LIMA, Peru--(BUSINESS WIRE)--

Compañia de Minas Buenaventura S.A.A. (Buenaventura or the Company) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Perus largest publicly-traded precious metals mining company, announced today results for the fourth quarter (4Q14) and full year 2014. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non GAAP basis and are stated in U.S. dollars (US$).

Fourth Quarter 2014 Highlights:

• In 4Q14, EBITDA from direct operations was US$39.3 million and adjusted EBITDA (including associated companies) was US$166.9 million.
• Strong gold production at Yanacocha in 4Q14 (322,309k oz) permitted to achieve the high end of the annual guidance.
• Total attributable production in 4Q14 was 245k gold ounces and 5.5 million silver ounces (compared to 184k gold ounces and 4.8 million silver ounces in 4Q13).
• Full year 2014 attributable production was 846k gold ounces and 19.7 million silver ounces (compared to 895k gold ounces and 18.9 million silver ounces in 2013).
• At the Tambomayo project, an Environmental Impact Assessment (EIA) was approved in January 2015. Construction is expected to begin in 2Q15.
• Gold reserves from direct operations increased 13% due to Tambomayo project.
• At the San Gabriel (Chucapaca) project, the critical surface property acquisition was finalized and the Company is working to obtain permits for advanced explorations with underground development.
• Cerro Verdes plant expansion to 360K TPD is in-line with schedules and budget. Additional production from the expanded plant is expected by early 2016.

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

		4Q14		4Q13		Var%		FY14		FY13		Var%
Total Revenues		265.6		294.2		-10%		1,165.2		1,259.6		-7%
Operating Profit		-18.3		33.0		NA		61.6		215.2		-71%
EBITDA Direct Operations		37.5		84.0		-55%		274.1		366.2		-25%
Adjusted EBITDA (Inc Associates)		165.0		180.3		-8%		627.9		885.9		-29%
Net Income **		-187.7		-356.0		-47%		-76.1		-107.3		-29%
EPS*		-0.74		-1.40		-47%		-0.30		-0.42		-29%

(*) as of December, 2014, Buenaventura had 254,186,867 outstanding shares.

(**) Yanacochas impairment loss (related to Conga) attributable to Buenaventura was US$236.2 million

Operating Revenues

During 4Q14, net sales were US$253.7 million, a 12% decrease compared to the US$287.0 million reported in 4Q13. This was explained by the lower gold, silver and copper prices despite higher silver, zinc and copper volume sold.

Royalty income increased 67%, to US$11.9 million in 4Q14 compared to the US$7.2 million reported in 4Q13. This was due to higher revenues at Yanacocha (67% higher QoQ).

Operating Highlights		4Q14		4Q13		Var%		FY14		FY13		Var%
Net Sales (in millions of US$)		253.7		287.0		-12%		1,128.3		1,241.3		-9%
Average Realized Gold Price (US$/oz)*		1,192		1,281		-7%		1,264		1,416		-11%
Average Realized Gold Price (US$/oz) inc. Affiliates		1,194		1,272		-6%		1,258		1,408		-11%
Average Realized Silver Price (US$/oz)*		15.76		20.82		-24%		18.65		22.35		-17%
Average Realized Lead Price (US$/MT)*		1,994		2,106		-5%		2,107		2,105		0%
Average Realized Zinc Price (US$/MT)*		2,240		1,885		19%		2,244		1,869		20%
Average Realized Copper Price (US$/MT)*		6,591		7,158		-8%		6,738		7,179		-6%

(*) Buenaventuras Direct Operations

Volume Sold		4Q14		4Q13		Var%		FY14		FY13		Var%
Gold Oz Direct Operations		102,043		101,442		1%		439,092		458,499		-4%
Gold Oz inc Associated Companies		260,810		196,342		33%		917,266		962,087		-5%
Silver Oz		5,075,656		3,980,486		28%		19,088,923		16,329,314		17%
Lead MT		5,470		5,908		-7%		18,820		26,584		-29%
Zinc MT		9,961		7,866		27%		21,231		38,084		-44%
Copper MT		10,451		8,333		25%		40,263		25,406		58%

For the twelve-month period, net sales decreased 7%, from US$1,215.4 million in 2013 to US$1,128.3 million in 2014. Royalties decreased 17%, to US$36.9 million in FY14 vs. US$44.2 million in FY13.

Production and Operating Costs

In 4Q14, Buenaventuras gold equity production from direct operations remained flat (104,166 oz) compared to 4Q13. Gold production including associated companies increased 33% due to higher production from Yanacocha. Silver equity production from direct operations increased 14%, mainly due to higher production in Uchucchacua and El Brocal.

Equity Production		4Q14		4Q13		Var%		FY14		FY13		Var%
Gold Oz Direct Operations 1		104,166		103,868		0%		422,135		451,311		-6%
Gold Oz including Associated Companies		244,854		184,323		33%		845,515		895,345		-6%
Silver Oz Direct Operations 1		5,350,072		4,698,705		14%		19,074,255		18,379,411		4%
Silver Oz including Associated Companies		5,491,990		4,803,361		14%		19,659,822		18,905,280		4%
Lead MT		6,012		5,999		0%		20,227		25,579		-21%
Zinc MT		8,509		7,904		8%		22,038		34,980		-37%
Copper MT Direct Operations 1		5,886		5,112		15%		23,678		15,157		56%
Copper MT including Associated Companies		16,851		18,685		-10%		68,106		64,647		5%

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

Orcopampas (100% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		Oz		54,878		48,117		14%		203,226		224,671		-10%
Silver		Oz		143,925		88,181		63%		423,148		519,727		-19%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		US$/Oz		681		804		-15%		768		799		-4%

Gold production at Orcopampa increased 14% in 4Q14 (compared to 4Q13) due to higher ore treated (Appendix 2). Cost Applicable to Sales (CAS) in 4Q14 decreased 15% explained by lower reagent (cyanide) costs and improving efficiency due to better contractor allocation.

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

Uchucchacua (100% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		Oz		3,395,628		2,871,959		18%		12,055,570		11,444,751		18%
Zinc		MT		1,504		2,154		-30%		6,349		8,146		-30%
Lead		MT		2,086		1,821		15%		7,605		8,363		15%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		US$/Oz		14.87		15.68		-5%		16.22		16.48		-2%

Silver production in 4Q14 increased 18% compared to 4Q13, mainly due to higher ore volume treated and recovery rate (see Appendix 2). Cost Applicable to Sales (CAS) in 4Q14 decreased 5% compared to 4Q13 mainly explained by lower reagent costs, better contractor terms and infrastructure improvements inside the mine.

Silver production guidance for 2015 is 14.5 million - 15.0 million ounces.

Mallay (100% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		Oz		309,213		329,727		-6%		1,216,034		1,279,972		-5%
Zinc		MT		2,333		2,402		-3%		9,893		8,973		10%
Lead		MT		1,876		1,848		2%		7,513		6,979		8%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		US$/Oz		12.80		15.20		-16%		13.76		17.78		-23%

Silver production in 4Q14 was 6% lower than in 4Q13 due to lower silver grade. Cost Applicable to Sales (CAS) in 4Q14 was 16% lower compared to 4Q13 due to a strong increase in zinc by-product contribution.

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

Julcani (100% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		Oz		782,652		771,296		1%		3,084,347		2,711,996		14%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Silver		US$/Oz		14.11		10.52		34%		14.14		12.70		11%

Silver production in 4Q14 was in-line with 4Q13 production. Cost Applicable to Sales (CAS) in 4Q14 was 34% higher than 4Q13 mainly explained by higher silver concentrate inventories (approximately 65% of the quarterly production, in transit to the smelter).

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

La Zanjas (53.06% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		Oz		34,808		33,451		4%		143,573		137,395		4%
Silver		Oz		82,594		108,175		-24%		422,395		391,832		8%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		US$/Oz		845		668		26%		574		647		-11%

Gold production in 4Q14 increased 4% when compared to 4Q13. CAS in 4Q14 increased 26% due to higher stripping ratio in Pampa Verde open pit (1.06 in 4Q14 vs. 0.42 in 4Q13).

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

Tantahuatays (40.10% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		Oz		38,558		33,417		15%		143,643		142,667		1%
Silver		Oz		227,131		129,676		75%		754,357		684,022		10%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Gold		US$/Oz		475		382		24%		455		543		-16%

Gold production in 4Q14 increased 15% compared to the figure reported in 4Q13. CAS in 4Q14 increased 24% due to higher consumption of reagents (lime) and blasting supplies due to a higher stripping ratio (0.042 in 4Q14 vs. 0.01 in 4Q13).

Gold production guidance for 2015 is 138k 142k ounces

El Brocal (54.07% owned by Buenaventura)

Production
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Copper		MT		10,749		9,345		15%		43,282		27,469		58%
Zinc		MT		8,640		4,321		100%		10,162		24,220		-58%
Silver		Oz		921,625		586,324		57%		2,501,839		1,955,485		28%
Cost Applicable to Sales
				4Q14		4Q13		Var %		FY 2014		FY 2013		Var %
Copper		US$/MT		5,449		4,820		13%		5,096		5,490		-7%
Zinc		US$/MT		1,321		1,262		5%		1,369		1,415		-3%

During 4Q14, zinc production increased 100% compared to 4Q13, due to higher volume treated from Tajo Norte (polymetalic ore). Copper production increased 15% in 4Q14 compared to 4Q13. Silver production increased 57% compared to the figure for 4Q13. Copper CAS increased 13% compared to 4Q13, due to higher commercial deduction and zinc CAS increased 5%.

Zinc production guidance for 2015 is 75k 85k MT. Copper production guidance for 2015 is 30k 35k MT.

General and Administrative Expenses

General and administrative expenses in 4Q14 were US$24.8 million, 30% higher when compared to the 4Q13 figure (US$19.2 million). Due to a US$20.2 million credit in long-term compensation provisions in 2013, total G&A expenses in 2014 were 35% higher (US$101.1 million in 2014 vs US$75.1 million in 2013).

Exploration in Non-Operating Areas

Exploration in non-operating areas during 4Q14 was US$17.8 million compared with a US$9.4 million for 4Q13. During the period, Buenaventuras main exploration efforts were focused on the following projects: La Zanja Underground (US$5.9 million) and Tambomayo (US$3.2 million). For the twelve-month 2014 period, the expense was US$50.0 million (US$32.8 million in 2013).

Share in Associated Companies

During 4Q14, Buenaventuras share in associated companies was negative US$113.8 million, compared to the negative US$288.0 million reported in 4Q13, composed by:

Share in the Result of Associates		4Q14		4Q13		Var%		FY14		FY13		Var%
(in millions of US$)
Cerro Verde		20.8		34.6		-40%		77.9		116.2		-33%
Coimolache (Tantahuatay mine)		5.0		5.7		-11%		22.3		20.8		7%
Yanacocha		-139.7		-328.3		NA		-174.7		-251.1		NA
Total		-113.8		-288.0		NA		-74.6		-114.1		NA

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), during 4Q14, gold production was 322,309 oz of gold, 75% higher than 4Q13 production (184,318 oz). For the twelve-month 2014 period, gold production was 969,944 ounces, 5% lower than 1,017,259 ounces in 2013, but in the high end of the guidance given at the beginning of the year (895k 985k). 2015 Gold production guidance for Yanacocha is 880k 940k ounces.

Despite of the fact that Yanacocha reported US$80.6 million of net income (under US GAAP), the impact of an impairment loss (in accordance to IFRS) related to Conga resulted in a loss of US$380.3 million. In 4Q14, CAS was US$426/oz, a decrease of 50% when compared to US$849/oz in 4Q13 due to lower stripping ratio in accordance with the mining plan.

Capital expenditures at Yanacocha were US$31.6 million in 4Q14 and US$117.3 million in FY2014.

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

CERRO VERDE

At Cerro Verde (19.58% owned by Buenaventura), during 4Q14 copper production was 56,001 MT (10,965 MT attributable to Buenaventura), a 19% decrease compared to 4Q13 (69,318 MT and 13,572 MT attributable to Buenaventura). For full year 2014, copper production was 226,906 MT (44,428 MT attributable to Buenaventura).

During 4Q14, Cerro Verde reported net income of US$55.9 million, 72% lower compared to US$196.8 million in 4Q13. This was mainly due to lower sales. For FY2014, net income was US$377,605 million (compared to US$613,262 million in FY2013).

Capital expenditures at Cerro Verde were US$448.6 million in 4Q14 and US$1,750 billion in 2014.

Cerro Verdes plant expansion has an excess of 50% progress and completion expected by 4Q15. The total CAPEX for the project is US$4.6 billion.

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.10% owned by Buenaventura), attributable contribution to the net income in 4Q14 was US$5.0 million (US$5.7 million in 4Q13). For 2014, the contribution was US$22.3 million, compared to US$20.8 million reported in 2013.

Project Development and Exploration

The Tambomayo Project (100% ownership)

The Environmental Impact Study was approved in January 2015 and the Company is in the process of acquiring construction permits. Tambomayo has 251k gold ounces in reserves and 336k gold ounces in resources. The estimated annual production is 110k-120k gold ounces and 3.0 million silver ounces.

The San Gabriel Project (100% ownership)

The Company is currently in the process of obtaining permits for the advanced exploration with underground development of the Canahuire ore bodies and Diamond drilling of other prospects.

Other

At the Board of Directors meeting held February 26, 2015, the following resolutions were passed:

To call for the Annual Shareholders Meeting to be held on March 27, 2015, the following items will be proposed for approval:

				a.			Approve the Annual Report as of December, 31, 2014.
				b.			Approve the Financial Statements as of December, 31, 2014
				c.			Appoint Ernst and Young (Paredes, Zaldivar, Burga y Asociados) as External Auditors for fiscal year 2015.
				d.			Approve the Companys financing operations, including but not limited to the placement and issuance of obligations and/or obtainment of loans, as well as the delegation of power to the Board for the approval of all of the agreements deemed necessary or convenient to determine or approve each and every one of the terms, characteristics and conditions of the Companys financing activities.

* * *

Company Description

Compañía de Minas Buenaventura S.A.A. is Perus 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 Companys 2013 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Companys 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 Companys, Yanacochas and Cerro Verdes 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 Companys view with respect to the Companys, Yanacochas and Cerro Verdes 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 Affiliates (as of December 31, 2014)
		BVN		Operating
		Equity %		Mines / Business
El Molle Verde S.A.C*		100.00		Trapiche project
Minera La Zanja S.A*		53.06		La Zanja
Sociedad Minera El Brocal S.A.A*		54.07		Colquijirca and Marcapunta
Compañía Minera Coimolache S.A **		40.10		Tantahuatay
Minera Yanacocha S.R.L **		43.65		Yanacocha
Sociedad Minera Cerro Verde S.A.A **		19.58		Cerro Verde
Processadora Industrial Rio Seco S.A*		100.00		Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*		100.00		Energy Huanza Hydroelectrical plant
Buenaventura Ingenieros S.A*		100.00		Engineering Consultant

(*)Consolidates

(**) Equity Accounting

APPENDIX 2

		GOLD PRODUCTION
		Three Months Ended December 31												Full Year
		Orcopampa						Orcopampa Old Tailings						Orcopampa						Orcopampa Old Tailings
		2014		2013		%		2014		2013		%		2014		2013		%		2014		2013		%
Ore Milled DMT		115,862		99,093		17%		0		48,125		-		454,694		443,537		3%		0		425,639		-
Ore Grade OZ/MT		0.48		0.48		1%		0		0.059		-		0.455		0.487		-6%		0		0.048		-
Recovery Rate %		96.9%		97.2%		0%		0%		75.7%		-		97.1%		96.2%		1%		0%		76.1%		-
Ounces Produced		54,878		45,981		19%		0		2,136		-		202,227		208,774		-3%		0		15,897		-
Orcopampa Total Production				4Q14		54,878		4Q13		48,117		FY2014		202,227		FY2013		224,671
		La Zanja												Tantahuatay
		4Q14		4Q13		%		FY2014		FY2013		%		4Q14		4Q13		%		FY2014		FY2013		%
Ounces Produced		34,959		33,451		5%		143,724		137,395		5%		38,558		33,417		15%		143,643		142,667		1%
		Breapampa
		4Q14		4Q13		%		FY2014		FY2013		%
Ounces Produced		13,178		21,918		-40%		74,807		81,882		-9%
		SILVER PRODUCTION
		Three Months Ended December 31												Full Year
		Uchucchacua						Colquijirca						Uchucchacua						Colquijirca
		2014		2013		%		2014		2013		%		2014		2013		%		2014		2013		%
Ore Milled DMT		287,970		238,390		21%		416,653		198,885		109%		1,013,633		1,001,102		1%		481,589		1,268,781		-62%
Ore Grade OZ/MT		13.83		15.21		-9%		1.86		2.89		-36%		14.56		14.18		3%		1.92		1.41		36%
Recovery Rate %		85.2%		79.2%		8%		63.4%		67.0%		-5%		81.7%		80.6%		1%		65.3%		66.2%		-1%
Ounces Produced		3,395,628		2,871,959		18%		490,896		385,221		27%		12,055,570		11,444,751		5%		603,342		1,186,022		-49%
		ZINC PRODUCTION
		Three Months Ended December 31												Full Year
		Uchucchacua						Colquijirca						Uchucchacua						Colquijirca
		2014		2013		%		2014		2013		%		2014		2013		%		2014		2013		%
Ore Milled DMT		287,970		238,390		21%		416,653		198,885		109%		1,013,633		1,001,102		1%		481,589		1,268,781		-62%
Ore Grade %		0.90		1.32%		6719%		3.08%		0.03		-9%		1.04		1.23%		8327%		3.12%		2.97%		5%
Recovery Rate %		57.9%		68.4%		-15%		66.6%		64.0%		4%		60.2%		66.0%		-9%		66.06%		64.3%		3%
MT Produced		1,504		2,154		-30%		8,640		4,321		100%		6,349		8,146		-22%		10,162		24,219		-58%

APPENDIX 3: EBITDA Reconciliation (in thousand US$)

		4Q14		4Q13		FY 2014		FY 2013
Net Income		-190,725		-349,011		-61,640		-79,736
Add / Substract:		228,215		433,014		335,692		445,943
Provision for income tax, net		23,928		13,410		66,012		86,482
Share in associated companies by the equity method, net		113,842		287,985		74,600		114,145
Interest income		-4,124		-4,270		-8,408		-6,621
Interest expense		4,255		665		11,318		9,896
Loss on currency exchange difference		3,378		341		8,452		7,192
Long Term Compensation provision		-1,842		259		89		-20,207
Depreciation and Amortization		57,684		41,445		208,698		159,140
Workers´ participation provision		-20		2,700		3,669		5,437
Adquiscion gain generated by subsidiary		0		0		-59,852		0
Loss from discontinued operations		31,114		83,885		31,114		83,885
Impairment of Long-Lived Assets		0		6,594		0		6,594
EBITDA Buenaventura Direct Operations		37,490		84,003		274,052		366,207
EBITDA Yanacocha (43.65%)		86,970		18,986		161,185		263,025
EBITDA Cerro Verde (19.58%)		28,215		64,586		143,674		206,061
EBITDA Coimolache (40%)		12,335		12,713		48,941		50,610
Adjusted EBITDA (including Associated companies)		165,010		180,287		627,852		885,902

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) Buenaventuras equity share of EBITDA (Yanacocha) (2) Buenaventuras equity share of EBITDA (Cerro Verde), plus (3) Buenaventuras 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 Buenaventuras, 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: PROVEN AND PROBABLE RESERVES

null

GOLD
		% Ownership		MT (000)		Grade Oz / MT		Oz (000)		Attributable
Orcopampa		100.00		631		0.509		321		321
Tambomayo		100.00		877		0.286		251		251
Breapampa		100.00		520		0.014		8		8
Breapampa (on Pads and Plant)		100.00						11		11
Julcani		100.00		310		0.015		5		5
Mallay		100.00		122		0.035		4		4
El Brocal Marcapunta (Sulphides)		54.07		21,991		0.013		276		149
La Zanja		53.06		9,917		0.023		223		119
La Zanja (on Pads and Plant)		53.06						21		11
Yanacocha		43.65						4,900		2,139
Yanacocha (Conga)		43.65		536,015		0.023		12,582		5,492
Tantahuatay		40.10		57,330		0.015		840		337
Tantahuatay (on Pads and Plant)		40.10						10		4
Total				627,713		0.031		19,452		8,850
SILVER
		% Ownership		MT (000)		Grade Oz / MT		Oz (000)		Attributable
Uchucchacua (Silver - Sulphides)		100.00		3,884		15.770		61,238		61,238
Uchucchacua (Zinc - Sulphides)		100.00		209		21.050		4,393		4,393
Uchucchacua (Silver - Oxides)		100.00		79		7.430		584		584
Tambomayo		100.00		877		10.720		9,403		9,403
Julcani		100.00		310		20.300		6,295		6,295
Mallay		100.00		122		13.477		1,642		1,642
Orcopampa		100.00		631		1.746		1,102		1,102
Breapampa		100.00		520		0.552		287		287
Breapampa (on Pads and Plant)		100.00						90		90
El Brocal (Tajo Norte - La Llave)		54.07		43,622		0.900		39,260		21,228
El Brocal Marcapunta (Sulphides)		54.07		21,991		0.600		13,194		7,134
La Zanja		53.06		9,917		0.137		1,357		720
La Zanja (on Pads and Plant)		53.06						855		454
Yanacocha		43.65						66,900		29,202
Yanacocha (Conga)		43.65		536,015		0.070		37,784		16,493
Tantahuatay		40.10		57,330		0.340		19,505		7,820
Tantahuatay (on Pads and Plant)		40.10						49		20
Cerro Verde (Sulphides)		19.58		3,953,234		0.048		187,827		36,777
Cerro Verde (Oxides)		19.58		610,019		0.010		6,039		1,182
Total				5,238,760		0.087		457,804		206,063
ZINC
		% Ownership		MT (000)		% Zn		MT (000)		Attributable
Uchucchacua (Silver - Sulphides)		100.00		3,884		1.49		58		58
Uchucchacua (Zinc - Sulphides)		100.00		79		6.35		5		5
Tambomayo		100.00		877		2.46		22		22
Mallay		100.00		122		7.68		9		9
El Brocal (Tajo Norte - La Llave)		54.07		43,622		2.53		1,104		597
Total				48,584		2.46		1,197		690
LEAD
		% Ownership		MT (000)		% Pb		MT (000)		Attributable
Uchucchacua (Silver - Sulphides)		100.00		3,884		1.09		42		42
Uchucchacua (Zinc - Sulphides)		100.00		79		5.05		4		4
Tambomayo		100.00		877		1.71		15		15
Mallay		100.00		122		6.95		8		8
Julcani		100.00		310		2.17		7		7
El Brocal (Tajo Norte - La Llave)		54.07		43,622		0.86		375		203
Total				48,894		0.92		452		279
COPPER
		% Ownership		MT (000)		% Cu		MT (000)		Attributable
Julcani		100.00		310		0.52		2		2
El Brocal Marcapunta (Sulphides)		54.07		21,991		2.26		497		269
Yanacocha (Conga)		43.65		536,015		0.28		1,501		655
Cerro Verde (Sulphides)		19.58		3,953,234		0.37		14,627		2,864
Cerro Verde (Oxides)		19.58		610,019		0.48		2,928		573
Total				5,121,569		0.38		19,555		4,363
MOLYBDENUM
		% Ownership		MT (000)		% Mo		MT (000)		Attributable
Cerro Verde (Sulphides)		19.58		3,953,234		0.014		553		108
Cerro Verde (Oxides)		19.58		610,019		0.003		18		4
Total				4,563,253		0.013		572		112
Prices used for Reserve calculation:
Gold 1,250 US$/Oz - Silver 20 US$/Oz - Zinc 2,200 US$/MT - Lead 2,100 US$/MT - Copper 6,630 US$/MT

APPENDIX 5: COST APPLICABLE TO SALES RECONCILIATION

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

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

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

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, 2013 and 2014, 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, 2013 and 2014 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 Dec 31				For the 12 months ended Dec 31
		2014		2013		2014		2013
		(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization		164,177		152,511		614,539		627,285
Add:
Consolidated Exploration in units in operation		21,273		20,433		97,852		101,913
Consolidated Commercial deductions		54,862		33,732		184,483		137,811
Consolidated Selling expenses		3,483		3,278		16,605		14,842
Consolidated Cost applicable to sales		243,795		209,954		913,479		881,852
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:
		For the 3 months ended Dec 31				For the 12 months ended Dec 31
		2014		2013		2014		2013
Cost of sales by mine and mineral		(in thousands of US$)
Julcani, Gold		8		23		3		167
Julcani, Silver		4,687		4,979		23,114		15,565
Julcani, Lead		384		331		1,891		1,150
Julcani, Copper		47		91		190		316
Mallay, Silver		1,894		2,202		8,135		11,336
Mallay, Lead		1,538		1,288		5,959		6,237
Mallay, Zinc		1,988		1,307		7,497		6,468
Breapampa, Gold		8,156		9,201		35,389		46,541
Breapampa, Silver		734		615		2,459		2,944
Orcopampa, Gold		25,316		26,706		105,828		121,665
Orcopampa, Silver		691		998		3,021		4,617
Uchucchacua, Silver		31,675		18,765		130,688		100,290
Uchucchacua, Lead		2,115		1,174		8,028		6,805
Uchucchacua, Zinc		1,495		1,402		5,557		5,527
La Zanja, Gold		27,504		21,666		80,495		84,213
La Zanja, Silver		1,132		1,107		3,460		3,927
El Brocal, Gold		986		569		3,491		2,745
El Brocal, Silver		3,904		4,275		12,331		13,980
El Brocal, Lead		1,178		1,523		2,051		7,581
El Brocal, Zinc		5,701		2,547		6,478		16,030
El Brocal, Copper		25,539		22,267		96,934		78,503
Non Mining Units		17,505		29,475		71,540		90,679
Consolidated Cost of sales, excluding depreciation and amortization		164,177		152,511		614,539		627,285
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 Dec 31				For the 12 months ended Dec 31
		2014		2013		2014		2013
Exploration expenses in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		4		10		2		67
Julcani, Silver		2,253		2,100		10,072		6,269
Julcani, Lead		184		140		824		463
Julcani, Copper		23		38		83		127
Mallay, Silver		791		867		2,942		4,325
Mallay, Lead		643		507		2,155		2,380
Mallay, Zinc		831		515		2,711		2,468
Breapampa, Gold		65		188		463		2,747
Breapampa, Silver		6		13		32		174
Orcopampa, Gold		9,935		10,573		50,378		54,748
Orcopampa, Silver		271		395		1,438		2,077
Uchucchacua, Silver		5,614		4,449		24,125		22,133
Uchucchacua, Lead		375		278		1,482		1,502
Uchucchacua, Zinc		265		332		1,026		1,220
La Zanja, Gold		13		25		115		1,159
La Zanja, Silver		1		1		5		54
El Brocal, Gold		0		0		0		0
El Brocal, Silver		0		0		0		0
El Brocal, Lead		0		0		0		0
El Brocal, Zinc		0		0		0		0
El Brocal, Copper		0		0		0		0
Non Mining Units		0		0		0		0
Consolidated Exploration expenses in units in operation		21,273		20,433		97,852		101,913
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:
		For the 3 months ended Dec 31				For the 12 months ended Dec 31
		2014		2013		2014		2013
Commercial Deductions in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		2		9		2		62
Julcani, Silver		1,295		1,996		6,148		5,782
Julcani, Lead		106		133		502		427
Julcani, Copper		12		12		53		117
Mallay, Silver		832		1,040		3,687		4,048
Mallay, Lead		654		609		2,620		2,227
Mallay, Zinc		1,295		617		5,153		2,310
Breapampa, Gold		23		18		99		104
Breapampa, Silver		0		0		0		0
Orcopampa, Gold		87		80		288		325
Orcopampa, Silver		1		0		1		0
Uchucchacua, Silver		9,530		5,609		35,786		35,240
Uchucchacua, Lead		632		383		2,248		2,559
Uchucchacua, Zinc		1,012		458		3,850		2,078
La Zanja, Gold		38		29		240		172
La Zanja, Silver		0		0		4		0
El Brocal, Gold		1,203		415		3,777		1,903
El Brocal, Silver		3,587		3,118		12,345		9,689
El Brocal, Lead		642		1,110		1,317		5,254
El Brocal, Zinc		3,320		1,857		4,105		11,110
El Brocal, Copper		30,590		16,239		102,258		54,406
Non Mining Units		0		0		0		0
Consolidated Commercial deductions in units in operation		54,862		33,732		184,483		137,811
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:
		For the 3 months ended Dec 31				For the 12 months ended Dec 31
		2014		2013		2014		2013
Selling expenses by mine and mineral		(in thousands of US$)
Julcani, Gold		0		1		0		7
Julcani, Silver		265		163		979		684
Julcani, Lead		22		11		80		51
Julcani, Copper		3		3		8		14
Mallay, Silver		141		136		661		671
Mallay, Lead		115		80		484		369
Mallay, Zinc		148		81		609		383
Breapampa, Gold		62		0		367		0
Breapampa, Silver		6		0		26		0
Orcopampa, Gold		223		3		929		3
Orcopampa, Silver		6		0		27		0
Uchucchacua, Silver		863		563		3,094		3,000
Uchucchacua, Lead		58		35		190		204
Uchucchacua, Zinc		41		42		132		165
La Zanja, Gold		401		157		1,382		505
La Zanja, Silver		17		8		59		24
El Brocal, Gold		28		36		204		202
El Brocal, Silver		113		274		722		1,031
El Brocal, Lead		34		97		120		559
El Brocal, Zinc		165		163		379		1,182
El Brocal, Copper		737		1,425		5,677		5,789
Non Mining Units		36		0		475		0
Consolidated Selling expenses		3,483		3,278		16,605		14,842

		JULCANI																												JULCANI
		4Q 2014												4Q 2013																FY 2014												FY 2013
		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL						GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL
Cost of Sales (without D&A) (US$000)		8		4,687		384		-		47		5,125		23		4,979		331		-		91		5,424				Cost of Sales (without D&A) (US$000)		3		23,114		1,891		-		190		25,199		167		15,565		1,150		-		316		17,198
Add:																												Add:
Exploration Expenses (US$000)		4		2,253		184		-		23		2,463		10		2,100		140		-		38		2,288				Exploration Expenses (US$000)		2		10,072		824		-		83		10,981		67		6,269		463		-		127		6,927
Commercial Deductions (US$000)		2		1,295		106		-		12		1,416		9		1,996		133		-		12		2,151				Commercial Deductions (US$000)		2		6,148		502		-		53		6,706		62		5,782		427		-		117		6,388
Selling Expenses (US$000)		0		265		22		-		3		290		1		163		11		-		3		178				Selling Expenses (US$000)		0		979		80		-		8		1,067		7		684		51		-		14		755
Cost Applicable to Sales (US$000)		14		8,499		696		-		85		9,295		43		9,238		615		-		145		10,040				Cost Applicable to Sales (US$000)		7		40,314		3,297		-		335		43,953		304		28,299		2,091		-		575		31,269
Divide:																												Divide:
Volume Sold		15		602,165		398		-		15		Not Applicable		66		878,459		605		-		49		Not Applicable				Volume Sold		12		2,851,318		2,057		-		64		Not Applicable		378		2,227,960		1,713		-		140		No Aplicable
CAS		972		14.11		1,748		-		5,660		Not Applicable		645		10.52		1,016		-		2,940		Not Applicable				CAS		603		14.14		1,603		-		5,195		No Applicable		804		12.70		1,220		-		4,103		No Applicable
		MALLAY																												MALLAY
		4Q 2014												4Q 2013																FY 2014												FY 2013
		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL						GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		ZINC (MT)		COPPER (MT)		TOTAL
Cost of Sales (without D&A) (US$000)		-		1,894		1,538		1,988		-		5,419		-		2,202		1,288		1,307		-		4,797				Cost of Sales (without D&A) (US$000)		-		8,135		5,959		7,497		-		21,590		-		11,336		6,237		6,468		-		24,041
Add:																												Add:
Exploration Expenses (US$000)		-		791		643		831		-		2,265		-		867		507		515		-		1,889				Exploration Expenses (US$000)		-		2,942		2,155		2,711		-		7,807		-		4,325		2,380		2,468		-		9,173
Commercial Deductions (US$000)		-		832		654		1,295		-		2,781		-		1,040		609		617		-		2,266				Commercial Deductions (US$000)		-		3,687		2,620		5,153		-		11,460		-		4,048		2,227		2,310		-		8,584
Selling Expenses (US$000)		-		141		115		148		-		404		-		136		80		81		-		296				Selling Expenses (US$000)		-		661		484		609		-		1,754		-		671		369		383		-		1,423
Cost Applicable to Sales (US$000)		-		3,658		2,950		4,262		-		10,870		-		4,246		2,484		2,519		-		9,249				Cost Applicable to Sales (US$000)		-		15,425		11,217		15,970		-		42,612		-		20,380		11,213		11,628		-		43,221
Divide:																												Divide:
Volume Sold		-		285,846		1,797		1,992		-		Not Applicable		-		279,430		1,615		1,830		-		Not Applicable				Volume Sold		-		1,121,202		7,253		8,609		-		Not Applicable		-		1,146,442		6,570		7,614		-		Not Applicable
CAS		-		12.80		1,641		2,139		-		Not Applicable		-		15.20		1,537		1,377		-		Not Applicable				CAS		-		13.76		1,547		1,855		-		No Applicable		-		17.78		1,707		1,527		-		No Applicable
		BREAPAMPA																												BREAPAMPA
		4Q 2014												4Q 2013																FY 2014												FY 2013
		GOLD (OZ)		SILVER (OZ)		LEAD (MT)		...