Conga Project

Compañía de Minas Buenaventura S.A.A. announced today that Minera Yanacocha S.R.L (43.65% owned by Buenaventura), in agreement with the government of Peru, has suspended construction activities at the Conga project (or the “Project”) in Peru for the safety of employees and community members.

The Compania de Minas Buenaventura S.A.A.'s board of director approved an estimate budget of US$ 1.7 t0 2.0 million as the attributable company's investment in order to develop the Conga Project in Peru.

On July 27th, Compania de Minas Buenaventura announced that board of directors approved the financing of the Conga Project, which represents 5.2 million ounces of gold and 1,400 million copper pounds on reserves attributable to Buenaventura, as well as 1.4 million ounces of gold and 400,000 millions of copper pounds in mineral out of reserves attributable to Buenaventura. This project has the potential to add additional reserves on gold and copper by additional exploration. The company has foreseen to start production late of 2014 or early 2015, with a 6-month period of gradual growing, to reach commercial production, which, for first 5 years will be 580,000 to 680,000 ounces of gold and 155 to 235 million pounds of copper (255,000 to 300,000 Oz Au and 70 to 100 million lb Cu attributable to Buenaventura). Estimated minelife is 19 years. The project will incur on estimated investments of US$4,000 to US$4,800 million (US$1,700 to US$2,00 million attributable to Buenaventura). Average selling cost for first 5 years is US$400 to US$450 per gold ounce and US$1.25 to US$1.75 per copper pound.