Buenaventura Announces Second Quarter 2021 Production and Volume Sold Per Metal Results

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 2Q21 production and volume sold.

• Tambomayo:
  
  
  
  2Q21 gold production was aligned with expected mine ramp-up for 2021 and was favorably impacted by more stable operations at Tambomayo’s processing plant. 2021 gold production guidance remains unchanged.
  
  
  
  2Q21 silver production was in line with expectations. 2021 silver production guidance remains unchanged.

• Orcopampa:
  
  
  
  2Q21 gold production progressed slightly below the planned ramp-up due to less ore treated during the quarter resulting from Covid-19 related personnel restrictions. Additional staff and resources have been re-allocated to expedite Orcopampa mine development and production for the balance of the year. 2021 guidance remains unchanged.

• Coimolache:
  
  
  
  2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.

• La Zanja:
  
  
  
  2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.

• Julcani:
  
  
  
  2Q21 silver production was in line with expectations. 2021 guidance remains unchanged.

• Uchucchacua:
  
  
  
  2Q21 silver, lead and zinc production was below expectations due to lower production from high grade Ag areas resulting from Covid-19 restriction-related delays in mine development, a slower than anticipated transition to narrow vein mining and a negative reconciliation. This was partially offset by increased production from polymetallic stopes and 4 Oz Ag/t tailings reprocessed during the quarter. Therefore, guidance has been updated to 6.0 – 7.0 M Oz Ag for 2021 with more conservative development and mining rate projections due to Covid-19 related restrictions. The mining plan is still under review.

• El Brocal:
  
  
  
  Marcapunta’s 2Q21 copper production was in line with expectations. 2021 copper production guidance remains unchanged.
  
  
  
  Tajo Norte’s zinc production was below expectations due to stripping delays with a negative reconciliation. 2021 zinc production guidance was updated to 40.0-45.0k mt.

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.

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