Presentation 2015

CAUTIONARY STATEMENT

This package of presentation materials contains

forward-looking information regarding sales
and production volumes, cost applicable to
sales, 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 BVNs form 20-F
filed with the Securities and Exchange
Commission.
2
 WHY TO INVEST IN BUENAVENTURA?

MAXIMIZE CASH GENERATION

Gold and silver Cerro Verde, will Low leverage Divesting non- Low sustaining High returns in
production will have the biggest compared to profitable assets CAPEX projects focused
grow in 2016 copper peers compared to on:
with processing plant Reducing G&A peers
Tambomayo in the world Total debt of expenses - Underground
(360K TPD) only US$ 470M Low growth deposits
Expanding LOM Remain a low CAPEX (between
at main direct Yanacocha, still cost producer US$200-500M
a world class per project) - High-grade
operations
deposit with deposits
Increasing high potential in
reserves and sulphides
resources with
Tambomayo and
San Gabriel

Attractive
Profitable
Growth Low Debt Cost Reductions CAPEX Discipline Pipeline of
Investments Projects
3
BVNS GOLD PRODUCTION WILL
INCREASE IN 2016
2015: EQUITY GOLD PRODUCTION
WILL REMAIN SIMILAR TO 2014

Gold Equity Production Profile

846

000 Oz
900 750-800
700
500
300
100
2014 2015E

Gold from direct operations (including Tantahuatay)

was 422k oz in 2014

Gold production in Orcopampa, La Zanja and

Tantahuatay will remain strong in 2015

5
 OUR HIGH QUALITY GOLD
ASSETS
Gold Equity Production Profile Yanacocha Equity Production Profile
250 (Operated by BVN) (Affiliate)
203 201 500
200 2014 2015E 423 410
000 Oz Au

000 Oz Au
400
150
300
100 76 74 200
58 56
50 100

0 0
LA ZANJA TANTAHUATAY ORCOPAMPA 2014 2015E

Tambomayo will produce at the rate of 120k 150k oz of gold and 3M oz of silver in 2016

San Gabriel will produce at the rate of 200k gold oz in 2018

Ongoing brownfield explorations at Orcopampa, La Zanja and Tantahuatay will contribute to increase
Life of Mine 6
 EXTENDING THE LIFE OF MINE OF
OUR OPERATIONS
Gold Reserves & Resources 2013-2014 (000 Oz)
12,000
10,109
10,000 9,081 8,850 8,651 Reserves have been succesfully replaced in direct
8,000 4,990 operations
000 Oz

6,000 4,403
8,002 7,631
4,000
Tambomayo added 250K Gold ounces to Reserves
2,000 4,248 5,119
1,079 1,219
0 Gold resources increased in 17% (2014 vs 2013) due to
2013 2014 2013 2014
San Gabriel acquisition (from 1.2 to 2.5M gold oz)
Reserves Resources
Direct Operations* Yanacocha

2014: us$ 1,250/Oz Au

7
*Include Tantahuatay
 ORCOPAMPA

Production Profile R&NRM

400
334 321
250

Oz Au (000)
203 200 320
Oz Au (000)

200
240
150
160 120 100
100
50 80
0 0
2014 2015E 2013 2014
Reserves Resources

Exploring in depth at Lucia vein and Nazareno Este with encouraging results

Returning to upper levels: targeting narrower areas with small equipment to avoid grade dilution

8
LONGITUDINAL SECTION OF
NAZARENO VEIN

9
 ORCOPAMPA MINE

ORE RESERVES : 0.32 Moz of Gold and 1.10 Moz of Silver (0.63 Mt @ 15.82 g/t Au, 1.75 oz/t Ag)
NRM : 0.10 Moz of Gold and 1.18 Moz of Silver (0.20 Mt @ 15.72 g/t Au, 5.95 oz/t Ag)
POTENTIAL: 0.12 0.15 Moz of Gold

SW NE
PROMETIDA R1 LUCAS VEINS SECTOR QUELLO QUELLO
4000 V Volcn Mauras 4000 V

10

Toba de cristales de
composicin
Nv. 3610
andestica 9 2600 V
3600 V
Nv. 3540
? ?
Nv. 3490
6
PIQUE PROMETIDA

Qz 90%
Dickita 10% 3 4 7
1 Nv. 3340
Nv. 3290
11
3200 V Nv. 3170 3200 V
Nv. 3110
Nv. 3050
2
5 8
2800 V
2800 V N DDH Ancho g/t Au oz/t Ag Ppm Te Ppm Cu
ORE RESERVES ZONE + NRM ZONE PROSPECTIVE ZONE
1 DH 3.52 34.85 31.49
2 DH 3.30 5.43 36.84
3 DH 6.05 22.11 16.11
2400 V
2400 V 4 DH 1.15 21.61 29.83
0m 400 m 800 m 5 DH 1.90 9.95 56.28
DDH Drilled 6 DH 1.87 18.18 72.66
785,000 E
783,000 E

784,000 E

DDH Programed 7 DH 0.90 16.08 11.85

2000 V POTENCIAL 8 DH 0.50 13.74 12.49 2000 V
9 DH 0.40 1.34 3.13 1,609
10 DH 1.20 1.27 5.01
11 DH 0.45 2.45 3.71

10
PUCAY PROJECT - ANQUICHA

11
 LA ZANJA
Production Profile R&NRM
200
800 760
144 140

Oz Au (000)
150
Oz Au (000)

600 469
100 360
400
244
50 200
0 0
2014 2015E 2013 2014
Reserves Resources

Diamond drilling continues at Alejandra for oxide / sulphide underground deposit

12
 TANTAHUATAY
Production Profile R&NRM
188 3,000
144 140
150 2,028
2,250 2,020

Oz Au (000)
Oz Au (000)

113
1,500
75 851
735
38 750
0 0
2014 2015E 2013 2014
Reserves Resources

Production to remain strong in 2015 (140k ounces)

Cienaga Norte, Cienaga Sur & Tantahuatay II projects will expand the life of mine

Strong potential in copper sulphide deposits

13
COIMOLACHE - OPERATIONS
ORE RESERVES OXIDES : 0.84 Moz of Gold and 19.54 Moz of Silver (57.33 Mt @ 0.46 g/t Au)
NRM OXIDES : 0.67 Moz of Gold and 7.39 Moz of Silver (58.72 Mt @ 0.36 g/t Au)
POTENTIAL OXIDES : 0.45 0.48 Moz of Gold

14
SILVER OPERATIONS
BVNS SILVER PRODUCTION WILL
INCREASE 18% IN 2015
Silver Equity Production Profile
30
23.2
25
19.7

M Oz Ag
20
15
10
5
0
2014 2015E

Silver Reserves & Resources 2013-2014 (000 Oz)

250
M Oz Ag
205 206
200
167
150 132

100

50

0
2013 2014 2013 2014
Reserves Resources
2014: us$ 20/oz au 16
 UCHUCCHACUA

Production Profile R&NRM

70 66 67
16 65
14
13 12 60
M Oz Ag

M Oz Ag
10 50 47
7
40
3
0 30
2014 2015E 2013 2014
Reserves Resources

Production in Uchucchacua will increase 18% in 2015 Exploring at Yumpag with high silver and
compared with 2014 manganese grade to be treated at Rio Seco plant

Developing Socorro area with high silver grade Expanding plant capacity from 3,500 TPD to 3,800
(~17 oz/MT) TPD (1Q16)

17
UCHUCCHACUA MINING DISTRICT
GEOLOGICAL CROSS SECTION

18
 UCHUCCHACUA
SOCORRO YUMPAG SECTION
UCHUCCHACUA:
ORE RESERVES: 66.30 Moz of Silver (4.17 Mt @ 15.9 oz/t Ag, 1.11 %Pb, 1.51 %Zn, 9.32 %Mn)
NRM : 55.14 Moz of Silver (3.49 Mt @ 15.8 oz/t Ag 1.42 %Pb, 1.77 %Zn, 10.06 %Mn)

YUMPAG:
NRM : 10.0 Moz of Silver (0.36 Mt @ 27.8 oz/t Ag (, 0.40 %Pb, 2.00% Zn, 14.80 %Mn)

TOTAL POTENTIAL: 30.0 35.0 Moz of Silver

5000
UCHUCCHACUA YUMPAG
5,240 m Rpa. Nv. 4490
Q-c CACHIPAMPA T-di
T-di 4800
GINA-SOCORRO
Nv. 4450 Q-c 1 TOMASA
3 2
Proy. R.C-1

LUZ 8 7
KT-c CAMILA 4200
4 11
10 9 6 5 ? 12 Q. Carama
Ks-c ? ANGELICA
Nv. 3850
Ks-js
3800
NRM Zone
sm
Prospective Zone Integration Tunnel
Nv. 3500 3400
1 2 3 4 Ks-jm
Nv. 3850
Ore Reserves + NRM Zone DDH Ancho oz/ t Ag %Pb %Zn %Mn
Punto de Inflexin

Ki-p 1 23.37 27.0 3000

0.26 1.93 14.67
Ki-ch
2 0.52 17.0 0.74 0.40 2.32
Ki-ph Ks-ji
3 10.83 29.0 0.71 1.74 25.96

4 6.28 33.4 0.78 3.66 14.18

5 4.22 27.4 0.69 1.35 28.64

DDH Ancho oz/ t Ag %Pb %Zn %Mn
1 1.22 25.0 1.44 1.31 13.02 6 0.95 34.0 0.37 0.64 26.17
2 2.60 28.1 0.80 0.79 33.05 DDH Drilled 7 1.03 26.0 0.97 1.57 3.59
3 1.83 20.5 8.04 4.97 4.33 DDH Programed 8 3.23 27.3 0.21 0.61 8.21
4 2.38 27.5 2.15 2.77 8.96
Tunnel Programed 9 6.60 9.3 0.09 0.18 11.30
1000 m
10 10.45 17.2 0.13 0.13 27.31

11 3.53 17.9 0.11 0.20 48.80

12 13.69 15.7 0.05 0.20 41.10 19

 RIO SECO PROCESSING PLANT: MORE
EFFICIENCY IN UCHUCCHACUA

Will allow mining from areas with higher silver and manganese content (Socorro and Yumpag)

Improves the quality and value of lead-silver concentrates

Resultant manganese sulphate monohydrate with commercial value

20
COPPER AND ZINC
COPPER PRODUCTION WILL REMAIN
STRONG AND ZINC PRODUCTION
WILL INCREASE
Copper Equity Production Profile
80
68 66

MT Cu (000)
60

40

20

0
2014 2015E

Zinc Equity Production Profile

60
51
MT Cu (000)

40
22
20

0
22
2014 2015E
 COPPER AND ZINC
PRODUCTION
Copper Equity Production Profile Zinc Equity Production Profile
70
2014 2015E 45 2014 2015E
60
49 35
MT Cu (000)

50 44

MT Zn (000)
40 30
30 23 16 16
20 17 15
10 6

0 0
El Brocal Cerro Verde El Brocal Others

Zinc production will increase with new expanded plant at El Brocal

Cerro Verde will produce 550k - 600k MT by 2016

23
 El BROCAL - MARCAPUNTA

Copper Production Profile R&NRM

2,000 1,821
60
1,464
43 1,500
MT Cu (000)

MT Cu (000)
45
31
30 1,000
497
15 500 327

0 0
2014 2015E 2013 2014
Reserves Resources*

OPEX at Marcapunta will decline after becoming an open pit

New technology to treat arsenical copper ores is in progress

24
*Includes: Marcapunta Oeste
 EL BROCAL - COLQUIJIRCA

Zinc Production Profile R&NRM

65 4,902
5,000 4,613
60
4,000
MT Zn (000)

MT Zn (000)
45
3,000
30
2,000 1,335 1,104
15 10.2 1,000
0 0
2014 2015E 2013 2014
Reserves Resources*

Zinc production at El Brocal will increase due to new plant facility

El Brocal expanded plant will operate at full capacity in 4Q15

San Gregorio Project 4.2MT of Zinc (79.9 Mt @ 5.2% Zn & 1.5% Pb)

25
*Includes San Gregorio Project
PROFITABLE INVESTMENTS

Yanacocha
2015E: 940k Au Oz
New Projects: Maqui Maqui,
Quecher, Chaquicocha and
Yanacocha sulphides
Conga still an optionality

Cerro Verde
New processing plant by the
end of 2015
Will double production in
2016 compared to previous
years
26
 YANACOCHA
Production Profile R&NRM
22
18.3 17.5
1,200
970 940 17
1,000
Oz Au (000)

M Oz Au
800 11.4
11 9.9
600
400 6
200
0 0
2014 2015E 2013 2014
Reserves Resources

CONGA PROJECT PROJECTS IN THE OPERATING AREA

Reserves: 12.6M Oz Au

Water first: to start construction of El Perol
reservoir in 2015

CAPEX: USD 3.2-3.5 Billion

Reviewing potential CAPEX reduction

Interesting resources at Chaquicocha
underground

Exploring for oxides at Quecher.

High potential in Yanacocha sulphides
27
 CERRO VERDE
Production Profile Reserves
400
15.0 14.6
300 250-280 15
MT Cu (000)

M T Cu (000)
227
200 10

100 5

0 0
2014 2015E 2013 2014

Expansion of concentrator facilities from 120K to 360K MT per day

Expected copper annual production after expansion: 600K MT (commissioning beginning in 4Q15)

Total CAPEX: US$4.6 B

Spent US$3.9 B (construction advancing on schedule and 90% completed)

Available US$1.8 B debt facility

To be completed on 2H15

28
FINANCIAL HIGHLIGHTS
 SOLID BALANCE SHEET WITH
LOW DEBT

Cash vs Debt as of Jun 30, 2015 Debt Breakdown

El Brocal
38%
500 470

375
others
US$ M

250 DEBT 12%

125
125
Huanza San Gabriel
0 41% Project
9%
Cash Debt

30
 FINANCIAL TRACK RECORD
Total Revenues Direct EBITDA + Affiliates
2,340 1,125
2,500
2,061 882
900
2,000
1,080 628
675

US$M
1,500 896 520
US$M

1,000 450 354

500 1,260 1,165 225 362 274

0 0
2013 2014 2013 2014

Direct Operations Affiliates Direct EBITDA Affiliates EBITDA

Net Income*

-30 -76
-107
US$ M

-70

-110

-150
2013 2014
Net Income

*2014: Includes Yanacochas impairment of us$ 236 M

*2013: Includes Yanacochas impairment of us$ 453 M 31
CONTINUING WITH COST REDUCTIONS
AND CAPEX SPENDING DISCIPLINE

Divesting ALL-IN
SUSTAINING
Assets COST

Huanza

CAPEX
2014 vs
2015
 ADAPTING TO CHALLENGES
IMPROVING OUR EFFICIENCY
Cost
Cost Applicable
METAL Applicable to
to Sales 2015E*
Sales 2Q15

Gold US$ / Oz Au 691 650-750

Gold (Inc.
US$ / Oz Au 659 550-650
Affiliates)

Silver US$ / Oz Ag 14.10 13.5-14.0

1,200-
Zinc US$ / TM Zn 1,878
1,400

Copper** US$ / Lb Cu 1.81 1.5-1.7

* Estimated
** Cash cost provided by Cerro Verde 33
 ALL-IN SUSTAINING COST

ALL-IN SUSTAINING COST

2Q15 BVN VS PEERS

Goldcorp 846

Buenaventura 904

Newmont 909

Yanacocha 922

Barrick 927

800 820 840 860 880 900 920 940

34
 ENERGY EFFICIENCY: HUANZA
HYDROELECTRIC PLANT

Ensures energy supply for direct

operations

Capacity: 96 MW

Cost savings and cash generation

Capex: US$ 225 million

35
 ESTIMATED CAPEX 2015 :
US$270 - 300 M
2015E Capital Expenditure by Mine/Project Capital Expenditure Outlook

OTROS
10%
LA ZANJA
4% SUSTAINING
BROCAL 24%
5% TAMBOMAYO
52%
GROWTH
UCHUCCHACUA 76%
11% SAN GABRIEL
18%

CAPEX directed to growth projects (Growth: US$215 M, Sustaining US$70 M)

Sustaining CAPEX to decrease in 2015 compared to 2014 as a result of stoppage of operations

in Antapite, Poracota, Shila-Paula and Recuperada

Growth CAPEX to increase this year due to investments in Tambomayo and San Gabriel
36
 ATTRACTIVE PIPELINE OF
GROWTH OPPORTUNITIES
 Next Potential Growth
Projects
N

Tambomayo
Alejandra

Projects
Operations
San Gabriel
Tantahuatay Advanced
Brownfields Trapiche
La Zanja Colquijirca
Greenfields
Yumpag

Uchucchacua
Alejandra
Trapiche
Yumpag
Prospects

Mayra Pachacutec Anquicha

Mallay
Tambomayo
Julcani Palla Palla Blanquita
Mayra
La Negra
La Negra Livitaca
Orcopampa San Gabriel
Anquicha Pachacutec
38
 TAMBOMAYO STARTED
CONSTRUCTION IN 2Q15
Ownership 100% Buenaventura
Main Metals Gold and silver
- High grade underground mine
Deposit & Mine Type
- Cyanidation / flotation / gravity
Advanced exploration, mine development and detail engineering studies.
Approved EIA (Jan 2015).
Status
Construction permits were granted in June 2015 for a 1,500 TPD plant.
Preliminary metallurgical tests show 85-90% of gold recovery rate.
0.88 Mt @ 8.9 g/t Au, 10.7 oz/t Ag (250k Oz Au & 9.4M Oz Ag);
Mineral Reserves
average width: 2.8 m
0.79 Mt @ 13.2 g/t Au, 7.5 oz/t Ag (335k Oz Au & 5.9M Oz Ag);
Mineral Resources
average width: 2.7 m
Mineral Reserves +
1.67 Mt @ 10.9 g/t Au, 9.2 oz/t Ag; average width: 2.7 m; (585 Oz Au &
Resources
15.3M Oz Ag)
December 31st, 2014
Mineral Potential* 0.45 Mt (155k Oz Au)
39
*Estimated with average Reserves and Resources Au grade
 TAMBOMAYO PROJECT:
LONGITUDINAL SECTION OF MIRTHA VEIN SYSTEM

40
TAMBOMAYO PROJECT:
4640 MINE LEVEL

41
 TAMBOMAYO PROJECT
LONGITUDINAL SECTION OF PAOLA VEIN SYSTEM
SAN GABRIEL, STRONG CONTRIBUTOR
TO BVNS GROWTH IN 2018

Ownership 100% Buenaventura

Main Metals Gold (copper & silver)

Underground San Gabriel project. Gravity, flotation and

Deposit & Mine Type
cyanidation.

Scoping study positive business case @ 3,000 tpd

Status
Preliminary metallurgical tests show 85-90% of gold recovery rate

NRM 12.3 Mt @ 6.5 g/t Au (2.5 Moz Au)

February 28th, 2014 50% indicated and 50% inferred

43
 SAN GABRIEL PROJECT:
HIGH GRADE RESOURCES

44
DISTRICT-SCALE ORE POTENTIAL, SEVERAL
TARGETS IN SAN GABRIEL: PACHACUTEC,
KATRINA & CHUCAPACA DOME

45
 TRAPICHE PROJECT
(EL MOLLE VERDE S.A.C.)
Ownership 100% Buenaventura

Main Metals Copper, molybdenum & silver

Deposit & Mine Type Open pit, leaching.

Advanced explorations: drilling of new targets

Status
and scoping study
Mineral Resources
(NRM) 925 M t @ 0.39% Cu, 0.01% Mo & 3.2 g/t Ag
December 31st , 2014 (Cut off: 0.15% Cu)
Status
Leaching alternative
251 M t @ 0.54% Cu
(NRM)

46
 TRAPICHE PROJECT
LONGITUDINAL SECTION OF MINERALIZATION

47
CREATING VALUE THROUGH

48
SHAREHOLDERS STRATEGY

BVN has not issued new equity for 19 years.

Dividend policy:
Buenaventura will distribute an annual cash
dividend of at least 20% of net income
generated by majority-owned operations and
subsidiaries. In the case of Buenaventuras
Associates (Coimolache, Cerro Verde and
Yanacocha), 20% of attributable to
Buenaventuras net income will be included if
they distribute cash dividends to
Buenaventura.
49
 www.buenaventura.com
Investor Relations : Daniel Domnguez
Telephone: (511) 419-2536
E-mail: daniel.dominguez@buenaventura.pe

Presentation 2015
APPENDIX

51
SHAREHOLDERS STRUCTURE
NAME INTEREST
Institutional Investors & Index Funds 62%
Benavides Family 27%
Peruvian Pension Funds (AFPs)* 2%
Others 9%

Shareholding Structure
Benavides
Family
27%
Peruvian
Pension Funds
(AFPs)
2%
Institutional
Investor & Index Others
Funds 9%
62%
OUTSTANDING
SHARES

254,186,867

* Considers direct ownership of AFPs only, however considering indirect ownership (through Institutional Investors) total ownership is approx 7-9%.
MAJOR MINING PROPERTIES &
PROJECTS IN CAJAMARCA
FINANCIAL RESULTS 2Q15

US$ M

Total Revenues 256.3

Operating Income -34.0

EBITDA Direct Operations 32.9

EBITDA Including Associates 90.7

Net Income -18.7

EPS -0.06
 OPERATIONAL RESULTS
2Q15

PRODUCTION Cost Applicable to Sales

MINE
Metal / Unit 2Q15 Unit 2Q15
Uchucchacua Ag (Oz) 2,497,189 US$/OzAg 15.66
Orcopampa Au (Oz) 51,921 US$/OzAu 695
PRODUCTION & CAS

Julcani Ag (Oz) 786,628 US$/OzAg 12.29

Mallay Ag (Oz) 297,777 US$/OzAg 13.63
La Zanja (53.06%) Au (Oz) 37,254 US$/OzAu 678
Coimolache (Tantahuatay) (40.04%) Au (Oz) 32,139 US$/OzAu 497
El Brocal (Marcapunta) (53.76 %) Cu (Mt) 9,580 US$/TmCu 5,297
El Brocal (Colquijirca) (53.76%) Zn (Mt) 11,664 US$/TmZn 1,659
Yanacocha (43.65%) Au (Oz) 215,924 US$/OzAu 648
Cerro Verde* (19.58%) Cu (Mt) 46,920 US$/LbCu 1.82

* Cash cost provided by

Cerro Verde
 www.buenaventura.com
Investor Relations : Daniel Domnguez
Telephone: (511) 419-2536
E-mail: daniel.dominguez@buenaventura.pe

Presentation 2015