Orcopampa

In this mining unit, 454,694 DMT of ore of the Chipmo mine were beneficiated with 0.455 oz/t of gold, obtaining a result of 203,226 ounces of gold and 430,494 ounces of silver in doré bars. The average annual cash cost was 731.28 US$/oz Au.

As at December 31, 2014, the ore reserves of the Chipmo total 631,097 DMT with 0.509 oz/t of gold and 1.75 oz/t of silver, representing a content of 321,018 ounces of gold and 1’101,828 ounces of silver (See Table 2).

As at December 31, 2014, the ore resources of Chipmo reached the total of 197,592 DMT with 0.505 oz/t of gold and 5.95 oz/t of silver, representing 99,846 ounces of gold and 1’176,239 ounces of silver.

During the year, 27,492 m were explored and developed and 40,544 m of diamond core samplings were executed, the majority of which were focused on the exploration of the Lucia-Julissa Veins of the Prometida and Nazareno Mines.

In the Lucia Centro lode of the Prometida mine, ore reserves with high gold and silver content were discovered. With the diamond drillings performed at levels 3170 and 300 m NE of the present el site (Mauras sector), good ore cuts with gold and silver were registered and shall be prioritarily explored with mining activities in the year 2015.

In the Nazareno system of veins, economic mineral was found between the levels of 3230 and 3110, with good gold and silver content.

Exploration works shall be continued in the same direction guided by the prior diamond core samplings that evidence a good structural guide.

The South Pukará vein with a width of 2.36 m and 24.00 g/AU was registered as a result of the diamond core sampling performed at 3540, 500 m south of the Nazareno vein, which shall be explored with additional mining works and diamond core samplings.

The sinking of the main shaft of Nazareno is found at the level of 3050. Mineral and debris pockets are being conditioned at level 3110, which shall be in operating conditions at the end of February 2015. The Prometida shaft is located at a contour elevation of 3085.

During 2014, important changes were made to the Orcopampa processing plant, in terms of the ventilation of the work areas. The most important of these changes was the reduced presence of HCN gas in relatively enclosed environments, for which pump box lids, extraction systems and skylights were installed on the roofs of all the naves.

We have also modified the processing circuit of the ore coming from the Chipmo mine, due to the increase in the grades of silver of the ore mined. To this effect, we decided to include a cyaniding stage in the circuit by the operation of three 40 x 40 foot tanks. We also added the MC plant which was used to retreat tailings, thereby reducing the content of dissolved Ag that was causing much interference with the Au in the activated charcoal.

We implemented the tailings thickening system with the aim of increasing the useful life of the tailings pond and the new pumping system now has automated control systems to prevent the leakage of tailings.

Uchucchacua

1,013,633 DMT of ore of the Socorro, Carmen and Huantajalla mines were treated, obtaining 12’055,570 ounces of silver, 7,605 DMT lead fines and 6,349 DMT zinc fines, in lead-silver and zinc-silver concentrates (See Table 1). Out of the total ounces of silver produced, 544,227 were recovered in ingots in the cyaniding process. The average annual cash cost was 16.71 US$/oz Ag.

The mineral reserves of Uchucchacua aa at December 31, 2014, totaled 4,171,605 DMT with 15.87 oz/t of silver, 1.11% of lead, 1.5% of zinc and 9.32% of manganese, thereby representing contents of 66,214,544 ounces of silver, 46,324 DMT lead fines and 62,820 DMT zinc fines (See Table 2).

As at December 31, 2014, the mineral resources of the mining district of Uchucchacua, which includes the Uchucchacua and Yumpag mines, totaled 3’848,555 DMT, with 16.88 oz/t of silver, 1.30% of lead, 1.84% of zinc and 11.80% of manganese, representing 64’967,018 ounces of silver, 51,429 DMT lead fines and 68,787 DMT zinc fines (See Table 4).

During the year 2014, the exploration works in the Uchucchacua unit were crystallized with 17,962 m of mining works and 44,895 m of diamond drilling activities focused mainly on the Socorro and Huantajalla mines, where the greatest progress was made and the best reserves were obtained. Exploration activities in the Carmen and Casualidad mines were smaller and with relative success.

In the Socorro mine, the exploration works were largely centered on the main vein of the Gina Socorro and its most important branches, between the levels of 3920 and 3710 considered the low area and between the levels of 4400 to 4300 considered the high area. In-depth explorations with tunnels and diamond core samples shall continue, giving priority to the NE area of the veins.

Exploration works in the Huantajlla mine continued over the Mercedes wide strip of calcite breccia, with an approximate longitude of 1000m, where a number of veins with good silver content (3A, 4A, Sarita, Fabian, Eugenia, etc) can be found between the levels of 4400 y 4230.

In the Carmen mine, exploration works shall be carried out at the levels of 4060 and 3920 with tunnels and samplings, while in the Huantajalla, explorations continue on a wide strip of calcite breccia known as Mercedes, with a longitude of approximately 1000m, where a number of veins with good silver content occur (3A, 4A, Sarita, Fabiana, Eugenia, etc.), between the levels of 4400 and 4230.

In the Carmen mine, explorations shall be performed between the levels of 4060 and 3920 with tunnels and diamond core samplings on the Rita, Allison, Rubí and other mines.

Explorations shall continue in the Sandra system of veins of the Casualidad mine, at the levels of 4550 to 4450, where there are several core cuts with good silver contents.

The Luz shaft was sunk to the contour elevation of 3,770 masl and the conditioning of the pockets at a level of 3,850 is due to be finalized in May of 2015. The progress made in the system of access ramps (Ramp 626-1, Ramp 626-2) reached an average contour elevation of 3,690 masl thereby implying some 80 m below the elevation achieved in the Luz shaft.

During the year 2014, several operating improvements were carried out in the Uchucchacua processing plant, such as the optimization of the circuit by the separation of concentrates of the Unitarios and Cleaner units, that presently carries out processing activities in the Rio Seco Plant since it has the most suitable characteristics.

In this regard, Outotec Skim Air 240 cells were installed in the discharge of the 13’x20’ mill and we have improved the entire reagent dosage system.

We began the expansion of the flotation circuit 2, a project which is due to be completed in March of 2015 and which will increase the capacity of the plant to 3,810 DMT. To this effect, new flotation cells and a 50’thickener have been installed and improvements are being made to other automation and control equipment.

In the cyanide plant, the new filter of 40 plates was put into operation to obtain filtered tailings with the aim of extending the useful life of the cyanided tailings pond.

Julcani

167,760 DMT of ore were processed in this mine, with 19.32 oz/t of silver, having recovered 3’084,347 ounces of silver, 414 ounces of gold, 2,619 DMT of lead fines and 275 DMT of copper fines (See Table 1). The average annual cash cost was 13.87 US$/oz Ag.

As at December 31, 2014, the mineral reserves totaled 310,095 DMT with 20.30 oz/t of silver, 2.17% of lead and 0.52% of copper (See Table 2), that represent 6,295,073 ounces of silver, 4,793 ounces of gold, 6,720 DMT of lead and 1,614 DMT of copper, which are basically in the Desconocida, Uno, Jesús Piso 1, Cayetana, María Fe, Tilsa 1, Lesly 2, Jesús, Jesús Ramal 2, Encontrada, Silvana, Fátima, Fátima – Techo, Magdalena and Cecilia veins.

As at December 31, 2014, the mineral resources were 223,317 DMT with 20.64 oz/t of silver, 2.01% of lead, 0.37% of copper and 0.008 oz/t of gold, with a content of 4’608,511 ounces of silver, 1,884 ounces of gold, 4,487 DMT of lead and 836 DMT of copper (See Table 4), located in the horizontal and vertical continuity of the same veins that contain the reserves and which are presently the immediate target of our explorations and developments with the aim of converting them into reserves.

Exploration activities were carried out in the Acchilla and Estela mines with the execution of 12,893 m of underground mining activities and 13,882 m diamond core samplings. In the Acchilla mine which is the mine that provides the largest quantity of reserves, explorations are carried out in the deepest area of the mine, between the levels of 510 and 610, obtaining good results in several veins, such as Cayetana, Sylvana, Jesús Ramal 2, Jesús Ramal 5, Lesly, Tilsa, Julcani, Carmen, Santa Fé, Soledad, Milet, etc. Future explorations shall be largely concentrated in the 610 and 660 levels (shaft sinking plan levels) which will be supplemented with long and short diamond core samplings that will help to guide the progress made and open new exploration fronts.

Explorations in the Estela Mine, which is characterized for exploring two types of mineral Ag-Pb and Ag with the presence of Au and Cu, are centered at the levels of 560 and 610 above the main veins of Magdalena, María Lizbeth, Cecilia, Apolo, Fátima and others.

Improvements were made to the classification system of the Julcani concentrator plant, in the grinding and loading of balls in the mill. Regarding the flotation system, the results obtained were the product of the improvements made in the dosage of the reagents by centralizing the dosing equipment and pumps.

In tailings pond Nº 9 the dike was configured by cycloning, at the design contour elevation of 4,185, hence as of November, the tailings are being deposited in the pond without being cycloned. For the improved control of stability, 3 new piezometers have been installed.

In May, the 2,600 m line was commissioned to recirculate the supernatant water from the Tailings Pond Nº9 to the plant. With the purpose of improving the working conditions, the construction of the dining and changing room areas for the staff of the Plant was concluded.

Mallay

During the year 2014, in Mallay, 148,058 DMT coming mainly from the Manto Isguiz and the Maria and Dana veins of the system were treated, producing 1’216,034 ounces of silver, 7,513 DMT lead fines and 9,893 DMT zinc fines in silver-lead and zinc concentrates. The average annual cash cost was 9.30 US$/oz Ag.

Furthermore, 7,978.15 m of mining exploration and development works and 13,326.80 m of diamond core samplings were executed mainly in the Isguiz lode/vein of the Maria, Dana and Jazmin systems, the latter in the Jumasha limestone area.

121,838 DMT of mineral reserves were calculated, with 13.48 oz/t of silver, 6.95% of lead, 7.68% of zinc,
0.035 oz/t of gold that represent 1,641,970 ounces of silver, 4,262 ounces of gold, 8,469 DMT of lead fines and 9,353 DMT of zinc fines, which are contained in the Isguiz lode, in the María, Maricielo, Maricarmen, Dana, Maricruz, Danae, Deysi, Denisse and Iris veins, that shall continue to be explored at the levels of 4150,
4250, 4310, 4200 and 4090.

The mineral resources totaled 104,640 DMT with 12.95 oz/t of silver, 0.056 oz/t of gold, 6.01 % of lead, 6.91 % of zinc that contain 1’354,736 ounces of silver, 5,898 ounces of gold, 6,291 DMT of lead fines and 7,227 DMT of zinc fines.

Surface explorations in the areas surrounding the Mallay mine were focused on two areas: Teresa- West Flank of Isguiz and Anash. In the first area, maps were drawn up at a scale of 1/5000 of 1630 has where the presence of the skarn bodies Susy, Pilar and Huancas were recognized. The last skarn body shows evidence of lead, zinc and silver mineralization and the former two bodies are sterile.

A N-S system of veins were located in the Golunmarca and Pacush ravines (Teresa, Teresa 1, Alicia y Alicia 1) with mainly westward slopes and with important values of silver, lead and zinc. A DIA was presented on this area to move onto the next stage of detailed mapping, with samplings by trenches and fix the final location of the diamond core samplings to be executed.

In the second area, located east of the operation (East Flank of Isguiz), known as Anash, three areas were identified: Anash Sur, Anash Centro and Anash Norte, with evidence of mineralization associated to the andesitic and dacitic dikes, where the sampling and mapping of 240 has was carried out at a scale of 1/1000 in the Jumasha limestone area. The Anash Norte area must be highlighted since old works of half bars developed on structures or “feeders” and tables were identified in an intermittent length of 600 m, with important values of gold, silver, lead and zinc. Works began to process a DIA for this area

Improvements in the operation of the Mallay plant was reflected in an increase of Ag, Pb and Zn recoveries and the stabilization of the flotation circuits.

In the grinding stage, a grade of 65%-200 m was obtained by the optimization of the classification. The possibility is being evaluated of using high frequency sieves instead of the hydrocyclones to prevent overgrinding of the galena (PbS).

In terms of the flotation of Pb, a new Outotec single SK-80 cell was installed that allows us to obtain a larger amount of values from the Pb-Ag circuit. Similarly, we have replaced certain reagents that were not selective enough and the arrangement of the cleaner cells has been modified. In the flotation of Zn, improvements were made to the lime dosage system and the froth cells were replaced.

The new Andritz filter of 31 plates was commissioned thereby reducing the humidity of the dispatched concentrates.

In metallurgy, the ore of Chanca was tested in the laboratory and the corresponding report was submitted for the design of the treatment of this mineral in the Mallay concentrator plant.

Breapampa

The mining works in the Parccaorcco cut were carried out until October of 2013, treating 2,264,111 DMT of ore with 0.050 oz/t of gold in the leaching pad, recovering 74,807 ounces of gold and 369,032 ounces of silver. The average annual cash cost was 369.37 US$/oz Au. Additionally, 972,465 DMT of debris was extracted with which the accumulated clearing ratio was 0.46.

Since the start of the operation in Breapampa, in July of 2012, 169,844 ounces of gold and 804,694 ounces of silver have been produced.

The Au/Ag ore reserves disseminated in oxides, located in the Parccaorcco hill (colluvial area), totaled 519,539 DMT, with 0.014 oz/t of Au and 0.552 oz/t of Ag equivalent to 7,515 ounces of gold and 286,981 ounces of silver.

The ore existing in the Pad as part of the inventory of the ore and product of its re-leaching is 11,374 ounces of Au and 89,815 ounces of Ag.

The mineral resources existing in the end-walls of the cut and the colluvial areas add up to 648,392 DMT of ore, with 0.012 oz/t of gold and 0.196 oz/t of silver, representing 8,049 ounces of gold and 126,964 ounces of silver.
The mineral resources of the Senccata and Pucagallo areas which are also disseminated in oxides, add up to 1’535,677 DMT with 0.021 oz/t of gold and 0.117 oz/t of silver, that represent 31,737 ounces of gol dan 179,520 ounces of silver, out of which 662, 673 DMT, with 0.021 oz/t of gold and 0.145 oz/t of silver belong to the Senccata Area and 873,004 DMT with 0.021 oz/t of gold and 0.096 oz/t of silver, to the Pucagallo Area. Both prospects are located 5 km and 7 km NW of the Parccaorcco open-cut mine.

3411 m of diamond core samplings were executed, 2,606 of which were performed in the colluvial area of the Parccaorcco site and 805 m in the Brecha Norte prospect located 2.2 km east of the Parccaorco site.

No mining works were conducted in the last quarter of 2014 due to the lack of licenses/authorizations to exploit the expansion area (colluvial area). These licenses are expected to be ready by March 2015. The disposal of ore in the Breapampa Pad was executed until the month of November, after which part of the irrigation of the new cells or product removed from the old cells is being obtained.

During this year, the operation of the grinding plant has been optimal, obtaining a product with a P80 of 2.61 inches, which will allow the company to obtain more dissolved ore in the upcoming months.

Exploration in the Pallcahuasi prospect located 5 km SW of the Parccaorcco site is the main target evaluated in this area, that evidences specific anomalies of Au and Ag, with a major dispersion of the volatile elements Hg-As-Sb. 11 IP (resistivity and loadability) Geophysical lines that add up to 27.7 km were executed. The obtained results report persistent resisitivity anomalies (>1000 ohm-m) in the Pallcahuasi hill where 4 platforms to diamond drill 2,000 m have been scheduled to be built. The DIA Valeria is being amended and the drilling campaign is expected to begin in April of 2015.

Tambomayo

This project is an epithermal deposit with quartz veins and mineralization of Ag-Au mainly with important contents of Pb and Zn. It is located in the Province of Caylloma, SE of the Mine of the same name in the region of Arequipa.

From the start of the exploration works in this project (year 2010), 7 levels with differences in elevation every 50 m and strikes over the main vein Mirtha of approximately 1200 m, in each level, 4,944 being the upper level and 4,640 the lower level. The diamond core samplings evidence economic mineralization around 4300 masl. The levels below 4,740 are developed based on a ramp that is presently close to reaching the 4540 level with a total of 1,881 m.

Furthermore, the exploration works are being supplemented with infrastructure such as the construction of the Main shaft, the vent shafts and services, which are presently in the process of construction.

As at December of 2014, the mineral reserves totaled 877,138 DMT with 0.286 oz/t of gold, 10.72 oz/t of silver, 1.71% lead and 2.46% of zinc; that represent contents of 250,704 ounces of gold, 9’402,919 ounces of silver, 15,000 DMT lead fines and 21,578 DMT of zinc fines.

The mineral resources total 793,070 DMT with 0.424 oz/t of gold, 7.51 oz/t of silver, 2.54% of lead and 4.68% of zinc; that represent contents of 336,316 ounces of gold, 5’955,956 ounces of silver, 20,144 DMT of lead fines and 37,116 DMT of zinc fines.

During the year 2014, 15,977 m of underground exploration works and 18,750 diamond core samplings were executed in the Mirtha, Paola, Paola Techo, Paola Norte, Susy, Olivia mines and branches thereof. The veins of the Paola system stand out due to their widths (1.5 to 4 m and exceptionally up to 9 m) and good ore content.

In 2015 the company plans to deepen the ramp to the 4440 level and deep diamond core samplings shall be carried out at counter elevations below 4300 masl, with the aim of generating more resources.

Two vent shafts were executed with Raise Climber to surface; RC1 and RC2 of 402 and 313 m respectively, thereby ensuring the ventilation of the mining exploration works in the deepening of the mine.

The Environmental Impact Study (EIS) of Tambomayo, approved in February of 2015, will allow us to begin the construction of the processing plant, the necessary infrastructure and additional services for the project, which are scheduled to begin production in July of 2016. To this effect, in mid-2014 we began the process for the purchase of the main equipment of the plant, through tenders, technical assessment and purchase of the equipment of the grinding, crushing, cyanidation, flotation, merrill crowe, thickening and filtering areas. Purchase orders have been issued for a sum of US$12.3 million in plant equipment and US$310 thousand in equipment for the acid water treatment plant.

In November 2014, we decided to execute the detailed engineering of the plant for 1,500 DMT. Metallurgical tests have been conducted in the Plenge Laboratories with the received geology samples of the 4740 and 4690 levels of the mine where the existing gold is ductile to cyanidation.

San Gabriel

In August of 2014 Buenaventura purchased 100% of the shares of Canteras del Hallazgo S.A.C. and with it, the ownership of the Chucapaca project. During 2014, Buenaventura consolidated the surface rights of the project, acquiring 1,385 has from the Native Community of Santa Cruz de Ovo Ovo, proceeding to rename it San Gabriel in honor of the main mountain in the area.

The San Gabriel project located in the Province of Sanchez Cerro, Moquegua region, 197 km away from the city of Moquegua, is an epithermal deposit of intermediate sulphidation with metal contents of gold, copper and silver. The resources indicated by core samplings of a grade above 3.5 g/t of gold, consist of 12’247,103 DMT with 0.207 oz/t of gold, 0.26 oz/t of silver and 0.06% of copper, that represent 2’538,504 ounces of gold, 3’232,714 ounces of silver and 7,348 DMT of copper fines.

The underground development of San Gabriel shall begin in the second quarter of 2015 using a descending ramp of 4.5 m x 4.5 m with which the grade of the mineral resources shall be confirmed and their level of accuracy increased. Simultaneously, the supplementary engineering of the project, originally considered an open-pit mine, is being developed and these studies shall be ready in the second quarter of 2015. We hope to finalize the feasibility study before the end of the year.

On December 1, 2014, the DGAAM was informed of the start of the detailed EIS to obtain the environmental certification and begin the procedures for the operating licenses of the San Gabriel Project. If we manage to obtain the corresponding licenses, we shall begin the construction of the project in the second quarter of 2016.

Finally, a program to diamond drill 7,000 m in the Pachacutec project is being evaluated, with the aim of producing new mineral resources. It must be noted that the project has 35,000 has of mining properties which gives us the hope of finding new deposits similar to the discovered one.

District and Regional Explorations

The annual explorations campaign was focused on the district explorations of Orcopampa, Uchucchacua, Recuperada, La Zanja and Tantahuatay, in which 31,556 m were drilled and 1,664 m of underground works were executed.

In Orcopampa, the Aseruta/Mulañan and Parihuanas projects were evaluated.

In Aseruta, located 5km southeast of the old Mina Calera, the second diamond drilling campaign was completed, registering cuts with widths of between 9.5 to 6.0 m and silver values of between 10 to 17 oz/t in the intersection of the northeast system of veins and the unconformity between the tertiary volcanic rock and the quartzites of the Hualhuani Formation. The inventory of the inferred resource is 109,180 DMT with 13.1 oz/t of silver and 0.4 g/t of gold, for a width of 4.4 m. In Mulañan, the second drilling campaign was completed, having executed 3,996 m, without positive results.

In the advanced exploration project of Parihuanas, 817 m of exploration works and 159 m of operating works were carried out in the Pitanayo and San Pedro veins, which allowed us to measure resources of 16,895 t with 16.4 oz/t of silver and 0.2 g/t of gold for a vein width of 1.14 m. Additionally, there are inferred resources of 199,965 DMT with 16.1 oz/t of silver and 0.7 g/t of gold for a width of 1.14 m.

Furthermore, 3,522 m were drilled with the aim of exploring new veins, without positive results.

In September, the Company decided to shutdown all the exploration activities in Parihuanas and to begin a sales process.

In Uchucchacua, the Yumpag Project, located 4 km northeast of the Socorro mine was explored, executing 266 m of exploration tunnels and 6,236 m of diamond drillings, aimed at exploring the Tomasa/Angelica and Camila bodies.

The results of the exploration with mining works in the Tomasa/Angelica body were not satisfactory, registering an intermittent and irregular silver mineralization with high manganese contents. However, in the Camila body the results of the diamond drillings have been very encouraging, reporting a structure with widths of between 5.25 m with silver contents of between 17 and 37 oz/t and an Ag/Mn ratio over 1, similar to those of the Socorro mine. The first closed circuit metallurgical test reported a concentrate that assayed 200 oz/t of silver and 27% manganese with a 78.7% silver recovery.

The inferred resource in the Camila body amounts to 355,900 DMT with 27.8 oz/t of silver, 0.4% of lead, 2.0% of zinc and 14.8% of manganese, for an average width of 14.1 m.

In March, we shutdown the exploration works in the Chanca project, located in the Province of Cajatambo, Lima. The total development of 9,695 m of tunnels allowed us to estimate a reserve of 124,200 DMT with 11.8 oz/t of silver, 1.1% of lead, 0.9% of zinc and 1.35 g/t of gold, for a vein width of 1.0 m. Additionally, there are resources of 27,895 DMT with 13.2 oz/t of silver, 0.7% of lead, 0.6% of zinc and 0.72 g/t of gold, for a width of 1,05 m. To date, this project is being sold.

The district explorations in Recuperada were concentrated in the Patara project, where 5,757 m of diamond drillings were executed with the aim of exploring a loading anomaly and a system of polymetal veins. The loading anomaly was sterile, while in the system of veins, we had cuts with high contents of lead and zinc associated with narrow veins. In August, exploration works in Recuperada were shutdown.

In La Zanja, we assessed the southern anomaly of the Totora project with 2,147 m of diamond drilling, registering average grades of 0.25 g/t of gold within a horizon of oxides of 40 m. The inferred resource is 2.6 million tons with 0.25 g/t of gold in oxides.

In December, the company began the drilling works in the Diablo Rojo Norte project, for which more than 8 km of outcrop lodes with signs of gold and silver mineralization have been mapped. There are plans to execute a first drilling phase of 4,550 m.

Explorations in Tantahuay were centered on the Mirador Sur project, in which 6,638 m of diamond drillings were executed which allowed us to outline a measured-registered resource of 21 million tons of 0.33 g/t of gold in oxides.

Within the regional exploration works, drilling efforts were concentrated in the projects of Colquemayo in Moquegua and Paco Paco in Arequipa.

In Colquemayo, the fifth diamond drilling campaign was executed, focusing on the system of non-arsenical copper veins of Amata Este and Yesenia. Out of the five core drillings executed, three intercepted structures with copper grades of 2% and widths of between 1.0 and 12.0 m.

During the first quarter, the diamond drilling campaign in the Paco Paco project, located in the province of Caylloma, Arequipa, was concluded. 3,303 m of diamond drillings were executed without positive results, hence the company opted to shutdown this exploration.

Additionally, the exploration goals were defined for the Pisacalla and Palla Palla projects, both in Ayacucho and the paperwork was carried out to obtain the social and environmental licenses. In 2015, there are plans to implement a campaign of 8,000 m of drillings in both projects.

Lastly, at the end of the year, the voluntary retirement was announced of Cesar Vidal, the Vice-president of Explorations, after 24 years of successful work in Buenaventura. As of January 1, 2015, Raul Benavides, the present Vice-president of Development and Business, shall be in charge of the exploration works.