Compañía

Compañía de
de Minas
Minas
Buenaventura
Buenaventura S.A.A.
S.A.A.
Results
Results &
& Outlook
Outlook

September,
September, 2006
2006
 Cautionary Statement

This package of presentation materials contains

forward-looking information regarding sales
and production volumes, cash production costs,
general and administrative expenses, capital
expenditures, development projects and other
matters. Important factors that might cause
future results to differ from these projections
are described in BVN’S form 20-F filed with the
Securities and Exchange Commission.
 Overview

• Precious metals mining since 1953

• Based in Peru, an attractive country for mining
• Among the main gold and silver producers in the world
• Two growing underground gold mines (Orcopampa and
Antapite) and the 4th largest silver mine (Uchucchacua)
• 43.65% stake in Yanacocha, Latin America’s largest
gold mine and one of the largest in the world
• 18.50% stake in Cerro Verde, an important copper
company in Peru
 Overview

• Very good geological information in Peru.

• Aggressive exploration program.
• Joint ventures with Newmont, Gold Fields, SPCC and
Barrick.
• Solid reserve base with an important level of production
and earnings.
• Quoted on the Lima Stock Exchange (BUE.LM) since
1971, and NYSE (BVN) since 1996.
Our Achievements
 Solid equity reserve base
Gold Silver

18 16.3 120 107.9

15.3 15.0 14.9 15.0 15.2
16
100
14 81.8
74.9
12 80
60.8 60.8
59.9

Million Oz
10
Million Oz

60
8

6 40

4
20
2

0 0
2000 2001 2002 2003 2004 2005 2000 2001 2002 2003 2004 2005

Copper
2,500 2,246

2,000

1,500 1,275
000 ST

1,000

368 417 418 389

500

0
2000 2001 2002 2003 2004 2005
 Increased our equity gold, silver and copper
production
Gold Silver
16.0
2.00 1.81 15.4
16 14.3
1.80 1.64
1.54 1.50 12.9 13.1
14 12.5
1.60 11.6
1.25
1.40 12

1.20 1.04
M illio n O z

0.91 10

Million O z
1.00
8
0.80
6
0.60
0.40 4

0.20 2
0.00
2000 2001 2002 2003 2004 2005 2006e 0
2000 2001 2002 2003 2004 2005 2006e

Copper
25 20.90
19.10
20

15
8.95
000 ST

8.73 8.83
7.21 7.78
10

0
2000 2001 2002 2003 2004 2005 2006e
 Improved our economic results
Total Revenues EBITDA BVN's operations
336.9 344.4 112.5
120
350
96.6
259.6
300 100 83.5

US$ Million
250 80
181.3 59.3
US$ Million

200
60
150
40
100

50 20

0 0
2002 2003 2004 2005 2002 2003 2004 2005

EBITDA including Yanacocha and

Net Incom e
Cerro Verde
274.3
571.0 300

600
250
208.9
500 427.9
341.0 200
400

US$ Million
US$ Million

227.2 150 110.5

300

100
200 53.4

100 50

0 0
2002 2003 2004 2005 2002 2003 2004 2005
 Improved quartely economic results
2Q04 / 2Q05 / 2Q06
Total Revenues EBIT DA BVN's operations
168.6 84.9
90
180
80
160
140 70

US$ Million
120 88.1 60
79.4
US$ Million

100 50
40
28.5 28.0
80
60 30
40 20
20 10
0 0
2Q04 2Q05 2Q06 2Q04 2Q05 2Q06

EBITDA including Yanacocha and Cerro Net Incom e

Verde 138.1
300 260.1
140

250 120

100 77.2
200
66.1
US$ Million

116.9 U S$ M illion 80
150
87.3
60
100
40
50
20
0 0
2Q04 2Q05 2Q06 2Q04 2Q05 2Q06
To achieve this, it was required:
Orcopampa: Production vs. Reserves & Resources
1,400

1,200

1,000

Resources
800
000 O z

Reserves
600

400
211 233 235
146 160 181
200

00
2001 2002 2003 2004 2005 2006E

….and has produced 1.6 million Oz of gold and 67.8 million Oz

of silver since 1967
 Orcopampa

• Producing in excess of 230,000 oz of gold per year

• Controlling cash operating cost below US$135 per oz*

*Does not include commercial royalties

 Antapite: Production vs. Reserves & Resources
700

600

500

Resources
400
000 Oz

Reserves

300

200

97 104 105
72 84
100 35
00
2001 2002 2003 2004 2005 2006E

….and has produced 0.4 million Oz of gold and 0.4 million Oz of

silver since 2001
 Antapite

• Producing in excess of 100,000 oz of gold

• Controlling cash operating cost below US$ 200 per oz while

continue increasing L.O.M
 Uchucchacua: Production vs. Reserves & Resources
130
120
110
100
90
80
Million Oz

70
60 Resources

50 Reserves
40
30
20
8.7 9.8 9.4 9.6 10.2 11.0
10
10
0
0
2001 2002 2003 2004 2005 2006E

...and has produced 128.5 million Oz of silver since 1970

 Uchucchacua

• Producing in excess of 11 Million oz of silver

• Continue cutting cash operating costs below US$3.00 per oz

 Yanacocha: Reserves & Resources
60

55

50

45

40

35
Million Oz

30

25

20 Resources

15 Reserves

10
55 1.90 2.29 2.85 3.02 3.33 2.50
0
0
2001 2002 2003 2004 2005 2006e
….and has already produced 21.0 million Oz of gold since
1993
 CERRO VERDE
Highlights

• Total Production 2005 : 100K tons

•Total Sales 2005: $359M

•Net Profit 2005: $233M

•Expected Production for 2006 100K tons

Future Production
• Oxides ~ 100k tons / year Cu in Cathodes
• Sulfides ~ 200K tons / year Cu in Concentrates
• Total ~ 300K tons / year Cu
 CERRO VERDE
Primary Sulfide Project – Key Parameters

• Total Investment $850M

• Project Financing : - Capital Increase $440M

- Debt $410M
• Ores Reserves - 1.4 B tons
• Grade - Cu 0.49%
• Production - LOM 34 years
- Ore throughput 119 Ktpd
- Stripping ratio 0.5 (LOM avg)
- Cu in concentrate 6.1 M tons (LOM)

• Expected Project impact on BVN - Investment: $154.8M

- IRR 11% @ 0.90 $/lb
- IRR 18% @ 1.10 $/1b
Cerro Verde: Cross Section
EXPLORATION
Results
 Mine development and exploration projects
81°W 73°W
0°S Mining districts
N
Ranking of exploration projects
and principal prospects
El Faique

Tantahuatay
4. Mine Marcapunta
Marcapunta

Projects
Hualgayoc development
Los Pircos Poracota
Poracota
LA ZANJA YANACOCHA 3. Feasibility and
8°S reserve generation La
La Zanja
Zanja
Tantahuatay
Pozo Rico In Out
COLQUIJIRCA Pozo Rico Soras
2. Resource

Prospects
UCHUCCHACUA
MARCAPUNTA delineation
Los Pircos Layo
Lima
1. Drilling & Trapiche Hualgayoc
tunneling
Pampa Andino Trapiche El Faique Pampa Andino
ANTAPITE ORCOPAMPA
Layo
PORACOTA
16°S
Soras Development projects
CERRO VERDE
Advanced projects
500 Km
 Orcopampa Mining District

PORACOTA Layo
(75%BVN) SORAS
(BVN)

Huamanihuayta ORCOPAMPA
Sorayas (BVN)

Chipmo

Line of section ORCOPAMPA

ORCOPAMPARESERVES
RESERVES ::1.08
1.08Mt
Mt@@19.1
19.1g/t
g/tAu,
Au,0.66
0.66Moz
MozAu
Au
(December
(December 31, 2004) NRM
31, 2004) NRM ::0.85
0.85 Mt @ 21.8 g/t Au, 0.59 MozAu
Mt @ 21.8 g/t Au, 0.59 Moz Au
ORCOPAMPA RESERVES
ORCOPAMPA RESERVES ::1.14 Mt @ 21.2 g/t Au, 0.78 Moz Au
1.14 Mt @ 21.2 g/t Au, 0.78 Moz Au
10 Km
(December
(December31,
31,2005)
2005)NRM
NRM ::0.78
0.78Mt
Mt@@20.2
20.2g/t
g/tAu,
Au,0.50
0.50Moz
MozAuAu
 Nazareno vein, Chipmo Mine – Orcopampa District
DDH Width (m) Au g/t
SW 1 5.5 284.3 NE
SW Ore Reserves : 763,910 DST @ 23.0 g/t Au 2 2.8 85.0
NRM : 382,120 DST @ 21.8 g/t Au 3 4.4 89.2
4 0.7 25.9
Height 5 1.4 16.8
(m) 6 3.8 22.6
4,000 7 3.5 16.4
8 0.8 29.4
9 2.0 10.2
3,900 Shaft 10 2.8 19.3
11 0.8 23.9
Chilcaymarca River
3,800

3,700 3690 Level

?

GAL 855 E

3,600 14R
13R

3640 Level
3540 Level
1
3,500 2
3490 Level
11 3
7 6 10
9 3440 Level
3,400 5 3390 Level
4
500 m 8

Alunite Quartz Fault Stoping areas Projected tunnels

 PrometidaR1-R2
Prometida R1-R2 Vein,
vein, Chipmo
Chipmo Mine
Mine –- Orcopampa
Orcopampa District
District
SSW
W N
NEE
Height DDH Width (m) Au g/t
Ore Reserves : 373,305 DST @ 17.4 g/t Au
(m)
NRM : 394,505 DST @ 18.7 g/t Au 1 0.9 8.0
4 000 2 0.5 8.6
3 0.5 9.8
4 1.4 25.2
3 900 5 0.3 476.7
6 2.0 13.8
7 2.2 13.1
V V
V V
V V V V V V V
V
Chilcaymarca River V V
V V
V
V
V
V

3 800 V V V V V V
V V V
V V
V V V V
V V
V V
V V
V
V V V V V
V

V
3 700
V
V V
V

V
3660 level V V

V
3610 Level
3 600
3540 Level

3 500 3490 Level

1
3
2 4 5 6
3440 Level

3 400 500 m 3390 Level

7
3340 Level

Alunite Quartz Faults Stoping areas Projected tunnels

 Poracota: gold veins and manto ore-bodies

SW NE
Height
(m)

Ch-2

Qcol
2.0 / 21.1 8.8 / 27.4
4800 m Manto Rojo 4.6 / 10.6 C. 785
13.3 /9.5 Manto Dorado
2.1 / 8.1 Ch-1
2.25 / 9.0 5.1 / 8.2
C. 720
9.2 / 15.1 15.8 / 13.1
3.2 / 11.0
Manto Aguila 14.6 / 12.3
2.5 / 14.4
2.1 / 13.4
4600 4.4 / 19.8
Silicification

1900 Vein Quartz + alunite

Intercepts: m / g/t Au
Crosscut 4785
Crosscut 4720
500 m

NRM
NRM -- Sulfides:
Sulfides: 1’256,150
1’256,150 DST
DST @
@ 10.2
10.2 g/t
g/t Au
Au
 Uchucchacua Mining District

UCHUCCHACUA RESERVES:
RESERVES:3.96
3.96Mt
Mt@@17.0
17.0oz/t
oz/tAg,
Ag,67.43
67.43Moz
MozAg
Ag
N
UCHUCCHACUA
(December31,
(December 31,2004)
2004) NRM
NRM ::1.06
1.06Mt
Mt@@16.1
16.1oz/t
oz/tAg,
Ag,17.00
17.00Moz
MozAg
Ag
UCHUCCHACUA RESERVES:
UCHUCCHACUA RESERVES:5.42
5.42Mt
Mt@@16.4
16.4oz/t
oz/tAg,
Ag,88.95
88.95Moz
MozAg
Ag
(December31,
(December 31,2005)
2005)NRM
NRM ::1.78
1.78Mt
Mt@@17.4
17.4oz/t
oz/tAg,
Ag,30.94
30.94Moz
MozAg
Ag

Anamaray Pozo Rico

Uchucchacua

Oyó
Oyón

Mallay

0
Jatun Chacua
10 5Km 10
kilometers
 60 veins & 15 orebodies, Uchucchacua District

LEGEND
N-8828
NW Upper Jumasha Formation
LUCRECIA
Marker Horizon
Middle Jumasha Formation
Lower Jumasha Formation
A
SOCORRO Intrusives
MP
IPA ELIANA
CH VANESA
CA
1
EA
DR

SOC
MAGALY
AN

ORR
O3

SOC
ORRO LUCERO
KEY
Veins
Z
LU

ROSA ROSARIO
IRMA VIVIANA
ROSA 2 Ore bodies
RIA 1

N-8826
RA

LUCIA
PET
VICTO

BONNIE
A

EL
JULIAN

UR RA
QU CA
CARMEN Faults
AS
RL
NI

KA
RO

MONICA
VE

CASUALIDAD Intrusives
SANDRA RUBI - RITA RUB

M
I

AR
KE
JAQUELINE

R
RI

-2
Target areas
TA
EDITH

40
LE
A1

VE
AMP
MOP

L
2

PLO
PA
AM

MARION MA
Syncline
OP

RIO
3A N
OM

PLOMOPAMPA
PL

V-
3 A
12
0L

Anticline
4

EV
VE

EL
NT
AN
ILL
A

HUANTAJALLA
Tunnel

N-8824 Lakes
SE

1 Km
E-316

E-318
 60 veins & 15 orebodies, Uchucchacua District
NW SE
Height
(m)

CARMEN AREA
5,000

SOCORRO AREA HUANTAJALLA AREA

LUCRECIA AREA MARKER

A2
4,600 ROSA 2

P
PAM
IRMA - VIVIANA

MO
MARION

P LO
EDITH
CA

RIT
S
RDE

GINA
TIN
CH

LUCERO

MELISA

A
VA N
A
IPA

4A
LUCIA
LOU

ESA
MP
A

4,200 LIZA
ELIANA

3A
CPO. RUBI
MARION S 120 Level
MAGALY
A
CHACU

EL
QU
RA
ROSA
UCHUC

3,800
OR R
AMPA

S OC
CACHIP

LEGEND KEY
Upper Jumasha Formation Sulfide orebodies
Marker Horizon Oxide orebodies
1 1Km
Km Middle Jumasha Formation Veins
Lower Jumasha Formation Faults
Intrusives
 Marcapunta Project: Section 360,610 E
N
Height (m)
C° M arcapunta S
4500 m

4000 m
?

Porphyry
Dom os dedacite domes
dacitas argilizadas O xidos
Oxides OGold in óxidos
ro en oxides
Mineralized
Brechas limestone
de caliza breccias
silicificadas Arsenical
Cobre copper
y oro arsenicales
Sulfuros
Sulfides and gold
Red
A bed sandstones
reniscas rojas frescas Cobre no arsenical
Non arsenical copper
Marcapunta west declineRampa Marcapunta Oeste
Infill drilling: 18,000 m, completed
Advanced A vance Sondaje diam antino 500
(33 DDH m
– RC)
Projected Proyectada Total: 35,000 m. (118 DDH – RC)

NRM 200 m
NRM -- Sulfides:
Sulfides: 123’135,520
123’135,520 DST
DST @
@ 1.9%
1.9% Cu,
Cu, 0.5
0.5 g/t
g/t Au,
Au, 0.7
0.7 oz/t
oz/t Ag
Ag
NRM - Oxides : 13’216,210 DST
NRM - Oxides : 13’216,210 DST @ @ tr Cu, 1.9 g/t Au, 2.0 oz/t Ag
tr Cu, 1.9 g/t Au, 2.0 oz/t Ag
 La Zanja: Care & maintenance plus engineering and
exploration … ¡More ounces!

Pampa Verde
Open Pit
9’246,000 N

San Pedro Sur Road

Open Pit Fresh water
Water collection
structures
Primary electric
line 22.9 Kv
Distribution
electric line 10 Kv
Leach Pad
Turmalina 1 Km
9’244,000 N

732,000 E 734,000 E 736,000 E

NRM
NRM -- Oxides:
Oxides: 19’196,000
19’196,000 DST
DST @
@ 0.8
0.8 g/t
g/t Au,
Au, 0.2
0.2 oz/t
oz/t Ag,
Ag, in
in San
San Pedro
Pedro &
& Pampa
Pampa Verde
Verde
 Vision to 2014
Buenaventura pursues to be a globally
competitive Mining and Metallurgical
Company, as well as leaders in terms of
profitability, value creation for its
shareholders, and safety and opportunities
for its employees. The Company is
committed to environmental issues and
generating strategic alliances with its partners
to promote sustainable community
development.
 Strategy
• Focus on precious metals mining in Peru and open to base
metals
• Remain a strong operating company
• Upgrade operations and maintain high standards of safety,
environmental protection & social responsibility
• Generate reserves through exploration
• Pursue acquisitions preferably in Latin America
• Share risks through joint ventures
• Permanent contact with our investors
• Commitment to best practices of corporate governance
www.buenaventura.com

Investor Relations : Daniel Domínguez

Telephone: (511) 419-2536
E-mail: ddominguez@buenaventura.com.pe