FourthQuarter2019 Results Conference Call

Fourth Quarter 2019 Results Conference Call

Cautionary Statement

2

This presentation contains certain information that may constitute forward-looking information underapplicable U.S. securities legislation, including but not limited to information about costs applicable to sales,general and administrative expenses; production volumes; current expectations on the timing, extent andsuccess of exploration; development and metallurgical sampling activities, the timing and success of miningoperations and the optimization of mine plans. This forward-looking information entails various risks anduncertainties that are based on current expectations, and actual results may differ materially from thosecontained within said information. These uncertainties and risks include, but are not limited to, the strengthof the global economy, the price of commodities; operational, funding and liquidity risks; the degree towhich mineral resource estimates are reflective of actual mineral resources; the degree to which factorswhich would make a mineral deposit commercially viable are present, and other risks and hazardsassociated with mining operations. Risks and uncertainties about the Company’s business are more fullydiscussed in the BVN’s form 20-F filed with the Securities and Exchange Commission in the U.S. andavailable at www.sec.gov . Readers are urged to read these materials. Buenaventura assumes no obligationto update any forward-looking information or to update the reasons why actual results could differ fromsuch information unless required by law.

3

1. 4Q19 EBITDA from direct operations was US$ 73.9 million, compared to US$ 68.7 million reported in 4Q18.

2.4Q19 Adjusted EBITDA including associated companies reached US$ 176.8 million, compared to US$ 147.4 million in 4Q18, primarily due to improved results at Cerro Verde and Coimolache.

3. 4Q19 capital expenditures were US$ 38.4 million, compared to US$ 41.2 million for the same period in 2018.

4. 4Q19 net loss was US$ 53.7 million, compared to a net loss of US$ 72.9 million for the same period in 2018.

5.The Company’s portfolio of greenfield projects continued progressing well during the quarter. At Yumpaq (Ag), San Gabriel (Au) and Trapiche (Cu) we are declaring ore reserves in 1Q20.

6.In 4Q19 Buenaventura generated US$ 13.6 million in incremental EBITDA through the Company´s De-Bottlenecking Program. The program has enabled BVN to increase the efficiency of its Tambomayo, Uchucchacua, Orcopampa and El Brocal mines.

7. Yanacocha’s Quecher Main project was on budget and achieved commercial production in 4Q19.

8.Cerro Verde’s processing plants averaged 396,800 metric tons of ore per day, approximately 10 percent above nameplate capacity.

9. A US$ 0.027 per share/ADS dividend payment was proposed at Buenaventura’s February 20, 2020 Board Meeting.

4Q 2019 Highlights

4

Summary

During 2019, three of our nine mining assets performed below our expectations

Four Tier System

PROJECTS

Notes: (1) All values cumulative as of December, 2019(2) Includes 100% of Buenaventura (Julcani, Tambomayo, Orcopampa, Uchucchacua, Projects), La Zanja, El Brocal, Huanza,

Contacto, Condesa, other small business of the Group(3) Includes (2) + 40.1% of Coimolache, 19.58% of Cerro Verde and 43.65% of Yanacocha

Sup

po

rts

OPERATIONS

Drivers

Safety

Human Resources

Social Management

Environmental Management

Technology and Innovation

Energy

Communications

Head Office

TambomayoOrcopampa

CoimolacheLa Zanja

Yanacocha

Gold

Base Metals

Silver

Gold

Silver

Base Metals

UchucchacuaJulcani

San Gabriel

Yumpaq

Marcapunta Norte-SurYanacocha’s Sulfides

Coimolache’s SulfidesEl Faique

TrapicheSan Gregorio

El BrocalCerro Verde

AISC

FY19: US$/Au Oz 1,140

FY18: US$/Au Oz 955

EBITDA (Direct Operations) 2

FY19: US$ 202.2M

FY18: US$ 315.4 M

EBITDA (Including Associates) 3

FY19: US$ 620.9 M

FY18: US$ 662.9 M

Net Debt / EBITDA:

FY19: 2.06x

FY18: 0.99x

Debt Rating 1Q20

- Moody’s: Ba2 (negative)

- Fitch: BBB-

Debt Rating FY18

- Moody’s: Ba2 (stable)

- Fitch: BBB-

FINANCIAL RESULTS (1)

5

Strategic Roadmap – 4Q19

6Notes: (1) Consolidated Capex includes 100% BVN, 100% La Zanja and 100% El Brocal.(2) Considers the de-bottlenecking program.

Financial Highlights

252.3 235.5

1,150.7

867.9

4Q18 4Q19 FY 2018 FY 2019

In US$ millions In US$ millions

In US$ millions

Total Revenues EBITDA Including Associates

Net Income

-7%

In US$ millions

Free Cash FlowCAPEX (1)

In US$ millions

229

EBITDA Direct Operations

In US$ millions

-25%

68.7 73.9

315.4

202.2

4Q18 4Q19 FY 2018 FY 2019

147.4 176.8

662.9 620.9

4Q18 4Q19 FY 2018 FY 2019

-72.9

-53.7

-13.4 -12.2

4Q18 4Q19 FY 2018 FY 2019

41.2 38.4

111.3 102.6

4Q18 4Q19 FY 2018 FY 2019

-8%

44

-66

229

-59

4Q18 4Q19 FY 2018 FY 2019

-36%-6%

20%8%

-7%

-9%-26%

2019 EBITDA – Quarterly Positive Trend

7

24,685

45,721

55,837

73,870

1Q19 2Q19 3Q19 4Q19

194.2

128.58115.24

123.6

124.7

2018 2Q19 3Q19 4Q19 2019

Unit Cost US$/MT

122.7

106.689.9 101.2

103.2

2018 2Q19 3Q19 4Q19 2019

37.0

34.2

42.5

37.0

37.3

2018 2Q19 3Q19 4Q19 2019

Tambomayo Uchucchacua El Brocal

Buenaventura Direct Operations

Unit Cost US$/MT Unit Cost US$/MT

In US$ 000

-36% -16%

2019 Production Cost –Positive Trend YOY (US$/MT)



Sup

po

rts

OPERATIONS

PROJECTS

Drivers

Safety

Human Resources

Social Management



Energy

Communications

Head Office

TambomayoOrcopampa

CoimolacheLa Zanja

Yanacocha

Gold

Base Metals

Silver

Gold

Silver

Base Metals

UchucchacuaJulcani

Quecher MainSan Gabriel

Yumpaq





AISC

FY19: US$/Au Oz 1,140

FY18: US$/Au Oz 955


FY19: US$ 202.2M

FY18: US$ 315.4 M


FY19: US$ 620.9 M

FY18: US$ 662.9 M

Net Debt / EBITDA:

FY19: 2.06x

FY18: 0.99x

Debt Rating 1Q20


- Fitch: BBB-

Debt Rating FY18


- Fitch: BBB-

Financial Results (1)

8


Notes: (1) Includes 100% of Tambomayo, Orcopampa, Uchucchacua, Julcani; 61.43% of El Brocal; 53.06% of La Zanja;

40.095% of Coimolache; 43.65% of Yanacocha and 19.58% of Cerro Verde.

78 71

366

234 62 44

225

230

139 115

590

464

4Q18 4Q19 FY 2018 FY 2019

BVN Direct Operations Yanacocha

26.3

20.1

5.8 5.6

4Q18 4Q19 FY 2018 FY 2019

In 000 AuOz In M AgOz

Gold Production Silver Production

-9%

-24%

-18%

-28% -3%

-36%

2%

-21%

9

Attributable Production (1)

Notes: (1) Includes 100% of Tambomayo, Orcopampa, Uchucchacua, Julcani; 61.43% of El Brocal; 53.06% of La Zanja;

40.095% of Coimolache; 43.65% of Yanacocha and 19.58% of Cerro Verde.

7.5 7.528.6 26.823.9 23.9

93.2 89.1

31.4 31.4

121.8 116.0

4Q18 4Q19 FY 2018 FY 2019

BVN Direct Operations Cerro Verde

10.0 10.3

37.040.7

4Q18 4Q19 FY 2018 FY 2019

In 000 ZnMT

In 000 CuMT

Zinc Production

Copper Production

In 000 PbMT

Lead Production

-4%

-22%

13.9 13.6

58.5 55.6

4Q18 4Q19 FY 2018 FY 2019

-2%

-5% 10%

-5%

1% -6%

10

Attributable Production (1)

2%

1,033

11.81

1,297

5,843

1,935

1,002

13.97

1,388

5,352

1,983

1,485

1,311

4Q18 4Q19

11

In US$/AuOz

AISC (1) CAS (2)

Gold(US$/Oz)

Copper (US$/MT)

Silver(US$/Oz)

Zinc

(US$/MT)

Notes: (1) Considers 100% from Buenaventura, 53.06% from La Zanja and 40.095% from Tantahuatay

(2) Gold, Silver and Zinc CAS includes: 100% from Buenaventura, 100% from La Zanja and 100% from El Brocal

+7%

4Q19

Lead (US$/MT)

-3%

+18%

+2%

4Q18

-8%

-12%

All-in Sustaining Cost and Costs Applicable to Sales

De-Bottlenecking Program 2019

12

ORCOPAMP


13


14

Enhanced Exploration Approach

15

Tambomayo Orcopampa

Uchucchacua

15,723 12,540 9,984 1,229

46,404

67,922

86,415

59,509

2016 2017 2018 2019

Tunneling Diamond Drilling

2,050 3,866 5,631 719

27,727 29,683

52,012 52,357

2016 2017 2018 2019


15,767 13,916 8,523 1,778

52,866

71,289

95,476

57,402

2016 2017 2018 2019


More diamond drilling than tunneling

In 2019, the main effortwas to convert Yumpaq’sresources into reserves

BVN’s Ore Reserves

16

213%

37%

4%

2%

39%

Positive trend in terms of ore reserves



Sup

po

rts

OPERATIONS

PROJECTS

Drivers

Safety

Human Resources

Social Management



Energy

Communications

Head Office

TambomayoOrcopampa

CoimolacheLa Zanja

Yanacocha

Gold

Base Metals

Silver

Gold

Silver

Base Metals

UchucchacuaJulcani

Quecher MainSan Gabriel

Yumpaq





AISC

FY19: US$/Au Oz 1,140

FY18: US$/Au Oz 955


FY19: US$ 202.2M

FY18: US$ 315.4 M


FY19: US$ 620.9 M

FY18: US$ 662.9 M

Net Debt / EBITDA:

FY19: 2.06x

FY18: 0.99x

Debt Rating 1Q20


- Fitch: BBB-

Debt Rating FY18


- Fitch: BBB-

Financial Results (1)

17


Increase ValueFocus on optimized capital allocation

Disciplined processFocus on implementing project management best practices

To implement a disciplined process and increase value through our diversified portfolio of projects

GoldSilverBase Metals

Not operated byBVN

Exploration

Rio Seco Cu – As

(6)

Trapiche(4)

San Gabriel (3)

Chacua10y (1)

(5)

San Gregorio (8)

El Faique(9)

Emperatriz(10)

Scoping Prefeasibility Feasibility Development Construction Startup

Coimolache Sulfides (7)

Yanacocha Sulfides (2)

65

3

7 2

1

9

4

8

Moquegua

Lima

Apurímac

Pasco

Cajamarca

Piura

BVN´s operations presence

Our Projects

10

Development Level

Notes: (1) Chacua 10y includes Yumpaq 18

Pipeline of Projects – Update

Greenfield Projects – San Gabriel (Au)

Project Maturity

Highlights

• Reported ore reserves of 11.6 MT @4.68 g/t (1.7 M Oz Au).• Started Feasibility study in parallel with permit to construct / operate.• “Prior Consultation” permit (ILO 169 consultation process with rural communities) in process with an expected date by 2Q20.Technical Assumptions• Processing Plant: 3 ktpd (cyanidation)• Estimated Annual Production: 120k – 150k Oz Au.Financial Estimates• Estimated initial CAPEX: US$ 370 - 430 M.• Estimated EBITDA: US$ 110 - 150 M

19

Updated Geological Interpretation

Mineralization based on vertical structural control (02 domains)

More potentialat depth / lessstratabounddependency

Greenfield Projects - Trapiche (Cu)

Project Maturity3D Plant View

Highlights

• Reported reserves of 283.2 MT @0.51% Cu (1.4 Mt Cu).• Finished engineering drill holes and 98% of advance on on-site pilot plant to support column testing

throughout 2020.• Reached agreement with Mollebamba’s Municipality for access road right-of-way.Technical Assumptions• Processing Plant: 45-65 k tpd (heap leaching + SX-EW)• Estimated Annual Production: 50 – 70 k MT Cu.

20

• Pilot plant was upgraded to perform industrial continuous testing.• Hatch was hired to validate the metallurgical process.• Samuels Engineering was hired for the design and the FS studies.• EIA will be submitted in 2Q20 and is expected to be approved by 1Q21.• Unlock value for the Cu portfolio.Technical Assumptions• Main source: Marcapunta Cu Concentrates• Heap leaching at atmospheric pressure• Copper disolved: classic technology – SX-EW• Arsenic fixed as scorodite

Highlights

Greenfield Projects - Rio Seco (Cu As)

Location Map Project Maturity

Río Seco

21

22

Greenfield Projects – Tantahuatay’sSulfides 20k (Cu)

Long Section Project Maturity

Highlights

• Stand alone business case• Expect to reach Pre-Feasibility stage by 1H20.• Preparing the EIA process initial documentation.• Started the basic engineering for the tailings dam facility.

GEOLOGY

MINE

PLANT

FACILITIES

ENERGY

WATER

INFRA

LAND

PERMITS

SAFETY

WORKFORCE

SOCIAL

Q&A

23

Appendix

24

Gold Volume Sold

25

26 26

119

97

4Q18 4Q19 FY18 FY19

In 000 Au Oz

Tambomayo at 100%

Volume Sold CASIn US$/AuOzIn 000 Au Oz

Orcopampa at 100%

13 15

117

41

4Q18 4Q19 FY 2018 FY 2019

Volume Sold CASIn US$/AuOz

3Q19: 1,699

3Q18: 1,052

In 000 Au Oz

Orcopampa at 100%


4Q19: 976

4Q18: 1,734

-44% -10%

-19%

FY19: 1,489

FY18: 1,020

+46%

-65%

4Q19: 766

FY19: 679

4Q18: 850

FY18: 626

+9%

9% 2%

Gold Volume Sold

26

146107

522 529

4Q18 4Q19 FY18 FY19

20

6

74

31

4Q18 4Q19 FY18 FY19

51 52

172 162

4Q18 4Q19 FY18 FY19

In 000 Au Oz

Yanacocha at 100%


In 000 Au Oz

Coimolache at 100%

Volume Sold CASIn US$/AuOz In 000 Au Oz

La Zanja at 100%


+1%

33%

+130%

4Q19: 694

4Q18: 742

FY19: 684

FY18: 675

4Q19: 1,780

4Q18: 773

FY19: 1,233

FY18: 891

+38%

4Q19: 958

4Q18: 722

FY19: 776

FY18: 831

-7%

-27%

+1%

-69%

-59%-6%

-7%+2%

Silver Volume Sold

27

0.6 0.6

2.4 2.5

4Q18 4Q19 FY18 FY19

2.9 2.6

14.4

9.8

4Q18 4Q19 FY18 FY19

In Ag Oz M

Uchucchacua at 100%

Volume Sold CASIn US$ Ag/Oz

Julcani at 100%

Volume Sold CASIn US$ Ag/OzIn Ag Oz M

-6%

-11%

+25%

5%

-32% 4Q19:14.90

4Q18: 11.91

FY19: 12.15

FY18: 10.37

+17%

4Q19: 13.20

4Q18: 14.04

FY19: 13.49

FY18: 14.98

-10%

-4%

Copper & Zinc Volume Sold

28

122.1 122.1

476.0 455.3

4Q18 4Q19 FY18 FY19

8.0 9.7

37.5 36.8

4Q18 4Q19 FY18 FY19

11.5 11.5

43.7 41.0

4Q18 4Q19 FY18 FY19

El Brocal (Copper) at 100%

Volume Sold CASIn US$/CuTMIn 000 Cu MT

-8%

In 000 Cu MT

Cerro Verde at 100%

Copper Production Cash CostIn US$/Cu Lb

El Brocal (Zinc) at 100%

Volume Sold CASIn US$/ZnTMIn 000 Zn MT

+17%

+1%

-6%

4Q19: 5,352

4Q18: 5,844

FY19: 5,385

FY18: 5,488

-2%

-2%

4Q19: 1,989

4Q18: 1,696

FY19: 2,007

FY18: 1,569

+28%

4Q19: 1.60

4Q18: 1.63

FY18: 1.55

FY19: 1.57

-2%

21%

-4%

Fourth Quarter 2019 Results Conference Call

FourthQuarter2019 Results Conference Call

Documents

Transcript of FourthQuarter2019 Results Conference Call