Buenaventura Announces Fourth Quarter 2021 Production Results and 2022 Production Guidance

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 4Q21 results for production and volume sold, as well as 2022 production guidance.

• Tambomayo:
  
  
  
  2021 gold and silver production was in line with Buenaventura’s revised 2021 guidance announced in the third quarter 2021.
  
  
  
  2021 lead and zinc production exceeded revised guidance.
  
  
  
  2022 Guidance: the Company expects a year on year decrease in gold production due to mining of lower grade blocks, as per the planned Life-of-Mine sequence.

• Orcopampa:
  
  
  
  2021 gold production exceeded revised guidance.
  
  
  
  2022 Guidance: gold production is expected to maintain a similar pace as 3Q and 4Q 2021, with mining primarily within the Ramal-4 vein system and consistent with Orcopampa’s improved production results subsequent to mine development and preparation completed in the first half of 2021.

• Coimolache:
  
  
  
  2021 gold production was in line with revised guidance.
  
  
  
  2022 Guidance: the Company expects decreased gold production in 2022 due to leach pad capacity limitations resulting from Covid-related permitting delays.

• La Zanja:
  
  
  
  2021 gold production slightly exceeded revised guidance.
  
  
  
  2022 Guidance: expected increase in 2022 gold production as 2021 Pampa Verde open pit stripping progressed according to plan.

• Julcani:
  
  
  
  2021 silver production exceeded revised guidance.
  
  
  
  2022 Guidance: 2022 silver production is expected to be in line with prior years.

• Uchucchacua:
  
  
  
  2021 silver, lead and zinc production was adversely impacted by the suspension of Uchucchacua operations since September.
  
  
  
  2022 Guidance: No production is expected in 2022 as mine operations will be focused on drifting and on diamond drilling for exploration at Uchucchacua and project development surrounding Yumpag.

• El Brocal:
  
  
  
  Gold, lead and copper production were in line with revised guidance.
  
  
  
  Silver production exceeded revised guidance.
  
  
  
  Zinc production was slightly below revised guidance.
  
  
  
  2022 Guidance: the El Brocal open pit mining sequence will begin transitioning from polymetallic to copper mining in 2022, resulting in an expected increase in copper production which will offset decreased zinc, lead, silver and gold production during the year.

Buenaventura will issue further 2022 guidance on the Company’s Q4 2021 Earnings Results Press Release to be released on February 24, 2022.

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 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company’s 2019 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 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 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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