ｺﾝﾊﾟﾆｱﾃﾞﾐﾅｽﾌﾞｴﾅﾍﾞﾝﾁｭﾗADRの適時開示

6-K 1 tm253315d1_6k.htm FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January, 2025

Commission File Number: 001-14370

COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.

(Exact name of registrant as specified in its charter)

BUENAVENTURA MINING COMPANY INC.

(Translation of registrant’s name into English)

LAS BEGONIAS 415 FLOOR 19

SAN ISIDRO, LIMA 27, PERU
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-For Form 40-F:

Form 20-F x

Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨

No     x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨

No     x

BUENAVENTURA
TABLE OF CONTENTS

ITEM

1.	Management’s Discussion and Analysis of Financial Condition and Results of Operations for the nine-month period ended September 30, 2024.

2.	Unaudited Interim Condensed Consolidated Financial Statements as of and for the nine-month periods ended September 30, 2024 and 2023.

Item 1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation, those set forth in “Forward-looking statements,” “Risk factors” and the other matters set forth in our Annual Report for the year ended December 31, 2023 on Form 20-F (our “Annual Report”). The following discussion of our financial condition and results of operations is based on the annual and interim financial information of Compañía de Minas Buenaventura S.A.A. and its subsidiaries (“Buenaventura”), and should be read in conjunction with our Unaudited Interim Condensed Consolidated Financial Statements as of and for the nine-month periods ended September 30, 2024 and 2023 furnished as Item 2 hereunder.

Overview

We are Peru’s largest publicly traded precious metals company in terms of market capitalization and we are engaged in the exploration, mining and processing of gold, silver, copper and (to a lesser extent) other metals in Peru. We currently operate the Orcopampa, Uchucchacua, Julcani, Tambomayo and La Zanja mines and have controlling interests in two other mining companies that operate the Colquijirca-Marcapunta and Coimolache mines. We also own an electric power transmission company, a hydroelectric plant and a processing plant, as well as non-controlling interests in several other mining companies, including a significant ownership interest in Cerro Verde, a Peruvian company that operates a copper mine located in the south of Peru. For the year ended December 31, 2023, our consolidated total operating income was US$823.8 million and our consolidated net profit was US$32.7 million. For the nine-month period ended September 30, 2024, our consolidated total operating income was US$855.0 million and our consolidated net profit was US$385.9 million.

During the first several decades of our operations, we focused on the exploration and development of silver mines in Peru, including our Julcani, Orcopampa and Uchucchacua mines. Beginning in the early 1980s, we began to explore for gold and other metals in Peru, in order to diversify our business and reduce our dependence on silver. We expanded our mineral reserves through property acquisition and intensive exploration programs which were designed to increase reserves and production of gold. We also conducted exploration leading to the discovery of gold mineralization and subsequent production of gold at our Orcopampa, La Zanja, Breapampa (operation sold in 2017) and Tambomayo mines. In addition, we made significant equity investments in Cerro Verde, which operates an open pit copper mine in Peru, and Coimolache, which owns the Coimolache gold mine that we operate. As a result of these initiatives, the majority of our revenues are now derived from the production of gold, silver and copper.

We mainly produce refined gold and silver, either as concentrates or doré bars, and other metals such as lead, zinc and copper as concentrates that we distribute and sell locally and internationally. The following table sets forth the production of the Orcopampa, Tambomayo, Uchucchacua, Julcani, La Zanja and El Brocal (Colquijirca-Marcapunta) mines by type of product for the last three years, calculated in each case on the basis of 100% of the applicable mine’s production. Production from Cerro Verde and Coimolache are not included in these production figures.

	Nine-month period ended September 30 (Unaudited)(1)(2)				Year ended December 31 (Unaudited)(1)(2)
	2024		2023		2023		2022		2021
Gold (oz.)		109,321		111,574		154,673		181,773		160,411
Silver (oz.)		11,516,207		4,857,709		9,099,978		8,198,488		14,398,043
Zinc (t)		22,540		10,275		25,008		36,869		55,312
Lead (t)		14,523		5,408		11,410		17,610		24,717
Copper (t)		42,716		44,126		57,721		47,352		37,877

	(1)	The amounts in this table reflect the total production of all of our consolidated subsidiaries, including El Brocal and La Zanja.
	(2)	Amounts exclude production from the operating mines that are classified as discontinued operations.

Nine-month period ended September 30, 2024 compared to nine-month period ended September 30, 2023

The following table summarizes certain of our financial and operating data for the nine-month periods ended September 30, 2024 and 2023 on a consolidated basis.

	Nine-month period ended September 30,
	2024			2023			Change from prior year			% Change from prior year

	(in thousands of US$, except for percentages) (unaudited)
Continuing operations
Operating income:
Sales of goods		850,235			559,489			290,746			52	%
Sales of services		4,777			10,555			(5,778	)		(55	)%
Total operating income		855,012			570,044			284,968			50	%
Costs of sales
Cost of sales of goods excluding depreciation and amortization		(399,725	)		(338,695	)		(61,030	)		18	%
Unabsorbed cost due to production stoppage		(1,711	)		(18,002	)		16,291			(90	)%
Cost of sales of services excluding depreciation and amortization		(2,292	)		(3,476	)		1,184			(34	)%
Depreciation and amortization		(119,717	)		(121,816	)		2,099			(2	)%
Exploration in operating units		(35,808	)		(39,051	)		3,243			(8	)%
Mining royalties		(15,017	)		(13,381	)		(1,636	)		12	%
Total costs of sales		(574,270	)		(534,421	)		(39,849	)		7	%
Gross profit		280,742			35,623			245,119			688	%

Operating expenses, net
Administrative expenses		(45,800	)		(54,656	)		8,856			(16	)%
Selling expenses		(18,670	)		(12,745	)		(5,925	)		46	%
Exploration in non-operating areas		(16,847	)		(8,715	)		(8,132	)		93	%
Reversal (provision) of contingents		(1,878	)		5,534			(7,412	)		(134	)%
Other, net		202,187			(4,033	)		206,220			(5113	)%
Total operating income (expenses), net		118,992			(74,615	)		193,607			(260	)%
Operating income (loss)		399,734			(38,992	)		438,726			(1126	)%

Share in the results of associates and joint venture, net		150,189			113,368			36,821			32	%
Finance income		7,627			6,073			1,554			26	%
Foreign currency exchange difference		(572	)		3,450			(4,022	)		(117	)%
Finance costs		(42,377	)		(43,455	)		1,078			(2	)%

Profit before income tax		514,601			40,444			474,157			1172	%
Current income tax		(90,049	)		(22,228	)		(67,821	)		305	%
Deferred income tax		(37,178	)		24,298			(61,476	)		(253	)%
		(127,227	)		2,070			(129,297	)		(6246	)%

Profit from continuing operations		387,374			42,514			344,860			811	%

Discontinued operations
Profit (loss) from discontinued operations		(1,521	)		439			(1,960	)		446	%
		385,853			42,953			342,900			798	%
Profit attributable to:
Owners of the parent		369,075			29,627			339,448			1146	%
Non-controlling interest		16,778			13,326			3,452			26	%
		385,853			42,953			342,900			798	%

Sales of Goods

For the nine-month period ended September 30, 2024, silver and copper sales were our principal source of sale of goods, with 31% and 37% of our total sales of goods before commercial deductions, respectively, as shown in the chart below.

	Nine-month period ended September 30,
	2024			2023			Change from prior year			% Change from prior year

	(in thousands of US$, except for percentages) (unaudited)
Sales by metal:
Copper		363,891			364,408			(517	)		0	%
Silver		300,461			113,396			187,065			165	%
Gold		232,676			197,882			34,794			18	%
Zinc		48,213			17,916			30,297			169	%
Lead		27,288			9,742			17,546			180	%
Manganese sulfate		2,864			-			2,864			100	%
		975,393			703,344			272,049			39	%
Commercial deductions(1)		(131,352	)		(134,651	)		3,299			(2	)%
Total revenues from contracts with customers		844,041			568,693			275,348			48	%
Fair value of accounts receivables(2)		3,272			(13,746	)		17,018			(124	)%
Adjustments to prior period liquidations(3)		2,922			(1,514	)		4,436			(293	)%
Hedge operations(3)		-			6,056			(6,056	)		(100	)%
Sale of goods		850,235			559,489			290,746			52	%


(1)	The 2% decrease in commercial deductions is mainly due to the net effect of: (1) an increase in deductions from manganese sulfate sales from Yumpag mining unit; and (2) a decrease in deductions related to the reduction of silver/zinc sales, which received significant deductions in 2023, as well as updated commercial terms for copper sales in 2024. Figures correspond to adjustments in price for treatment and refining charges, and can include certain penalties that, in accordance with the applicable contract, are deducted from the international fine metal spot price and incurred after the time of sale of the applicable concentrate.
(2)	The 124% increase in the fair value of accounts receivables is mainly due to higher future quotation prices of copper and silver in the nine months ended September 30, 2024 compared to September 30, 2023.
(3)	The figures are derived from adjustments to final settlements of hedge operations related to open positions that were settled in 2023. Buenaventura has not entered into any hedge contracts in the current period of 2024.

Sales of goods increased 52%, from US$559.5 million for the nine-month period ended September 30, 2023 to US$850.2 million for the nine-month period ended September 30, 2024, primarily as a result of an increase in sales of silver, gold, zinc and lead.

Silver sales increased 165% from US$113.4 million for the nine-month period ended September 30, 2023 to US$300.5 million for the nine-month period ended September 30, 2024 due to the start of operations at the Yumpag mining unit, the resumption of operations at the Uchucchacua mining unit, and favorable market price improvements.

Gold sales increased 18% from US$197.9 million for the nine-month period ended September 30, 2023 to US$232.7 million for the nine-month period ended September 30, 2024 due to higher recoverability rates at the Río Seco, Julcani and Colquijirca mining units, and an increase in gold market prices.

Zinc sales increased 169% from US$17.9 million for the nine-month period ended September 30, 2023 to US$48.2 million for the nine-month period ended September 30, 2024 due to higher sales from Tambomayo and Uchucchacua mining units following the resumption of operations of Uchucchacua, partially offset by lower sales from Colquijirca mining unit as a result of the suspension of activities in the open pit operation.

Lead sales increased 180% from US$9.7 million for the nine-month period ended September 30, 2023 to US$27.3 million for the nine-month period ended September 30, 2024 due to higher sales from Uchucchacua mining units following the resumption of its operations, partially offset by lower sales from Colquijirca mining unit as a result of the suspension of activities in the open pit operation.

Manganese sulfate sales increased from no sales for the nine-month period ended September 30, 2023 to US$2.9 million for the nine-month period ended September 30, 2024 driven by production at the Rio Seco mining unit, which resumed operations in November 2023.

Cost of sales

Total cost of sales for the nine-month period ended September 30, 2024 increased by 7% compared to the nine-month period ended September 30, 2023, as indicated in the following table:

	Nine-month period ended September 30,
	2024			2023			Change from prior year			% Change from prior year

	in thousands of US$, except for percentages) (unaudited)
Cost of sales
Cost of sales of goods excluding depreciation and amortization		(399,725	)		(338,695	)		(61,030	)		18	%
Unabsorbed cost due to production stoppage		(1,711	)		(18,002	)		16,291			(90	)%
Cost of sales of services excluding depreciation and amortization		(2,292	)		(3,476	)		1,184			(34	)%
Depreciation and amortization		(119,717	)		(121,816	)		2,099			(2	)%
Exploration in operating units		(35,808	)		(39,051	)		3,243			(8	)%
Mining royalties		(15,017	)		(13,381	)		(1,636	)		12	%
Total cost of sales		(574,270	)		(534,421	)		(39,849	)		7	%

Cost of sales of goods excluding depreciation and amortization

Cost of sales of goods without considering depreciation and amortization increased by 18%, from US$338.7 million for the nine-month period ended September 30, 2023 to US$399.7 million for the nine-month period ended September 30, 2024. This increase is mainly due to costs associated with the resumption and start of operations at the Uchucchacua and Yumpag mining units, partially offset by a cost reduction at the El Brocal mining unit due to lower extraction activities resulting from the suspension of the open pit operation.

Unabsorbed cost due to production stoppage

Unabsorbed cost due to production stoppage decreased by 90%, from US$18.0 million for the nine-month period ended September 30, 2023 to US$1.7 million for the nine-month period ended September 30, 2024. This decrease is mainly due to the resumption of operations at the Uchucchacua mining unit.

Depreciation and amortization

Depreciation and amortization charges related to cost of sales decreased by 2% from US$121.8 million loss for the nine-month period ended September 30, 2023 to US$119.7 million loss for the nine-month period ended September 30, 2024 mainly due to slightly lower production at the El Brocal mining unit resulting from the suspension of open pit operations, partially offset by higher charges at the Uchucchacua mining unit as a result of the resumption of its operation, and the start of production at the Yumpag mining unit.

Exploration in operating units

Exploration costs in operational mining sites decreased by 8% from US$39.1 million loss for the nine-month period ended September 30, 2023 to US$35.8 million loss for the nine-month period ended September 30, 2024, mainly due to reduced exploration activities at the Uchucchacua and Yumpag mining units, totaling US$9.6 million, partially offset by increases of US$3.7 million, US$1.2 million and US$1.0 million at the Julcani, Orcopampa and Tambomayo mining units, respectively.

Operating expenses, net

Total operating expenses, net for the nine-month period ended September 30, 2024 decreased by 259% compared to the nine-month period ended September 30, 2023, as indicated in the following table:

	Nine-month period ended September 30,
	2024			2023			Change from prior year			% Change from prior year

	(in thousands of US$, except for percentages) (unaudited)
Operating expenses, net
Administrative expenses (1)		(45,800	)		(54,656	)		8,856			(16	)%
Selling expenses (2)		(18,670	)		(12,745	)		(5,925	)		46	%
Exploration in non-operating areas (3)		(16,847	)		(8,715	)		(8,132	)		93	%
Reversal (provision) of contingents(4)		(1,878	)		5,534			(7,412	)		(134	)%
Other, net(5)		202,187			(4,033	)		206,220			(5113	)%
Total operating income (expenses), net		118,992			(74,615	)		193,607			(259	)%

(1)	Administrative expenses decreased from US$54.7 million for the nine-month period ended September 30, 2023 to US$45.8 million for the nine-month period ended September 30, 2024 mainly due to the consolidation of expenses from Contacto Corredores de Seguros S.A. which was part of Buenaventura until November 2023, after which its expenses were no longer included in the consolidated financials.
(2)	Selling expenses increased from US$12.7 million for the nine-month period ended September 30, 2023 to US$18.7 million for the nine-month period ended September 30, 2024 mainly due to increased transport expenses from higher sales following the resumption of operations at the Uchucchacua mining unit, and higher copper transport fares at the Colquijirca mining unit.
(3)	Exploration in non-operating areas increased from US$8.7 million for the nine-month period ended September 30, 2023 to US$16.8 million for the nine-month period ended September 30, 2024 mainly due to higher expenses in the Don Jorge and El Faique projects, along with the reclassification of open-pit exploration expenses at the Colquijirca mining unit due to the suspension of open-pit activities during the nine-month period ended September 30, 2024.
(4)	Reversal (provision) of contingents changed from an income of US$5.5 million for the nine-month period ended September 30, 2023 to an expense of US$1.9 million for the nine-month period ended September 30, 2024 mainly due to the reversal of provisions recognized in the prior period related to safety, labor, and tax processes, whereas the current period’s provision mainly includes inspections from regulatory entities.
(5)	Other net expenses changed from an expense of US$4.0 million for the nine-month period ended September 30, 2023 to an income of US$202.2 million for the nine-month period ended September 30, 2024 mainly due to the sale of the investment in the subsidiary Chaupiloma Dos de Cajamarca S.A.C.

Other incomes (loss)

The following table summarizes certain other incomes (loss) for the nine-month periods ended September 30, 2024 and 2023.

	Nine-month period ended September 30,
	2024			2023			Change from prior year			% Change from prior year

	(in thousands of US$, except for percentages) (unaudited)
Share in the results of associates and joint venture, net (1)		150,189			113,368			36,821			32	%
Finance income		7,627			6,073			1,554			26	%
Foreign currency exchange difference(2)		(572	)		3,450			(4,022	)		(117	)%
Finance costs		(42,377	)		(43,455	)		1,078			(2	)%
		114,867			79,436			35,431			45	%

(1)

Share in the results of associates and joint ventures increased from an income of US$113.4 million for the nine-month period ended September 30, 2023 to an income US$150.2 million for the nine-month period ended September 30, 2024 mainly due to an increase in the value of shares owned by Sociedad Minera Cerro Verde S.A.A. and Compañía Minera Coimolache S.A., driven by their higher profits.

(2)

The US$4.0 million decrease of the foreign currency exchange difference from an income of US$3.5 million for the nine-month period ended September 30, 2023 to an expense of US$0.6 million for the nine-month period ended September 30, 2024 is mainly explained by exchange rate fluctuations resulting from macroeconomic and domestic market factors that weakened the Sol currency compared to the U.S. dollar (exchanges rates were 3.790 SOL/US$ and 3.703 SOL/US$ as of September 30, 2023 and 2024; respectively). Furthermore, Buenaventura holds significant receivables in Soles related to tax claims with the tax administration (SUNAT) amounting to S/420,231,000. As of September 30, 2023 and 2024, Buenaventura had no liabilities associated with tax claims.

Current and deferred income tax expenses

The effective tax rate was 25% for the nine-month period ended September 30, 2024 compared to 5% for the nine-month period ended September 30, 2023. Changes in the effective tax rate are related to changes in our projections for the years ended December 31, 2024 and 2023. Our projections for the years 2024 and 2023 differ mainly as a result of the deferred stripping costs, which were fully amortized in the previous period, forecasted income before taxes, and anticipated exchange differences arising from carried-forward tax losses.

Liquidity and capital resources

Capital expenditures

For the nine-month period ended September 30, 2024 our total capital expenditures were US$236.8 million.

As of September 30, 2024, we had cash on hand of US$457.9 million. We believe that our current operations and planned capital expenditures can be funded from cash flows from existing operations and cash on hand. However, should our operating cash flows decline due to unforeseen events, including delivery restrictions or a protracted downturn in the prices of our goods, we would examine measures such as further capital expenditure program reductions, pre-sale agreements, asset dispositions or equity issuances, among other financial alternatives.

We will also use cash flows to service current and expected debt levels. For the nine months ended September 30, 2024, Buenaventura received US$924.8 million from proceeds primarily from sales of goods and services, dividends from associates, and US$210.0 million from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.A.C. For the nine months ended September 30, 2023, Buenaventura received US$686.7 from proceeds primarily from sales of goods and services, and dividends from associates.

Cash flows

The following table sets forth our cash flows for the periods indicated:

	Nine-month period ended September 30,
	2024			2023			% Change from prior year

	(in thousands of US$, except for percentages) (unaudited)
Operating activities
Proceeds from sales of good and services		834,635			588,376			42	%
Dividends received from associates		90,169			98,323			(8	)%
Recovery from value added tax		32,101			42,971			(25	)%
Interest received		2,397			4,314			(44	)%
Dividends received from investments		1,150			150			667	%
Payments to suppliers and third-parties, and others net		(419,396	)		(379,544	)		10	%
Payments to employees		(115,268	)		(100,969	)		14	%
Interest paid		(35,713	)		(37,590	)		(5	)%
Short-term and low value lease payments		(32,807	)		(28,159	)		17	%
Income tax and royalties paid to the Peruvian State		(43,632	)		(19,393	)		125	%
Payment of royalties		(6,751	)		(9,446	)		(29	)%
Payments for tax litigation		-			(3,569	)		(100	)%
Others minor		1,083			-			100	%
Net cash flows from operating activities		307,968			155,464			98	%

Investing activities
Collection from sale of subsidiary Chaupiloma Dos de Cajamarca S.A.C. Shares		210,000			-			100	%
Proceeds from sale of property, plant and equipment		9,587			6,485			48	%
Proceeds from the sale of Contacto Corredores de Seguros S.A. to Howden Hodcco Perú S.A.C.		1,060			-			100	%
Proceeds from sale of investments		-			245			(100	)%
Payments for acquisition of property, plant and equipment		(236,769	)		(145,659	)		63	%
Payments for acquisitions of other assets		(1,524	)		(1,772	)		(14	)%
Net cash flows from (used in) investing activities		(17,646	)		(140,701	)		(87	)%

Financing activities
Increase of bank loans		-			49,000			(100	)%
Decrease (increase) of bank accounts in trust		(1,040	)		17			(6218	)%
Payments of bank loans		-			(49,000	)		(100	)%
Payments of financial obligations		(23,276	)		(23,276	)		0	%
Dividends paid to controlling interest		(18,441	)		(18,542	)		(1	)%
Lease payments		(3,575	)		(3,430	)		4	%
Dividends paid to non-controlling interest		(5,888	)		(1,641	)		259	%
Net cash flows used in financing activities		(52,220	)		(46,872	)		11	%
Increase (decrease) in cash and cash equivalents during the period, net		238,102			(32,109	)		842	%
Cash and cash equivalents at beginning of period		219,790			253,918			(13	)%
Cash and cash equivalents at period-end		457,892			221,809			106	%

Cash flows provided by operating activities

For the nine-month period ended September 30, 2024, cash provided by operating activities was US$308.0 million, representing an increase of 98%, from US$155.5 million for the nine-month period ended September 30, 2023.

This increase was mainly due to proceeds from higher sales and production by Buenaventura in the current period, the resumption of activities at the Uchucchacua mining unit, and the start of production at the Yumpag mining unit on April 1, 2024. This was partially offset by payments of mining royalties, income taxes and suppliers.

Cash flows used in investing activities

For the nine-month period ended September 30, 2024, cash used in investing activities was US$17.6 million, representing a decrease of 87%, from US$140.7 million for the nine-month period ended September 30, 2023.

This decrease was mainly due to the cash received from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.A.C. for US$210.0 million, which offset the cash outflows related to purchases of property, plant and equipment amounting to US$236.8 million.

Cash flows used in financing activities

Cash used in financing activities was US$52.2 million and US$46.9 million for the nine-month period ended September 30, 2024 and for the nine-month period ended September 30, 2023, respectively. The increase in payments is mainly explained by dividends paid to non-controlling interests.

Contractual Obligations

As of September 30, 2024, there was no material change to the amount or timing of payments related to our outstanding contractual obligations as set forth in “Item 5. F. Tabular disclosure of contractual obligations” in our Annual Report.

Financial Obligations

As of September 30, 2024 and December 31, 2023, we had total outstanding financial obligations of US$682.6 million and US$706.6 million, respectively, as set forth in the table below.

	As of September 30,		As of December 31,
	2024		2023

	(in thousands of US$)
	(unaudited)		(audited)
Compañía de Minas Buenaventura S.A.A.
Bonds
Senior Notes at 5.50% due 2026		545,684		544,062
Empresa de Generación Huanza S.A.
Banco de Crédito del Perú – Finance lease		74,812		79,436
Sociedad Minera El Brocal S.A.A.
Banco de Crédito del Perú – Financial obligation		54,591		72,762

Lease liabilities		7,485		10,320
Total financial obligations		682,572		706,580

Classification by maturity:
Current portion		35,889		34,219
Non-current portion		646,683		672,361
Total financial obligations		682,572		706,580

Off-balance sheet arrangements

There are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Item 2

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023 Unaudited interim condensed consolidated financial statements as of September 30, 2024 and 2023 and for the three-month and nine-month periods then ended

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of financial position

As of September 30, 2024 (unaudited) and December 31, 2023 (audited)

	Notes	2024			2023
		US$(000)			US$(000)
Assets
Current assets
Cash and cash equivalents	3		457,892			219,790
Trade and other receivables	4(a)		248,982			240,319
Inventories	5(a)		79,620			76,527
Current income tax			6,016			15,150
Prepaid expenses			13,373			25,976
			805,883			577,762
Non-current assets
Trade and other receivables	4(a)		602,012			612,880
Investments in associates and joint venture	6(a)		1,587,033			1,527,123
Property, plant, equipment and development cost	7(a)		1,778,027			1,600,295
Deferred income tax asset			99,001			131,863
Prepaid expenses			21,484			22,148
Current income tax assets			1,668			1,909
Other non-financial assets			58,734			59,819
			4,147,959			3,956,037
Total assets			4,953,842			4,533,799

Liabilities and equity
Current liabilities
Trade and other payables	8		266,935			293,621
Financial obligations	9(a)		35,889			34,219
Provisions			87,738			107,491
Income tax payable			53,414			6,274
			443,976			441,605
Non-current liabilities
Trade and other payables	8		9,290			5,385
Financial obligations	9(a)		646,683			672,361
Provisions			262,048			193,209
Contingent consideration liability	20(a)		26,224			21,614
Deferred income tax liabilities			34,518			30,414
			978,763			922,983
Total liabilities			1,422,739			1,364,588

Equity	11
Capital stock			750,497			750,497
Investment shares			791			791
Additional paid-in capital			218,450			218,450
Legal reserve			163,539			163,372
Other reserves			31,897			31,897
Other reserves of equity			(96	)		(96	)
Retained earnings			2,192,001			1,841,549
Shareholders’ equity attributable to owners of the parent			3,357,079			3,006,460
Non-controlling interest	12(a)		174,024			162,751
Total equity			3,531,103			3,169,211
Total liabilities and equity			4,953,842			4,533,799

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of profit or loss (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

		For the three-month periods						For the nine-month periods
		ended September 30,						ended September 30,
	Notes	2024			2023			2024			2023
		US$(000)			US$(000)			US$(000)			US$(000)
Continuing operations
Operating income
Sales of goods	13		329,017			207,705			850,235			559,489
Sales of services			2,089			3,588			4,777			10,555
Total operating income			331,106			211,293			855,012			570,044

Cost of sales
Cost of sales of goods, excluding depreciation and amortization	14		(153,640	)		(134,863	)		(399,725	)		(338,695	)
Unabsorbed cost due to production stoppage			(271	)		(7,467	)		(1,711	)		(18,002	)
Cost of sales of services, excluding depreciation and amortization			(759	)		(1,332	)		(2,292	)		(3,476	)
Depreciation and amortization			(43,815	)		(51,264	)		(119,717	)		(121,816	)
Exploration in operating units			(13,703	)		(12,418	)		(35,808	)		(39,051	)
Mining royalties			(5,866	)		(4,439	)		(15,017	)		(13,381	)
Total cost of sales			(218,054	)		(211,783	)		(574,270	)		(534,421	)
Gross profit (loss)			113,052			(490	)		280,742			35,623

Operating income (expenses), net
Administrative expenses			(16,950	)		(17,536	)		(45,800	)		(54,656	)
Selling expenses			(7,003	)		(4,277	)		(18,670	)		(12,745	)
Exploration in non-operating areas			(6,297	)		(4,553	)		(16,847	)		(8,715	)
Reversal (provision) of contingencies			(1,245	)		240			(1,878	)		5,534
Other, net	15		204,751			(2,919	)		202,187			(4,033	)
Total operating income (expenses), net			173,256			(29,045	)		118,992			(74,615	)

Operating income (loss)			286,308			(29,535	)		399,734			(38,992	)

Share in the results of associates and joint venture	6(b)		48,664			46,375			150,189			113,368
Finance income			3,654			2,122			7,627			6,073
Foreign currency exchange difference			18,369			(31,176	)		(572	)		3,450
Finance costs			(12,969	)		(13,381	)		(42,377	)		(43,455	)

Profit (loss) before income tax			344,026			(25,595	)		514,601			40,444

Current income tax	18(a)		(67,756	)		(11,925	)		(90,049	)		(22,228	)
Deferred income tax	18(a)		(30,385	)		13,189			(37,178	)		24,298
			(98,141	)		1,264			(127,227	)		2,070
Profit (loss) from continuing operations			245,885			(24,331	)		387,374			42,514
Discontinued operations
Profit (loss) from discontinued operations	1(e)		(1,459	)		(167	)		(1,521	)		439
Net profit (loss)			244,426			(24,498	)		385,853			42,953

Profit (loss) attributable to:
Owners of the parent			236,927			(28,032	)		369,075			29,627
Non-controlling interest	12(a)		7,499			3,534			16,778			13,326
			244,426			(24,498	)		385,853			42,953

Basic and diluted profit (loss) per share, stated in U.S. dollars
Attributable to owners of parent			0.93			(0.11	)		1.45			0.12
Attributable to owners of the parent for continuing operations			0.93			(0.11	)		1.45			0.12

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of other comprehensive income (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

	For the three-month periods ended September 30,						For the nine-month periods ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Net profit (loss)		244,426			(24,498	)		385,853			42,953

Other comprehensive income (loss) to be reclassified to profit or loss, net of income tax
Net change in unrealized gain (loss) on copper and zinc prices hedge, net of income tax, note 17		-			-			-			(6,232	)
Translation loss from associate		(182	)		-			(182	)		-
Share of other comprehensive income of associates accounted for using equity method, net of income tax		-			3			-			3

Total other comprehensive income that will be reclassified to profit or loss, net of tax		(182	)		3			(182	)		(6,229	)

Total other comprehensive profit (loss) net of income tax		244,244			(24,495	)		385,671			36,724

Comprehensive income (loss) attributable to:
Equity holders of the parent		236,745			(28,029	)		368,893			25,955
Non-controlling interests		7,499			3,534			16,778			10,769

		244,244			(24,495	)		385,671			36,724

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of changes in shareholders’ equity (unaudited)

For the nine-month periods ended September 30, 2024 and 2023

	Attributable to equity holders of the parent
													Other reserves
	Capital stock and investment shares												of equity
													Share of other
													comprehensive
													income of
													associates and
													joint venture
	Number of						Additional						accounted for
	shares		Common		Investment		paid-in		Legal		Other		using equity			Retained						Non-controlling
	Outstanding		Shares		shares		capital		reserve		reserves		method			earnings			Sub total			interest			Total equity
			US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)			US$(000)			US$(000)			US$(000)
As of January 1, 2023		253,715,190		750,497		791		218,450		163,270		31,897		2,184			1,841,761			3,008,850			154,091			3,162,941
Net profit		-		-		-		-		-		-		-			29,627			29,627			13,326			42,953
Other comprehensive loss		-		-		-		-		-		-		(3,672	)		-			(3,672	)		(2,557	)		(6,229	)

Total other comprehensive income (loss)		-		-		-		-		-		-		(3,672	)		29,627			25,955			10,769			36,724
Dividends declared and paid, note 11(c)		-		-		-		-		-		-		-			(18,542	)		(18,542	)		(1,641	)		(20,183	)
Expired dividends, note 11(e)		-		-		-		-		102		-		-			-			102			-			102
Other changes in equity		-		-		-		-		-		-		1,389			(1,401	)		(12	)		-			(12	)

As of September 30, 2023		253,715,190		750,497		791		218,450		163,372		31,897		(99	)		1,851,445			3,016,353			163,219			3,179,572

As of January 1, 2024		253,715,190		750,497		791		218,450		163,372		31,897		(96	)		1,841,549			3,006,460			162,751			3,169,211
Net profit		-		-		-		-		-		-		-			369,075			369,075			16,778			385,853
Other comprehensive income		-		-		-		-		-		-		-			(182	)		(182	)		-			(182	)

Total other comprehensive income (loss)		-		-		-		-		-		-		-			368,893			368,893			16,778			385,671
Dividends declared and paid, note 11(c)		-		-		-		-		-		-		-			(18,441	)		(18,441	)		(5,535	)		(23,976	)
Other changes in equity, note 11(e)		-		-		-		-		167		-		-			-			167			30			197

As of September 30, 2024		253,715,190		750,497		791		218,450		163,539		31,897		(96	)		2,192,001			3,357,079			174,024			3,531,103

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Interim condensed consolidated statements of cash flows (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

		For the three-month periods						For the nine-month periods
		ended September 30,						ended September 30,
	Notes	2024			2023			2024			2023
			US$(000)			US$(000)			US$(000)			US$(000)
Cash flows from operating activities
Proceeds from sales of goods and services			318,002			206,711			834,635			588,376
Dividends received from associates	16(a)		59,902			48,961			90,169			98,323
Recovery from value added tax			9,141			9,631			32,101			42,971
Interest received			1,609			1,639			2,397			4,314
Dividends received from investments			-			-			1,150			150
Payments to suppliers and third parties, and others net			(105,890	)		(104,989	)		(419,396	)		(379,544	)
Payments to employees			(55,682	)		(33,962	)		(115,268	)		(100,969	)
Interest paid			(16,862	)		(16,081	)		(35,713	)		(37,590	)
Short-term and low value lease payments			(12,355	)		(9,884	)		(32,807	)		(28,159	)
Income tax and royalties paid to the Peruvian State			(17,546	)		(7,293	)		(43,632	)		(19,393	)
Payment of royalties			-			(3,235	)		(6,751	)		(9,446	)
Payments for tax litigation			(542	)		(3,331	)		-			(3,569	)
Others minor			1,083			-			1,083			-
Net cash flows from operating activities			180,860			88,167			307,968			155,464

Cash flows from (used in) of investing activities
Collection from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.C.R.L.			210,000			-			210,000			-
Proceeds from sale of property, plant and equipment			3,387			2,455			9,587			6,485
Proceeds from the sale Contacto Corredores de Seguros S.A. shares to Howden			-			-			1,060			-
Proceeds from sale of investments			-			245			-			245
Payments for acquisition of property, plant and equipment			(95,448	)		(59,786	)		(236,769	)		(145,659	)
Payments for acquisition of other assets			(155	)		(1,052	)		(1,524	)		(1,772	)
Net cash flows from (used in) investing activities			117,784			(58,138	)		(17,646	)		(140,701	)

Cash flows from (used in) financing activities
Increase of bank loans			-			-			-			49,000
Decrease (increase) of bank accounts in trust	4(a)		(970	)		-			(1,040	)		17
Payments of bank loans			-			-			-			(49,000	)
Payments of financial obligations	9(d)		(7,759	)		(7,758	)		(23,276	)		(23,276	)
Dividends paid to controlling interest	11(c)		-			-			(18,441	)		(18,542	)
Lease payments	9(d)		(1,782	)		(1,181	)		(3,575	)		(3,430	)
Dividends paid to non-controlling interest			(1,787	)		(1,641	)		(5,888	)		(1,641	)
Net cash flows used in financing activities			(12,298	)		(10,580	)		(52,220	)		(46,872	)
Increase (decrease) in cash and cash equivalents during the period, net			286,346			19,449			238,102			(32,109	)
Cash and cash equivalents at beginning of period	3		171,546			202,360			219,790			253,918
Cash and cash equivalents at the end of the period	3		457,892			221,809			457,892			221,809

Financing and investing activities not affecting cash flows:
Changes in estimates of mine closure plans			(1,674	)		(4,271	)		55,158			2,190
Leases additions			2,501			-			3,364			-
Due from for sales of properties and concessions			-			(704	)		-			1,832

Compañía de Minas Buenaventura S.A.A. and Subsidiaries

Notes to the interim condensed consolidated financial statements (unaudited)

For the three-month and nine-month periods ended September 30, 2024 and 2023

1.	Identification and business activity

(a)

Identification -

Compañía de Minas Buenaventura S.A.A. (hereafter “the Company” or “Buenaventura”) is a publicly traded corporation incorporated in Peru in 1953. The Company stock is traded on the Lima and New York Stock Exchanges through American Depositary Receipts (ADRs), which represent the Company’s shares deposited in the Bank of New York. The Company’s legal domicile is at Las Begonias Street N°415, San Isidro, Lima, Peru. The Company is the ultimate controlling party.

(b)

Business activity -

The Company and its subsidiaries (hereinafter “the Group") are principally engaged in the exploration, mining, concentration, smelting and marketing of polymetallic ores and metals.

As of September 30, 2024, the Group operates directly fiveoperating mining units in Peru (Orcopampa, Julcani, Uchucchacua, Tambomayo and Yumpag), two discontinued mining units (Poracota and Shila-Paula), and one mining unit under development stage (San Gabriel). In addition, the Company has a controlling interest in (i) Sociedad Minera El Brocal S.A.A. (hereinafter “El Brocal”), which operates the Colquijirca mining unit; (ii) Minera La Zanja S.R.L. (hereinafter “La Zanja”), which operates La Zanja mining unit; (iii) El Molle Verde S.A.C. (hereinafter “Molle Verde”) which operates Trapiche, a mining unit at the development stage; and (iv) other entities dedicated to energy generation and transmission services, and other activities. All these activities are carried out in Peru.

The legal domicile of the subsidiaries and associates is the same as that of the Company, except for:

Sociedad Minera Cerro Verde S.A.A. whose legal domicile is located at Calle Jacinto Ibáñez 315, Urb. Parque Industrial, Cercado de Arequipa, Arequipa.

Tinka Resources Ltd. whose legal domicile is located at #1305 - 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7 Canada.

Restart of activities at the Uchucchacua mining unit -

Due to operational problems that were aggravated by the COVID-19 pandemic (delays in mine preparation and exploration), on October 15, 2021, the Company requested from the Ministry of Energy and Mines, the temporary suspension of activities in the Uchucchacua unit, specifically those related to mining exploitation and benefit.

As a result of said stoppage, the industrial activities in the subsidiary Procesadora Industrial Río Seco S.A. (which receives raw materials from the Uchucchacua mining unit) were suspended until operations resume in Uchucchacua.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

On August 28, 2023, the Company presented the Mining Plan Update to the Ministry of Energy and Mines, thus completing the procedures required for the restart of the activities of the Uchucchacua mining unit, as of September 1 of 2023.

As of September 1, 2023, the maintenance and start-up work commenced. Likewise, starting in the second half of September, mineral processing began at the Uchucchacua concentrator plant with the objective of achieving a stable production between 2,600 tons and 2,800 tons per day, which will be maintained for the following years.

Approval of the environmental impact study of the Yumpag project -

The Detailed Environmental Impact Study of the Yumpag Project (EIA) was approved in September 2023. After that the Company prepared and presented all the required procedures before the Ministry of Energy and Mines to obtain the necessary authorizations to initiate the project’s exploitation phase.

On March 18, 2024, the Company received the final authorizations from the Ministry of Energy and Mines to begin production of Yumpaq mine project. The production started on April 1, 2024.

(c)

Approval of interim condensed consolidated financial statements -

The interim condensed consolidated financial statements as of September 30, 2024 were approved and authorized for issue by the Board of Directors on October 30, 2024 and subsequent events have been considered through that date.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(d)

The interim condensed consolidated financial statements include the financial statements of the Company and the following subsidiaries:

	Country of	Ownership as of
	incorporation and business	September 30, 2024				December 31, 2023
		Direct		Indirect		Direct		Indirect
			%		%		%		%
Mining activities:
Compañía Minera Condesa S.A.	Peru		100.00		-		100.00		-
Compañía Minera Colquirrumi S.A.	Peru		100.00		-		100.00		-
Sociedad Minera El Brocal S.A.A (i)	Peru		3.19		58.24		3.19		58.24
Inversiones Colquijirca S.A. (i)	Peru		89.76		10.24		89.76		10.24
S.M.R.L. Chaupiloma Dos de Cajamarca (ii)	Peru		-		-		33.00		67.00
Minera La Zanja S.R.L.	Peru		100.00		-		100.00		-
El Molle Verde S.A.C.	Peru		99.98		0.02		99.98		0.02
Apu Coropuna S.R.L.	Peru		70.00		-		70.00		-
Cerro Hablador S.A.C.	Peru		99.00		1.00		99.00		1.00
Minera Azola S.A.C.	Peru		99.00		1.00		99.00		1.00

Energy generation and transmission services:
Consorcio Energético de Huancavelica S.A.	Peru		100.00		-		100.00		-
Empresa de Generación Huanza S.A.	Peru		-		100.00		-		100.00

Industrial activities:
Procesadora Industrial Río Seco S.A.	Peru		100.00		-		100.00		-

(i)

As of September 30, 2024 and December 31, 2023 includes the participation of the Company in the voting rights of El Brocal of 61.43% through its participation in Inversiones Colquijirca S.A. (hereinafter “Colquijirca”), a subsidiary of the Company (100% of the participation in its voting rights as September 30, 2024 and December 31, 2023), which has an investment over the voting rights of El Brocal, representing an indirect ownership of the Company in El Brocal of 58.24% as September 30, 2024 and December 31, 2023.

(ii)

On August 13, 2024, the Company, Compañia Minera Condesa S.A., and Compañía de Regalias del Perú S.A. signed a contract for the sale of its shares of its subsidiary SMRL Chaupiloma Dos de Cajamarca for US$210 million, paid in cash. The net cost of sale of the investment was US$1,100,000. The income and its net disposal cost were recognized in the caption Others, net.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(e)

Discontinued operations

As of September 30, 2024 and 2023, the mining units with discontinued operations were Poracota and Shila-Paula. Information of income, expenses and results of discontinued mining units are presented below:

In addition, during the three-month and nine-month periods ended September 30, 2024 and 2023, there were no net cash flows generated by the discontinued mining units.

	For the three-month periods ended September 30,						For the nine-month periods ended September 30,
	2024			2023			2024			2023
		US$(000)			US$(000)			US$(000)			US$(000)
Operating income (expenses), net
Reversal (provision) of contingents		-			79			404			1,735
Administrative expenses		(2,324	)		(219	)		(2,627	)		(471	)
Other, net		835			-			791			(726	)
Total operating income (loss), net		(1,489	)		(140	)		(1,432	)		538
Operating profit (loss)		(1,489	)		(140	)		(1,432	)		538
Financial costs		47			(30	)		(144	)		(98	)
Exchange difference net		(17	)		3			55			(1	)
Profit (loss) before income tax		(1,459	)		(167	)		(1,521	)		439
Current income tax		-			-			-			-
Deferred income tax		-			-			-			-
Profit (loss) from continuing operations		(1,459	)		(167	)		(1,521	)		439

2.	Basis for preparation, consolidation and changes in accounting policies

2.1.

Basis of preparation and presentation -

The unaudited interim condensed consolidated financial statements have been prepared and presented in accordance with IAS 34 - “Interim Financial Reporting” performed in compliance with the rules of the Superintendence of the Securities Market (SMV by its acronym in Spanish). Likewise, the Group uses the same accounting policies applied in preparing the annual financial statements, except for the income tax expense that is recognized, according to IAS 34, for each interim period based on the best estimate of the weighted average annual income effective tax rate expected for the full financial year.

The unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis, from the accounting records of the Group, except for financial the derivative financial instruments and financial assets and liabilities that have been measured at fair value through profit or loss and discontinued operations that have been valued at the lower of (i) their carrying amount and (ii) its fair value less cost to sell.

The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. Management considers that there are no material uncertainties that may cast significant doubt over this assumption.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

The unaudited interim condensed consolidated financial statements are stated in U.S. dollars and all values have been rounded to the nearest thousands, except when otherwise indicated.

The unaudited interim condensed consolidated financial statements provide comparative information for prior periods, however, do not include all information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s audited consolidated financial statements as of December 31, 2023.

2.2.

New standards and interpretations adopted by the Group -

The accounting policies used by the Group for the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements as of December 31, 2023, except for the adoption of the new standards effective from January 1, 2024. The Group has not early adopted any standard, interpretation or modification issued and not yet effective.

Certain standards and amendments apply from January 1, 2024; however, they do not impact the unaudited interim condensed consolidated financial statements of the Group as of September 30, 2024 and, therefore, they have not been disclosed.

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback -

In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments didn’t have an impact on the Group’s interim condensed consolidated financial statements.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current -

In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

	·	What is meant by a right to defer settlement.
	·	That a right to defer must exist at the end of the reporting period.
	·	That classification is unaffected by the likelihood that an entity will exercise its deferral right.
	·	That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months.

The amendments didn’t have an impact on the Group’s interim condensed consolidated financial statements.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 -

In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

The transition rules clarify that one entity is not required to present information in any interim period during the amendment’s year of initial application. Therefore, the amendments did not have an impact in the interim condensed consolidated financial statements.

3.	Cash and cash equivalents

This caption is made up as follow:

	As of September 30,		As of December 31,
	2024		2023
	US$(000)		US$(000)
Cash on hand		84		122
Balances with banks (i)		49,153		63,979
Short-term deposits (ii)		408,655		155,689
		457,892		219,790

(i)

Banks accounts are freely available and earn interest at floating rates based on market rates.

(ii)

As of September 30, 2024 and December 31, 2023, time deposits were kept in prime financial institutions, which generated interest at annual market rates and have original current maturities, lower than 90 days, according to the immediate cash needs of the Group.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

4.	Trade and other receivables

(a)

This caption is made up as follows:

	As of September 30, 2024			As of December 31, 2023
		US$(000)			US$(000)
Trade receivables
Domestic clients		176,527			157,296
Foreign clients		42,199			46,051
Related entities, note 16(b)		449			421
		219,175			203,768
Allowance for expected credit losses (b)		(24,569	)		(22,276	)
		194,606			181,492
Other receivables
Tax claims (c)		545,290			546,385
Value added tax credit		55,047			66,515
Other receivables to third parties		27,499			27,585
Tax deposits (d)		8,627			3,075
Accounts receivable from Howden Hodco Perú (e)		7,332			12,564
Interest receivable		3,654			2,634
Advances to suppliers		3,443			6,810
Refund applications of value added tax (f)		2,914			2,591
Related entities, note 16(b)		2,368			2,486
Bank accounts in trust		2,098			1,058
Loans to third parties		1,404			555
Loans to personnel to personal		533			574
Due from sales of assets		108			2,744
Other receivables		185			272
		660,502			675,848
Allowance for expected credit losses (b)		(4,114	)		(4,141	)
		656,388			671,707
Total trade and other receivables		850,994			853,199

Classification by maturity:
Current portion		248,982			240,319
Non-current portion		602,012			612,880
Total trade and other receivables		850,994			853,199

Classification by nature:
Financial receivables		247,743			237,708
Non-financial receivables		603,251			615,491
Total trade and other receivables		850,994			853,199

Classification by measurement:
Trade receivables (not subject to provisional prices)		78,143			55,906
Trade receivables (subject to provisional prices)		116,463			125,586
Other accounts receivables		656,388			671,707
Total trade and other receivables		850,994			853,199

(b)

In the opinion of the Group’s Management, the balance of the allowance for expected credit losses is sufficient to cover adequately the risks of failure to date of the interim condensed consolidated statement of financial position.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c)

Corresponds to seizures and forced payments of tax debts that are in litigation and that, in the opinion of Management and its legal advisors, a favorable result should be obtained in the judicial and administrative processes that have been initiated, see note 31(d) of the audited annual consolidated financial statements:

Concept	Disbursement Date	As of September 30, 2024		As of December 31, 2023
		US$(000)		US$(000)
Buenaventura -
Payment of tax debt in relation to fiscal year 2007 - 2008	July 2021		426,606		426,374
Payment of tax debt in relation to fiscal year 2010	July 2021		96,325		96,273
Payment of tax debt in relation to fiscal year 2009	July 2021		52,227		52,199
SUNAT seizure for payment on account from January to December 2009; January and February 2010	December 2019		32,477		32,459
Forced payment of part of the tax liability debt for fiscal year 2007	November and December 2020		19,461		19,451
SUNAT seizure for payment on account on Income Tax 2007-2008-2009	January 2021		5,177		5,174
Payment in claim to SUNAT for the year 2018	August 2023		2,886		3,306
Payment of tax debt in relation to fiscal year 2017	December 2022		2,493		2,490
Payment of the tax liability debt imputed by SUNAT in the IGV inspection process January-December 2014 to benefit from the gradual nature of the fine	November 2020		1,281		1,280
Payment of part of the tax debt for fiscal year 2010	December 2020		486		486
Payment in claim to SUNAT for the year 2014	June 2023		235		236
Payment in claim to the Tax Administration			639,654		639,728

Inminsur's tax liability debt (absorbed by Buenaventura), by the inspection process for the years 1996-1997 and claimed in court	May 2017		809		809
Claim payment to OSINERGMIN for the year 2015	December 2022		639		638
Claim payment to OSINERGMIN for the year 2014	August 2021		626		630
Claim payment to OSINERGMIN for the year 2017	April 2024		135		-
Payment in claim to Oyon Municipality	December 2020		518		519
Other claims			2,727		2,596
			642,381		642,324

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Concept	Disbursement Date	As of September 30, 2024		As of December 31, 2023
		US$(000)		US$(000)
El Brocal -
Payment under protest of the tax liability for fiscal year 2017	October 2023		6,080		6,079
Forced payment of part of the tax debt for fiscal year 2014	January 2021		848		1,314
Payment of the fine for the benefit of reducing the fine for fiscal year 2015	January 2020		194		269
			7,122		7,662

Río Seco -
Forced payment of part of the VAT liability for 2012.	July to September 2019		3,253		3,232
Forced in force related to tax review of non-domiciled of year 2020	December 2022		616		620
Payment in force as part of the tax liability of year 2020	February 2023		5		4
			3,874		3,856

Huanza -
Payment under protest of the tax liability for fiscal year 2014	December 2022		1,645		1,644

Conenhua -
Payment under protest of the tax liability of the fiscal year 2017	June 2014		15		-

La Zanja -
SUNAT seizure for income tax for fiscal year 2016	October 2022		2,419		2,418
Forced payment of part of the tax debt for fiscal year 2013-2015.	April 2021		826		826
Forced payment of part of the tax debt for fiscal year 2019	December 2023		492		494
			3,737		3,738

Chaupiloma -
SUNAT seizure for income tax for fiscal year 2011	September 2021		-		339

	Total		658,774		659,563

(i)

During the year 2024, the tax administration, in compliance with the rules of the Constitutional Court, performed partial payments of the claimed amounts from the fiscal periods 2014 and 2015 related to the observations of expense faithfulness and development expenses for US$467,000 and US$75,000; respectively, from El Brocal.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

As September 30, 2024 and December 31, 2023, the Group holds a liability associated with tax claims of previous periods for a total of S/420,231,000 (equivalent to US$113,484,000) recognized during the year 2023:

Years	Disbursements		Tac claim liability			Tax claims
	US$(000)		US$(000)			US$(000)
2007		182,497		-			182,497
2008		263,187		-			263,187
2009		86,426		(35,318	)		51,108
2010		100,648		(78,166	)		22,482
2014		1,516		-			1,516
2017		2,493		-			2,493
2018		2,887		-			2,887
Buenaventura’s forced payments claimed		639,654		(113,484	)		526,170
Other claims		2,727		-			2,727
Other Buenaventura’s subsidiaries forced payments claimed		16,393		-			16,393
		658,774		(113,484	)		545,290

(d)

Corresponds to deposits held in the Peruvian State bank, which only can be used to offset tax debts that the Group have with the Tax Authorities.

(e)

As September 30, 2024 and December 31, 2023, the Group holds accounts receivable with Howden Hodco Perú S.A., due to the sale of its Subsidiary Contacto Corredores de Seguros S.A., for US$8.6 million and US$14.5 million; respectively, recognized in the interim condensed consolidated financial statements at a present value of US$7.3million and US$12.5 million, respectively.

During the second quarter of year 2024, The Group recorded the financial price setting according to the contract, as a result the account receivable was reduced in US$4.8 million, this effect was recognized in profit & loss within the caption “Others, net”. Likewise, in June of 2024, the amount of US$1.06 million was collected, the collection of the remaining amount will be performed within the five calendar days following the third commemoration date of the transaction closing.

During the third quarter of year 2024, the financial update of the long-term accounts receivables generated the recognition of a financial income of US$451,000. These accounts receivables were determined based on the agreed contractual conditions between parties.

(f)

Corresponds mainly to current year refunds requests that are pending as of September 30, 2024 and December 31, 2023.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

5.	Inventories

(a)

This caption is made up as follows:

	As of September 30,		As of December 31,
	2024		2023
		US$(000)		US$(000)

Finished goods		2,956		1,154
Products in process		13,517		18,506
Spare parts and supplies		63,147		56,867
		79,620		76,527

(b)

In the opinion of Group’s Management, the provision for impairment of value of inventories adequately covers this risk as of the date of the interim condensed consolidated statements of financial position. The provision for impairment of value of inventory had the following movement:

	For the nine-month periods ended September 30,						For the year ended
	2024			2023			2023
		US$(000)			US$(000)			US$(000)

Beginning balance		34,762			29,842			29,842
Continuing operations:
Finished and in progress goods, note 14 -
Provision for impairment		3,165			24,201			10,536
Reversal for impairment		(9,387	)		(394	)		(6,685	)
		(6,222	)		23,807			3,851
Spare parts and supplies, note 15 -
Provision for impairment		27,305			25,379			20,478
Reversal for impairment		(25,375	)		(22,536	)		(19,409	)
		1,930			2,843			1,069
Ending balance		30,470			56,492			34,762

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

6.	Investments in associates and joint venture

(a)

This caption is made up as follows:

	Share in equity
	As of September 30, 2024		As of December 31, 2023		As of September 30, 2024		As of December 31, 2023
		%		%		US$(000)		US$(000)
Investments in associates
Sociedad Minera Cerro Verde S.A.A.		19.58		19.58		1,475,155		1,416,051
Compañía Minera Coimolache S.A.		40.10		40.10		100,439		99,060
Tinka Resources Ltd.		19.32		19.32		8,456		9,218
						1,584,050		1,524,329
Joint venture						1,817		1,628
Financial investments						1,166		1,166
						1,587,033		1,527,123

(b)

The table below presents the Group’s net share in profit (loss) of associates and joint venture for the period of three-month and nine-month periods ended as September 30, 2024 and 2023:

	For the three-month periods						For the nine-month periods
	ended September 30,						ended September 30,
	2024			2023			2024			2023
		US$(000)			US$(000)			US$(000)			US$(000)
Associates
Sociedad Minera Cerro Verde S.A.A.		49,749			44,381			147,233			122,271
Compañía Minera Coimolache S.A.		(718	)		2,457			3,421			(7,713	)
Tinka Resources Ltd.		(285	)		(409	)		(583	)		(1,126	)
		48,746			46,429			150,071			113,432
Joint venture		(82	)		(54	)		118			(64	)
		48,664			46,375			150,189			113,368

(c)

Changes in this caption are as follows:

	For the nine-month periods ended September 30,						For the year ended
	2024			2023			2023
		US$(000)			US$(000)			US$(000)
Beginning balance		1,527,123			1,520,977			1,520,977
Net share in profit of associates and joint venture (b)		150,189			113,368			152,225
Dividends issued and collected, note16(a)		(90,171	)		(98,323	)		(147,286	)
Translation effect and other minors		(108	)		(18	)		1,204
Unrealized results on investments		-			3			3
Ending balance		1,587,033			1,536,007			1,527,123

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

7.	Property, plant, equipment and development costs

(a)

This caption is made up as follow:

	Cost			Accumulated depreciation / amortization			Provision for impairment of long–lived assets			Net cost
		US$(000)			US$(000)			US$(000)			US$(000)
As of January 1, 2024		4,165,696			(2,558,856	)		(6,545	)		1,600,295
Additions		238,742			(96,974	)		-			141,768
Disposals		(1,790	)		1,125			-			(665	)
Estimations		54,119			(17,467	)		-			36,652
Sales		(1,039	)		1,016			-			(23	)

As of September 30, 2024		4,455,728			(2,671,156	)		(6,545	)		1,778,027

As of January 1, 2023		3,958,613			(2,416,873	)		(6,545	)		1,535,195
Additions		145,659			(151,569	)		-			(5,910	)
Estimations		(1,594	)		284			-			(1,310	)
Disposals		35,100			-			-			35,100
Sales		(653	)		641			-			(12	)

As of September 30, 2023		4,137,125			(2,567,517	)		(6,545	)		1,563,063

(b)

The net right of use assets maintained by the Group correspond to the following:

	As of September 30, 2024		As of December 31, 2023
	US$(000)		US$(000)
Buildings		5,317		9,236
Transportation units		1,655		1,403
Machinery and equipment		199		1,117

		7,171		11,756

For the three- and nine-month periods ended September 30, 2024, the additions of right of use assets were US$1 million (US$0.7 million and US$1.9 million for three- and nine-month period ended September 30, 2023; respectively).

For the three- and nine-month period ended September 30, 2024 and 2023, there were no disposals.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c)

Below is distribution of the depreciation expenses of the period:

	For the three-month periods				For the nine-month periods
	ended September 30,				ended September 30,
	2024		2023		2024		2023
		US$(000)		US$(000)		US$(000)		US$(000)
Cost of sales of goods		22,939		72,358		89,573		133,474
Cost of sales of services		2,122		2,037		4,755		6,109
Property, plant and equipment		554		338		1,389		985
Administrative expenses		326		500		1,079		1,488
Selling expenses		26		24		72		70
Exploration in non-operating areas		20		21		61		70
Unabsorbed cost due to production stoppage		-		3,080		1		9,338
Discontinued operations		-		-		-		1
Other, net		15		14		44		34
		26,002		78,372		96,974		151,569

Trade and other payables

This caption is made up as follows:

	As of September 30, 2024		As of December 31, 2023
		US$(000)		US$(000)
Trade payables
Domestic suppliers		201,571		231,661
Related entities, note 16(b)		658		454
		202,229		232,115
Other payables
Remuneration and similar benefits payable		47,483		38,617
Taxes payable		7,528		6,833
Interest payable		7,027		14,601
Royalties payable to the Peruvian State		5,873		3,603
Dividends payable		238		567
Related entities, note 16(b)		64		14
Other liabilities		5,783		2,656
		73,996		66,891
Total trade and other payables		276,225		299,006


Classification by maturity:
Current portion		266,935		293,621
Non-current portion		9,290		5,385
Total trade and other payables		276,225		299,006

Classification by nature:
Financial payables		262,824		288,570
Non-financial payables		13,401		10,436
Total trade and other payables		276,225		299,006

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

9.	Financial obligations

(a)

This caption is made up as follow:

	As of September 30, 2024		As of December 31, 2023
		US$(000)		US$(000)
Compañía de Minas Buenaventura S.A.A.
Bonds -
Senior Notes at 5.50% due 2026		545,684		544,062

Empresa de Generación Huanza S.A.
Banco de Crédito del Perú –Finance lease		74,812		79,436

Sociedad Minera El Brocal S.A.A. (b)
Banco de Crédito del Perú – Financial obligation		54,591		72,762

Lease liabilities -
Finance lease (c)		7,485		10,320
Total financial obligations		682,572		706,580

Classification by maturity:
Current portion		35,889		34,219
Non-current portion		646,683		672,361
Total financial obligations		682,572		706,580

(b)

As part of the acquired commitments in regard of the financing contract, El Brocal is required to comply with the following financial ratios:

Subsidiary El Brocal

	-	Debt service coverage ratio: Higher than 1.3.
	-	Leverage Ratio: Less than 1.0 times.
	-	Indebtedness ratio: Less than 2.25 times.

The financial obligation is collateralized by a security agreement in respect of assets; certain contractual rights, flows and account balances, a real estate mortgage; and a mortgage on certain mining concessions.

Subsidiary Huanza

Huanza is committed to comply with the following financial ratios:

	-	Debt service coverage ratio higher than 1.2.
	-	Indebtedness ratio no lower than 2.20.

The compliance of previously mentioned restrictive clauses is monitored by the Group’s Management. As September 30, 2024 and December 31, 2023, the Group complies with the previously mentioned ratio.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c)

Lease liabilities related to the right of use asset are as follows:

	As of September 30, 2024		As of December 31, 2023
	US$(000)		US$(000)
Buildings		5,609		7,412
Machinery and equipment		1,677		1,031
Transportation units		199		1,877

		7,485		10,320

Classification by maturity:
Current portion		2,243		2,087
Non-current portion		5,242		8,233

		7,485		10,320

Lease payments are presented in the consolidated statements of cash flows in “Lease payments” caption as part of the financing activities. Interest’s expense related to the lease liabilities for the three-month periods ended September 30, 2024 and 2023 is presented in the “Financial costs” caption.

(d)

Below is presented the movement of the item:

	Por los períodos de nueve meses terminados el 30 de septiembre de						Por el año terminado al
	2024			2023			2023
	US$(000)			US$(000)			US$(000)
Beginning balance as of January 1,		706,580			738,534			738,534
Bonds -
Amortization of bond issuance costs		1,622			1,612			2,082
Financial obligations -
Payments		(23,276	)		(23,276	)		(31,034	)
Effect of amortized cost		41			124			155
Accrual of commissions for financial obligations		-			(51	)		(85	)
Lease obligations -
Additions		650			1,929			1,137
Accretion expense		530			35			266
Payments		(3,575	)		(3,429	)		(4,475	)
Ending balance as of September 30,		682,572			715,478			706,580

(e)

The Group holds lines of credit with financial institutions for US$200 million, which are subject to compliance with financial indicators that will become effective if the Group makes use of such lines of credit. As of September 30, 2024, the Gorup has not made of these lines of credit.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

10.	Commitments and contingencies

Included in note 31 of annual consolidated financial statements is a disclosure of the material contingencies outstanding as of December 31, 2023. As of September 30, 2024, there was not significant changes in contingent liabilities or contingent assets since the last annual reporting date.

11.

Equity

(a)

Capital stock -

The Group’s share capital is stated in soles and consisted of common shares with voting rights, with a nominal amount of S/10.00 per share. The table below presents the composition of the capital stock as of September 30, 2024 and December 31, 2023:

	Number of shares			Capital stock			Capital stock
				S/(000)			US$(000)
Common shares		274,889,924			2,748,899			813,162
Treasury shares		(21,174,734	)		(211,747	)		(62,665	)
		253,715,190			2,537,152			750,497

(b)

Investment shares -

Investment shares have a nominal value of S/10.00 per share. Holders of investment shares are neither entitled to exercise voting rights nor to participate in shareholders’ meetings; however, they confer upon the holders thereof the right to participate in the dividend’s distribution. The table below presents the composition of the investment shares as of September 30, 2024 and December 31, 2023:

	Number of shares			Capital stock			Capital stock
				S/(000)			US$(000)
Investment shares		744,640			7,447			2,161
Treasury investment shares		(472,963	)		(4,730	)		(1,370	)
		271,677			2,717			791

(c)

Dividends

By means of Mandatory Annual Shareholders’ Meeting held on March 27, 2024, a distribution of dividends was approved for US$0.0726 per share, equivalent to US$20,011,069 (US$18,441,000 net of treasury shares). Dividends were paid on May 02, 2024.

By means of Mandatory Annual Shareholders’ Meeting held on March 31, 2023, a distribution of dividends was approved for US$0.073 per share, equivalent to US$20,121,323 (US$18,542,000 net of treasury shares).

Dividends issued corresponding to non-controlling shareholders were US$5,505,000 for the nine-month period ended September 30, 2024 (US$1,641,000 for the nine-month period ended September 3, 2023).

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(d)

Basic and diluted profit per share -

Profit per share is calculated by dividing net profit for the three-month and nine-month periods ended September 30, 2024 and 2023 by the weighted average number of shares outstanding during that period. The calculation of profit per share is presented below:

	For the three-month periods					For the nine-month periods
	ended September 30,					ended September 30,
	2024		2023			2024		2023
Gain (loss) for the period (numerator) - US$		236,927,000		(28,032,000	)		369,075,000		29,627,000
Total common and investment shares (denominator)		253,986,867		253,986,867			253,986,867		253,986,867
Gain (loss) net per basic share and diluted - US$		0.93		(0.11	)		1.45		0.12

(e)

Legal reserve –

The Peruvian Corporation Law requires that a minimum of 10 percent of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until the latter is equal to 20 percent of the capital stock. This legal reserve can be used to offset losses or may be capitalized, with the obligation, in both cases, to subsequently replenish it.

Although the balance of the legal reserve exceeded the limit mentioned above, the Company increased its legal reserve by US$197,000 and US$102,000 in the years 2024 and 2023, respectively, due to the expiration of dividends. According to the General Law of Companies, dividends expire ten years after the payment is due.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

12.

Subsidiaries with material non-controlling interest

(a)

Financial information of the main subsidiaries that have material non-controlling interest are provided below:

	Country of incorporation and operation	As of September 30, 2024			As of December 31, 2023
		%			%
Equity interest held by non-controlling interests:
Sociedad Minera El Brocal S.A.A.	Peru		38.57			38.57
Apu Coropuna S.R..L	Peru		30.00			30.00

Accumulated balances of material non-controlling interest:
Sociedad Minera El Brocal S.A.A.			174,189			162,863
Apu Coropuna S.R.L.			(165	)		(112	)
			174,024			162,751

	For the three-month periods						For the nine-month periods
	ended September 30,						ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Profit (loss) allocated to material non-controlling interest:
Sociedad Minera El Brocal S.A.A.		7,501			3,538			16,831			13,354
Apu Coropuna S.R.L.		(2	)		(4	)		(53	)		(28	)
		7,499			3,534			16,778			13,326

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(b)

The summarized financial information of these subsidiaries, before inter-company eliminations, is presented below:

Statements of financial position as of September 30, 2024 and December 31, 2023:

	As of September 30, 2024						As of December 31, 2023
	Sociedad Minera El Brocal S.A.A.			Apu Coropuna S.R.L.			Sociedad Minera El Brocal S.A.A.			Apu Coropuna S.R.L.
	US$(000)			US$(000)			US$(000)			US$(000)
Current assets		253,489			187			230,761			355
Non-current assets		445,986			446			452,549			6
Current liabilities		(133,330	)		(443	)		(182,902	)		-
Non-current liabilities		(138,289	)		(740	)		(101,917	)		(735	)
Equity		427,856			(550	)		398,491			(374	)

Attributable to:
Shareholders of the Group		253,667			(385	)		235,628			(262	)
Non-controlling interests		174,189			(165	)		162,863			(112	)
		427,856			(550	)		398,491			(374	)

Statements of profit or loss for the three-month and nine-month periods ended September 30, 2024 and 2023:

	Sociedad Minera El Brocal S.A.A.		Apu Coropuna S.R.L.
	US$(000)		US$(000)
2024-
Revenues		334,491		-
Net profit (loss)		43,635		(176	)
Attributable to non-controlling interests		16,831		(53	)

2023-
Revenues		318,221		-
Net profit (loss)		32,594		(92	)
Attributable to non-controlling interests		13,354		(28	)

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Statements of cash flow for the three-month and nine-month periods ended September 30, 2024 and 2023:

	Sociedad Minera El Brocal S.A.A.			Apu Coropuna S.R.L.
	US$(000)			US$(000)
2024-
Operating activities		84,952			(168	)
Investing activities		(10,070	)		-
Financing activities		(33,583	)		-
		41,299			(168	)
2023-
Operating activities		120,320			(105	)
Investing activities		(46,228	)		-
Financing activities		(22,945	)		-
		51,147			(105	)

13.

Sales of goods

The table below presents the sales of goods for the three-month and nine-month periods ending September 30, 2024 and 2023:

	For the three-month periods						For the nine-month periods
	ended September 30,						ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Sales by metal -
Copper		146,716			147,592			363,891			364,408
Silver		115,957			44,764			300,461			113,396
Gold		88,863			63,887			232,676			197,882
Zinc		17,281			5,338			48,213			17,916
Lead		9,274			2,824			27,288			9,742
Manganese sulfate		1,735			-			2,864			-
		379,826			264,405			975,393			703,344
Commercial deduction		(49,738	)		(51,260	)		(131,352	)		(134,651	)
Total revenue from contracts with customers		330,088			213,145			844,041			568,693
Fair value of accounts receivables		7,488			(18	)		3,272			(13,746	)
Adjustments to prior period liquidations		(8,559	)		(5,422	)		2,922			(1,514	)
Hedge operations		-			-			-			6,056
Sale of goods		329,017			207,705			850,235			559,489

For the three-month and nine-month periods ended September 30, 2024, the two customers with sales of more than 10 percent of total sales represented 70 percent and 74 percent from the total sales of the Group; respectively. During the three-month and nine-month periods ended September 30, 2023, the three customers with sales of more than 10 percent of total sales represented 74 percent and 73 percent from the total sales of the Group; respectively The table below presents the caption composition for the three-month and nine-month periods ending September 30, 2024 and 2023:

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

14.

Cost of sales of goods and services, without considering depreciation and amortization

	For the three-month periods						For the nine-month periods
	ended September 30,						ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Beginning balance of finished goods and products in process, net of depreciation and amortization		22,327			20,283			18,748			21,835
Cost of production
Services provided by third parties		63,185			44,428			152,675			115,205
Consumption of materials and supplies		21,951			23,559			75,936			64,687
Direct labor		32,681			20,345			75,757			56,516
Electricity and water		11,162			5,658			26,956			18,838
Short-term and low-value lease		6,387			10,163			18,342			21,884
Insurance		4,762			4,275			15,473			11,968
Maintenance and repair		3,433			5,000			15,006			13,836
Other cost of production		2,785			2,357			10,786			5,652
Transport		2,753			3,445			9,750			9,386
Provision (reversal) for impairment of finished goods and product in progress, note 5(b)		(4,304	)		20,269			(6,222	)		23,807
Total cost of production of the period		144,795			139,499			394,459			341,779
Final balance of products in process and finished goods, net of depreciation and amortization		(13,482	)		(24,919	)		(13,482	)		(24,919	)
Cost of sales of goods, without considering depreciation and amortization		153,640			134,863			399,725			338,695

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

15.

Others, net

The details of the captions are presented below

	For the three-month periods						For the nine-month periods
	ended September 30,						ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Other income
Income from the sale of the investment in Chaupiloma, note 1(d)(ii)		210,000			-			210,000			-
Sale of supplies and merchandise to third parties		9,881			10,016			27,770			26,433
Reversal for impairment of spare parts and supplies, note 5(b)		25,375			22,536			25,375			22,536
Income from transfer of ownership of mining rights		-			2,932			6,637			7,125
Income from dividends of Ferrocarril Central Andino S.A.		-			-			1,150			-
Income from the sale of BISA S.A., performed in the year 2018		534			-			534			-
Other minors		1,390			1,450			6,853			5,698
		247,180			36,934			278,319			61,792
Other expenses
Provision for impairment of spare parts and supplies, note 5(b)		(27,305	)		(25,379	)		(27,305	)		(25,379	)
Provision for impairment of spare parts and supplies		(10,616	)		(10,022	)		(30,699	)		(26,332	)
Adjustment of the final selling Price of Contacto according with the contractual terms		-			-			(4,807	)		-
Administrative fines		(1,469	)		(513	)		(2,996	)		(4,224	)
Disposal of informatic assets		-			-			(2,007	)		-
Net disposal cost of the sale of Chaupiloma, note 1(d)(ii)		(1,100	)		-			(1,100	)		-
Other minors		(1,939	)		(3,939	)		(7,218	)		(9,890	)
		(42,429	)		(39,853	)		(76,132	)		(65,825	)
		204,751			(2,919	)		202,187			(4,033	)

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

16.

Related entities transactions

(a)

The table below presents main transactions made by the Group with its related parties the three-month and nine-month periods ending September 30, 2024 and 2023:

	For the three-month periods				For the nine-month periods
	ended September 30,				ended September 30,
	2024		2023		2024		2023
	US$(000)		US$(000)		US$(000)		US$(000)
Revenue from:
Income from:
Energy		1,210		856		3,020		2,277
Supplies		35		246		364		331

Purchases from:
Supplies		15		18		53		86

Services rendered to:
Administrative and Management services		857		76		2,785		326
Operation and maintenance services related to energy transmission		80		80		239		236
Building services		-		10		-		10

Dividends declared and collected from:
Sociedad Minera Cerro Verde S.A.A.		59,902		48,961		88,128		97,922
Compañía Minera Coimolache S.A.		-		-		2,041		401
		59,902		48,961		90,169		98,323
Joint Venture -
Interest received from:
Transportadora Callao S.A.		25		31		85		70

Non-controlling shareholders -
Dividends paid to:
Newmont Peru Limited - Succursal del Perú		-		1,641		-		1,641
		-		1,641		-		1,641

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(b)

As a result of the transactions indicated and other minors, the Group had the following accounts receivable and payable from/to related parties:

	As of September 30,		As of December 31,
	2024		2023
	US$(000)		US$(000)
Trade receivables, note 4(a)
Compañía Minera Coimolache S.A.		449		421
		449		421
Other receivables, note 4(a)
Consorcio Transportadora Callao S.A. (c)		2,368		2,486
		2,368		2,486
		2,817		2,907
Trade payables, note 8
Compañía Minera Coimolache S.A.		658		454

Other payables, note 8
Others		64		14
		64		468

The trade and other receivables from related entities corresponds mainly to disbursements made to these entities in order to finance their operating activities, which generate interest at fixed market rates.

(c)

The account receivable from Consorcio Transportadora Callao S.A. corresponds to the disbursements, made by the subsidiary El Brocal, between 2011 and 2013 to participate in a joint venture which objective was to build a fixed conveyor belt for minerals and deposits in the Port of Callao. This account receivable accrues interest at a fixed annual rate of 5.82% and it is expected to be collected by 2030.

(d)

Key officers -

As of September 30, 2024 and December 31, 2023, no loans employees nor to directors and key personnel were granted.

There are no loans to the Group’s directors and key personnel guaranteed with Buenaventura or any of its Subsidiaries’ shares.

The Group’s key executives’ compensation (including the related income taxes assumed by the Group) are presented below:

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

	As of September 30, 2024		As of December 31, 2023
	US$(000)		US$(000)
Accounts payable:
Bonus to officers		7,369		7,750
Salaries		1,333		847
Directors’ compensations		3,444		2,027
		12,146		10,624

	For the three-month periods				For the nine-month periods
	ended September 30,				ended September 30,
	2024		2023		2024		2023
	US$(000)		US$(000)		US$(000)		US$(000)
Disbursements:
Salaries		2,094		1,767		10,184		9,384
Directors’ compensations		239		-		2,206		3,588
		2,333		1,767		12,390		12,972

Expenses:
Salaries		2,125		1,532		10,245		10,540
Directors’ compensations		1,151		480		3,444		2,494
		3,276		2,012		13,689		13,034

17.

Hedge derivative financial instruments –

Copper and Zinc prices hedge –

The volatility of copper prices has caused El Brocal´s management to enter into forward contracts. These contracts are intended to reduce the volatility of the cash flows attributable to the fluctuations in the copper and zinc price in accordance with existing copper concentrate sales commitments, which are related to 50 percent of the annual production of copper and 25 percent of the production of two years of zinc, according to the risk strategy approved by the Board of Directors.

During the year 2023, the Management of El Brocal decided to evaluate its hedging risk strategy for the price of metals, hence El Brocal did not signed new future contracts since the end of the first quarter of 2023. As a result of this decision, as of September 30, 2024 and December 31, 2023, the Group did not hold amounts receivable/payable from hedge derivative financial instruments pending of settlement.

The variation of the caption “Hedge derivative financial instruments” is included in the caption “Unrealized loss of derivative financial instruments, net of income tax” in the condensed consolidated interim statement of comprehensive income. For the three- and nine-month period ended September 30, 2024, The Group not recognized not realized because of not subscribing hedge derivative financial instruments contracts, and for the three- and nine-month period ended September 30, 2023, the Group obtained an unrealized loss of US$8,839,000 (unrealized loss of US$6,232,000, net of income taxes).

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

18.

Income taxes

(a)

The following is the composition of the provision for income taxes shown in the condensed consolidated statement of income for the three-month and nine-month periods ended September 30, 2024 and 2023:

	For the three-month periods ended September 30,						For the nine-month periods ended September 30,
	2024			2023			2024			2023
	US$(000)			US$(000)			US$(000)			US$(000)
Income tax
Current		(63,069	)		(10,012	)		(79,280	)		(18,232	)
Deferred		(30,385	)		13,189			(37,178	)		24,298
		(93,454	)		3,177			(116,458	)		6,066
Mining Royalties and Special Mining Tax
Current		(4,687	)		(1,913	)		(10,769	)		(3,996	)
Total income tax		(98,141	)		1,264			(127,227	)		2,070

(b)

During the three-month and nine-month periods ended September 30, 2024, the effective income tax rates were -28% and -25%, respectively, whereas during the three-month and nine-month periods ended September 30, 2023, the effective tax rates were -5% and 5%, respectively.

The variation for the three-month period ended September 30, 2024 and 2023 due to the following: i) projections of the projected exchange rate as of December 31, 2024 and 2023, ii) changes in projections of results before taxes from one period to another; and ii) lower income from share in the results of associates and joint venture in 2024.

The variations for the nine-month periods ended September 30, 2024 and 2023, is mainly due to the increase from one period to another is mainly due to the following: i) lower projections of the projected exchange rate as of December 31, 2024 and 2023; ii) lower taxes for mining royalties and a special tax on mining; iii) variation in the projections of the results before taxes of a period with another; and ii) lower income from share in the results of associates and joint venture in 2024.

19.

Disclosure of information on segments

Management has determined its operating segments based on reports that the Group’s Chief Operating Decision Maker (CODM) uses for making decisions. The Group is organized into business units based on its products and services, activities and geographic locations. The broad categories of the Group’s business units are:

	-	Production and sale of minerals.
	-	Exploration and development activities.
	-	Energy generation and transmission services.
	-	Insurance brokerage.
	-	Rental of mining concessions.
	-	Holding of investment in shares.
	-	Industrial activities.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

The CODM monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Group’s consolidated financial statements. In addition, the Group’s financing and income taxes are managed at the corporate level and are not allocated to the operating segments.

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

																											Equity accounted investees
	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Uchucchacua (Operation)		Yumpag (Operation)		La Zanja (Operation)		Exploration and development mining projects		Energy generation and transmission		Rental of mining concessions		Holding of investment in shares)		Industrial (Operation)		Corporate		Sociedad Minera Cerro Verde S.A.A		Compañía Minera Coimolache S.A.		Tinka Resources Ltd.		Total operating segments		Adjustments and eliminations		Total
	US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
For the nine-month period ended September 30, 2024
Profit or loss:
Continuing operations
Operating income
Sales of goods	334,491		93,436		126,500		35,288		110,307		125,840		20,698		-		-		-		-		24,247		-		3,246,311		90,310		-		4,207,428		(3,357,193	)	850,235
Sales of services	-		-		-		-		-		-		-		-		38,593		-		363		14,078		-		-		-		-		53,034		(48,257	)	4,777

Total operating income	334,491		93,436		126,500		35,288		110,307		125,840		20,698		-		38,593		-		363		38,325		-		3,246,311		90,310		-		4,260,462		(3,405,450	)	855,012

Cost of sales
Cost of sales of goods, excluding depreciation and amortization	(178,813	)	(55,186	)	(59,365	)	(26,863	)	(62,955	)	(27,498	)	(15,677	)	70		-		-		-		(19,869	)	33		(1,530,991	)	(54,444	)	-		(2,031,558	)	1,631,833		(399,725	)
Unabsorbed cost due to production stoppage	(1,711	)	-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		(1,711	)	-		(1,711	)
Cost of sales of services, excluding depreciation and amortization	-		-		-		-		-		-		-		-		(19,114	)	-		-		(8,506	)	-		-		-		-		(27,620	)	25,328		(2,292	)
Depreciation and amortization	(47,220	)	(31,944	)	(9,690	)	(4,442	)	(4,931	)	(8,693	)	(2,515	)	(70	)	(5,909	)	-		-		(4,090	)	-		-		(14,190	)	-		(133,694	)	13,977		(119,717	)
Exploration in operating units	(6,449	)	(3,242	)	(5,940	)	(8,890	)	(7,950	)	(3,036	)	(113	)	-		-		-		-		-		-		-		(6,070	)	-		(41,690	)	5,882		(35,808	)
Mining royalties	(1,444	)	(387	)	(12,004	)	(140	)	(532	)	(342	)	(168	)	-		-		-		-		-		-		-		(408	)	-		(15,425	)	408		(15,017	)
Total costs of sales	(235,637	)	(90,759	)	(86,999	)	(40,335	)	(76,368	)	(39,569	)	(18,473	)	-		(25,023	)	-		-		(32,465	)	33		(1,530,991	)	(75,112	)	-		(2,251,698	)	1,677,428		(574,270	)
Gross profit (loss)	98,854		2,677		39,501		(5,047	)	33,939		86,271		2,225		-		13,570		-		363		5,860		33		1,715,320		15,198		-		2,008,764		(1,728,022	)	280,742

Operating income (expenses)
Administrative expenses	(6,942	)	(4,397	)	(6,126	)	(1,692	)	(5,556	)	(6,429	)	(1,272	)	(1,003	)	(1,525	)	(58	)	(305	)	(482	)	(10,013	)	-		(2,701	)	-		(48,501	)	2,701		(45,800	)
Selling expenses	(8,899	)	(2,347	)	(434	)	(632	)	(3,072	)	(1,948	)	(58	)	-		(834	)	-		-		(446	)	-		(233,089	)	(549	)	-		(252,308	)	233,638		(18,670	)
Exploration in non-operating areas	(6,934	)	(135	)	-		-		(1,757	)	-		(3,348	)	(785	)	-		-		-		-		(3,952	)	-		-		-		(16,911	)	64		(16,847	)
Reversal (provision) of contingencies	(2,331	)	395		168		206		276		-		519		-		(129	)	-		-		(217	)	(765	)	-		100		-		(1,778	)	(100	)	(1,878	)
Other, net	(2,689	)	(1,838	)	10		(443	)	(734	)	44		(1,757	)	2,045		(492	)	7,159		139,349		459		65,583		(306,034	)	(96	)	(23,597	)	(123,031	)	325,218		202,187
Total operating income (expenses)	(27,795	)	(8,322	)	(6,382	)	(2,561	)	(10,843	)	(8,333	)	(5,916	)	257		(2,980	)	7,101		139,044		(686	)	50,853		(539,123	)	(3,246	)	(23,597	)	(442,529	)	561,521		118,992
Operating profit (loss)	71,059		(5,645	)	33,119		(7,608	)	23,096		77,938		(3,691	)	257		10,590		7,101		139,407		5,174		50,886		1,176,197		11,952		(23,597	)	1,566,235		(1,166,501	)	399,734

Share in the results of associates and joint venture	115		-		-		-		-		-		-		-		5,806		-		28,082		-		282,546				-		-		316,549		(166,360	)	150,189
Foreign currency exchange difference	(151	)	(179	)	573		131		614		(145	)	(68	)	213		55		91		69		(66	)	(1,709	)	7,410		(240	)	-		6,598		(7,170	)	(572	)
Finance income	3,645		1		-		-		1		-		158		2		745		48		276		129		2,622		22,210		6,649		-		36,486		(28,859	)	7,627
Finance costs	(4,877	)	(309	)	(510	)	(353	)	(727	)	(11	)	(1,570	)	(235	)	(2,924	)	(1	)	(15	)	(4	)	(30,841	)			(2,162	)	-		(44,539	)	2,162		(42,377	)
Profit (loss) before income tax	69,791		(6,132	)	33,182		(7,830	)	22,984		77,782		(5,171	)	237		14,272		7,239		167,819		5,233		303,504		1,205,817		16,199		(23,597	)	1,881,329		(1,366,728	)	514,601
Current income tax	(17,726	)	(1,186	)	(1,565	)	(462	)	(1,274	)	(1,934	)	(107	)	-		(2,171	)	(2,125	)	(41,583	)	(480	)	(19,436	)	(466,816	)	(3,679	)	-		(560,544	)	470,495		(90,049	)
Deferred income tax	(8,430	)	-		-		-		-		-		(108	)	-		(799	)	-		-		(1,086	)	(26,755	)	13,491		(4,622	)	-		(28,309	)	(8,869	)	(37,178	)
	(26,156	)	(1,186	)	(1,565	)	(462	)	(1,274	)	(1,934	)	(215	)	-		(2,970	)	(2,125	)	(41,583	)	(1,566	)	(46,191	)	(453,325	)	(8,301	)	-		(588,853	)	461,626		(127,227	)
Profit (loss) from continuing operations	43,635		(7,318	)	31,617		(8,292	)	21,710		75,848		(5,386	)	237		11,302		5,114		126,236		3,667		257,313		752,492		7,898		(23,597	)	1,292,476		(905,102	)	387,374

Loss from discontinued operations, net of taxes																																					(1,521	)
Net profit for the period																																					385,853

Other information of segments:
Total assets as September 30, 2024	702,392		112,808		35,753		25,721		89,028		170,313		53,274		904,894		372,898		1,394		273,149		72,984		3,151,234		8,279,990		397,746		73,369		14,716,947		(9,763,105	)	4,953,842
Total liabilities as September 30, 2024	271,619		36,938		58,822		36,178		56,914		10,598		75,968		83,565		111,164		597		41,414		9,346		689,233		1,297,422		389,847		520		3,170,145		(1,747,406	)	1,422,739
Investment in subsidiaries and associates as September 30, 2024	-		-		-		-		-		-		-		-		-		-		-		-		2,215,036		-		-		-		2,215,036		(628,003	)	1,587,033
Additions of property, plant and equipment as September 30, 2024	10,076		741		805		1,130		5,779		17,787		44		196,099		247		-		-		569		5,465		-		-		-		238,742		-		238,742

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

																											Equity accounted investees
	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Uchucchacua (Operation)		Yumpag (Operation)		La Zanja (Operation)		Exploration and development mining projects		Energy generation and transmission		Rental of mining concessions		Holding of investment in shares)		Industrial (Operation)		Corporate		Sociedad Minera Cerro Verde S.A.A		Compañía Minera Coimolache S.A.		Tinka Resources Ltd.		Total operating segments		Adjustments and eliminations		Total
	US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
For the three-month period ended September 30, 2024
Profit or loss:
Continuing operations
Operating income
Sales of goods	129,080		32,892		45,792		11,611		32,202		63,239		12,516		-		-		-		-		14,190		-		1,077,227		22,280		-		1,441,029		(1,112,012	)	329,017
Sales of services	-		-		-		-		-		-		-		-		12,815		-		132		4,676		-		-		-		-		17,623		(15,534	)	2,089

Total operating income	129,080		32,892		45,792		11,611		32,202		63,239		12,516		-		12,815		-		132		18,866		-		1,077,227		22,280		-		1,458,652		(1,127,546	)	331,106

Cost of sales
Cost of sales of goods, excluding depreciation and amortization	(67,606	)	(19,733	)	(21,647	)	(8,961	)	(19,201	)	(16,829	)	(7,849	)	70		-		-		-		(12,421	)	33		(360,488	)	(14,216	)	-		(548,848	)	395,208		(153,640	)
Unabsorbed cost due to production stoppage	(271	)	-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		(271	)	-		(271	)
Cost of sales of services, excluding depreciation and amortization	-		-		-		-		-		-		-		-		(6,914	)	-		-		(2,831	)	-		-		-		-		(9,745	)	8,986		(759	)
Depreciation and amortization	(16,329	)	(11,107	)	(3,788	)	(1,520	)	(1,445	)	(4,367	)	(1,665	)	(70	)	(1,863	)	-		-		(1,477	)	-		-		(4,793	)	-		(48,424	)	4,609		(43,815	)
Exploration in operating units	(2,570	)	(1,169	)	(2,028	)	(3,233	)	(2,628	)	(2,034	)	(63	)	-		-		-		-		-		-		-		(4,688	)	-		(18,413	)	4,710		(13,703	)
Mining royalties	(352	)	(129	)	(4,882	)	(45	)	(127	)	(248	)	(84	)	-		-		-		-		-		-		-		(213	)	-		(6,080	)	214		(5,866	)
Total costs of sales	(87,128	)	(32,138	)	(32,345	)	(13,759	)	(23,401	)	(23,478	)	(9,661	)	-		(8,777	)	-		-		(16,729	)	33		(360,488	)	(23,910	)	-		(631,781	)	413,727		(218,054	)
Gross profit (loss)	41,952		754		13,447		(2,148	)	8,801		39,761		2,855		-		4,038		-		132		2,137		33		716,739		(1,630	)	-		826,871		(713,819	)	113,052

Operating income (expenses)
Administrative expenses	(2,347	)	(1,017	)	(1,869	)	(381	)	(921	)	(3,490	)	(421	)	(279	)	(440	)	(5	)	(79	)	(179	)	(5,522	)	-		(833	)	-		(17,783	)	833		(16,950	)
Selling expenses	(3,052	)	(772	)	(158	)	(284	)	(977	)	(1,100	)	(29	)	-		(448	)	-		-		(184	)	-		(37,485	)	(139	)	-		(44,628	)	37,625		(7,003	)
Exploration in non-operating areas	(2,847	)	(49	)	-		-		(501	)	-		(1,445	)	(356	)	-		-		-		-		(1,104	)	-		-		-		(6,302	)	5		(6,297	)
Reversal (provision) of contingencies	(951	)	610		(141	)	154		(106	)	-		(27	)	-		(74	)	-		-		(30	)	(680	)	-		-		-		(1,245	)	-		(1,245	)
Other, net	1,469		(1,531	)	(239	)	(210	)	(77	)	14		(1,364	)	185		156		1,080		139,358		280		70,927		(239,319	)	(24	)	(23,597	)	(52,892	)	257,643		204,751
Total operating income (expenses)	(7,728	)	(2,759	)	(2,407	)	(721	)	(2,582	)	(4,576	)	(3,286	)	(450	)	(806	)	1,075		139,279		(113	)	63,621		(276,804	)	(996	)	(23,597	)	(122,850	)	296,106		173,256
Operating profit (loss)	34,224		(2,005	)	11,040		(2,869	)	6,219		35,185		(431	)	(450	)	3,232		1,075		139,411		2,024		63,654		439,935		(2,626	)	(23,597	)	704,021		(417,713	)	286,308

Share in the results of associates and joint venture	(84	)	-		-		-		-		-		-		-		2,029		-		11,366		-		161,329		-		-		-		174,640		(125,976	)	48,664
Foreign currency exchange difference	(21	)	(142	)	(278	)	(206	)	(692	)	(262	)	409		438		155		92		75		231		18,568		11,343		1,090		-		30,800		(12,431	)	18,369
Finance income	1,168		1		-		-		1		-		47		1		410		2		223		54		1,748		8,229		2,387		-		14,271		(10,617	)	3,654
Finance costs	(1,678	)	79		314		158		(120	)	(11	)	31		22		(963	)	-		(13	)	(2	)	(10,786	)	-		537		-		(12,432	)	(537	)	(12,969	)
Profit (loss) before income tax	33,609		(2,067	)	11,076		(2,917	)	5,408		34,912		56		11		4,863		1,169		151,062		2,307		234,513		459,507		1,388		(23,597	)	911,300		(567,274	)	344,026
Current income tax	(8,641	)	(433	)	(611	)	(155	)	(432	)	(841	)	(107	)	-		(949	)	(327	)	(41,556	)	(41	)	(15,858	)	(210,754	)	2,856		-		(277,849	)	210,093		(67,756	)
Deferred income tax	(5,526	)	-		-		-		-		-		30		-		60		-		-		(662	)	(24,287	)	4,855		(6,221	)	-		(31,751	)	1,366		(30,385	)
	(14,167	)	(433	)	(611	)	(155	)	(432	)	(841	)	(77	)	-		(889	)	(327	)	(41,556	)	(703	)	(40,145	)	(205,899	)	(3,365	)	-		(309,600	)	211,459		(98,141	)
Profit (loss) from continuing operations	19,442		(2,500	)	10,465		(3,072	)	4,976		34,071		(21	)	11		3,974		842		109,506		1,604		194,368		253,608		(1,977	)	(23,597	)	601,700		(355,815	)	245,885

Loss from discontinued operations, net of taxes																																					(1,459	)
Net profit for the period																																					244,426

Other segment information:
Additions of property, plant and equipment	7,782		277		632		621		4,679		14,223		10		121,501		183		-		-		476		4,102		-		-		-		154,486		-		154,486

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

																											Equity accounted investees
	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Uchucchacua (Temporary suspension)		La Zanja (Operation)		Exploration and development mining projects		Energy generation and transmission		Insurance brokerage		Rental of mining concessions		Holding of investment in shares		Industrial (Temporary suspension)		Corporate		Sociedad Minera Cerro Verde S.A.A		Compañía Minera Coimolache S.A.		Tinka Resources Ltd.		Total segments		Adjustments and eliminations		Total
	US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
For the nine-month period ended September 30, 2023
Profit or loss:
Continuing operations
Operating income
Sales of goods	318,221		77,889		116,126		28,495		5,260		11,850		-		-		-		-		-		13,740		-		3,214,463		73,006		-		3,859,050		(3,299,561	)	559,489
Sales of services	-		-		-		-		-		-		-		35,090		7,260		-		336		-		-		-		-		-		42,686		(32,131	)	10,555

Total operating income	318,221		77,889		116,126		28,495		5,260		11,850		-		35,090		7,260		-		336		13,740		-		3,214,463		73,006		-		3,901,736		(3,331,692	)	570,044

Cost of sales
Cost of sales of goods, excluding depreciation and amortization	(191,114	)	(51,567	)	(53,990	)	(23,672	)	-		(24,261	)	-		-		-		-		-		(12,936	)	-		(1,911,092	)	(54,686	)	-		(2,323,318	)	1,984,623		(338,695	)
Unabsorbed cost due to production stoppage	-		-		-		-		(19,226	)	-		-		-		-		-		-		(2,028	)	-		-		-		-		(21,254	)	3,252		(18,002	)
Cost of sales of services, excluding depreciation and amortization	-		-		-		-		-		-		-		(26,325	)	-		-		-		-		-		-		-		-		(26,325	)	22,849		(3,476	)
Depreciation and amortization	(51,514	)	(37,636	)	(9,213	)	(4,899	)	(4,676	)	(2,863	)	-		(6,774	)	-		-		-		(4,699	)	-		-		(25,975	)	-		(148,249	)	26,433		(121,816	)
Exploration in operating units	(5,914	)	(2,244	)	(4,714	)	(5,149	)	(20,592	)	(438	)	-		-		-		-		-		-		-		-		(10,012	)	-		(49,063	)	10,012		(39,051	)
Mining royalties	(1,565	)	(762	)	(10,586	)	(279	)	(52	)	(137	)	-		-		-		-		-		-		-		-		(687	)	-		(14,068	)	687		(13,381	)
Total costs of sales	(250,107	)	(92,209	)	(78,503	)	(33,999	)	(44,546	)	(27,699	)	-		(33,099	)	-		-		-		(19,663	)	-		(1,911,092	)	(91,360	)	-		(2,582,277	)	2,047,856		(534,421	)
Gross profit (loss)	68,114		(14,320	)	37,623		(5,504	)	(39,286	)	(15,849	)	-		1,991		7,260		-		336		(5,923	)	-		1,303,371		(18,354	)	-		1,319,459		(1,283,836	)	35,623
Operating income (expenses), net
Administrative expenses	(7,217	)	(9,127	)	(13,583	)	(3,352	)	(644	)	(2,206	)	(1,281	)	(2,077	)	(10,340	)	(105	)	(309	)	(313	)	(4,536	)	-		(3,053	)	-		(58,143	)	3,487		(54,656	)
Selling expenses	(7,167	)	(2,023	)	(514	)	(163	)	(2,203	)	(49	)	-		(533	)	-		-		-		(93	)	-		(120,772	)	(494	)	-		(134,011	)	121,266		(12,745	)
Exploration in non-operating areas	(2,418	)	-		-		-		(53	)	(2,392	)	(799	)	-		-		-		-		-		(3,098	)	-		-		-		(8,760	)	45		(8,715	)
Reversal (provision) of contingencies	(538	)	(1,189	)	49		1,775		1,240		1,869		(239	)	55		-		(103	)	127		150		2,338		-		26		-		5,560		(26	)	5,534
Other, net	(2,710	)	158		(922	)	(902	)	(2,323	)	(2,422	)	(6	)	(52	)	-		6,095		(11	)	(589	)	1,431		(80,583	)	751		(26,441	)	(108,526	)	104,493		(4,033	)
Total operating income (expenses), net	(20,050	)	(12,181	)	(14,970	)	(2,642	)	(3,983	)	(5,200	)	(2,325	)	(2,607	)	(10,340	)	5,887		(193	)	(845	)	(3,865	)	(201,355	)	(2,770	)	(26,441	)	(303,880	)	229,265		(74,615	)
Operating profit (loss)	48,064		(26,501	)	22,653		(8,146	)	(43,269	)	(21,049	)	(2,325	)	(616	)	(3,080	)	5,887		143		(6,768	)	(3,865	)	1,102,016		(21,124	)	(26,441	)	1,015,579		(1,054,571	)	(38,992	)
Share in the results of associates and joint venture	(94	)	-		-		-		-		-		-		(1,555	)	-		-		20,936		-		105,749		-		-		-		125,036		(11,668	)	113,368
Foreign currency exchange difference	1,122		8		4		4		28		636		11		897		-		42		328		226		2,854		26,499		4,436		-		37,095		(31,022	)	6,073
Finance income	225		96		45		78		90		(150	)	21		(96	)	(21	)	-		340		46		2,776		8,077		(143	)	-		11,384		(7,934	)	3,450
Finance costs	(5,795	)	(592	)	(1,361	)	(821	)	(894	)	(2,243	)	(384	)	(3,157	)	(30	)	(1	)	(2	)	(5	)	(28,170	)	(65,928	)	(4,093	)	-		(113,476	)	70,021		(43,455	)
Profit (loss) before income tax	43,522		(26,989	)	21,341		(8,885	)	(44,045	)	(22,806	)	(2,677	)	(4,527	)	(3,131	)	5,928		21,745		(6,501	)	79,344		1,070,664		(20,924	)	(26,441	)	1,075,618		(1,035,174	)	40,444
Current income tax	(19,598	)	(96	)	(132	)	(33	)	(6	)	-		-		(482	)	(8	)	(1,859	)	(14	)	-		-		(487,940	)	(109	)	-		(510,277	)	488,049		(22,228	)
Deferred income tax	8,670		-		-		-		-		1,735		-		1,725		852		-		-		1,022		10,294		30,788		2,776		-		57,862		(33,564	)	24,298
	(10,928	)	(96	)	(132	)	(33	)	(6	)	1,735		-		1,243		844		(1,859	)	(14	)	1,022		10,294		(457,152	)	2,667		-		(452,415	)	454,485		2,070
Profit (loss) from continuing operations	32,594		(27,085	)	21,209		(8,918	)	(44,051	)	(21,071	)	(2,677	)	(3,284	)	(2,287	)	4,069		21,731		(5,479	)	89,638		613,512		(18,257	)	(26,441	)	623,203		(580,689	)	42,514

Net profit from discontinued operations, net of taxes																																					439
Net profit for the period																																					42,953
Other segment information:
Total assets as of September 30, 2023	676,812		150,808		49,943		35,997		155,621		48,948		621,797		361,844		9,730		3,206		231,039		63,207		2,979,900		7,996,721		345,814		68,859		13,800,246		(9,325,349	)	4,474,897
Total liabilities as of September 30, 2023	277,181		28,254		56,901		33,368		47,653		71,638		30,346		118,989		3,715		272		247		2,444		657,775		1,232,421		116,873		416		2,678,493		(1,383,168	)	1,295,325
Investments in associates and joint venture as of September 30, 2023	2,393		-		-		-		-		-		-		120,094		-		-		225,999		-		2,119,374		-		-		-		2,467,860		(931,853	)	1,536,007
Additions of property, plant and equipment	46,228		315		3,779		543		32,114		2,087		58,016		958		3		-		-		28		1,588		-		-		-		145,659		-		145,659

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

																											Equity accounted investees
	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Uchucchacua (Temporary suspension)		La Zanja (Operation)		Exploration and development mining projects		Energy generation and transmission		Insurance brokerage		Rental of mining concessions		Holding of investment in shares		Industrial (Temporary suspension)		Corporate		Sociedad Minera Cerro Verde S.A.A		Compañía Minera Coimolache S.A.		Tinka Resources Ltd.		Total segments		Adjustments and eliminations		Total
	US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
For the three-month period ended September 30, 2023
Profit or loss:
Continuing operations
Operating income
Sales of goods	134,234		21,633		38,689		8,918		1,244		2,501		-		-		-		-		-		3,475		-		1,045,533		42,139		-		1,298,366		(1,090,661	)	207,705
Sales of services	-		-		-		-		-		-		-		12,706		2,385		-		119		-		-		-		-		-		15,210		(11,622	)	3,588

Total operating income	134,234		21,633		38,689		8,918		1,244		2,501		-		12,706		2,385		-		119		3,475		-		1,045,533		42,139		-		1,313,576		(1,102,283	)	211,293

Cost of sales
Cost of sales of goods, excluding depreciation and amortization	(84,242	)	(18,212	)	(18,072	)	(8,364	)	-		(5,657	)	-		-		-		-		-		(3,324	)	-		(639,582	)	(18,910	)	-		(796,363	)	661,500		(134,863	)
Unabsorbed cost due to production stoppage	-		-		-		-		(7,595	)	-		-		-		-		-		-		(779	)	-		-		-		-		(8,374	)	907		(7,467	)
Cost of sales of services, excluding depreciation and amortization	-		-		-		-		-		-		-		(12,284	)	-		-		-		-		-		-		-		-		(12,284	)	10,952		(1,332	)
Depreciation and amortization	(27,620	)	(12,680	)	(3,120	)	(1,642	)	(1,522	)	(1,004	)	-		(2,259	)	-		-		-		(1,570	)	-		-		(10,078	)	-		(61,495	)	10,231		(51,264	)
Exploration in operating units	(1,614	)	(720	)	(1,440	)	(1,874	)	(6,661	)	(109	)	-		-		-		-		-		-		-		-		(4,747	)	-		(17,165	)	4,747		(12,418	)
Mining royalties	(478	)	(212	)	(3,621	)	(88	)	(13	)	(27	)	-		-		-		-		-		-		-		-		(374	)	-		(4,813	)	374		(4,439	)
Total costs of sales	(113,954	)	(31,824	)	(26,253	)	(11,968	)	(15,791	)	(6,797	)	-		(14,543	)	-		-		-		(5,673	)	-		(639,582	)	(34,109	)	-		(900,494	)	688,711		(211,783	)
Gross profit (loss)	20,280		(10,191	)	12,436		(3,050	)	(14,547	)	(4,296	)	-		(1,837	)	2,385		-		119		(2,198	)	-		405,951		8,030		-		413,082		(413,572	)	(490	)
Operating income (expenses), net
Administrative expenses	(2,535	)	(2,630	)	(4,612	)	(1,075	)	(194	)	(812	)	(341	)	(738	)	(3,381	)	(32	)	(78	)	(97	)	(1,095	)	-		(1,002	)	-		(18,622	)	1,086		(17,536	)
Selling expenses	(2,579	)	(628	)	(203	)	(45	)	(600	)	(12	)	-		(189	)	-		-		-		(21	)	-		(41,027	)	(245	)	-		(45,549	)	41,272		(4,277	)
Exploration in non-operating areas	(1,214	)	-		-		-		(32	)	(1,518	)	(562	)	-		-		-		-		-		(1,235	)	-		-		-		(4,561	)	8		(4,553	)
Reversal (provision) of contingencies	210		(312	)	(28	)	256		219		52		(154	)	(99	)	-		(103	)	(1	)	76		124		-		81		-		321		(81	)	240
Other, net	(1,709	)	(672	)	(217	)	(419	)	(1,395	)	(238	)	24		201		-		2,404		45		(564	)	224		(4,821	)	110		(8,941	)	(15,968	)	13,049		(2,919	)
Total operating income (expenses), net	(7,827	)	(4,242	)	(5,060	)	(1,283	)	(2,002	)	(2,528	)	(1,033	)	(825	)	(3,381	)	2,269		(34	)	(606	)	(1,982	)	(45,848	)	(1,056	)	(8,941	)	(84,379	)	55,334		(29,045	)
Operating profit (loss)	12,453		(14,433	)	7,376		(4,333	)	(16,549	)	(6,824	)	(1,033	)	(2,662	)	(996	)	2,269		85		(2,804	)	(1,982	)	360,103		6,974		(8,941	)	328,703		(358,238	)	(29,535	)
Share in the results of associates and joint venture	(85	)	-		-		-		-		-		-		(2,366	)	-		-		5,812		-		39,246		-		-		-		42,607		3,768		46,375
Foreign currency exchange difference	498		4		4		3		12		238		4		444		-		7		122		91		725		8,958		1,407		-		12,517		(10,395	)	2,122
Finance income	(238	)	4		48		4		57		(486	)	(648	)	(267	)	(15	)	(19	)	(272	)	(566	)	(28,778	)	(18,327	)	(1,386	)	-		(50,889	)	19,713		(31,176	)
Finance costs	(1,729	)	(132	)	(459	)	(299	)	(304	)	(756	)	(130	)	(1,044	)	(9	)	-		(1	)	(2	)	(8,516	)	12,658		(1,342	)	-		(2,065	)	(11,316	)	(13,381	)
Profit (loss) before income tax	10,899		(14,557	)	6,969		(4,625	)	(16,784	)	(7,828	)	(1,807	)	(5,895	)	(1,020	)	2,257		5,746		(3,281	)	695		363,392		5,653		(8,941	)	330,873		(356,468	)	(25,595	)
Current income tax	(11,718	)	(1	)	(1	)	-		-		-		-		591		-		(782	)	(14	)	-		-		(168,514	)	(109	)	-		(180,548	)	168,623		(11,925	)
Deferred income tax	9,458		-		-		-		-		1,009		-		428		397		-		-		778		1,119		30,652		1,074		-		44,915		(31,726	)	13,189
	(2,260	)	(1	)	(1	)	-		-		1,009		-		1,019		397		(782	)	(14	)	778		1,119		(137,862	)	965		-		(135,633	)	136,897		1,264
Profit (loss) from continuing operations	8,639		(14,558	)	6,968		(4,625	)	(16,784	)	(6,819	)	(1,807	)	(4,876	)	(623	)	1,475		5,732		(2,503	)	1,814		225,530		6,618		(8,941	)	195,240		(219,571	)	(24,331	)

Profit from discontinued operations																																					(167	)

Net loss for the period																																					(24,498	)
Other segment information:
Acquisitions of property, plant and equipment	14,944		309		1,451		144		12,341		1733		27,205		420		-		-		-		24		1,215		-		-		-		59,786		-		59,786

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Disaggregated revenue information

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Uchucchacua (Operation)		Yunpaq (Operation)		La Zanja (Operation)			Energy generation and transmission		Insurance brokerage		Holding of investment in shares		Industrial (Operation)		Total operating segments		Adjustments and eliminations			Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)
Revenues by type of customers:
For the nine-month periods ended as of September 30, 2024
Sales by customers -
External		334,491		93,436		126,500		35,288		110,307		125,840		126			-		-		-		24,247		850,235		-			850,235
Inter-segment		-		-		-		-		-		-		20,572			-		-		-		-		20,572		(20,572	)		-
		334,491		93,436		126,500		35,288		110,307		125,840		20,698			-		-		-		24,247		870,807		(20,572	)		850,235
Services -
External		-		-		-		-		-		-					4,777		-		-		-		4,777		-			4,777
Inter-segment		-		-		-		-		-		-					33,816		-		363		14,078		48,257		(48,257	)		-
		-		-		-		-		-		-					38,593		-		363		14,078		53,034		(48,257	)		4,777
		334,491		93,436		126,500		35,288		110,307		125,840		20,698			38,593		-		363		38,325		923,841		(68,829	)		855,012

For the nine-month periods ended as of September 30, 2023
Sales by customers -
External		318,221		77,889		116,126		28,495		5,260		-		(242	)		-		-		-		13,740		559,489		-			559,489
Inter-segment		-		-		-		-		-		-		12,092			-		-		-		-		12,092		(12,092	)		-
		318,221		77,889		116,126		28,495		5,260		-		11,850			-		-		-		13,740		571,581		(12,092	)		559,489
Services -
External		-		-		-		-		-		-		-			3,295		7,260		-		-		10,555		-			10,555
Inter-segment		-		-		-		-		-		-		-			31,795		-		336		-		32,131		(32,131	)		-
		-		-		-		-		-		-		-			35,090		7,260		336		-		42,686		(32,131	)		10,555

		318,221		77,889		116,126		28,495		5,260		-		11,850			35,090		7,260		336		13,740		614,267		(44,223	)		570,044

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

	Colquijirca (Operation)		Tambomayo (Operation)		Orcopampa (Operation)		Julcani (Operation)		Julcani (Operation)		Uchucchacua (Operation)		La Zanja (Operation)			Energy generation and transmission		Insurance brokerage		Holding of investment in shares		Industrial (Operation)		Total segments		Adjustments and eliminations			Total
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)			US$(000)
Revenues by type of customers:
For the three-month periods ended as of September 30, 2024

Sales by customers -
External		129,080		32,892		45,792		11,611		32,202		63,239		11			-		-		-		14,190		329,017		-			329,017
Inter-segment		-		-		-		-		-		-		12,505			-		-		-		-		12,505		(12,505	)		-
		129,080		32,892		45,792		11,611		32,202		63,239		12,516			-		-		-		14,190		341,522		(12,505	)		329,017
Services -
External		-		-		-		-		-		-		-			2,089		-		-		-		2,089		-			2,089
Inter-segment		-		-		-		-		-		-		-			10,726		-		132		4,676		15,534		(15,534	)		-
		-		-		-		-		-		-		-			12,815		-		132		4,676		17,623		(15,534	)		2,089

		129,080		32,892		45,792		11,611		32,202		63,239		12,516			12,815				132		18,866		359,145		(28,039	)		331,106

For the three-month periods ended as of September 30, 2023

Sales by customers -
External		134,234		21,633		38,689		8,918		1,244		-		(488	)		-		-		-		3,475		207,705		-			207,705
Inter-segment		-		-		-		-		-		-		2,989			-		-		-		-		2,989		(2,989	)		-
		134,234		21,633		38,689		8,918		1,244		1,244		2,501			-		-		-		3,475		210,694		(2,989	)		207,705
Services -
External		-		-		-		-		-		-		-			1,203		2,385		-		-		3,588		-			3,588
Inter-segment		-		-		-		-		-		-		-			11,503		-		119		-		11,622		(11,622	)		-
		-		-		-		-		-		-		-			12,706		2,385		119		-		15,210		(11,622	)		3,588


		134,234		21,633		38,689		8,918		1,244		-		2,501			12,706		2,385		119		3,475		225,904		(14,611	)		211,293

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

Reconciliation of segment profit (loss)

The reconciliation of segment profit (loss) to the consolidated profit (loss) from continued operations for the three-month and nine-month periods ended September 30, 2024 and 2023 follows:

	For the three-month periods ended September 30,						For the nine-month periods ended September 30,
	2024			2023			2024			2023
		US$(000)			US$(000)			US$(000)			US$(000)
Segments profit (loss)		625,298			195,240			1,316,073			623,203
Elimination of profit of equity accounted investees, not consolidated (owned by third parties)		(251,681	)		(223,207	)		(760,390	)		(568,814	)
Elimination of intercompany sales		(28,041	)		(14,611	)		(68,829	)		(44,223	)
Elimination of cost of sales and operating expenses intercompany		26,092			14,509			66,880			44,103
Elimination of share in the results of subsidiaries and associates		(125,976	)		3,768			(166,360	)		(11,668	)
Others		193			(30	)		-			(87	)
Consolidated profit (loss) from continued operations		245,885			(24,331	)		387,374			42,514

Reconciliation of segment assets

The reconciliation of segment assets to the consolidated assets follows:

	As of September 30,			As of December 31,
		2024			2023
		US$(000)			US$(000)
Segments assets		14,716,947			13,843,508
Elimination of assets of equity accounted investees, not consolidated (owned by third parties)		(8,751,105	)		(8,387,620	)
Elimination of the subsidiaries and associates of the Parent company		(1,002,420	)		(940,977	)
Elimination of intercompany receivables		(26,399	)		(16,697	)
Others		16,819			35,585
Consolidated assets		4,953,842			4,533,799

Reconciliation of segment liabilities

The reconciliation of segment liabilities to the consolidated liabilities follows:

	As of September 30,			As of December 31,
	2024			2023
		US$(000)			US$(000)
Segments liabilities		3,170,145			2,786,627
Elimination of liabilities of equity accounted investees, not consolidated		(1,687,789	)		(1,379,966	)
Elimination of intercompany payables		(241,608	)		(43,472	)
Others		181,991			1,399
Consolidated liabilities		1,422,739			1,364,588

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

20.

Fair value measurement

This note provides an update on the judgements and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report.

(a)

Fair value disclosure of assets and liabilities according to its hierarchy -

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities:

		Fair value measurement using:
	Carrying value	Quoted prices in active markets (Level 1)	Observable inputs (Level 2)	Unobservable inputs (Level 3)
	US$(000)	US$(000)	US$(000)	US$(000)
As of September 30, 2024 -
Assets and liabilities measured at fair value:
Fair value of account receivable (subject to provisional pricing)	116,463	-	116,463	-
Contingent consideration liability	26,224	-	26,224	-

Fair value of liabilities at amortized cost:
Financial obligations	600,275	-	620,094	-

As of December 31, 2023 -
Assets and liabilities measured at fair value:
Fair value of account receivable (subject to provisional pricing)	125,586	-	125,586	-
Contingent consideration liability	21,614	-	21,614	-
Hedge instruments liability (asset)

Fair value of liabilities at amortized cost:
Financial obligations	616,824	-	615,014	-

(b)

Financial instruments whose fair value is similar to their book value -

For financial assets and liabilities such as cash and cash equivalents, trade and other receivables, trade and other payables that are liquid or have short-term maturities (less than three months), it is estimated that their book value is similar to their fair value. The derivatives are also recorded at the fair value so that differences do not need to be reported.

The fair value of account receivable is determined using valuation techniques with information directly observable in the market (future metal quotations).

Notes to the interim condensed consolidated financial statements (unaudited) (continued)

(c)

Financial instruments at fixed and variable rates –

The fair value of financial assets and liabilities at fixed and variable rates at amortized cost is determined by comparing the market interest rates at the time of their initial recognition to the current market rates with regard to similar financial instruments. The estimated fair value of deposits that accrue interest is determined by means of cash flows discounted using the prevailing market interest rates in the currency with similar maturities and credit risks.

Based on the foregoing, there are no important existing difference between the value in books and the fair value of the assets and financial liabilities as of September 30, 2024 and December 31, 2023.

There were no transfers between Level 1 and Level 2 for the three-month periods ended September 30, 2024 and 2023.

(d)

Fair value measurements using significant unobservable inputs (level 3) -

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Description

Fair value
as of
September 30, 2024

Unobservable

inputs

Range of inputs

Relationship of
unobservable

inputs to fair value

Contingent consideration liability with Minera Gold Fields Peru S.A.

26,224

Rate before tax

10.81

A change in the discount rate by 10% higher/lower, the fair value would increase/decrease in US$1.7 million.

Expected revenues annual average (US$000)

290,385

If expected sales change by 10% higher/lower, the fair value would increase/decrease in US$2.6 million.

21.

Events after the reporting period

No significant events were identified, that have occurred between the reporting period and the issuance date of the interim condensed consolidated financial statements approved by the Board of Directors on October 30, 2024, that must be disclosed.

In accordance with International Financial Reporting Standards - IFRS, the accompanying financial statements were prepared based on the conditions existing as of September 30, 2024 and considering those events that occurred after that date that provided evidence of conditions that existed at the end of the reporting period up to their issuance date.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.

Date: January 23, 2025	By:	/s/ Daniel Dominguez
	Name:	Daniel Dominguez
	Title:	Chief Financial Officer