VARIABLESMACROECONMICASMACROECONOMIC VARIABLES

La economa peruana mantiene pi-lares financieros moderadamenteslidos: reservas de divisas, deudadebidamente administrada, inflacincontrolada, tipo de cambio en con-cordancia con la poltica moneta-ria interna; sin embargo, no es in-mune al incierto marco internacio-nal, donde una ralentizacin de laeconoma y la cada de los preciosde los metales de expor tacin in-ciden en la economa nacional. Eneste contexto, la evolucinmacroeconmica al cierre del pri-mer trimestre registra comporta-miento positivo y/o esTable .

La creacin de riqueza expresada enel PBI nacional alcanz una tasaacumulada de crecimiento de 4.8%;en tanto, a nivel sectorial del PBIMinero agregado del trimestre, ge-ner una variacin positiva de 5.2%.Por su parte, los ndices de inver-sin respecto al PBI correspondenal 28.2% (pblico 3.8% y privado24.4%) en el trimestre.

Peru's economy maintains moderate and solid business pillars:

foreign currency reserves, properly managed debt, controlled in-

flation, and exchange rate in accordance with the domestic mo-

netary policy; however, it is still weak to the uncertain internatio-

nal frame, where a slowing down of the economy and a fall in the

prices of export metals affect the domestic economy. In this con-

text, the macroeconomics' development in the first quarter of the

year gives as a result a positive and sTable behavior.

The wealth creation expressed in the domestic GDP reached an

accumulated growth rate of 4.8%; while at sector level of the

added mining GDP of the quarter, it generated a positive varia-

tion of 5.2%. Meanwhile, the investment rates regarding to the

GDP corresponds to 28.2% (3.8% to public investment and 24.4%

to private investment).

The inflationary pressure and the expectation remain together

mainly by the food behavior that recorded an accumulated rate

of 1.44% although there are some risks regarding to the increase,

derived from the exchange depreciation. The monetary policy

conducted by the Banco Central de Reserva de Per has conti-

nued reducing the legal bank reserves in local currency, trying to

counteract the liquidity absorption in local currency derived from

intervention in the foreign exchange market to avoid deprecia-

tion.

The result of trade balance recorded the effect of the exports de-

crease of traditional products (-19.4%) - mainly miners (-26%) and

hydrocarbons (-24.9%) - marked by the decline in imports value (-

2.7%) being the highest proportion of imported goods (78.83%)

the ones related to inputs and capital goods.

1

PRIMER TRIMESTRE

AVANCE ESTADSTICODEL SUBSECTOR MINERO

2014

1. Variables MacroeconmicasMacroeconomic variables

2. Produccin MineraMining production

3. Exportaciones MinerasMining exports

4. CotizacionesPrices

5. Empleo en MineraEmployment in mining

6. Inversin MineraMining investment

7. Cartera de ProyectosProjects Portfolio

Ao PBI PBI Minero Inflacin Tipo Cambio Exportaciones Export. Min. Importaciones Bal. Comercial

Year GDP Mining GDP Inflation Exchange rate Exports Mining Exports Imports Commercial balance

2006 7.74% 1.10% 1.14% 3.27 23,830 14,735 14,844 8,986

2007 8.91% 1.70% 3.93% 3.13 28,094 17,439 19,591 8,503

2008 9.80% 7.28% 6.65% 2.93 31,019 18,101 28,449 2,569

2009 0.86% -1.41% 0.25% 3.01 26,962 16,382 21,011 5,951

2010 8.76% -4.79% 2.08% 2.83 35,565 21,723 28,815 6,749

2011 6.86% -3.17% 4.74% 2.75 46,268 27,361 36,967 9,302

2012 6.28% 2.19% 2.65% 2.64 46,228 26,308 41,113 5,115

2013 5.02% 2.17% 2.86% 2.70 41,826 23,030 42,191 -365

2014

Ene / Jan 4.00% 8.30% 3.07% 2.81 2,996 1,432 3,618 -622

Feb / Feb 5.40% 9.90% 3.78% 2.81 3,144 1,546 2,970 174

Mar / Mar 4.90% -1.70% 3.38% 2.81 2,878 1,353 3,368 -490

Tabla 01 / Table 01:

PRINCIPALES INDICADORES MACROECONMICOS / MAIN MACROECONOMICS INDICATORS

La presin inflacionaria y la expectati-va permanecen ancladas, principal-mente por el comportamiento de losalimentos que registraron una tasaacumulanda de 1.44% aunque exis-ten algunos riesgos al alza, derivadosde las depreciaciones cambiarias. Lapoltica monetaria efectuada por elBCRP ha continuado reduciendo losencajes bancarios en moneda local,tratando de contrarrestar el drenajede liquidez en moneda local deriva-do de la intervencin en el mercadode cambios para contener la depre-ciacin.

El saldo de la balanza comercial, re-gistr el efecto de la disminucin delas exportaciones de productos tradi-cionales (-19.4%) principalmentemineros (-26%) e hidrocarburos(-24.9%) acentuado por la disminu-cin del valor de las importaciones(-2.7%), siendo la mayor proporcinde bienes importados (78.83%) loscorrespondientes a insumos y bienesde capital

STATISTICAL REPORT OF THE MINING SUBSECTOR - 2014 FIRST QUARTER

Ao /Year Cobre /Copper Oro/Gold Zinc/Zinc Plata/Silver Plomo/Lead Hierro/Iron Estao/Tin

TMF/FMT gmF/Fine g. TMF/FMT KgF/FMT TMF/Fine kg. TMF/FMT TMF/FMT

2006 1,048,472 202,825,999 1,203,364 3,470,661 313,332 4,784,601 38,470

2007 1,190,274 170,235,864 1,444,361 3,501,462 329,165 5,103,597 39,019

2008 1,267,867 179,870,473 1,602,597 3,685,931 345,109 5,160,707 39,037

2009 1,276,249 183,994,692 1,512,931 3,922,708 302,459 4,418,768 37,503

2010 1,247,184 164,084,389 1,470,450 3,640,465 261,990 6,042,644 33,848

2011 1,235,345 166,186,717 1,256,383 3,418,862 230,199 7,010,938 28,882

2012 1,298,744 161,763,763 1,281,230 3,480,641 249,183 6,684,539 26,105

2013 1,375,641 151,486,072 1,351,273 3,674,283 266,472 6,680,659 23,668

2014 340,555 33,252,974 291,045 845,055 63,232 2,029,349 5,775

Ene / Jan 111,855 11,089,193 100,885 274,725 21,995 644,218 2,015

Ene / Feb 112,895 11,097,358 95,202 280,682 19,442 617,023 1,815

Ene / Mar 115,805 11,066,423 94,958 289,648 21,795 768,108 1,945

Tabla 02 / Table 02:VOLUMEN DE LA PRODUCCIN MINERO METLICA, POR PRINCIPALES METALESMINING METALLIC PRODUCTION VOLUME, BY MAIN METALS.

Principales productos:

La evolucin en la produccin nacional de cobre se mantiene favora-ble en 16.53% en el primer trimestre del ao. Las empresas que me-jor desempeo han experimentado son: Minera Milpo, que tuvo unincremento de 31.06% en su produccin; Sociedad Minera El BrocalS.A.A. (150.65%), y Compaa Minera Antamina S.A. (27.48%).

En tanto, la produccin argentfera registr un crecimiento de 1.01%,debido principalmente al aumento obtenido en Compaa Minera Milpo(27.59%), como resultado de la ampliacin en su planta Cerro Lindoy una mejora en la extraccin de 70.44% en su unidad Milpo N 1;as como al incremento registrado en Volcan Compaa Minera S.A.A.(9.30%), en sus unidades mineras "Carahuacra" y "Colombia".

En relacin al zinc, en el trimestre se observ una cada de 12.07%,debido a que en la dinmica empresarial nacional, se prioriz la ren-tabilidad generada por las actividades de explotacin de cobre, des-plazando las operaciones extractivas de zinc. As, Compaa MineraAntamina registr una cada del 40.31% en su produccin en estemetal. Por otro lado, Compaa San Ignacio de Morococha S.A.A. yTrevali Per S.A.C. registraron incrementos.

Como consecuencia de la cada en la produccin de las principalesempresas aurferas del sector, se observ una descenso de 7.71%en la produccin de oro a nivel nacional en este periodo. De estemodo, Mra. Yanacocha y Mra. Barrick Misquichilca registraron unadisminucin del 26.43% y 17.23% respectivamente. Por otro lado,destaca el impetuoso incremento de la produccin en este periodo,de la empresa La Arena S.A. (54%), en su unidad minera del mismonombre

PRODUCCINMETLICAMINING PRODUCTION

2

Main products:

The progression of the copper domestic production re-

mains favorable with 16.53% in the first quarter of the

year. The enterprises which had a better performance

are: Minera Milpo, with an increase of 31.06% of its pro-

duction, Sociedad Minera El Brocal S.A.A. (150.65%) and

Compaa Minera Antamina S.A. (27.48%).

Meanwhile, the silver production recorded a growth of

1.01% mainly due to the increase achieved in Compaa

Minera Milpo (27.59%), as a result of the expansion of

the Cerro Lindo plant, and an increase of 70.44% in the

"Milpo N1" unit, also considering the registered increase

in Volcan Compaa Minera S.A.A. (9.30%), in the "Ca-

rahuacra" and "Colombia" mining units.

During the quarter period of the year, the zinc produc-

tion faced a decrease of 12.07%, due to the profitability

generated by copper exploitation, placing it above the

zinc extraction operations. The production of the Com-

paa Minera Antamina also decreased 40.31% regar-

ding to this metal. By the other hand, the Compaa San

Ignacio de Morococha S.A.A and Trevali Per S.A.C re-

corded a notable growth of their production.

As a consequence of the production decrease of the prin-

ciple gold enterprises of the sector, there was a fall of

7.71% of the gold production nationwide in this period.

Then, Minera Yanacocha and Minera Barrick Misquichil-

ca faced a decrease of 26.43% and 17.23% respectively.

By the other hand, the rapid growing of La Arena enter-

prise production (54%) stands out in this period.

EXPORTACIONESMINERASMINING EXPORTS

3

Tabla 03 / Table 03:EXPORTACIONES MINERAS POR PRINCIPALES PRODUCTOS /

MINING EXPORT BY MAIN PRODUCTS

EXPORTACIONES/Exports UNIDAD//Unit 2009 2010 2011 2012 2013 ENE-MAR 2013 2014 Var. %

Cobre Valor (US$MM) 5,934 8,870 10,711 10,694 9,809 1,986 2,397 1,986 -17.15%

Copper Cantidad (Miles Tm) 1,246 1,254 1,257 1,401 1,401 295 314 295 -6.15%

Precio* (Ctvs US$/Lb.) 214 321 387 346 3,834 306 346 306 -11.72%

Oro Valor (US$MM) 6,805 7,756 10,104 9,542 7,846 1,182 2,229 1,182 -46.97%

Gold Cantidad (Miles Oz. Tr.) 6,987 6,346 6,415 5,709 5,555 915 1,369 915 -33.15%

Precio* (US$/Oz Tr.) 974 1,225 1,570 1,670 16,932 1,291 1,628 1,291 -20.69%

Zinc Valor (US$MM) 1,233 1,691 1,522 1,342 1,412 357 351 357 1.71%

Zinc Cantidad (Miles Tm.) 1,373 1,310 1,007 1,010 1,078 264 250 264 5.93%

Precio* (Ctvs US$/Lb.) 39 59 69 60 722 61 64 61 -4.08%

Plata Valor (US$MM) 214 118 219 210 479 136 80 136 70.00%

Silver Cantidad (Millones Oz. Tr.) 16 6 7 7 21 7 2.7 7 148.15%

Precio* (US$/Oz. Tr.) 14 19 34 30 287 20 30 20 -32.23%

Plomo Valor (US$MM) 1,116 1,579 2,424 2,503 1,749 282 343 282 -17.78%

Lead Cantidad (Miles Tm.) 681 770 986 1,140 847 139 144 139 -3.62%

Precio* (Ctvs US$/Lb.) 72 92 113 100 1,141 92 108 92 -14.62%

Estao Valor (US$MM) 479 663 755 541 496 92 135 92 -31.85%

Tin Cantidad (Miles Tm.) 38 34 29 26 22 4 6 4 -26.79%

Precio* (Ctvs US$/Lb.) 553 902 1,183 948 12,096 1,016 1,093 1,016 -7.01%

Hierro Valor (US$MM) 298 523 1,023 856 857 216 240 216 -10.00%

Iron Cantidad (Miles Tm.) 7 8 9 10 10 3 2.7 3 11.11%

Precio* (US$/Tm) 44 68 113 88 989 71 91 71 -21.33%

Molibdeno Valor (US$MM) 276 492 571 431 358 76 69 76 10.14%

Molybdenum Cantidad (Miles Tm.) 12 17 19 18 18 4 3 4 28.13%

Precio* (Ctvs US$/Lb.) 1,021 1,337 1,342 1,091 10,719 845 968 845 -12.68%

Otros / Other Valor (US$MM) 28 29 31 22 23 3 2 3 55.95%

TOTAL US$ MM 16,382 21,723 27,361 26,142 23,030 4,330 5,846 4,330 -25.93%

Exportaciones mineras:

En el trimestre, el volumen de exportacin del sector minero representel 70% del total de productos tradicionales y el 48.2% de la exportacintotal; siendo el cobre y el oro, los productos ms exportados, sin embar-go, los menores volmenes embarcados incidieron en el resultado delsector minero, disminuyendo el resultado general en 23.5% respecto alvalor reportado en el trimestre del ao anterior.

En enero, el volumen de cobre retrocedi en 17,4% debido a la menordemanda del mercado chileno (-89,4%); asimismo, no reporto exporta-cin hacia Alemania a diferencia de enero de 2013. De igual forma; Ca-nad, Suiza y Estados Unidos de Amrica reportaron disminucin en losvolmenes de compra del oro.

En febrero, el volumen exportado de oro retrocedi en 52,6% debido a lamenor demanda del mercado suizo, canadiense y norteamericano. Mien-tras que, las exportaciones de cobre reportaron un incremento de 29,3%,por las mayores compras de China y Alemania.

Finalmente; en marzo, el principal mercado de destino del cobre peruanofue China pero disminuy sus compras en 25,5%; por su parte, los en-vos de oro se redujeron en 44,3%; ante la menor demanda del mercadosuizo, canadiense y estadounidense

During the quarter period of the year, the export volume

of the mining sector represented 70% of the total domes-

tic products, and 48.2% of the total export; copper and

gold were the most exported products, nevertheless, the

lowest products volume exported had an impact on the

mining sector result, causing a decrease of 23.5% of the

general result regarding to the reported value in the last

year quarter.

In January, the copper volume decline 17.4% due to the

lowest demand of the Chilean market (89.4%); also, the-

re was not export to Germany unlike January 2013.

Likewise, Canada, Switzerland and United States face a

decrease in the gold sale volume.

In February, the copper volume decreased 52.6% due to

the low demand of the Switzerland, Canadian and North

American market. Meanwhile, the copper exportations

report an increase of 29.3% caused by the great purcha-

se quantity of China and Germany.

Finally, in March, the principle market destination of Pe-

ruvian copper was China but the sales reduced 25.5%; on

the other hand, the gold exports decreased 44.3%; in

front of the Switzerland, Canada and United States mar-

ket.

COTIZACIN DEPRINCIPALES METALESMAIN METALS PRICES

4

Ao/Year Cobre/Copper Oro/Gold Zinc/Zinc Plata/Silver Plomo/Lead Estao/Tin

Ctvs. US$/lb. US$/Oz. Tr. Ctvs. US$/lb. US$/Oz. Tr. Ctvs. US$/lb. Ctvs. US$/lb.

2006 304.91 604.58 148.56 11.57 58.50 398.29

2007 322.93 697.41 147.07 13.42 117.03 659.47

2008 315.51 872.72 85.04 15.01 94.83 839.60

2009 233.52 973.62 75.05 14.68 77.91 615.83

2010 342.28 1,225.29 98.18 20.19 97.61 926.63

2011 400.20 1,569.53 99.50 35.17 108.97 1,183.96

2012 360.55 1,669.87 88.35 31.17 93.54 958.08

2013 332.31 1,411.00 86.65 23.86 97.17 1,012.24

2014 319.25 1,293.95 92.05 20.48 95.49 1,027.83

Ene / Jan 330.89 1,244.80 92.46 19.87 97.47 1,001.15

Feb / Feb 324.42 1,300.98 92.32 20.85 95.73 1,034.61

Mar / Mar 302.45 1,336.08 91.37 20.72 93.27 1,047.72

Tabla 04 / Table 04:COTIZACIONES, POR PRINCIPALES METALES /

PRICES, BY MAIN METALS

Oro:

En enero, el precio promedio del oro fue deUS$/oz.tr. 1,244.8 mayor en 1.8% respectodel mes anterior. Esta subida fue alentadapor la cada de los ndices burstiles inter-nacionales que incrementaron la demandapor el metal precioso como activo de refu-gio, y en medio de una mayor compra pro-veniente de China antes del feriado por elAo Nuevo Lunar chino. En febrero, el orocotiz en US$/oz.tr. 1,301; mayor en 4.5%respecto del mes anterior. Este comporta-miento al alza se explic por la depreciacindel dlar frente al euro y por la mayor de-manda fsica para joyera, monedas y ba-rras de oro a inicios de mes, principalmentede China e India. Finalmente, el precio pro-medio del oro en marzo fue US$/oz.tr. 1,336.1;mayor en 2.7% respecto del mes anterior. Estecomportamiento estuvo sustentado en la de-preciacin del dlar frente al euro y en la ma-yor demanda como activo de refugio por lacrisis rusa-ucraniana.

Cobre:

Durante enero, el precio del cobre promediUS$/lb. 3.31, aumentando 1.3% respecto dediciembre. El aumento se sustent en lasseales de poca disponibilidad de cobre enlos depsitos de la Bolsa de Metales de Lon-dres ante demoras de suministros por lashuelgas portuarias en Chile.

El precio del cobre promedi US$/lb. 3.24en febrero, menor en 2.0% respecto de ene-ro. El precio de cobre se redujo por preocu-paciones sobre la demanda de China, por el

fuer te incremento de la produccin deGlencore Xstrata en sus minas de frica yChile, as como por las mayores existenciasde cobre en China.

En marzo, el precio del cobre promedi US$/lb. 3.02; menor en 6.8% respecto de febre-ro. La reduccin se produjo por los mayo-res temores de desaceleracin de China (trasdifusin de datos negativos de comercio ycrdito), y por el aumento de los inventariosde cobre en dicho pas.

Zinc:

La cotizacin promedio en enero fue US$/lb. 0.93; mayor en 3.3% respecto del mesprevio. Este incremento reflej el dato delreporte del Grupo Internacional de Estudiosdel Zinc y Plomo (ILZSG) que seal un d-ficit en el mercado mundial de zinc refina-do entre enero y noviembre de 2013; ascomo de ajustados suministros a corto pla-zo.

En febrero fue US$/lb. 0.92; disminuyendo0.1% respecto del mes previo. Cay por ex-pectativas de menor demanda ante dbilesdatos econmicos de Estados Unidos y Chi-na, aunque la escasez a corto plazo -reflejadoen los menores inventarios- atenu la cada.

Finalmente, la cotizacin promedio del zincen marzo fue US$/lb. 0.91, disminuyendo1,0% respecto del mes previo. Esta cadareflej el aumento de existencias en las prin-cipales bolsas de metales del mundo y lostemores de que la desaceleracin econmi-ca de China afecte la demanda del metal

Gold.- In January, the average price of gold

was US$/oz.tr.1,244.8, resulting in 1.8%

more than the last month. This rising was

encourage by the fall of the international

stock index that incremented the demand

for the precious metal as a haven asset,

and, in the middle of a major purchase

from China before the Lunar New Year

holiday. In February, the gold price was

US$/oz.tr.1,301, resulting in 4.5% more

than the last month. This increase is due

to the dollar depreciation with respect to

the euro and the greater physical demand

for jewelry, coins and gold barriers in ear-

ly February, mainly in China and India. Fi-

nally, the average gold price in March was

US$/oz.tr.1,336.1, resulting in 2.7% more

in relation to last month. This tendency

was supported by the dollar depreciation

with respect to the euro and the greater

demand as a haven asset by the Russian-

Ukrainian crisis.

Copper.- During January, the copper price

average from US$/lb.3,31 growing 1.3% in

relation to December. The growing was

supported by the signs of the limited cop-

per availability in the deposits in the Lon-

don Metal Exchange regarding to the su-

pply delay due to the port strikes in Chile.

In February, the copper price average from

US$/lb.3.24, decreasing 2.0% with respect

of January. The copper price reduced due

to the worry concerning the China de-

mand, because of the stronger production

increase of Glencore Xstrata and its Africa

and Chile mines, also because of the grea-

ter copper existence in China.

In March, the copper price average from

US$/lb.3,02 decreasing 6.8% with respect

of February. This decrease was caused by

the biggest fear of China desaceleration

(Continue on next page)

EMPLEO EN MINERAMINING EMPLOYMENT5

Ao Contratista Compaia Total

Year Contractor Company Total

2006 40,633 67,860 108,493

2007 54,613 80,368 134,981

2008 60,783 66,243 127,026

2009 58,987 67,096 126,083

2010 67,575 97,956 165,531

2011 73,257 102,073 175,330

2012 85,470 128,521 213,991

2013 67,950 140,433 208,383

2014 63,116 122,937 186,053

Ene / Jan 62,579 123,627 186,206

Feb / Feb 65,101 125,788 190,889

Mar / Mar 61,669 119,395 181,064

Tabla 05 / Table 05:EMPLEO DIRECTO EN MINERA, PROMEDIO TRABAJADORES /

DIRECT EMPLOYMENT IN MINING, AVERAGE NUMBER OF WORKERS

Empleo directo:

Con relacin a la actividad minera, un pro-medio de 186,053 empleos directos han sidorepor tados por los titulares de la actividadminera durante el primer trimestre del ao2014.

En tanto que en las regiones; durante el pri-mer trimestre del ao, 5 regiones concentranla mayor cantidad de empleos generados porla actividad minera.

En primer lugar se encuentra la reginArequipa, con un total de 26,659 empleosdirectos, representando el 14.33% del pro-medio total; en segundo lugar, se ubica la re-gin Junn con 19,833 empleos (10.66 %);luego siguen: La Libertad con 16,588 em-pleos; Pasco con 16,444 empleos; y Limacon 13,518 empleos (8.92%, 8.84%, 7.27%del promedio total, respectivamente)

(after the trade and credit negative data

broadcasting), and by the increase of the

copper stock in that country.

Zinc.- In January, the average cost of zinc

was US$/lb.0,93 growing 3.3% with res-

pect of the last month. This increase show

the report information from the Interna-

tional Lean and Zinc Study Group which

reported a deficit of the world refined zinc

market between January and November

of 2013; as the supply small quantity in

short term.

In February, the zinc production was US$/

lb. 0.92; having a decrease of 0.1% com-

paring to last month. The decrease was

caused by the lower demand expectatio-

ns of weak economic information from

United States and Chile, although the

short term scarcity showed in the mi-

nor inventories, alleviate the falling.

Finally, the average zinc price in Mar-

ch was US$/lb. 0.91, having a decrea-

se of 1.0% comparing to last month.

The decrease showed the existence

increase in the main metal exchanges

in the world and the fears that the eco-

nomic deceleration of China affects

the metal demand.

Regarding to mining activity, an average

of 186,053 direct employments has been

reported by the mining activity headlines

during the first quarter of 2014.

During this period of the year, 5 regions

concentrate the major employment quan-

tity generated by the mining activity.

In first place, there is Arequipa with a

total of 26,659 direct employments, re-

presenting the 14,33% of the total ave-

rage; in second place, there is Junn with

19,833 employments (10.66%), La Liber-

tad with 16,588 employments (8.92%);

Pasco with 16,444 employments

(8.84%),and finally Lima with 13,518

employments (7.27% of the total avera-

ge).

INVERSIN MINERAMINING INVESTMENT6

Ao Eq. de Planta. Eq. Minero Exploracin Explotacin Infraestructura Otros Preparacin Total

Year Plant. Eq.. Mining Eq. Exploration Exploitation Infrastructure Others Preparation Total

2006 63,538,746 124,092,578 102,387,499 340,970,408 640,626,630 273,461,734 64,837,125 1,609,914,721

2007 63,768,994 125,551,262 136,592,095 338,016,660 336,788,377 197,918,361 50,179,973 1,248,815,722

2008 141,038,944 176,688,012 167,839,351 440,246,645 321,482,441 328,783,686 131,980,228 1,708,059,306

2009 319,825,374 499,659,327 393,534,656 531,388,349 376,380,329 504,747,514 196,060,821 2,821,596,371

2010 416,011,993 518,078,947 615,815,227 737,890,193 827,591,969 443,780,328 510,276,007 4,069,444,664

2011 1,124,690,664 776,137,869 865,423,284 869,691,352 1,406,853,178 1,412,347,788 788,223,911 7,243,368,046

2012 1,139,598,256 525,252,803 905,401,645 1,005,399,266 1,797,081,533 2,491,858,829 638,740,607 8,503,332,940

2013 1,404,301,909 778,849,649 774,008,005 1,071,915,417 1,709,625,770 3,629,234,450 351,088,998 9,719,024,198

2014 186,498,762 125,710,928 143,923,382 238,163,428 294,924,078 921,157,620 64,783,016 1,975,161,215

Ene / Jan 51,565,155 34,224,548 39,198,206 72,397,041 79,670,285 267,535,375 15,587,069 560,177,678

Feb / Feb 57,187,441 44,193,000 42,658,925 79,558,556 111,242,375 323,767,963 18,899,606 677,507,866

Mar / Mar 77,746,166 47,293,380 62,066,250 86,207,832 104,011,418 329,854,283 30,296,342 737,475,672

Tabla 06 / Table 06:INVERSIONES MINERAS EN US$, SEGN RUBRO /

MINING INVESTMENTS IN US$, ACCORDING TO EACH FIELD

Anlisis:

La inversin minera en el pri-mer trimestre del 2014, ascen-di a US$ 1,975 millones; va-lor superior en 1.8% a la inver-sin ejecutada en el mismo pe-riodo del ao 2013, que fue deUS$ 1,940 millones.

Segn el tipo de inversin re-gistrada en este periodo, el cre-cimiento de las inversiones sedi en el rubro infraestructura(12.2%) y Otros (24.2%). Encontraposicin, se apreci unareduccin en las inversionesdestinadas a Equipamiento dePlanta de Beneficio (-24.3%),explicado por la menor inver-sin repor tada por MineraChinalco, que inici operacio-nes en el presente ao.

RUBROS 2013 2014 Variacion %

EQ. DE PTA DE BENEFICIO 246,286,434 186,498,762 -24.28%

EQ. MINERO 150,688,254 125,710,928 -16.58%

EXPLORACIN 185,370,235 143,923,382 -22.36%

EXPLOTACIN 263,563,456 238,163,428 -9.64%

INFRAESTRUCTURA 262,892,859 294,924,078 12.18%

OTROS 741,905,443 921,157,620 24.16%

PREPARACIN 89,506,707 64,783,016 -27.62%

TOTAL GENERAL 1,940,213,388 1,975,161,215 1.80%

During the first quarter of 2014, the mining investment

increased to US$ 1,975 millions, an exceeded value in 1.8%

to the investment of US$ 1,940 million made in the same

period of 2013,

According to the investment type registered during this

period, the investments growth was mainly observed in

the infrastructure field (12.2%) and Others (24.2%). On

the other hand, there was a decrease in the investments

destined to the Equipment of the Beneficial plant (-24.3%)

explained by the minor investment reported by Minera

Chinalco which began operations this year.

During the first quarter of the year, 426 companies re-

ported investments made in this period. Sociedad Mine-

ra Cerro Verde (US$ 440 million), Xstrata Las Bambas (US$

352 millions) and Hudbay Per S.A.C. (US$ 175 millions)

are the companies that stand out of this group.

Meanwhile at regional level, Arequipa stands out as lea-

der of investments made in its jurisdiction where it re-

ported US$ 495 millions followed by Apurmac (US$ 358

millions), Cusco (US$ 139 millions), Junn (US$ 139 millio-

ns) and La Libertad (US$ 135 millions) among others.

De las 426 empresas que re-por taron inversiones ejecuta-das en el primer trimestre delao, destacan las realizadaspor Sociedad Minera CerroVerde S.A.A. (US$ 440 millo-nes), Xstrata Las Bambas(US$ 352 millones) y HudbayPer S.A.C. (US$ 175 millo-nes).

En tanto, a nivel regional,Arequipa destaca como lderde inversiones ejecutadas ensu jurisdiccin al registrar US$495 millones seguida porApurmac (US$ 358 millones),Cusco (US$ 290 millones),Junn (US$ 139 millones) y LaLiber tad (US$ 135 millones,entre otras

CARTERA PROYECTOS MINEROSESTIMATED MINING PROJECTS PORTFOLIO7

AMPLIACIONES / Expansion

COMPAIA MINERA MISKI MAYO S.R.L. Ampliacin Bayovar PIURA, SECHURA, SECHURA Fosfatos 520SOCIEDAD MINERA CERRO VERDE S.A.A. Ampliacin Cerro Verde AREQUIPA, AREQUIPA, YARABAMBA Cu 4,600SOCIEDAD MINERA EL BROCAL S.A.A. Ampliacin Colquijirca PASCO, PASCO, TINYAHUARCO Polimetlico 432SOUTHERN PERU COPPER CORP. Ampliacin Fundicin MOQUEGUA, ILO, PACOCHA Cu Por definirSHOUGANG HIERRO PERU S.A.A. Ampliacin Marcona ICA, NAZCA, MARCONA Fe 1,500SOUTHERN PERU COPPER CORP. Ampl. Refinera de Ilo MOQUEGUA, ILO, PACOCHA Cu Por definirSOUTHERN PERU COPPER CORP. Ampliacin Toquepala TACNA, JORGE BASADRE, ILABAYA Cu 1,050MINERA CHINALCO PER S.A. Ampliacion Toromocho JUNIN, YAULI, MOROCOCHA Cu 1,320

CON E.I.A. APROBADO / With E.I.A. Approved

ANABI S.A.C. Anama APURIMAC, ANTABAMBA, HUAQUIRCA Au 40

HUDBAY PERU S.A.C. Constancia CUSCO, CHUMBIVILCAS, CHAMACA Y LIVITACA Cu 1,790

BEAR CREEK MINING COMPANY Corani PUNO, CARABAYA, CORANI Ag 750

COMPAIA MINERA ARES S.A.C. Crespo CUSCO, CHUMBIVILCAS, SANTO TOMAS Au - Ag 110

MINERA SHOUXIN PERU S.A. Explotacion de relaves ICA, NAZCA, MARCONA Cu, Fe, Zn 239

MINERA SUYAMARCA S.A.C. Inmaculada AYACUCHO, PARINACOCHAS - OYOLO Au - Ag 370

INVICTA MINING CORP S.A.C. Invicta LIMA, HUAURA, LEONCIO PRADO Polimetlico 93

XSTRATA LAS BAMBAS S.A. Las Bambas APURIMAC, COTABAMBAS, CHALHUAHUACHO Cu 5,895

MINERA YANACOCHA S.R.L. Minas Conga CAJAMARCA, CAJAMARCA, BAOS DEL INCA Cu, Au 4,800

COMPAIA MINERA KURI KULLU S.A. Ollachea PUNO, CARABAYA, OLLACHEA Au 170

FOSFATOS DEL PACIFICO S.A. Fosfatos PIURA, SECHURA, SECHURA Fosfatos 500

ANGLO AMERICAN QUELLAVECO S.A. Quellaveco MOQUEGUA, MARISCAL NIETO, TORATA Cu 3,300

RELIANT VENTURES S.A.C. San Luis ANCASH, YUNGAY, SHUPLUY Au y Ag por definir

MINERA SULLIDEN SHAHUINDO S.A.C. Shahuindo CAJAMARCA, CAJAMARCA, CACHACHI Au 208

MINERA CHINALCO PER S.A. Toromocho JUNIN, YAULI, MOROCOCHA Cu 3,500

CON EIA PRESENTADO / With Environmental Assessments under Evaluation

COMPAIA MINERA MILPO S.A.A. Pukaqaqa HUANCAVELICA, HUANCAVELICA, HUANDO Cu-Mo 630

BEAR CREEK MINING COMPANY Santa Ana PUNO, CHUCUITO, HUACULLANI Ag 71

CA DE MINAS BUENAVENTURA S.A.A. Tambomayo AREQUIPA, CAYLLOMA, TAPAY Au, Ag 130

SOUTHERN PERU COPPER CORP. Tia Maria AREQUIPA, ISLAY, COCACHACRA Cu 1,000

EN EXPLORACIN / Exploration

EXPLORACIONES COLLASUYO S.A.C. Accha CUSCO, PARURO, ACCHA Zn, Pb 346

ANABI S.A.C. Anubia APURIMAC, ABANCAY, CURAHUASI Cu 90

CAARIACO COPPER PERU S.A. Caariaco LAMBAYEQUE, FERREAFE, CAARIS Cu 1,599

JUNEFIELD GROUP S.A. Cercana AREQUIPA, AREQUIPA, YARABAMBA Cu

MINERA CUERVO S.A.C. Cerro Ccopane CUSCO, PARURO, OMACHA Fe -

CANTERAS DEL HALLAZGO S.A.C. Chucapaca MOQUEGUA, GRAL.SANCHEZ CERRO, ICHUA Au 1,200

MINSUR S.A. Expl. Bofedal II PUNO, MELGAR, ANTAUTA Sn 165

MANTARO PERU S.A.C. Fosfatos Mantaro JUNIN, CONCEPCION, ACO Fosfatos 850

LUMINA COPPER S.A.C. Galeno CAJAMARCA, CELENDIN, CELENDIN Cu, Mo, Au, Ag 2,500

MINERA ANTARES PERU SAC Haquira APURIMAC, COTABAMBAS, CHALHUAHUACHO Cu-Mo 2,800

APURIMAC FERRUM S.A. Hierro Apurimac APURIMAC, ANDAHUAYLAS, ANDAHUAYLAS Fe 2,300

COMPAIA MINERA MILPO S.A.A. Hilarin ANCASH, BOLOGNESI, HUALLANCA Zn 470

RIO TINTO MINERA PERU LIMITADA SAC La Granja CAJAMARCA, CHOTA, QUEROCOTO Cu 1,000

HAMPTON MINING PERU SAC Los Calatos MOQUEGUA, MARISCAL NIETO, MOQUEGUA Cu-Mo 1,320

SOUTHERN PERU COPPER CORP. Los Chancas APURIMAC, AYMARAES, POCOHUANCA Cu 1,560

COMPAIA MINERA MILPO S.A.A. Magistral ANCASH, PALLASCA, CONCHUCOS Cu 750

MARCOBRE S.A.C. Marcobre (Mina Justa) ICA, NAZCA, SAN JUAN DE MARCONA Cu 744

ANGLO AMERICAN MICHIQUILLAY S.A. Michiquillay CAJAMARCA, CAJAMARCA, LA ENCAADA Cu 700

JINZHAO MINING PERU S.A. Pampa de Pongo AREQUIPA, CARAVELI, BELLA UNION Fe 3,280

COMPAIA MINERA QUECHUA S.A. Quechua CUSCO, ESPINAR, ESPINAR Cu 490

COMPAIA MINERA CENTAURO S.A. Quicay II PASCO, PASCO, SIMON BOLIVAR Au, Cu 3,000

RIO BLANCO COPPER S.A. Ro Blanco PIURA, HUANCABAMBA, Cu 1,500

COMPAIA MINERA VICHAYCOCHA S.A.C. Rondoni HUANUCO, AMBO, CAYMA Cu 350

AMERICAS POTASH PERU S.A. Salmueras de Sechura PIURA, SECHURA, SECHURA Potasio 125

TOTAL US$ MM 61,279

EMPRESA PROYECTO REGION/PROVINCIA/DISTRITO MINERAL INVERSION US$ MMCOMPANY PROJECT REGION / PROVINCE / DISTRICT MINERAL INVESTMENT

Tabla 07 / Table 07:

CARTERA PROYECTOS MINEROS / ESTIMATED MINING PROJECTS PORTFOLIO

PUERTO

CHUCAPACACERRO VERDE

CERCANA

ZAFRANAL TAMBOMAYOPAMPA DE PONGO

CORANI

QUECHUACONSTANCIA

CRESPO

CCOPANE

HAQUIRA

INMACULADA

LOS CHANCAS

APURIMAC F.

MARCONA

JUSTA

PUKAQAQA

RONDONI

QUICAY II

TOROMOCHOFOSF. MANTARO

INVICTACOLQUIJIRCA

HILARION

SAN LUIS

MAGISTRAL

SHAHUINDO

CONGAGALENO

MICHIQUILLAY

LA GRANJACAARIACO

BAYOVAR

S. SECHURA

RIO BLANCO

P. FOSFATOS

LOS CALATOS

OLLACHEA

SANTA ANA

ACCHA

ANUBIA

Tacna

Moquegua

Arequipa

Puno

Cusco

Madre de Dios

Apurimac

Ayacucho

Huancavelica

Ica

Ucayali

Junn

Pasco

Hunuco

Lima

Ancash

San Martn

Loreto

AmazonasCajamarca

Piura

Lambayeque

La Libertad

Tumbes

SHOUXIN

CARTERA PROYECTOS MINEROSESTIMATED MINING PROJECTS PORTFOLIO