -
            -
 Not Applicable
        1,763
    23.04
        -
        -
            -
 Not Applicable
                         
 
BROCAL
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
         5,089
             6,818
             1,523
         9,404
           47,037
                   69,872
                 2,700
          12,320
         2,345
        8,977
             33,164
                   59,506
 Add:
                       
 Exploration Expenses (US$000)
            355
                476
                 106
             656
              3,282
                     4,876
                     246
              1,122
             214
             817
              3,020
                       5,419
 Commercial Deductions (US$000)
         2,607
            3,229
                 719
         3,672
           24,260
                   34,487
                   1,815
            5,756
            883
        3,262
             21,848
                   33,564
 Selling Expenses (US$000)
            205
                274
                   61
             378
               1,892
                      2,810
                       92
                421
               80
            307
                1,134
                      2,034
 Cost Applicable to Sales (US$000)
   8,256
    10,797
      2,409
    14,111
     76,472
         112,045
         4,853
     19,619
   3,522
  13,363
      59,166
         100,523
 Divide:
                       
 Volume Sold
         5,229
       642,558
             1,568
         5,229
              11,431
 Not Applicable
                 3,806
     1,235,143
          2,461
        7,367
              8,677
 Not Applicable
 CAS
  1,579
     16.80
     1,536
  2,698
     6,690
 Not Applicable
        1,275
    15.88
   1,431
   1,814
      6,819
 Not Applicable
                         
 
NON MINING COMPANIES
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                -
                    -
                    -
                 -
                     -
                     -4,601
                         -
                   -
                -
                -
                      -
                      2,043
 Add:
                       
 Selling Expenses (US$000)
                -
                    -
                    -
                 -
                     -
                         222
                         -
                   -
                -
                -
                      -
                         325
 Total (US$000)
                -
                    -
                    -
                 -
                     -
                    -4,379
                         -
                   -
                -
                -
                      -
                      2,368
                         
 
BUENAVENTURA CONSOLIDATED
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
      40,730
           17,793
             3,410
        13,982
            47,105
                   118,419
               36,978
          44,157
          7,150
         15,191
             33,184
                  138,702
 Add:
                       
 Exploration Expenses (US$000)
          6,175
            9,368
                436
          1,430
              3,299
                   20,708
                 5,622
            5,839
            886
         1,687
              3,024
                    17,058
 Commercial Deductions (US$000)
         4,372
            5,683
             1,023
         6,699
           24,264
                   42,039
                 3,920
          13,752
          1,932
         6,410
              21,851
                   47,865
 Selling Expenses (US$000)
          1,094
             1,704
                 201
             739
               1,892
                     5,632
                   1,031
              1,519
            304
            622
                1,134
                       4,610
 Cost Applicable to Sales (US$000)
  52,371
    34,549
      5,069
  22,850
     76,561
         191,399
        47,551
   65,267
  10,273
  23,910
      59,192
         206,192
 Divide:
                       
 Volume Sold
      45,807
     1,954,000
             4,129
          8,061
             11,449
 Not Applicable
               40,633
   3,426,079
          5,918
          11,114
               8,691
 Not Applicable
 CAS
   1,143
     17.68
     1,228
  2,835
     6,687
 Not Applicable
         1,170
    19.05
  1,736
   2,151
       6,811
 Not Applicable
                         
 
COIMOLACHE
 
3Q 2022
3Q 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
      33,976
             1,285
                    -
                 -
                     -
                    35,261
         27,827.79
            2,079
                -
                -
                      -
                   29,907
 Add:
                       
 Exploration Expenses (US$000)
         2,292
                  87
                    -
                 -
                     -
                     2,379
             1,777.21
                133
                -
                -
                      -
                        1,910
 Commercial Deductions (US$000)
               111
                     2
                    -
                 -
                     -
                           113
                      168
                   13
                -
                -
                      -
                           181
 Selling Expenses (US$000)
            276
                   10
                    -
                 -
                     -
                         286
                     300
                  22
                -
                -
                      -
                         322
 Cost Applicable to Sales (US$000)
 36,655
      1,384
           -
         -
            -
          38,039
       30,073
     2,247
         -
         -
             -
          32,320
 Divide:
                       
 Volume Sold
        21,431
          78,028
                    -
                 -
                     -
 Not Applicable
               30,893
        169,499
                -
                -
                      -
 Not Applicable
 CAS
   1,710
     17.74
           -
         -
            -
 Not Applicable
           973
    13.26
        -
        -
            -
 Not Applicable


 
LA ZANJA
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
         33,201
                  1,771
                       -
                -
                      -
                   34,972
       22,788
             1,985
                     -
                -
                     -
                   24,774
 Add:
                       
 Exploration Expenses (US$000)
           2,454
                     131
                       -
                -
                      -
                      2,585
             253
                  22
                     -
                -
                     -
                         275
 Commercial Deductions (US$000)
                211
                      28
                       -
                -
                      -
                         239
               96
                   14
                     -
                -
                     -
                           110
 Selling Expenses (US$000)
               126
                        7
                       -
                -
                      -
                          133
                71
                    6
                     -
                -
                     -
                           77
 Cost Applicable to Sales (US$000)
   35,992
         1,937
              -
         -
             -
          37,929
  23,208
     2,027
            -
         -
            -
          25,236
 Divide:
                       
 Volume Sold
         18,800
             85,237
                       -
                -
                      -
 Not Applicable
         13,521
         80,356
                     -
                -
                     -
 Not Applicable
 CAS
    1,914
      22.72
             -
        -
            -
 No Applicable
   1,716
    25.23
           -
        -
            -
 Not Applicable
                         
 
BROCAL
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
            8,531
              21,345
                 4,541
       27,179
           119,290
                  180,886
         5,444
         35,392
              6,021
      25,544
           88,679
                  161,080
 Add:
                       
 Exploration Expenses (US$000)
              625
                 1,564
                   333
          1,991
              8,739
                    13,252
             398
            2,585
                 440
         1,866
        6,477.50
                     11,766
 Commercial Deductions (US$000)
            5,561
              12,325
                2,328
        16,214
              77,110
                   113,539
          4,150
          17,383
             2,446
        11,952
            66,012
                  101,943
 Selling Expenses (US$000)
              339
                   849
                     181
         1,082
              4,747
                       7,198
             230
             1,493
                 254
         1,078
               3,741
                     6,795
 Cost Applicable to Sales (US$000)
   15,057
      36,083
        7,383
 46,465
   209,887
         314,875
   10,221
   56,853
        9,161
 40,439
   164,909
        281,584
 Divide:
                       
 Volume Sold
         10,725
         2,145,751
                4,878
       15,855
             31,439
 Not Applicable
         8,562
   3,804,864
             7,297
      22,975
             26,161
 Not Applicable
 CAS
    1,404
       16.82
        1,513
  2,931
     6,676
 No Applicable
   1,194
    14.94
     1,255
  1,760
     6,304
 Not Applicable
                         
 
NON MINING COMPANIES
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
                  -
                       -
                       -
                -
                      -
                      2,942
                 -
                   -
                     -
                -
                     -
                    10,338
 Add:
         
                             -
         
                             -
 Selling Expenses (US$000)
                  -
                       -
                       -
                -
                      -
                         703
                 -
                   -
                     -
                -
                     -
                         869
 Total (US$000)
                  -
                       -
                       -
                -
                      -
                      3,645
                 -
                   -
                     -
                -
                     -
                     11,207
                         
 
BUENAVENTURA CONSOLIDATED
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
       108,753
             53,899
              10,877
       41,532
            119,501
                 337,503
       98,003
        134,342
             17,881
      43,698
           88,729
                392,990
 Add:
                       
 Exploration Expenses (US$000)
         16,275
             23,434
                 1,084
        4,048
              8,787
                   53,629
         12,571
          15,868
              1,904
         4,071
              6,487
                    40,901
 Commercial Deductions (US$000)
          11,372
               18,139
                3,486
      27,768
             77,123
                  137,887
         9,639
         42,569
             4,928
      23,472
            66,019
                 146,626
 Selling Expenses (US$000)
           2,876
                4,369
                    616
         2,176
              4,750
                    14,787
         2,645
             4,701
                 799
         1,933
              3,742
                     13,821
 Cost Applicable to Sales (US$000)
 139,276
      99,840
       16,063
 75,523
    210,162
        540,864
122,858
  197,480
     25,512
  73,174
   164,977
        584,001
 Divide:
                       
 Volume Sold
       123,692
       5,655,367
              12,530
       24,871
             31,487
 Not Applicable
     100,396
   10,107,830
            17,435
      34,396
           26,207
 Not Applicable
 CAS
    1,126
       17.65
       1,282
 3,037
     6,675
 Not Applicable
   1,224
    19.54
     1,463
  2,127
     6,295
 Not Applicable
                         
 
COIMOLACHE
 
9M 2022
9M 2021
 
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 GOLD (OZ)
  SILVER (OZ)
 LEAD (MT)
 ZINC (MT)
 COPPER (MT)
 TOTAL
 Cost of Sales (without D&A) (US$000)
        73,723
                3,529
                       -
                -
                      -
                   77,252
       73,598
             6,831
                     -
                -
                     -
                   80,429
 Add:
                       
 Exploration Expenses (US$000)
           5,768
                   276
                       -
                -
                      -
                      6,044
         3,230
               300
                     -
                -
                     -
                     3,530
 Commercial Deductions (US$000)
              436
                      40
                       -
                -
                      -
                         477
             675
                 112
                     -
                -
                     -
                         787
 Selling Expenses (US$000)
              684
                      33
                       -
                -
                      -
                          717
             792
                  74
                     -
                -
                     -
                         866
 Cost Applicable to Sales (US$000)
    80,611
        3,879
              -
         -
             -
          84,490
  78,296
      7,316
            -
         -
            -
          85,612
 Divide:
                       
 Volume Sold
        62,568
            259,521
                       -
                -
                      -
 Not Applicable
       88,802
       563,876
                     -
                -
                     -
 Not Applicable
 CAS
    1,288
       14.95
             -
        -
            -
 No Applicable
      882
    12.97
           -
        -
            -
 Not Applicable



APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 3Q22
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable2
 
     
3Q22
     
3Q22
     
3Q22
     
3Q22
 
Au Ounces Sold Net
           
32,003
             
8,575
             
21,431
             
49,170
 
                                                                 
     
3Q22
     
3Q22
     
3Q22
     
3Q22
 
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
   
39,582
     
1,237
     
11,214
     
1,308
     
26,671
     
1,245
     
61,490
     
1,251
 
Exploration in Operating Units
   
14,729
     
460
     
1,103
     
129
     
1,994
     
93
     
16,631
     
338
 
Royalties
   
2,789
     
87
     
0
     
0
     
0
     
0
     
2,789
     
57
 
Comercial Deductions3
   
7,398
     
231
     
154
     
18
     
113
     
5
     
7,598
     
155
 
Selling Expenses
   
2,875
     
90
     
77
     
9
     
217
     
10
     
3,039
     
62
 
Administrative Expenses
   
9,175
     
287
     
692
     
81
     
916
     
43
     
10,234
     
208
 
Other, net
   
-249
     
-8
     
-107
     
-12
     
-338
     
-16
     
-492
     
-10
 
Sustaining Capex4
   
2,858
     
89
     
548
     
64
     
2,990
     
140
     
4,605
     
94
 
                                                                 
By-product Credit
   
-36,603
     
-1,144
     
-621
     
-72
     
-1,355
     
-63
     
-37,767
     
-768
 
                                                                 
All-in Sustaining Cost
   
42,555
     
1,330
     
13,060
     
1,523
     
31,207
     
1,456
     
68,127
     
1,386
 

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.



Buenaventura
                                               
All-in Sustaining Cost for 3Q21
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable2
 
     
3Q21
     
3Q21
     
3Q21
     
3Q21
 
Au Ounces Sold Net
           
31,658
             
5,169
             
30,893
             
46,787
 
                                                                 
     
3Q21
   
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
   
73,657
     
2,327
     
10,307
     
1,994
     
29,907
     
968
     
95,955
     
2,051
 
Exploration in Operating Units
   
11,499
     
363
     
140
     
27
     
1,910
     
62
     
12,405
     
265
 
Royalties
   
2,073
     
65
     
0
     
0
     
0
     
0
     
2,073
     
44
 
Comercial Deductions3
   
14,259
     
450
     
21
     
4
     
181
     
6
     
14,352
     
307
 
Selling Expenses
   
2,732
     
86
     
32
     
6
     
322
     
10
     
2,893
     
62
 
Administrative Expenses
   
9,603
     
303
     
718
     
139
     
971
     
31
     
10,710
     
229
 
Other, net
   
5,395
     
170
     
563
     
109
     
276
     
9
     
6,069
     
130
 
Sustaining Capex4
   
1,784
     
56
     
263
     
51
     
3,116
     
101
     
3,296
     
70
 
                                                                 
By-product Credit
   
-70,837
     
-2,238
     
-570
     
-110
     
-4,055
     
-131
     
-73,033
     
-1,561
 
                                                                 
All-in Sustaining Cost
   
50,165
     
1,585
     
11,473
     
2,220
     
32,628
     
1,056
     
74,721
     
1,597
 

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.



All-in Sustaining Cost for 9M22
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable2
 
     
9M22
     
9M22
     
9M22
     
9M22
 
Au Ounces Sold Net
           
94,167
             
18,800
             
62,568
             
138,053
 
                                                                 
     
9M22
     
9M22
     
9M22
     
9M22
 
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
   
124,486
     
1,322
     
37,120
     
1,974
     
77,252
     
1,235
     
192,580
     
1,395
 
Exploration in Operating Units
   
37,792
     
401
     
2,586
     
138
     
6,044
     
97
     
42,801
     
310
 
Royalties
   
8,455
     
90
     
0
     
0
     
0
     
0
     
8,455
     
61
 
Comercial Deductions3
   
24,109
     
256
     
239
     
13
     
477
     
8
     
24,540
     
178
 
Selling Expenses
   
7,850
     
83
     
133
     
7
     
717
     
11
     
8,270
     
60
 
Administrative Expenses
   
31,423
     
334
     
2,011
     
107
     
2,680
     
43
     
34,509
     
250
 
Other, net
   
1,446
     
15
     
-287
     
-15
     
319
     
5
     
1,287
     
9
 
Sustaining Capex4
   
5,756
     
61
     
848
     
45
     
12,264
     
196
     
11,522
     
83
 
                                                                 
By-product Credit
   
-123,387
     
-1,310
     
-1,786
     
-95
     
-5,376
     
-86
     
-127,329
     
-922
 
                                                                 
All-in Sustaining Cost
   
117,931
     
1,252
     
40,864
     
2,174
     
94,377
     
1,508
     
196,635
     
1,424
 

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.



All-in Sustaining Cost for 9M21
                                               
                                                 
   
Buenaventura1
   
La Zanja
   
Tantahuatay
   
Attributable2
 
     
9M21
     
9M21
     
9M21
     
9M21
 
Au Ounces Sold Net
           
78,312
             
13,521
             
88,802
             
121,092
 
                                                                 
     
9M21
     
9M21
     
9M21
     
9M21
 
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
   
215,754
     
2,755
     
31,368
     
2,320
     
80,429
     
906
     
279,370
     
2,307
 
Exploration in Operating Units
   
28,859
     
369
     
276
     
20
     
3,530
     
40
     
30,550
     
252
 
Royalties
   
4,377
     
56
     
0
     
0
     
0
     
0
     
4,377
     
36
 
Comercial Deductions3
   
44,574
     
569
     
89
     
7
     
787
     
9
     
44,978
     
371
 
Selling Expenses
   
7,454
     
95
     
77
     
6
     
866
     
10
     
7,878
     
65
 
Administrative Expenses
   
29,612
     
378
     
2,176
     
161
     
2,926
     
33
     
32,961
     
272
 
Other, net
   
7,147
     
91
     
197
     
15
     
620
     
7
     
7,593
     
63
 
Sustaining Capex4
   
6,997
     
89
     
659
     
49
     
12,961
     
146
     
12,852
     
106
 
                                                                 
By-product Credit
   
-217,043
     
-2,772
     
-2,051
     
-152
     
-14,634
     
-165
     
-224,961
     
-1,858
 
                                                                 
All-in Sustaining Cost
   
127,731
     
1,631
     
32,791
     
2,425
     
87,485
     
985
     
195,599
     
1,615
 

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

Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.



APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of September 30, 2022 (unaudited) and December 31, 2021 (audited)

   
2022
   
2021
 
   
US$(000)
   
US$(000)
 
             
Assets
           
Current assets
           
Cash and cash equivalents
   
287,966
     
376,999
 
Trade and other receivables
   
154,617
     
240,432
 
Inventories
   
93,253
     
86,264
 
Income tax credit
   
22,585
     
15,456
 
Prepaid expenses
   
7,918
     
20,394
 
Hedge derivative financial instruments
   
24,485
     
-
 
     
590,824
     
739,545
 
Non-current assets
               
Trade and other receivables
   
633,311
     
635,832
 
Inventories
   
12,779
     
12,802
 
Investments in associates and joint venture
 
   
1,512,790
     
1,422,295
 
Property, plant, equipment, and development costs
   
1,503,921
     
1,537,870
 
Deferred income tax asset
   
128,946
     
164,351
 
Prepaid expenses
   
23,255
     
23,920
 
Other assets
   
24,092
     
25,196
 
     
3,839,094
     
3,822,266
 
Total assets
   
4,429,918
     
4,561,811
 
                 
Liabilities and equity
               
Current liabilities
               
Bank loans
   
-
     
50,000
 
Trade and other payables
   
208,752
     
259,641
 
Provisions
   
83,981
     
81,039
 
Income tax payable
   
1,842
     
3,026
 
Financial obligations
   
32,837
     
179,417
 
Hedge derivative financial instruments
   
-
     
6,976
 
     
327,412
     
580,099
 
                 
Liabilities included in disposal groups classified as held for sale
   
-
     
264,838
 
     
327,412
     
844,937
 
Non-current liabilities
               
Trade and other payables
   
2,910
     
3,037
 
Provisions
   
227,924
     
232,288
 
Financial obligations
   
703,192
     
878,558
 
Contingent consideration liability
   
17,726
     
17,718
 
Deferred income tax liabilities
   
31,603
     
46,742
 
     
983,355
     
1,178,343
 
Total liabilities
   
1,310,767
     
2,023,280
 
                 
Equity
               
Capital stock
   
750,497
     
750,497
 
Investment shares
   
791
     
791
 
Additional paid-in capital
   
218,450
     
218,450
 
Legal reserve
   
163,270
     
163,270
 
Other reserves
   
45,269
     
269
 
Retained earnings
   
8,869
     
(4,477
)
Other reserves of equity
   
1,774,485
     
1,239,526
 
Equity attributable to owners of the parent
   
2,961,631
     
2,368,326
 
Non-controlling interest
   
157,520
     
170,205
 
Total equity
   
3,119,151
     
2,538,531
 
Total liabilities and equity
   
4,429,918
     
4,561,811
 



Compañía de Minas Buenaventura S.A.A. and Subsidiaries
 
Interim consolidated statements of profit or loss (unaudited)
 
For the three-month and nine-month ended September 30, 2022 and 2021
 
                         
   
For the three-month periods
   
For the nine-month periods
 
   
ended September 30,
   
ended September 30,
 
   
2022
   
2021
   
2022
   
2021
 
   
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
                         
                         
Continuing operations
                       
Operating income
                       
Sales of goods
   
192,084
     
213,788
     
566,531
     
624,942
 
Sales of services
   
3,332
     
3,134
     
10,528
     
9,858
 
Royalty income
   
-
     
3,439
     
1,381
     
12,305
 
Total operating income
   
195,416
     
220,361
     
578,440
     
647,105
 
                                 
Cost of sales
                               
Cost of sales of goods, excluding depreciation and amortization
   
(117,740
)
   
(138,199
)
   
(335,441
)
   
(392,094
)
Unabsorbed cost due to production stoppage
   
(3,944
)
   
-
     
(14,913
)
   
-
 
Cost of sales of services, excluding depreciation and amortization
   
(679
)
   
(503
)
   
(2,062
)
   
(896
)
Depreciation and amortization
   
(41,477
)
   
(44,305
)
   
(131,531
)
   
(140,110
)
Exploration in operating units
   
(20,708
)
   
(17,058
)
   
(53,629
)
   
(40,901
)
Mining royalties
   
(4,525
)
   
(3,882
)
   
(13,384
)
   
(8,319
)
Total cost of sales
   
(189,073
)
   
(203,947
)
   
(550,960
)
   
(582,320
)
Gross profit
   
6,343
     
16,414
     
27,480
     
64,785
 
                                 
Operating income (expenses)
                               
Administrative expenses
   
(15,365
)
   
(15,621
)
   
(50,442
)
   
(48,701
)
Selling expenses
   
(5,854
)
   
(4,935
)
   
(15,490
)
   
(14,690
)
Exploration in non-operating areas
   
(4,236
)
   
(3,530
)
   
(11,066
)
   
(7,228
)
Reversal (provision) of contingents
   
(1,960
)
   
(145
)
   
(3,805
)
   
284
 
Write – off stripping activity asset
   
-
     
-
     
-
     
(6,763
)
Other, net
   
1,050
     
(5,770
)
   
1,317
     
(4,316
)
Total operating income (expenses)
   
(26,365
)
   
(30,001
)
   
(79,486
)
   
(81,414
)
                                 
Operating loss
   
(20,022
)
   
(13,587
)
   
(52,006
)
   
(16,629
)
                                 
Share in the results of associates and joint venture
   
20,442
     
58,186
     
118,149
     
166,449
 
Financial income
   
1,337
     
489
     
11,561
     
1,193
 
Financial costs
   
(12,641
)
   
(26,667
)
   
(42,092
)
   
(48,560
)
Currency exchange difference
   
(27,961
)
   
(31,914
)
   
(3,086
)
   
(40,861
)
                                 
Profit (loss) before income tax
   
(38,845
)
   
(13,493
)
   
32,526
     
61,592
 
                                 
Current income tax
   
7,869
     
(2,446
)
   
(8,423
)
   
(17,269
)
Deferred income tax
   
8,427
     
10,663
     
30,249
     
1,525
 
     
16,296
     
8,217
     
21,826
     
(15,744
)
Profit (loss) from continuing operations
   
(22,549
)
   
(5,276
)
   
54,352
     
45,848
 
Discontinued operations
                               
Profit (loss) from discontinued operations attributable to equity holders of the parent
   
62
     
(89,152
)
   
479,869
     
(86,392
)
Net profit (loss)
   
(22,487
)
   
(94,428
)
   
534,221
     
(40,544
)
                                 
Profit (loss) attributable to:
                               
Owners of the parent
   
(19,771
)
   
(91,852
)
   
535,097
     
(39,293
)
Non-controlling interest
   
(2,716
)
   
(2,576
)
   
(876
)
   
(1,251
)
     
(22,487
)
   
(94,428
)
   
534,221
     
(40,544
)
                                 
Basic and diluted profit (loss) per share, stated in U.S. dollars
                               
Attributable to owners of parent
   
(0.08
)
   
(0.36
)
   
2.11
     
(0.15
)
Attributable to owners of the parent for continuing operations
   
(0.08
)
   
(0.01
)
   
0.22
     
0.19
 
Attributable to owners of the parent for discontinued operations
   
-
     
(0.35
)
   
1.89
     
(0.34
)



Compañía de Minas Buenaventura S.A.A. and Subsidiaries
 
Interim condensed consolidated statements of cash flows (unaudited)
 
For the three-month and nine-month ended September 30, 2022 and 2021
       
                         
   
For the three-month periods
   
For the nine-month periods
 
   
ended September 30,
   
ended September 30,
 
   
2022
   
2021
   
2022
   
2021
 
   
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
                         
Cash flows from (used in) operating activities
                       
Proceeds from sales of goods and services
   
188,639
     
259,766
     
635,447
     
706,160
 
Dividends received from associates
   
-
     
3,760
     
29,377
     
46,480
 
Recovery from value added tax
   
4,982
     
2,965
     
26,835
     
24,665
 
Royalty received
   
-
     
5,095
     
5,183
     
13,978
 
Interest received
   
771
     
80
     
1,582
     
144
 
Dividends received from investments
   
-
     
-
     
-
     
3,049
 
Payments to suppliers, third parties, and others net
   
(120,901
)
   
(146,072
)
   
(441,030
)
   
(448,957
)
Payments to employees
   
(29,245
)
   
(28,242
)
   
(93,925
)
   
(91,339
)
Income tax and royalties paid to the Peruvian State
   
(8,063
)
   
(12,037
)
   
(75,301
)
   
(24,917
)
Interest paid
   
(17,260
)
   
(3,317
)
   
(38,860
)
   
(10,655
)
Payment of royalties
   
(2,789
)
   
(2,073
)
   
(8,455
)
   
(4,377
)
Payments for tax litigation
   
-
     
(544,229
)
   
-
     
(552,639
)
Net cash flows from (used in) operating activities
   
16,134
     
(464,304
)
   
40,853
     
(338,408
)
                                 
Cash flows from (used in) investing activities
                               
Gain from sale of investments in Yanacocha
   
-
     
-
     
300,000
     
-
 
Income from purchase of shares in La Zanja
   
-
     
-
     
45,000
     
-
 
Proceeds from sales of property, plant and equipment
   
2,462
     
222
     
11,245
     
479
 
Income from sale of shares
   
-
     
-
     
1,577
     
3,640
 
Acquisitions of property, plant and equipment
   
(37,198
)
   
(23,884
)
   
(93,205
)
   
(58,200
)
Capital increase in associates
   
-
     
-
     
(1,677
)
   
-
 
Payments for acquisitions of other assets
   
(34
)
   
(85
)
   
(153
)
   
(290
)
Net cash flows from (used in) investing activities
   
(34,770
)
   
(23,747
)
   
262,787
     
(54,371
)
                                 
Cash flows from (used in) financing activities
                               
Increase of restricted time deposits
   
-
     
-
     
29,117
     
(29,117
)
Payments of financial obligations
   
(7,085
)
   
(5,395
)
   
(315,974
)
   
(16,188
)
Payments of bank loans
   
-
     
(50,000
)
   
(50,000
)
   
(65,793
)
Short-term and low value lease payments
   
(10,497
)
   
(10,445
)
   
(29,697
)
   
(25,770
)
Dividends paid to controlling interest
   
-
     
-
     
(18,542
)
   
-
 
Payments of obligations for leases
   
(1,022
)
   
(808
)
   
(3,071
)
   
(2,844
)
Dividends paid to non-controlling interest
   
-
     
(2,760
)
   
(2,647
)
   
(5,240
)
Decrease (increase) of restricted bank accounts
   
(1,110
)
   
1
     
(1,859
)
   
56
 
Senior Notes bonds issue
   
-
     
540,096
     
-
     
540,096
 
Proceeds from bank loans
   
-
     
50,000
     
-
     
50,000
 
Net cash flows from (used in) financing activities
   
(19,714
)
   
520,689
     
(392,673
)
   
445,200
 
Increase (decrease) in cash and cash equivalents during the period, net
   
(38,350
)
   
32,638
     
(89,033
)
   
52,421
 
Cash and cash equivalents at beginning of period
   
326,316
     
255,232
     
376,999
     
235,449
 
Cash and cash equivalents at period-end
   
287,966
     
287,870
     
287,966
     
287,870
 



   
For the three-month period
ended September 30,
   
For the nine-month period
ended September 30,
 
   
2022
   
2021
   
2022
   
2021
 
   
US$(000)
   
US$(000)
   
US$(000)
   
US$(000)
 
                         
Reconciliation of net profit to cash and cash equivalents provided by operating activities
                       
                         
Net profit (loss)
   
(22,487
)
   
(94,428
)
   
534,221
     
(40,544
)
                                 
Plus (less):
                               
Share in the results of associates and joint venture
   
(20,442
)
   
(58,186
)
   
(118,149
)
   
(166,449
)
Deferred income tax (continued operations)
   
(8,427
)
   
(10,663
)
   
(30,249
)
   
(1,525
)
Exchange difference
   
27,961
     
31,914
     
3,086
     
40,861
 
Recovery (expense) for provision for contingencies
   
1,960
     
145
     
3,805
     
(284
)
Write –off of stripping activity asset
   
-
     
-
     
-
     
6,763
 
Depreciation and amortization in Cost of sales
   
41,477
     
44,305
     
131,531
     
140,110
 
Provision for estimated fair value of sales
   
(14,733
)
   
3,480
     
19,738
     
14,539
 
Workers´ participation provision
   
(2,666
)
   
64
     
271
     
2,035
 
Bonus provision - executives & employes
   
7,260
     
2,529
     
11,964
     
8,756
 
Deferred income tax in (Discontinued)
   
-
     
-
     
41,414
     
-
 
Income from discontinued operation of Yanacocha (Discontinued)
   
-
     
-
     
(265,946
)
   
-
 
Share in the results of associates (Discontinued)
   
-
     
89,047
     
-
     
84,007
 
Gain from sale of investments in (Discontinued)
   
-
     
-
     
(300,000
)
   
-
 
Other minor
   
(4,653
)
   
12,012
     
(7,956
)
   
14,798
 
                                 
Net changes in operating assets and liabilities:
                               
Decrease (increase) in operating assets -
                               
Trade and other accounts receivable
   
27,756
     
47,107
     
82,952
     
47,827
 
Inventories
   
4,969
     
3,427
     
(5,459
)
   
2,451
 
Income tax credit
   
(10,167
)
   
(2,098
)
   
(7,129
)
   
9,404
 
Prepaid expenses
   
6,601
     
11,310
     
13,141
     
17,783
 
                                 
Increase (decrease) in operating liabilities -
                               
Trade and other accounts payable
   
(15,482
)
   
(1,057
)
   
(83,643
)
   
(8,624
)
Provisions
   
(2,604
)
   
(1,103
)
   
(10,932
)
   
(5,610
)
Income tax payable
   
(189
)
   
(1,640
)
   
(1,184
)
   
(1,596
)
                                 
Payments for tax litigation
   
-
     
(544,229
)
   
-
     
(552,639
)
Proceeds from dividends in associates
   
-
     
3,760
     
29,377
     
49,529
 
                                 
Net cash and cash equivalents provided by operating activities
   
16,134
     
(464,304
)
   
40,853
     
(338,408
)



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: October 27, 2022

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