LETTER FROM THE CHAIRMAN
OPERATIONS
Operations
Uchucchacua
Orcopampa
Poracota
Julcani y Recuperadora
Antapite
Ishihuinca
Shila - Paula
SAFETY, ENVIRONMENT AND COMMUNITY RELATIONS
The environment
Safety
Community relations
SUBSIDIARIES AND AFFILIATES
Minera Yanacocha SRL (43.65%)
Sociedad Minera El Brocal S.A.A. (35.78%)
Buenaventura Ingenieros S.A (100%)
Sociedad Minera Cerro Verde S.A.A. (19.05%)
Consorcio Energetico Huancavelica S.A. (CONENHUA) (100%)
La Zanja (53%)
Tantahuatay Project (40%)
GREENFIELD EXPLORATION
FINANCIAL, ECONOMIC AND CORPORATE MATTERS REPORT
DISCUSSION AND ANALYSIS
Net sales
Physical gold deliveries
Royalty income
Operating costs
Operating expenses
Net loss due to unwinding of futures contracts
Other income (expenditures), net
Provision for workers’ profit sharing
Provision for income tax
Minority interest
SUMMARY OF OPERATIONS 2008
Summary of operations 2008
Reserves as of December 31, 2008
Reserves as of December 31, 2007
Estimates for non-reserve mineral as of December 31, 2008
Operating units production
MANAGEMENT MEMBERS
CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Auditors
Consolidated Balance Sheet
Consolidated Statement of Income
Consolidated Statement of Changes in Shareholders’ Equity
Consolidated Statement of Cash Flows
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Identification and Business Activity
2. Significant accounting principles and practices
3. Transactions in Nuevos Soles
4. Cash, banks and time deposits
5. Trade accounts receivable, net
6. Inventory, net
7. Prepaid taxes and expenses
8. Investments in shares
9. Mining concessions and property, plant and equipment, net
10. Mine development costs, net
11. Provision for impairment of long-term assets
12. Trade accounts payable
13. Other liabilities
14. Long-term debt
15. Shareholders’ Equity
16. Tax Situation
17. Net sales and sales commitments
18. Costs of Sales, without considering depreciation and amortization
19. Exploration in operating units
20. General and administrative expenses
21. Exploration in non-operating areas
22. Royalties
23. Interest income and expense
24. Other, net
25. Income tax and workers´ profit sharing
26. Basic and diluted earnings per share
27. Disclosure of information on segments
28. Derivative Financial Instruments
29. Financial risk management
30. Fair value of financial instruments
31. Commitments and contingencies
32. Transactions with affiliates
33. Explanation added for English language translation
APPENDIX
Board and management resume
Shareholders structure
ADS behaviour
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