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Buenaventura Announces Fourth Quarter and Full Year 2014 Results

27.02.2015  |  Business Wire

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 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 Verde’s 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.

(**) Yanacocha’s 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%

(*) Buenaventura’s 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, Buenaventura’s 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 Operations1

  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 Operations1   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 Operations1   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 Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Coimolache (Tantahuatay).

Orcopampa’s (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 Zanja’s (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.

Tantahuatay’s (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, Buenaventura’s 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, Buenaventura’s 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 Verde’s 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 Company’s 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 Company’s financing activities.

* * *

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 Corp.), 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 2013 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**

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) 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: PROVEN AND PROBABLE RESERVES

                     
         
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)   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) 8,156 734 - - - 8,890 9,201 615 - - - 9,815 Cost of Sales (without D&A) (US$000) 35,389 2,459 - - - 37,847 46,541 2,944 - - - 49,485
Add: Add:
Exploration Expenses (US$000) 65 6 - - - 71 188 13 - - - 201 Exploration Expenses (US$000) 463 32 - - - 495 2,747 174 - - - 2,921
Commercial Deductions (US$000) 23 - - - - 23 18 - - - - 18 Commercial Deductions (US$000) 99 - - - - 99 104 - - - - 104
Selling Expenses (US$000) 62 6 - - - 67 - - - - - - Selling Expenses (US$000) 367 26 - - - 393 - - - - - -
Cost Applicable to Sales (US$000) 8,305 745 - - - 9,051 9,408 627 - - - 10,035 Cost Applicable to Sales (US$000) 36,318 2,516 - - - 38,834 49,392 3,117 - - - 52,509
Divide: Divide:
Volume Sold   14,456   98,441   -   -   -   Not Applicable   20,526   88,561   -   -   -   Not Applicable Volume Sold   80,358   383,733   -   -   -   Not Applicable   80,178   311,634   -   -   -   Not Applicable
CAS   574   7.57   -   -   -   Not Applicable   458   7.08   -   -   -   Not Applicable CAS   452   6.56   -   -   -   No Applicable   616   10.00   -   -   -   No Applicable
   
ORCOPAMPA ORCOPAMPA
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) 25,316 691 - - - 26,007 26,706 998 - - - 27,704 Cost of Sales (without D&A) (US$000) 105,828 3,021 - - - 108,849 121,665 4,617 - - - 126,282
Add: Add:
Exploration Expenses (US$000) 9,935 271 - - - 10,206 10,573 395 - - - 10,969 Exploration Expenses (US$000) 50,378 1,438 - - - 51,816 54,748 2,077 - - - 56,825

Commercial Deductions (US$000)

87 1 - - - 88 80 - - - - 80 Commercial Deductions (US$000) 288 1 - - - 289 325 0 - - - 325
Selling Expenses (US$000) 223 6 - - - 229 3 0 - - - 3 Selling Expenses (US$000) 929 27 - - - 955 3 0 - - - 3
Cost Applicable to Sales (US$000) 35,560 970 - - - 36,530 37,362 1,394 - - - 38,756 Cost Applicable to Sales (US$000) 157,422 4,487 - - - 161,909 176,741 6,694 - - - 183,436
Divide: Divide:
Volume Sold   52,195   108,290   -   -   -   Not Applicable   46,472   112,149   -   -   -   Not Applicable Volume Sold   204,862   401,782   -   -   -   Not Applicable   221,322   516,033   -   -   -   Not Applicable
CAS   681   8.95   -   -   -   Not Applicable   804   12.43   -   -   -   Not Applicable CAS   768   11.17   -   -   -   No Applicable   799   12.97   -   -   -   No Applicable
   
UCHUCCHACUA UCHUCCHACUA
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) - 31,675 2,115 1,495 - 35,285 - 18,765 1,174 1,402 - 21,341 Cost of Sales (without D&A) (US$000) - 130,688 8,028 5,557 - 144,273 - 100,290 6,805 5,527 - 112,622
Add: Add:
Exploration Expenses (US$000) - 5,614 375 265 - 6,254 - 4,449 278 332 - 5,060 Exploration Expenses (US$000) - 24,125 1,482 1,026 - 26,633 - 22,133 1,502 1,220 - 24,854
Commercial Deductions (US$000) - 9,530 632 1,012 - 11,174 - 5,609 383 458 - 6,449 Commercial Deductions (US$000) - 35,786 2,248 3,850 - 41,884 - 35,240 2,559 2,078 - 39,877
Selling Expenses (US$000) - 863 58 41 - 962 - 563 35 42 - 640 Selling Expenses (US$000) - 3,094 190 132 - 3,416 - 3,000 204 165 - 3,369
Cost Applicable to Sales (US$000) - 47,683 3,180 2,812 - 53,675 - 29,386 1,870 2,234 - 33,491 Cost Applicable to Sales (US$000) - 193,694 11,947 10,565 - 216,207 - 160,663 11,069 8,990 - 180,722
Divide: Divide:
Volume Sold   -   3,206,509   1,665   1,013   -   Not Applicable   -   1,874,428   1,135   1,502   -   Not Applicable Volume Sold   -   11,940,167   6,530   4,288   -   Not Applicable   -   9,748,206   6,977   6,340   -   Not Applicable
CAS   -   14.87   1,909   2,777   -   No Applicable   -   15.68   1,648   1,488   -   No Applicable CAS   -   16.22   1,830   2,464   -   No Applicable   -   16.48   1,586   1,418   -   No Applicable
                                                                                           
LA ZANJA LA ZANJA
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) 27,504 1,132 - - - 28,636 21,666 1,107 - - - 22,773 Cost of Sales (without D&A) (US$000) 80,495 3,460 - - - 83,955 84,213 3,927 - - - 88,140
Add: Add:
Exploration Expenses (US$000) 13 1 - - - 14 25 1 - - - 26 Exploration Expenses (US$000) 115 5 - - - 120 1,159 54 - - - 1,213
Commercial Deductions (US$000) 38 -0 - - - 38 29 - - - - 29 Commercial Deductions (US$000) 240 4 - - - 244 172 - - - - 172
Selling Expenses (US$000) 401 17 - - - 418 157 8 - - - 165 Selling Expenses (US$000) 1,382 59 - - - 1,441 505 24 - - - 528
Cost Applicable to Sales (US$000) 27,957 1,149 - - - 29,106 21,877 1,116 - - - 22,994 Cost Applicable to Sales (US$000) 82,231 3,528 - - - 85,760 86,049 4,004 - - - 90,054
Divide: Divide:
Volume Sold   33,098   101,988   -   -   -   Not Applicable   32,738   108,049   -   -   -   Not Applicable Volume Sold   143,151   418,565   -   -   -   Not Applicable   132,992   381,091   -   -   -   Not Applicable
CAS   845   11.27   -   -   -   Not Applicable   668   10.33   -   -   -   Not Applicable CAS   574   8.43   -   -   -   No Applicable   647   10.51   -   -   -   Not Applicable
                                                                                           
BROCAL BROCAL
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) 986 3,904 1,178 5,701 25,539 37,309 569 4,275 1,523 2,547 22,267 31,180 Cost of Sales (without D&A) (US$000) 3,491 12,331 2,051 6,478 96,934 121,285 2,745 13,980 7,581 16,030 78,503 118,838
Add: Add:
Exploration Expenses (US$000) - - - - - - - - - - - - Exploration Expenses (US$000) - - - - - - - - - - - -
Commercial Deductions (US$000) 1,203 3,587 642 3,320 30,590 39,343 415 3,118 1,110 1,857 16,239 22,739 Commercial Deductions (US$000) 3,777 12,345 1,317 4,105 102,258 123,801 1,903 9,689 5,254 11,110 54,406 82,361
Selling Expenses (US$000) 28 113 34 165 737 1,077 36 274 97 163 1,425 1,996 Selling Expenses (US$000) 204 722 120 379 5,677 7,103 202 1,031 559 1,182 5,789 8,763
Cost Applicable to Sales (US$000) 2,218 7,604 1,855 9,186 56,866 77,729 1,020 7,667 2,730 4,567 39,931 55,915 Cost Applicable to Sales (US$000) 7,472 25,398 3,488 10,962 204,869 252,189 4,850 24,699 13,393 28,322 138,698 209,962
Divide: Divide:
Volume Sold   2,278   672,417   1,609   6,955   10,436   Not Applicable   1,202   539,230   1,932   3,620   8,284   Not Applicable Volume Sold   7,874   1,928,243   2,759   8,007   40,198   Not Applicable   4,619   1,460,681   8,392   20,011   25,266   Not Applicable
CAS   973   11.31   1,152   1,321   5,449   Not Applicable   849   14.22   1,413   1,262   4,820   Not Applicable CAS   949   13.17   1,264   1,369   5,096   No Applicable   1,050   16.91   1,596   1,415   5,490   Not Applicable
                                                                                           
NON MINING COMPANIES NON MINING COMPANIES
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) - - - - - 17,505 - - - - - 29,475 Cost of Sales (without D&A) (US$000) - - - - - 71,540 - - - - - 90,679
Add: - - Add: - -
Selling Expenses (US$000)   -   -   -   -   -   36   -   -   -   -   -   0 Selling Expenses (US$000)   -   -   -   -   -   475   -   -   -   -   -   -
Total (US$000)   -   -   -   -   -   17,542   -   -   -   -   -   29,475 Total (US$000)   -   -   -   -   -   72,015   -   -   -   -   -   90,679
                                                                                           
BUENAVENTURA CONSOLIDATED BUENAVENTURA CONSOLIDATED
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) 61,970 44,717 5,215 9,184 25,586 164,177 58,165 32,941 4,316 5,256 22,358 152,511 Cost of Sales (without D&A) (US$000) 225,206 183,208 17,929 19,532 97,124 614,539 255,332 152,658 21,773 28,025 78,819 627,285
Add: Add:
Exploration Expenses (US$000) 10,017 8,936 1,202 1,096 23 21,273 10,796 7,826 925 847 38 20,433 Exploration Expenses (US$000) 50,957 38,614 4,461 3,737 83 97,852 58,721 35,032 4,345 3,688 127 101,913
Commercial Deductions (US$000) 1,353 15,245 2,035 5,627 30,602 54,862 551 11,763 2,235 2,932 16,251 33,732 Commercial Deductions (US$000) 4,405 57,972 6,686 13,109 102,312 184,483 2,566 54,757 10,467 15,497 54,524 137,811
Selling Expenses (US$000) 714 1,411 228 354 740 3,483 197 1,144 223 286 1,428 3,278 Selling Expenses (US$000) 2,883 5,568 874 1,120 5,685 16,605 718 5,409 1,182 1,730 5,803 14,842
Cost Applicable to Sales (US$000) 74,054 70,308 8,680 16,260 56,951 243,795 69,709 53,674 7,699 9,321 40,076 209,954 Cost Applicable to Sales (US$000) 283,450 285,362 29,950 37,498 205,203 913,479 317,337 247,857 37,767 48,940 139,272 881,852
Divide: Divide:
Volume Sold   102,043   5,075,656   5,470   9,961   10,451   Not Applicable   101,004   3,880,307   5,287   6,952   8,333   Not Applicable Volume Sold   436,257   19,045,010   18,599   20,904   40,263   Not Applicable   439,489   15,792,046   23,652   33,965   25,406   Not Applicable
CAS   726   13.85   1,587   1,632   5,449   Not Applicable   690   13.83   1,456   1,341   4,809   Not Applicable CAS   650   14.98   1,610   1,794   5,097   Not Applicable   722   15.70   1,597   1,441   5,482   Not Applicable
                                                                                           
COIMOLACHE COIMOLACHE
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) 14,903 1,167 - - - 16,070 11,868 746 - - - 12,613 Cost of Sales (without D&A) (US$000) 55,041 4,237 - - - 59,278 60,112 4,953 - - - 65,064
Add: Add:
Exploration Expenses (US$000) 3,510 275 - - - 3,785 1,079 68 - - - 1,147 Exploration Expenses (US$000) 8,178 629 - - - 8,808 15,485 1,276 - - - 16,760
Commercial Deductions (US$000) 202 19 - - - 220 205 15 - - - 220 Commercial Deductions (US$000) 453 34 - - - 487 873 87 - - - 960
Selling Expenses (US$000) 278 22 - - - 300 58 4 - - - 61 Selling Expenses (US$000) 1,001 77 - - - 1,078 482 40 - - - 522
Cost Applicable to Sales (US$000) 18,893 1,482 - - - 20,375 13,209 831 - - - 14,041 Cost Applicable to Sales (US$000) 64,673 4,977 - - - 69,650 76,951 6,355 - - - 83,306
Divide: Divide:
Volume Sold   39,776   233,169   -   -   -   Not Applicable   34,565   134,379   -   -   -   Not Applicable Volume Sold   142,084   741,525   -   -   -   Not Applicable   141,633   691,887   -   -   -   Not Applicable
CAS   475   6.36   -   -   -   Not Applicable   382   6.19   -   -   -   Not Applicable CAS   455   6.71   -   -   -   No Applicable   543   9.18   -   -   -   Not Applicable
 

APPENDIX 6: ALL-IN SUSTAINING COST FOR FY14

  Buenaventura1   La Zanja   Tantahuatay   Attributable Production2
FY14 FY14

FY14

FY14

Au Ounces Sold BVN   426,919      
Au Ounces bought from La Zanja -141,688
Au Ounces Sold Net 285,231 142,827 142,084 417,984
 

FY14

FY14

FY14

FY14

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 Sales3 352,892 1,237 84,381 591 59,228 417 421,412 1,008
Exploration in Operating Units 97,732 343 19,809 139 8,808 62 111,774 267
Royalties 27,885 98 555 4 0 0 28,180 67
Comercial Deductions4 60,607 212 3,468 24 487 3 62,643 150
Selling Expenses 7,591 27 1,441 10 1,078 8 8,788 21
Administrative Expenses5 49,740 174 5,920 41 2,073 15 53,712 129
Other Expenses 0 0 11,874 83 6,497 46 8,905 21
Other Incomes 0 0 -13,317 -93 -9,016 -63 -10,681 -26
Administrative charges 0 0 4,277 30 583 4 2,503 6
Sustaining Capex6 25,448 89 20,452 143 35,360 249 50,478 121
 
By-product Credit -375,654 -1,317 -7,881 -55 -13,765 -97 -385,354 -922
 
All-in Sustaining Cost 246,242 863 130,979 917 91,333 643 352,360 843
 

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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged to subsidiaries.
6. Sustaining Capex + Growth Capex equals Adquisitions of mining concessions, development costs, property, plant and equipment.

APPENDIX 7:

Compañía de Minas Buenaventura S.A.A. and Subsidiaries    
Consolidated Statement of Financial Position
As of December 31, 2014 and December 31, 2013
2,014 2,013
Assets US$(000) US$(000)
Current assets
Cash and cash equivalents 78,512 51,276
Trade and other accounts receivable, net 281,604 261,003
Income tax credit 53,746 37,370
Prepaid expenses 16,954 14,597
Hedge derivative financial instruments 3,688 -
Embedded derivatives for concentrate sales, net - 1,857
Inventory, net 150,284 175,719
Total current assets 584,788 541,822
Assets classified as held for sale 18,683 -
603,471 541,822
 
Non-current assets
Trade and other accounts receivable, net 26,651 28,079
Long-term inventory 34,088 23,366
Investment in associates 2,224,381 2,350,302
Mining concessions, development costs, property, plant and equipment, net 1,715,452 1,515,460
Investment properties 11,200 -
Deferred income tax asset 47,675 83,525
Other assets, net 9,356 7,133
Total non-current assets 4,068,803 4,007,865.00
   
Total assets 4,672,274 4,549,687.00
 
 
Liabilities and shareholders’ equity
Current liabilities
Overdraft and bank loans 40,000 -
Trade and other accounts payable 254,000 285,532
Provisions 67,895 69,800
Income tax payable 3,556 2,140
Hedge derivative financial instruments - 1,093
Embedded derivatives for concentrate sales, net 9,072 -
Financial obligations 69,950 11,370
Total current liabilities 444,473 369,935
 
Liabilities directly associated with assets classified as held for sale 28,890 -
473,363 369,935
 
 
Non-current liabilities
Financial liability at fair value through profit or loss 23,026 -
Trade and other accounts payable 15,240 12,229
Provisions 63,571 106,376
Financial obligations 313,355 223,027
Deferred income tax liability 21,594 -
Total non-current liabilities 436,786 341,632
   
Total liabilities 910,149 711,567
 
Shareholders’ equity
Issued capital, net of treasury shares for US$(000)62,665 750,497 750,497
Investment shares, net of treasury shares for US$(000)765 1,396 1,396
Additional paid-in capital 219,055 219,055
Legal reserve 162,710 162,663
Other reserves 269 269
Retained earnings 2,328,423 2,413,130
Other equity reserves 1,755 104
3,464,105 3,547,114
Non-controlling interest 298,020 291,006
Total shareholders’ equity 3,762,125 3,838,120
   
Total liabilities and shareholders’ equity 4,672,274 4,549,687
       
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income
For the three and twelve month periods ended December 31, 2014 and 2013
For the three month period For the twelve month period
ended December, 31 ended December, 31
2,014 2,013 2,014 2,013
US$(000) US$(000) US$(000) US$(000)
Operating income
Net sales 253,669 287,039 1,128,305 1,215,421
Royalty income 11,911   7,152   36,867   44,185  
Total operating income 265,580 294,191 1,165,172 1,259,606
 
Operating costs
Cost of sales, without considering depreciation and amortization (164,177 ) (152,511 ) (614,539 ) (627,285 )
Exploration in operating units (21,273 ) (20,433 ) (97,852 ) (101,913 )
Depreciation and amortization (57,684 ) (41,445 ) (208,698 ) (159,140 )
Mining royalties (6,630 ) (6,704 ) (28,440 ) (30,402 )
Total operating costs (249,764 ) (221,093 ) (949,529 ) (918,740 )
       
Gross profit 15,816   73,098   215,643   340,866  
 
Operating expenses
Administrative expenses (24,833 ) (19,154 ) (101,102 ) (75,118 )
Exploration in non-operating areas (17,833 ) (9,444 ) (50,007 ) (32,805 )
Selling expenses (3,483 ) (3,278 ) (16,605 ) (14,842 )
Excess workers' participation (704 ) (704 )
Other, net 12,001   (7,513 ) 13,667   (2,154 )
Total operating expenses (34,148 ) (40,093 ) (154,047 ) (125,623 )
 
Operating profit (18,332 ) 33,005   61,596   215,243  
 
Other income, net
Share in the results of associates under equity method (113,842 ) (287,985 ) (74,600 ) (114,145 )
Financial income 4,124 4,270 8,408 6,621
Financial expenses (4,255 ) (665 ) (11,318 ) (9,896 )
Net loss from currency exchange difference (3,378 ) (341 ) (8,452 ) (7,192 )
Adquiscion gain generated by subsidiary -   -   59,852   -  
Total other income, net (117,351 ) (284,721 ) (26,110 ) (124,612 )
 
Profit before income taxes and non-controlling interest (135,683 ) (251,716 ) 35,486 90,631
 
Income taxes (23,928 ) (13,410 ) (66,012 ) (86,482 )
       
Net profit (159,611 ) (265,126 ) (30,526 ) 4,149  
 
Discontinued operations
Loss from discontinued operations (31,114 ) (83,885 ) (31,114 ) (83,885 )
Net Income (190,725 ) (349,011 ) (61,640 ) (79,736 )
 
Attributable to:
Owners of the parent (187,661 ) (355,959 ) (76,065 ) (107,257 )
Non-controlling interest (3,064 ) 6,948   14,425   27,521  
(190,725 ) (349,011 ) (61,640 ) (79,736 )
 
Basic and diluted earnings per share attributable
to owners of the parent, stated in U.S. dollars (0.74 ) (1.40 ) (0.30 ) (0.42 )
 
Weighted average number of shares outstanding
(common and investment), in units 254,186,867   254,186,867   254,186,867   254,186,867  
       
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the three and twelve month periods ended December 31, 2014 and 2013
For the three month period For the twelve month period
ended December, 31 ended December, 31
2,014 2,013 2,014 2,013
US$(000) US$(000) US$(000) US$(000)
Operating activities
Proceeds from sales 277,368 311,879 1,133,759 1,351,359
Value Added Tax (VAT) recovered - 7,815 39,685 66,921
Royalties received 14,719 10,738 36,867 50,562
Dividends received 6,015 2,027 12,941 9,803
Interest received 4,027 4,102 8,333 8,235
Payments to suppliers and third-parties (113,411 ) (98,216 ) (633,146 ) (752,813 )
Payments to employees (46,490 ) (46,522 ) (203,562 ) (216,799 )
Payment of income tax (1,768 ) (47 ) (33,161 ) (66,427 )
Payment of royalties (5,783 ) (2,632 ) (22,631 ) (30,623 )
Payment of interest (4,032 ) (2,936 ) (9,405 ) (11,494 )
 
Net cash and cash equivalents provided by operating activities 130,645   186,208   329,680   408,724  
 
Investing activities
Proceeds from settlement of financial assets at fair value through profit or loss - 12,944 - 52,944
Proceeds from collections of loans to associates - 4,043 15,553 24,537
Proceeds from sales of mining concessions, property, plant and equipment 13,217 47 1,681 5,010
Proceeds from settlement of investment in shares - - - -
Acquisitions of mining concessions, development costs, property, plant and equipment (42,920 ) (147,494 ) (284,903 ) (503,576 )
Acquisitions of investment properties - - - -
Payment for purchase of investments - - (80,373 ) -
Associates loans granted - - - -
Contributions and investments in associates (2,092 ) (1,649 ) (2,912 ) (6,988 )
-
Net cash and cash equivalents used in investing activities (31,795 ) (132,109 ) (350,954 ) (428,073 )
 
Financing activities
Increase of bank loans (504 ) (21,126 ) 40,000 -
Increase in financial obligations (118,321 ) 176,975 68,237 236,975
Payment of financial obligations (2,433 ) (260,089 ) (42,205 ) (260,231 )
Dividends paid (5,845 ) (2,567 ) (8,642 ) (78,836 )
Dividends paid to non-controlling interest (2,640 ) - (8,880 ) (13,533 )
Purchase of associates' shares -   -   -   (462 )
 
Net cash and cash equivalents provided by (used in) financing activities (129,743 ) (106,807 ) 48,510   (116,087 )
 
Net increase (decrease) in cash and cash equivalents during the period (30,893 ) (52,708 ) 27,236 (135,436 )
Cash and cash equivalents at the beginning of the period 109,405 103,984 51,276 186,712
       
Cash and cash equivalents at period-end 78,512   51,276   78,512   51,276  



Contact

Compañia de Minas Buenaventura S.A.A.
Lima:
Carlos Galvez, 511-419-2540
Chief Financial Officer
or
Daniel Dominguez, 511-419-2591
Director of Treasury and Investor Relations
daniel.dominguez@buenaventura.pe
or
New York:
i-advize Corporate Communications
Maria Barona / Rafael Borja, 212-406-3691/3693
buenaventura@i-advize.com


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