Unassociated Document

Compañia de Minas Buenaventura S.A.A.

First Quarter of 2010 Results

Page 8 of 12

APPENDIX 2

	GOLD PRODUCTION
	Three Months Ended March 31
	Orcopampa									Orcopampa Old Tailings
	2010			2009			%			2010			2009			%
Ore Milled DST		107,296			117,914			-9	%		85,506			138,625			-38	%
Ore Grade OZ/ST		0.61			0.58			6	%		0.09			0.07			30	%
Recovery Rate %		95.6	%		95.4	%		0	%		81	%		79.9	%		1	%
Ounces Produced		65,130			65,224			0	%		6,989			7,762			-10	%

Orcopampa Total Production

1Q10

72,119

1Q09

72,986

	Three Months Ended March 31
	Antapite									Poracota
	2010			2009			%			2010			2009			%
Ore Milled DST		30,005			35,263			-15	%		54,663			60,102			-9	%
Ore Grade OZ/ST		0.24			0.22			12	%		0.30			0.26			13	%
Recovery Rate %		96.4	%		94.0	%		3	%		85.3	%		82.4	%		4	%
Ounces Produced		7,069			7,209			-2	%		13,929			13,097			6	%

	SILVER PRODUCTION
	Three Months Ended March 31
	Uchucchacua									Colquijirca
	2010			2009			%			2010			2009			%
Ore Milled DST		229,729			260,903			-12	%		359,469			435,393			-17	%
Ore Grade OZ/ST		12.63			15.00			-16	%		2.43			3.53			-31	%
Recovery Rate %		70.2	%		74.2	%		-5	%		65.9	%		71.4	%		-8	%
Ounces Produced		2,037,956			2,902,470			-30	%		574,654			1,008,701			-43	%

	ZINC PRODUCTION
	Three Months Ended March 31
	Uchucchacua									Colquijirca
	2010			2009			%			2010			2009			%
Ore Milled DST		229,729			260,903			-12	%		359,469			435,393			-17	%
Ore Grade %		1.48	%		1.68	%		-11	%		5.00	%		5.31	%		-6	%
Recovery Rate %		48.5	%		61.4	%		-21	%		73.0	%		72.6	%		1	%
ST Produced		1,671			2,680			-38	%		13,118			16,778			-22	%

Compañia de Minas Buenaventura S.A.A.

First Quarter of 2010 Results

Page 9 of 12

APPENDIX 3

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Balance sheet

As of March, 31 2010 and December, 31 2009

	2010			2009
Assets	US$(000)			US$(000)
Current assets
Cash and cash equivalents		508,729			714,454
Trade accounts receivable, net		93,368			122,950
Embedded derivatives for concentrates sales		810			4,838
Other accounts receivable		12,895			14,346
Accounts receivable from related parties		18,302			21,866
Inventory, net		52,659			44,987
Prepaid taxes and expenses		18,805			14,368
Total current assets		705,568			937,809

Accounts receivable from related parties		909			-
Other accounts receivable		1,481			1,457
Prepaid taxes and expenses		10,969			10,787
Investment in associates		1,243,454			1,126,167
Mining concessions and property, plant and equipment, net		393,941			351,784
Development costs, net		89,811			91,633
Deferred income tax and workers’ profit sharing asset		257,653			261,877
Other assets		4,964			5,045
Total assets		2,708,750			2,786,559

Liabilities and shareholders’ equity, net
Current liabilities
Trade accounts payable		71,785			58,233
Income tax payable		6,119			20,528
Dividends		100,132			781
Other liabilities		56,943			86,344
Embedded derivatives for concentrates sales		390			292
Hedge derivative financial instruments		1,824			1,468
Financial obligations		11,410			79,452
Total current liabilities		248,603			247,098

Other liabilities		95,276			102,053
Hedge derivative financial instruments		4,522			5,375
Deferred income tax and workers’ profit sharing liabilities		17,625			18,158
Financial obligations		14,987			150,555
Total liabilities		381,013			523,239

Shareholders’ equity net

Capital stock, net of treasury shares of US$62,622,000 in the year 2010 y 2009		750,540			750,540
Investments shares, net of treasury shares of US$142,000 in the year 2010 y 2009		2,019			2,019
Additional paid-in capital		225,978			225,978
Legal reserve		112,390			112,363
Other reserves		269			269
Retained earnings		1,089,926			1,011,077
Cumulative translation loss		(34,075	)		(34,075	)
Unrealized loss		(3,260	)		(3,916	)
		2,143,787			2,064,255
Minority interest		183,950			199,065
Total shareholders’ equity, net		2,327,737			2,263,320

Total liabilities and shareholders’ equity, net		2,708,750			2,786,559

Compañia de Minas Buenaventura S.A.A.

First Quarter of 2010 Results

Page 10 of 12

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Statements of income

For the three month period ended March 31, 2010 and March 31, 2009

	For the three month period
	ended March, 31
	2010			2009
	US$(000)			US$(000)
Operating income
Net sales		187,609			163,105
Royalty income		14,127			13,866
Total income		201,736			176,971

Operating costs
Cost of sales, excluding depreciation and amortization		70,072			56,940
Exploration in units in operation		18,334			11,964
Depreciation and amortization		16,559			17,947
Total operating costs		104,965			86,851
Gross income		96,771			90,120

Operating expenses
Administrative expenses		10,603			16,707
Exploration in non-operating areas		7,855			7,243
Royalties		8,654			5,193
Selling expenses		2,062			1,968
Total operating expenses		29,174			31,111

Operating income		67,597			59,009

Other income (expenses), net
Share in associates companies by the equity method, net		111,910			79,907
Interest income		3,695			1,481
Interest expense		(2,486	)		(4,843	)
Loss on currency exchange difference		(754	)		(530	)
Other, net		3,164			1,651
Total other income, net		115,529			77,666

Income before workers’ profit sharing, income tax
and minority interest		183,126			136,675

Provision for workers’ profit sharing, net		(3,206	)		(5,076	)
Provision for income tax, net		(15,675	)		(22,062	)

Net income		164,245			109,537

Net income attributable to minority interest		(9,064	)		(9,247	)

Net income attributable to Buenaventura		155,181			100,290

Net income per basic and diluted share, stated in
U.S. dollars.		0.61			0.39
Weighted average number of shares outstanding (in units)		254,442,328			254,442,328

Compañia de Minas Buenaventura S.A.A.

First Quarter of 2010 Results

Page 11 of 12

Compañía de Minas Buenaventura S.A.A. and subsidiaries

Consolidated Statements of cash flows

For the three month period ended March 31, 2010 and March 31, 2009

	For the three month period
	ended March, 31
	2010			2009
	US$(000)			US$(000)
Operating activities
Proceeds from sales		222,166			144,530
Royalties received		17,672			9,082
Interest received		1,048			1,987
Value Added Tax recovered		2,301			6,467
Payments to suppliers and third parties		(104,741	)		(78,825	)
Payments to employees		(41,406	)		(34,095	)
Payment of royalties		(11,340	)		(8,035	)
Income tax paid		(17,996	)		(7,206	)
Payments of interest		(2,478	)		(3,966	)
Net cash and cash equivalents provided by operating activities		65,226			29,939

Investment activities
Increase in time deposit		(18,930	)		(3,527	)
Collections from sales of equipment		601			180
Additions to mining concessions, property, plant and equipment		(54,452	)		(18,223	)
Disbursements for development activities		(2,458	)		(11,152	)
Acquisition of investments in shares		(5,302	)		(34,914	)
Other investment activities		(890	)		(2,661	)
Net cash and cash equivalents used in invesment activities		(81,431	)		(70,297	)

Financing activities
Increase in financial obligations		11,606			-
Dividens paid to minority shareholders of subsidiary		(4,840	)
Payments of long-term debt		(215,216	)		(24,545	)
Net cash and cash equivalents used in financing activities		(208,450	)		(24,545	)

Decrease in cash and cash equivalents during the period, net		(224,655	)		(64,903	)
Cash and cash equivalents at beginning of period		714,454			532,027

Cash and cash equivalents at period-end		489,799			467,124

Compañia de Minas Buenaventura S.A.A.

First Quarter of 2010 Results

Page 12 of 12

	For the three month period
	ended March, 31
	2010			2009
	US$(000)			US$(000)
Reconciliation of net income to cash and cash equivalents provided by (used in) operating
activities
Net income		155,181			100,290
Add (less)
Share in associates companies by the equity method, net of dividends received in cash		(111,910	)		(79,907	)
Net income attributable to minority interest		9,064			9,247
Depreciation and amortization		16,559			17,947
Deferred income tax and workers' profit sharing benefit		3,514			13,576
Provision for long term officers’ compensation		423			6,423
Accretion expense of the provision for closure of mining units		(2,071	)		1,313
Loss on currency exchange differences		754			530
Provision for estimated fair value of embedded derivatives related to sales of contentrates		4,126			(3,002	)
Net cost of equipment sold		370			128
Increase (decrease) of allowance for impairment of inventories		(105	)		(320	)

Net changes in operating assets and liabilities accounts

Decrease (increase) of operating assets
Trade accounts receivable		29,582			(7,709	)
Other accounts receivable		5,634			(967	)
Accounts receivable from associate		3,545			(4,784	)
Inventory		(7,672	)		(3,839	)
Prepaid taxes and expenses		(4,619	)		2,027

Increase (decrease) of operating liabilities
Trade accounts payable		13,552			333
Income tax payable		(14,409	)		1,095
Other liabilities		(36,292	)		(22,442	)

Net cash and cash equivalents provided by operating activities		65,226			29,939

Compañia de Minas Buenaventura Announces
First Quarter 2010 Results

Lima, Peru, April 29, 2010 – 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 its results for the first quarter 2010. All figures have been prepared according to Peruvian GAAP and are stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

Mr. Roque Benavides, Buenaventura’s Chief Executive Officer stated:

“During this quarter, the increase in gold sales, the positive results from Cerro Verde and Yanacocha, and higher metal prices resulted in Net Income of US$155.2 million, 55% higher than the figure reported in 1Q09 (US$100.3 million).

EBITDA from Buenaventura’s Direct Operations was US$84.6 million, in-line with the figure reported in 1Q09 (US$83.4 million), while EBITDA including Yanacocha and Cerro Verde increased 25%, from US$223.8 million in 1Q09 to US$280.1 million in 1Q10”.

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

		1Q10	1Q09	Var%
	Total Revenues	201.7	177.0	14	%
	Operating Income	67.6	59.0	15	%
	EBITDA (BVN Direct Operations)	84.6	83.4	1	%
	EBITDA (inc. Yanacocha and Cerro Verde)	280.1	223.8	25	%
	Net Income	155.2	100.3	55	%
	EPS*	0.61	0.39	55	%

(*) Buenaventura has a total of 254,442,328 outstanding shares.

Operating Highlights
	1Q10	1Q09	Var
Net Sales (millions of US$)	187.6	163.1		15	%
Average Gold Price (US$/oz) Direct Operations *	1,115	917		22	%
Average Gold Price (US$/oz) inc Yanacocha	1,114	911		22	%
Average Silver Price (US$/oz) *	17.06	12.64		35	%
Average Lead Price (US$/MT) *	2,186	1,202		82	%
Average Zinc Price (US$/MT) *	2,254	1,169		93	%
Average Copper Price (US$/MT) *	7,288	3,545		106	%

Sales Content
	1Q10	1Q09	Var
Gold Oz Direct Operations *	98,245	91,146		8	%
Gold Oz inc Yanacocha	278,868	326,451		-15	%
Silver Oz *	2,738,939	3,831,620		-29	%
Lead MT *	5,354	7,348		-27	%
Zinc MT *	11,364	14,680		-23	%
Copper MT *	2,105	1,620		30	%

Equity Production
	1Q10	1Q09	Var
Gold Oz Direct Operations	97,770	102,885		-5	%
Gold Oz inc Yanacocha	282,321	321,300		-12	%
Silver Oz	2,988,453	3,994,674		-25	%
Lead TM	4,284	5,008		-14	%
Zinc TM	7,451	9,825		-24	%
Copper inc CV MT	15,424	15,477		0	%

Structure	Progress as of March 31, 2010
Waste Dam of San Pedro Sur Mine		24	%
Bramadero Dam		90	%
Main Access		100	%
Processes Plant ADR		42	%
Leaching Platform		49	%
Solution and torment wells		77	%
Camps, Office, and General store		78	%
Supervision - EPCM		85	%

Equity Participation in Subsidiaries and Affiliates
	BVN		Operating
	Equity %		Mines / Business
Cedimin S.A.C*		100.00	Shila / Paula
Consorcio Energetico de Huancavelica S.A*		100.00	Energy
Buenaventura Ingenieros S.A*		100.00	Engineering Consultant
Minera La Zanja S.A*		53.06	La Zanja
Sociedad Minera El Brocal S.A.A*		45.97	Colquijirca and Marcapunta Project
Minera Yanacocha S.R.L **		43.65	Yanacocha
Sociedad Minera Cerro Verde S.A.A **		19.26	Cerro Verde
Canteras del Hallazgo S.A **		49.00	Chucapaca Project