...Low Cost Producer: Compania de Minas Buenaventura S.A.A.'s (Buenaventura) weighted average cost production is in the second quartile of the cost curve. Its all-in sustaining cost (AISC) for gold was USD1,100/oz. in 2013, compared with the global average of USD1,600/oz. In response to declining metal prices, management stopped production at four nonprofitable operations and is focusing on high-grade, low-cost projects. Conservative Debt Philosophy: Buenaventura has maintained low leverage levels through the gold cycle and, as of March 31, 2014, had a net debt-to-LTM EBITDAR ratio of 1.5x. Projected leverage levels indicate modest debt ratios, peaking at 1.3x net adjusted debt/EBITDAR in 2014 and declining thereafter, and robust coverage ratios, with FFO interest coverage at 26.0x in 2015. Adequate Liquidity: Buenaventura has fully funded its 2014 capex plans and reported modest cash and marketable securities position of USD79 million as of March 2014. The company also has a committed line...