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Buenaventura Increases Economic Interest in El Brocal to 46%

February 20, 2009

LIMA, Peru, Feb. 20 /PRNewswire-FirstCall/ — Compania de Minas
Buenaventura S.A.A. (“Buenaventura”) (NYSE: BVN; Lima Stock Exchange: BUE.LM),
Peru’s largest publicly traded precious metals mining company, announced today
an agreement with Teck Cominco Metals Limited (“Teck”) to purchase the 19.8%
interest in Inversiones Colquijirca, the holding company that owns a 51.06%
stake in Sociedad Minera El Brocal.

With this transaction, Buenaventura will increase its economic interest in
the common shares of Sociedad Minera El Brocal from 35.83% to 45.94% (4.46% of
which are directly held, while 41.47% are held through Inversiones
Colquijirca).

Buenaventura will pay Teck a total amount of US$35 million after the
completion of regular legal procedures.

Mr. Roque Benavides, President and CEO, stated: “We believe that this
property consolidation is the proper way for Buenaventura to invest its cash.”

Company Description

Compania de Minas Buenaventura S.A.A. is Peru’s largest publicly-traded
precious metals company and a major holder of mining rights in Peru. The
Company is engaged in the mining, processing, development and exploration of
gold and silver and other metals via wholly-owned mines as well as through its
participation in joint exploration projects.

Buenaventura currently operates four mines in Peru (Orcopampa,
Uchucchacua, Antapite and Julcani) and also has controlling interests in two
mining companies (CEDIMIN SAC and El Brocal S.A.A.) as well as a minority
interest in several other mining companies in Peru. The Company owns 43.65%
in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an
important precious metal producer, and 19.15% in Sociedad Minera Cerro Verde,
an important Peruvian copper producer.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that are intended to be
covered by the safe harbor created by such sections. Such forward-looking
statements include, without limitation, statements regarding future mining or
permitting activities. Where Buenaventura expresses or implies an expectation
or belief as to future events or results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis. However,
forward-looking statements are subject to risks, uncertainties and other
factors, which could cause actual results to differ materially from future
results expressed, projected or implied by such forward-looking statements.
Such risks include those concerning the Company’s, Yanacocha’s and Cerro
Verde’s
costs and expenses, results of exploration, the continued improving
efficiency of operations, prevailing market prices of gold, silver and other
metals mined, the success of joint ventures, estimates of future explorations,
development and production, subsidiaries’ plans for capital expenditures,
estimates of reserves and Peruvian political, economical, legal and social
developments. For a more detailed discussion of such risks and other factors,
see the company’s Annual Report on Form 20-F, which is on file with the
Securities and Exchange Commission, as well as the company’s other SEC
filings. Buenaventura does not undertake any obligation to release publicly
revisions to any “forward-looking statement,” to reflect events or
circumstances after the date of this news release, or to reflect the
occurrence of unanticipated events, except as may be required under applicable
securities laws.

    Contacts in Lima:
    Roque Benavides / Carlos Galvez
    Compania de Minas Buenaventura S.A.A.
    Tel: (511) 419-2538 / 419-2540
    Investor Relations: Daniel Dominguez
    Tel: (511) 419-2536
    Email: ddominguez@buenaventura.com.pe

    Contacts in New York:
    Maria Barona / Peter Majeski
    i-advize Corporate Communications, Inc.
    Tel: (212) 406-3690
    Email: buenaventura@i-advize.com

SOURCE Compania de Minas Buenaventura S.A.A.


Source: newswire



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