SUMMARY OF OPERATIONS 2004

TABLE N 1
DESCRIPTION

HEAD ORE MILLED

HEAD GRADES

UNIT.

Ag.
Au
Cu
Pb.
Zn.

BULK CONCENTRATE (Ag-Pb-Cu-Au)

GOLD SILVER CONCENTRATE
LEAD-SILVER CONCENTRATE
COPPER-SILVER CONCENTRATE
COPPER CONCENTRATE
ZINC CONCENTRATE
OUNCES OF SILVER
OUNCES OF GOLD
COPPER METAL
LEAD METAL
ZINC METAL
Ag RECOVERY
Au RECOVERY
Cu RECOVERY
Zn RECOVERY
CASH COST PER Oz.Ag.
CASH COST PER Oz.Au.
CASH COST PER MT Zn
CASH COST PER MT Cu
PROGRESS IN EXPLORATIONS
PROGRESS IN MINING OPERATIONS
DIAMOND DRILLING
NEW RESERVES
ORE MILLED 2003

DESCRIPTION

HEAD ORE MILLED

HEAD GRADES

BULK CONCENTRATE (Ag-Pb-Cu-Au)

GOLD-SILVER CONCENTRATE
LEAD-SILVER CONCENTRATE
COPPER-SILVER CONCENTRATE
COPPER CONCENTRATE
ZINC CONCENTRATE
OUNCES OF SILVER
OUNCES OF GOLD
COPPER METAL
LEAD METAL
ZINC METAL
Ag RECOVERY
Au RECOVERY
Cu RECOVERY
Zn RECOVERY
CASH COST PER Oz.Ag.
CASH COST PER Oz.Au.
CASH COST PER MT Zn
CASH COST PER MT Cu
PROGRESS IN EXPLORATIONS
PROGRESS IN MINING OPERATIONS
DIAMOND DRILLING
NEW RESERVES
ORE MILLED 2003

Ag.
Au
Cu
Pb.
Zn.

ORCOPAMPA UCHUCCHACUA

431,242
0.34
0.513

795,036
16.79

JULCANI

SHILA

PAULA

58,900
18.50
0.002
0.17
1.68
1.48

41,151
17.50
0.380

16,831
4.83
0.645

2,355
549

1,030

1,777

1,019,743
59

587,181
14,086

73,594
10,387

81.3
90.0

89.0
94.8

165.92

314.08

DST
Oz./DST
Oz./DST
%
%
%
DST
DST
DST
DST
DST
DST
Oz.
Oz.
DST
DST
DST
%
%
%
%
US $
US $
US $
US $
m
m
m
DST
DST

6,451
7,452
11,522
468,727
393,210

10,125
8,649
14,239
957,636
747,190

5,674
3,127
2,058
122,725
37,650

5,054
429
9,474
28,440
50,085

2,673
491
8,163
0
14,880

UNIT.

ANTAPITE

ISHIHUINCA

EL BROCAL

CERRO VERDE

YANACOCHA

DST
Oz./DST
Oz./DST
%
%
%
DST
DST
DST
DST
DST
DST
Oz.
Oz.
DST
DST
DST
%
%
%
%
US $
US $
US $
US $
m
m
m
DST
DST

179,785
0.74
0.570

60,213

1,492,569
3.23

22,958,913

133,820,907

0.06
2.89
5.82

0.64

1.13

5,447
32,684

97,359
211,388

64.9
93.7

18,714
9,832,393

8,042
7,477
73.7

81.8
2.93

854
93.7
50.7
82.9
6.12

128.27

0.474
0.35

47,397
1,852
86,162
97,137

64.5
94.4

124,967
3,399,130
24,505
169

3,479,435
3,017,302
97,491

27,069
63,448
70.6
85.8
81.2

67.0
73.0

173.72

334.99

147.00
644.15

12,233
3,943
12,896
209,974
155,494

26

4,991
4,718
6,010
50,882
57,463

1,268
1,015,838
1,409,104

5,864
21,014,000

146,858,690

RESERVES AS OF DECEMBER 31, 2004

TABLE N 2
PROVEN AND PROBABLE RESERVES
GOLD
Orcopampa
Shila
Paula
Antapite
Ishihuinca
Yanacocha
Yanacocha (Minas Conga)
Jatun Orcco

BVN %
Participation

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

100.00
100.00
100.00
78.04
78.04
43.65
43.65
100.00

1,081
14
74
478
66
734,978
371,112
24

0.614
0.344
0.507
0.412
0.439
0.032
0.023
0.460

664
5
38
197
29
23,547
8,711
11

664
5
38
154
23
10,278
3,802
11

1,107,826

0.030

33,201

14,974

BVN %
Participation

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

100.00
100.00
100.00
100.00
100.00
100.00
100.00
32.78
100.00

1,081
3,962
103
111
14
74
133
9,733
24

0.25
17.02
22.42
8.31
15.10
3.50
16.17
2.60
5.38

270
67,428
2,301
919
207
259
2,149
25,306
128

270
67,428
2,301
919
207
259
2,149
8,295
128

15,233

6.50

98,967

81,956

BVN %
Participation

DST (000)

% Zn

DST (000)

BVN
DST (000)

100.00
100.00
100.00
32.78

3,962
111
133
9,733

1.99
5.35
0.86
6.02

79
6
1
586

79
6
1
192

13,938

4.82

672

278

BVN %
Participation

DST (000)

% Pb

DST (000)

BVN
DST (000)

100.00
100.00
100.00
100.00
32.78

3,962
103
111
133
9,733

1.51
1.17
3.03
0.48
2.28

60
1
3
1
222

60
1
3
1
73

14,041

2.04

287

138

BVN %
Participation

DST (000)

% Cu

DST (000)

BVN
DST (000)

9.17
9.17
43.65

1,428,060
387,144
371,112

0.49
0.45
0.30

6,997
1,742
1,113

642
160
486

2,186,316

0.45

9,853

1,287

Total gold reserves

SILVER
Orcopampa
Uchucchacua
Julcani
Recuperada
Shila
Paula
Pozo Rico
El Brocal
Jatun Orcco
Total silver reserves
ZINC
Uchucchacua
Recuperada
Pozo Rico
El Brocal
Total zinc reserves
LEAD
Uchucchacua
Julcani
Recuperada
Pozo Rico
El Brocal
Total lead reserves
COPPER
Cerro Verde (Sulfides)
Cerro Verde (Oxides)
Yanacocha (Minas Conga)
Total copper reserves

Prices used to estimate reserves as of December 2004: Gold US$350/oz, Silver US$5.25/oz, Zinc US$1,050/MT, Copper US$ 0.90/Lb and Lead US$550/MT

27

RESERVES AS OF DECEMBER 31, 2003

TABLE N 3
PROVEN AND PROBABLE RESERVES
GOLD

Orcopampa
Shila
Paula
Antapite
Ishihuinca
Yanacocha
La Zanja (**)
Jatun Orcco

BVN %
Participation

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

100.00
100.00
51.00
78.04
78.04
43.65
53.06
100.00

1,043
26
113
448
75
1,047,049
18,850
18

0.517
0.441
0.608
0.470
0.531
0.030
0.030
0.493

539
12
69
211
40
31,710
563
9

539
12
35
164
31
13,841
299
9

1,067,623

0.031

33,153

14,931

BVN %
Participation

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

100.00
100.00
100.00
100.00
51.00
32.78
100.00

1,043
3,799
39
26
113
10,207
18

0.20
17.00
19.90
16.30
4.30
2.58
6.04

209
64,585
772
431
486
26,335
110

209
64,585
772
431
248
8,633
110

15,247

6.10

92,928

74,987

BVN %
Participation

DST (000)

% Zn

DST (000)

BVN
DST (000)

100.00
32.78

3,799
10,207

2.18
6.09

83
622

83
204

14,007

5.03

704

287

BVN %
Participation

DST (000)

% Pb

DST (000)

BVN
DST (000)

100.00
100.00
32.78

3,799
39
10,207

1.65
1.10
2.32

63
0
237

63
0
78

14,045

2.14

300

141

BVN %
Participation

DST (000)

% Cu

DST (000)

BVN
DST (000)

9.17

724,774

0.59

4,276

392

724,774

0.59

4,276

392

Total gold reserves

SILVER

Orcopampa
Uchucchacua
Julcani
Shila
Paula
El Brocal
Jatun Orcco
Total silver reserves

ZINC

Uchucchacua
El Brocal
Total zinc reserves

LEAD

Uchucchacua
Julcani
El Brocal
Total lead reserves

COPPER

Cerro Verde
Total copper reserves

(**) Reserves showing technical and economic variability; EIA still pending.
Prices used to estimate reserves as of december 2003: gold US$ 325/oz, silver US$ 5.20/oz, zinc US$ 920/MT, copper US$ 0.91/Lb and lead US$ 600/MT.

28

ESTIMATES FOR NON-RESERVE MINERAL AS OF DECEMBER 31, 2004

TABLE N 4
GOLD

ESTIMATES FOR NON-RESERVE MINERAL

BVN %
Participation

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

100.00
100.00
100.00
78.06
78.06
43.65
43.65
40.00
40.00
53.06
32.78
32.78
100.00
100.00
0.00

848
17
59
183
114
242,616
246,277
26,345
385,809
19,196
123,136
13,216
225
17
1,892

0.702
0.311
0.646
0.434
0.292
0.024
0.017
0.025
0.009
0.026
0.017
0.060
0.534
0.440
0.320

595
5
38
79
33
5,920
4,228
649
3,601
493
2,032
793
120
7
605

595
5
38
62
26
2,584
1,846
260
1,440
262
666
260
120
7
0

1,059,950

0.018

19,201

8,172

DST (000)

Oz / DST

Ounces (000)

BVN
Ounces (000)

848
1,056
98
144
17
59
76,898
123,136
86
26,345
19,196
225
17

0.30
16.10
20.66
7.10
11.20
5.60
0.42
0.67
13.04
0.26
0.16
15.78
19.17

254
17,008
2,035
1,020
189
331
32,297
82,501
1,127
6,833
3,138
3,543
333

254
17,008
2,035
1,020
189
331
10,587
27,044
1,127
2,733
1,665
3,543
333

248,126

0.61

150,609

67,869

DST (000)

% Zn

DST (000)

BVN
DST (000)

1,056
144
76,898
86

2.21
5.20
8.02
1.02

23
7
6,167
1

23
7
2,022
1

78,185

7.93

6,199

2,053

DST (000)

% Pb

DST (000)

BVN
DST (000)

1,056
98
144
86
76,898

1.94
1.33
2.60
0.59
2.27

20
1
4
1
1,746

20
1
4
1
572

78,283

2.26

1,772

598

BVN %
Participation

DST (000)

% Cu

DST (000)

BVN
DST (000)

32.78
40.00
43.65

123,136
385,809
246,277

1.85
0.85
0.27

2,278
3,279
665

747
1,312
290

755,222

0.82

6,222

2,349

Orcopampa
Shila
Paula
Antapite
Ishihuinca
Yanacocha
Yanacocha (Minas Conga)
Tantahuatay - Oxides
Tantahuatay - Sulfides
La Zanja
El Brocal (Marcapunta)-Sulfides
El Brocal (Marcapunta)-Oxides
Los Pircos
Pampa Andino
Poracota (1)
Total gold resources
SILVER

BVN %
Participation

Orcopampa
Uchucchacua
Julcani
Recuperada
Shila
Paula
El Brocal (San Gregorio + Colquijirca)
El Brocal (Marcapunta)-Sulfides
Pozo Rico
Tantahuatay - Oxides
La Zanja
Los Pircos
Pampa Andino

100.00
100.00
100.00
100.00
100.00
100.00
32.78
32.78
100.00
40.00
53.06
100.00
100.00

Total silver resources

ZINC

BVN %
Participation

Uchucchacua
Recuperada
El Brocal (San Gregorio + Colquijirca)
Pozo Rico

100.00
100.00
32.78
100.00

Total zinc resources

LEAD

BVN %
Participation

Uchucchacua
Julcani
Recuperada
Pozo Rico
El Brocal (San Gregorio + Colquijirca)

100.00
100.00
100.00
100.00
32.78

Total lead resources

COPPER
El Brocal (Marcapunta)-Sulfides
Tantahuatay - Sulfides
Yanacocha (Minas Conga)
Total copper resources
(1) Option Agreement to acquire 75%

29

SUMMARY OF OPERATIONS AND STATISTICAL DATA

TABLE N 5

Content (000)
BVN %
Participation
Orcopampa
Uchucchacua
Julcani
Antapite
Ishihuinca
Shila
Paula
El Brocal
Yanacocha
Cerro Verde

Ag
Ounces

Au
Ounces

97
9,832
1,020
86

211

100.00
100.00
100.00
78.04
78.04
100.00
100.00
32.78
43.65
9.17

587
74
3,399
3,479

Zn
Tons

8
1

7.5

Cu
Tons

18,575

Cash cost
US $ / MT Zn

97
9,832
1,020
67

211

27

587
74
1,114
1,519

63.4

3,017

3,375

36

Cash cost
US $ / Oz. Ag

71

98

14,274

Zn
Tons

8
1

0.13

21

1,317

1,643

18

28

Company
workers

Hired
workers

Total

128.27

371
421
93
188
89
71
83
274
2,313

774
593
323
862
400
160
274
456
3,326

1145
1014
416
1050
489
231
357
730
5,639

644.15
147.00

353,317
14,252,144
31,131
53,001
121

Cu
Tons

Cash cost
US $ / Oz. Au

173.72
334.99
165.92
314.08

Average Net Prices of Sales

2003

2004

2003

323,801
11,105,174
24,038
50,933
243

373.78
6.51
908.79
1,026.01
2,869.90

364.88
4.91
532.04
814.37
1,763.41

Number of workers as of December 2004

Management

0
76
19
14
10

Pb
Tons

2.93
6.12

2004
- Oz.
- Oz.
- MT.
- MT.
- MT.

Au
Ounces

0.2

Volume Sold

Gold
Silver
Lead
Zinc
Copper

Ag
Ounces

97.5

Total contents

Orcopampa
Uchucchacua
Julcani
Antapite
Ishihuinca
Shila
Paula
El Brocal
Yanacocha

0
97
25
14
10

Content BVN(000)

Pb
Tons

Executives

Empl.

Mine Empl.

Mine workers

Total

Julcani
Recuperada
Orcopampa
Uchucchacua
Lima

1
0
1
1
16

14
1
49
60
48

6
3
17
32
119

14
6
69
69
0

58
7
235
259
0

93
17
371
421
183

Total

19

172

177

158

559

1085

30

TABLE N6
ADS PRICES
MONTH

JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER

OPENING
US$
S/.
28.87 98.10
23.20 81.20
25.00 86.75
29.15 100.86
21.65 75.35
23.60 82.13
22.17 76.93
21.77 74.68
22.80 76.61
23.70 79.16
24.70 82.01
23.70 78.21

CLOSING
US$
S/.

MAXIMUM
US$
S/.

MINIMUM
US$
S/.

23.40 81.67
24.21 84.25
28.90 100.00
21.64 75.31
23.43 81.54
22.10 76.69
21.53 73.64
22.72 76.34
23.75 79.33
24.84 82.72
23.50 77.55
22.90 75.12

30.49 105.50
27.78 96.96
30.07 104.05
29.95 108.63
23.95 88.59
23.78 82.76
23.74 81.43
23.34 78.43
23.90 79.83
26.17 86.89
26.08 86.07
23.98 79.14

22.25
22.80
23.60
20.52
18.61
19.73
19.86
20.48
21.05
22.30
23.20
18.46

77.43
79.80
81.90
71.41
64.95
68.47
67.93
69.84
70.52
73.82
76.80
60.74

Buenaventura Common Shares (S/.)

Mont
January
February
March
April
May
June
July
August
September
October
November
December

Opening

Closing

Maximum

Minimum

Average

96.71
80.05
86.25
100.30
75.50
81.00
75.00
75.00
76.45
77.20
79.35
77.90

81.40
84.00
103.50
77.50
82.50
76.00
74.40
75.00
77.60
83.40
78.20
75.05

105.00
95.00
103.50
101.48
82.60
81.00
81.32
78.50
78.40
86.00
84.50
77.90

79.00
80.00
83.00
71.60
66.80
69.68
69.50
70.40
72.80
77.00
77.75
68.54

87.89
88.82
91.49
86.63
77.16
74.63
76.18
74.45
74.18
81.99
81.76
73.44

Buenaventura Investment Shares (S/.)

Month
January
February
March
April
May
June
July
August
September
October
November
December

Opening

Closing

Maximum

Minimum

Average

60.00
51.77
56.00
66.00
55.00
64.00
60.00
60.00
62.00
61.10
70.00
69.50

51.77
56.25
66.00
60.00
62.00
60.00
60.00
62.00
60.00
70.00
70.20
62.01

60.00
56.25
66.00
66.00
62.00
64.00
62.00
62.00
62.00
70.00
70.20
69.50

48.00
51.77
53.00
60.00
52.00
55.00
60.00
58.00
60.00
61.10
65.00
62.00

52.88
54.72
58.61
64.15
57.99
61.69
61.09
60.00
61.24
63.91
70.13
62.97

31

AVERAGE
US$
S/.
25.77
25.31
26.02
24.96
21.41
21.40
21.81
21.92
22.39
24.50
24.53
22.09

89.68
88.34
90.29
86.37
74.51
74.26
75.03
74.31
75.23
81.34
81.20
72.46