Compañia de Minas Buenaventura SAA: Buenaventura Announces Third Quarter 2019 Production, Volume Sold per Metal Results and 2019 Operating Guidance

Tickers: BVN
Buenaventura Announces Third Quarter 2019 Production and

Volume Sold per Metal Results

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Lima, Peru, October 09, 2019 - 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, today announced preliminary 3Q19 production and volume sold.

3Q19 Production per Metal and 2019

Operating Guidance (100% basis)

1Q19

2Q19

3Q19

9M19

Estimated

Estimated 2019

2019

(Actual)

(Actual)

(Actual)

(Actual)

(Previous)

(Updated)

Gold (Oz.)

Orcopampa

5,949

10,764

10,721

27,434

37k

- 45k

37k

- 45k

Tambomayo

24,034

24,610

21,740

70,384

90k - 110k

90k - 110k

La Zanja

13,616

5,443

6,224

25,283

30k

- 35k

25k

- 35k

Tantahuatay

26,273

34,766

49,683

110,722

150k

- 170k

150k

- 170k

Yanacocha

144,423

139,077

142,654

426,154

510k*

510k*

El Brocal

3,417

3,704

5,672

12,793

18k

- 20k

25k

- 30k

Silver (Oz.)

Uchucchacua

1,996,439

3,083,290

2,684,854

7,764,583

11.5M

- 12.5M

11.5M

- 12.5M

El Brocal

764,388

1,449,278

993,883

3,207,550

4.0M

- 4.5M

4.5M

- 5.5M

Tambomayo

515,242

558,034

641,247

1,714,523

2.5M

- 3.0M

2.5M

- 3.0M

Julcani

658,715

642,182

658,883

1,959,780

2.2M

- 2.5M

2.2M

- 2.5M

Lead (MT)

El Brocal

5,031

8,349

4,393

17,774

22.0k

- 26.0k

22.0k

- 26.0k

Uchucchacua

2,959

5,795

4,708

13,461

20.0k

- 21.0k

22.0k

- 26.0k

Tambomayo

1,946

1,883

1,497

5,325

6.5k -7.5k

4.0k

- 5.0k

Julcani

241

217

281

739

0.9k

- 1.0k

0.9k

- 1.0k

Zinc (MT)

El Brocal

10,467

12,476

8,968

31,911

50k

- 53k

57k

- 65k

Uchucchacua

3,904

6,093

5,101

15,099

20k

- 25k

20k

- 25k

Tambomayo

2,506

2,333

2,478

7,316

8k

- 9k

6k

- 8k

Copper (MT)

El Brocal

8,856

9,671

12,707

31,234

47K

- 52K

47K

- 52K

* As announced by Newmont

Contacts in Lima:

Contacts in NY:

Leandro García, Chief Financial Officer

Barbara Cano

(511)

419 2540

(646) 452 2334

Rodrigo Echecopar, Head of Investor Relations

barbara@inspirgroup.com

(511)

419 2591 / rodrigo.echecopar@buenaventura.pe

Company Website: www.buenaventura.com.pe/ir

Compañía de Minas Buenaventura S.A.A.

Page 2 of 3

3Q19 Production Comments

Gold Operations

  • Orcopampa:
    No change to 2019 revised guidance as announced in the second quarter 2019.
  • Tambomayo:
    No change to 2019 gold guidance as announced at the beginning of the year.
    2019 guidance for Tambomayo's lead and zinc production has increased due to Buenaventura's mine plan approach which enables access to areas with higher grades and profitability.
  • La Zanja:
    2019 guidance has increased due to higher gold extraction rates.
  • Coimolache:
No change to 2019 guidance as announced at the beginning of the year.

Silver Operations

  • Uchucchacua:
    No change to revised 2019 silver guidance as announced in the second quarter 2019. 2019 lead guidance has decreased due to lower than expected grades.
    The Company expects to increase silver production during the fourth quarter 2019 due to access to areas with higher silver grades.
  • Julcani:
    No change to 2019 guidance as announced at the beginning of the year.
Base Metals Operations

  • El Brocal:
    No change to 2019 copper guidance as announced at the beginning of the year .
    2019 guidance for zinc production has been decreased due to prioritizing slope stability in the interest of safety during the third quarter 2019. This area will be fully exploited during 2020.
Compañía de Minas Buenaventura S.A.A.

Page 3 of 3

3Q19 Volume Sold

3Q19 Volume sold per Metal (100% basis)

1Q19

2Q19

3Q19

9M19

(Actual)

(Actual)

(Actual)

(Actual)

Gold (Oz.)

Orcopampa

4,427

10,391

11,283

26,102

Tambomayo

16,360

27,468

26,568

70,396

La Zanja

12,621

5,521

6,335

24,477

Tantahuatay

26,191

34,455

49,095

109,741

El Brocal

2,178

2,457

3,817

8,452

Silver (Oz.)

Uchucchacua

1,834,669

2,923,280

2,415,985

7,173,934

El Brocal

592,139

1,228,153

804,700

2,624,992

Tambomayo

399,251

589,667

705,669

1,694,588

Julcani

633,567

585,840

649,276

1,868,683

Lead (MT)

El Brocal

5,159

7,850

4,176

17,185

Uchucchacua

2,456

5,349

4,072

11,877

Tambomayo

1,551

1,794

2,084

5,429

Julcani

211

178

256

645

Zinc (MT)

El Brocal

9,387

10,211

7,499

27,097

Uchucchacua

3,402

4,860

3,843

12,104

Tambomayo

1,979

2,000

2,070

6,050

Copper (MT)

El Brocal

8,313

9,186

11,995

29,493

Realized Metal Prices

1Q19

2Q19

3Q19

9M19

(Actual)

(Actual)

(Actual)

(Actual)

Gold (Oz)

1,301

1,303

1,493

1,373

Silver (Oz)

15.45

14.91

17.69

16.00

Lead (MT)

2,055

1,851

1,947

1,934

Zinc (MT)

2,813

2,875

1,961

2,584

Copper (MT)

6,122

6,077

5,584

5,889

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua* , Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc., Sumitomo Corporation & Sumitomo Metals).

For a printed version of the Company's 2018 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company's web site. (*) 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.

Disclaimer

Compañia de Minas Buenaventura SAA published this content on 09 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2019 21:09:06 UTC