Compania de Minas Buenaventura SAA : CORRECTING and REPLACING Buenaventura Announces Second Quarter and Six-Month Period 2015 Results

The first bullet point in the Second Quarter 2015 Highlights should read: In 2Q15, EBITDA from direct operations was US$32.9 million and adjusted EBITDA (including associated companies) was US$90.7 million. (instead of ...adjusted EBITDA (including associated companies) was US$92.4 million.)

The corrected release reads:

BUENAVENTURA ANNOUNCES SECOND QUARTER AND SIX-MONTH PERIOD 2015 RESULTS

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, announced today results for the second quarter (2Q15) and six-month (6M15) periods, ended June 30, 2015. 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$).

Second Quarter 2015 Highlights:

• In 2Q15, EBITDA from direct operations was US$32.9 million and adjusted EBITDA (including associated companies) was US$90.7 million.
• Total attributable production (including associates) in 2Q15 was 186k gold ounces and 4.4 million silver ounces (compared to 191k gold ounces and 4.6 million silver ounces in 2Q14).
• At the Tambomayo project, construction permits were granted in June 2015. Production should begin in 3Q16 at 1,500 TPD (120K-150K gold ounces and 2.5-3.0 million silver ounces per year).
• At the San Gabriel (Chucapaca) project, construction of the ramp started in June 2015. The Environmental Impact Assessment (EIA) of the project´s construction is expected to be submitted in 3Q15.
• During 2Q15, El Brocal average plant capacity reached 14K TPD level due to technical problems with the main mill´s engine. Full production capacity level (18K TPD) will be reached in 4Q15.
• Cerro Verde’s plant expansion to 360K TPD is in-line with schedule and budget (close to 90% complete). Completion of the plant is expected by late 2015, and will become the largest concentration facility in the world.

Operating Revenues

During 2Q15, net sales were US$248.9 million, a 16% decrease compared to the US$294.8 million reported in 2Q14. This was mainly explained by the decrease in gold, silver and copper prices as well as lower gold and silver volume sold.

Royalty income was US$7.4 million in 2Q15 in-line with the figure reported in 2Q14.

For 6M15, net sales decreased 13%, from US$567.7 million in 6M14 to US$491.8 million in 6M15. Royalties increased 7%, from US$15.4 million in 6M14 to US$16.5 million in 6M15.

Production and Operating Costs

In 2Q15, Buenaventura’s gold equity production from direct operations decreased 15%, from 107,807 ounces in 2Q14 to 91,454 ounces in 2Q15 due to the decline in production at Breapampa mine. Gold production including associated companies was 185,705 ounces, 3% lower than the reported in the same period 2014. Silver equity production from direct operations decreased 7%, mainly due to lower production at Uchucchacua mine.

¹ Direct Operation production includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Coimolache (Tantahuatay).

Gold production at Orcopampa increased 2% in 2Q15 (compared to 2Q14) due to higher ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q15 decreased 8% explained by lower diesel costs and improvements in energy consumption.

Gold production guidance for 2015 is 190k – 205k ounces.

Silver production in 2Q15 decreased 17% compared to 2Q14, due to the 29-day stoppage in May. Cost Applicable to Sales (CAS) in 2Q15 decreased 1% compared to 2Q14, mainly explained by a decrease in exploration expenses, as a result of less diamond drilling.

Revised silver production guidance for 2015 is 14.0 million – 14.5 million ounces.

Silver production in 2Q15 was in-line with the figure reported in 2Q14. Cost Applicable to Sales (CAS) in 2Q15 was 2% higher compared to 2Q14 due higher commercial deductions and an increase in exploration expenses.

Silver production guidance for 2015 is 1.1 million – 1.25 million ounces.

Silver production in 2Q15 increased 3% compared to 2Q14 production, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q15 was 9% lower than 2Q14, mainly explained by lower community relations expenses.

Silver production guidance for 2015 is 2.9 million – 3.1 million ounces.

Gold production in 2Q15 increased 2% compared to 2Q14. CAS in 2Q15 increased 87% mainly due to higher ore hauling costs explained by the longer distance between Pampa Verde pit and the leaching pad.

Gold production guidance for 2015 is 138k – 142k ounces.

Gold production in 2Q15 decreased 9% compared to the figure reported in 2Q14. CAS in 2Q15 increased 4% due to higher blasting supplies explained by an increase in the stripping ratio.

Gold production guidance for 2015 is 138k – 142k ounces

During 2Q15, El Brocal average plant capacity reached 14K TPD. Copper production decreased 13% compared to 2Q14 and silver production increased 54% compared to the figure reported in 2Q14.

In 2Q15, Zinc CAS was US$1,659/MT. Copper CAS increased 19% compared to 2Q14, due to higher commercial deduction.

Zinc production guidance for 2015 is 60k – 70k MT. Copper production guidance for 2015 is 30k – 35k MT.

General and Administrative Expenses

General and administrative expenses in 2Q15 were US$18.8 million, 15% lower compared to the 2Q14 figure (US$22.0 million) due to lower labor expenses, explained by a decrease in worker´s profit sharing. For the six-month period 2015, the expense was US$40.3 million (US$49.7 million in 6M14).

Exploration in Non-Operating Areas

Exploration in non-operating areas during 2Q15 was US$9.7 million compared with the US$14.8 million in 2Q14. During the period, Buenaventura’s main exploration efforts were focused on the following projects: Tambomayo (US$4.2 million) and La Zanja Underground (US$1.6 million). For the six-month period 2015, the expense was US$20.4 million (US$25.2 million in 6M14).

Share in Associated Companies

During 2Q15, Buenaventura’s share in associated companies was US$12.0 million, compared to US$20.2 million reported in 2Q14, composed by:

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 2Q15, gold production was 215,924 ounces of gold, 13% higher than 2Q14 production (190,695 ounces). For the six-month 2015 period, gold production was 463,979 ounces, 17% higher than 398,106 ounces in 6M14. Gold production guidance at Yanacocha for 2015 is 880k – 940k ounces.

In 2Q15, Yanacocha reported net income of US$18.9 million compared to -US$24.2 million reported in 2Q14. CAS in 2Q15 was US$648/oz, 36% lower than the US$1,005/oz reported in 2Q14 due to better stripping ratio (waste-ore ratio).

Capital expenditures at Yanacocha were US$18.2 million in 2Q15, while for 6M15 was US$33.4 million.

Yanacocha still has a strong pipeline of growth projects: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui (exploration).

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 2Q15 copper production was 46,920 MT (9,187 MT attributable to Buenaventura), a 17% decrease compared to 2Q14 (56,683 MT and 11,098 MT attributable to Buenaventura). For 6M15, copper production was 95,543 MT (18,707 MT attributable to Buenaventura).

During 2Q15, Cerro Verde reported net loss of US$0.9 million compared to US$138.3 million in 2Q14. This was mainly due to lower sales explained by the decline in copper price (US$2.56/lb in 2Q15 vs US$3.27/lb in 2Q14). For 6M15, net income was US$39.8 million (compared to US$236.4 million in 6M14).

Capital expenditures at Cerro Verde were US$467.4 million in 2Q15, and US$936.3 million in 6M15.

Cerro Verde’s plant expansion was 360K TPD, in-line with schedule and budget (close to 90% complete). As of June 30, 2015, total CAPEX of the expansion project was US$3.9 billion (out of US$4.6 billion budget). Completion of the plant is expected by late 2015, and will become the largest concentration facility in the world.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to the net income in 2Q15 was US$3.9 million (US$6.1 million in 2Q14). For 6M15, the contribution was US$6.0 million, compared to US$10.9 million reported in 2014.

Project Development and Exploration

The Tambomayo Project (100% ownership)

Construction permits to treat 1,500 TPD were granted in May, 2015.

Production should begin in 3Q16 (120K-150K gold ounces and 2.5-3.0 million silver ounces per year) with a total CAPEX of US$250 million.

The San Gabriel Project (100% ownership)

The construction of the ramp started in June 2015. The Environmental Impact Assessment (EIA) of the project´s construction is expected to be submitted in 3Q15.

Recent events

At the Board of Directors meeting held July 30, 2015, the following resolutions were passed:

1. Acceptance the resignation of Mr. Timothy Snider as a member of the Company’s Board of Directors.

2. The nominating committee proposed and, consequently, the Board of Directors appointed Mr. John Marsden as a new member of the Board of Directors, effective August 1^st, 2015. Mr. Marsden is a mineral technology engineer from the Royal School of Mines, Imperial College of London. With 33 years of broad international experience managing major, innovative copper, gold, silver, molybdenum & cobalt operations and projects in North and South America and Africa. Marsden has held various operations and technical management positions during eighteen years with Freeport-McMoRan Copper & Gold Inc. (formerly Phelps Dodge) and nine years with Consolidated Gold Fields plc.

Company Description

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

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*, Recuperada*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo and San Gabriel projects.

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

For a printed version of the Company’s 2014 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

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

**Tables to follow**

Note:

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

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

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

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

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

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

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

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, 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 six months ended June 30, 2014 and 2015 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.