CPI

Proyectos Mineros

Valor Presente Neto:ES el mtodo utilizado para determinar el valor presente de todos los flujos de efectivo descontados a una tasa de rendimiento requerida por la empresa.

Tasa Interna de Retorno:Se define como la tasa de descuento que iguala al valor presente de los flujos de efectivo esperados de un proyecto de inversin: Si la tasa de rendimiento es superior a la tasa requerida, el proyecto es aceptable .

VAN:Es valor actual de los flujos menos la inversin inicial .En este caso el inversionista recibe $ 3,420,158 por sobre el 7.9% que esperaba obtener, despus de recuperar su inversin.

TIR:Es la tasa real del proyecto .La TIR busca hasta cuanto podra el inversionista aumentar la tasa de retorno exigida. Es decir hasta cuanto podra ganar.Es la tasa que hace que el VAN = 0.

IndicesRazon CirculanteActivo Corriente465.=3,6 vecesPasivo Corriente130Promedio del sector4,1 veces

FlucaFLUJO DE FONDOSMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreVentas$100$125$150$200$250$180$130$100Compras 60% de las ventas del mes sig.901201501087860Entradas de efectivoIngresos en efectivo 20%-2%29.439.24935.2825.4819.6Cobranza mes anterior 70%87.510514017512691Cobranza dos meses anteriores 10%1012.515202518126.9156.7204230.28176.48128.6EgresosPagos por compras al credito 60%901201501087860Sueldo y salarios 22% del ventas mes33445539.628.622Alquileres999999Otros gastos78111054Impuestos1610Pago por construccin de planta20Total pagos en efectivo139181241186.6120.6105Flujo neto Ingresos - egresos-12.1-24.3-3743.6855.8823.6Sado inicial8-4.1-28.4-65.4-21.7234.16Sado final-4.1-28.4-65.4-21.7234.1657.76Saldo de Caja minimo555555Necesidad de Fondos-9.1-33.4-70.4-26.7229.1652.76

VPN-300015001200800300VPN($910.38)-300026001700400110001234Flujo neto de efectivo-300015001200800300Flujo neto de efectivo acumulado-3000-1500-3005008002+300/800 =2,4 aosk=10%01234Flujo neto de efectivo-3000150012008003001363.64991.74601.05204.9VPN161.33TIR = ?01234-300015001200800300Suma de los VP de los flujos =3000VPN =0

COKCalculo de la tasa de descuentoInversinProporcinTasa de interesClase de tasasPrestamo$5,000,00050%4.3Tasa ActivaahorrosAporte$5,000,00050%16.5Tasa PasivavariasTotal$10,000,000100%COK0,50*4,3+0,50-(16.5)(0,70)=7.930.0792Calculo de la tasa activaLiborSpreadRiesgo paisRiesgo sectorTasa totalTasa =1.5$2$5$816.5

FCfinancFLUJO DE CAJA PROYECTADO MINERA PEPITA DE ORO$2,004$2,005$2,006$2,007$2,008IngresosProduccin$130,000$135,000$140,000$140,000$145,000Precio US$ Oz$380$400$400$400$400Total Ingresos$49,400,000$54,000,000$56,000,000$56,000,000$58,000,000EgresosCosto unitario de operacin$280$280$290$305$320Costo de produccin$36,400,000$37,800,000$40,600,000$42,630,000$46,360,125Gastos adminstrativos$3,000,000$3,200,000$3,300,000$3,300,000$3,400,000gastos de ventas$650,000$650,000$650,000$650,000$650,000Gastos financieros$50,000$50,000$50,000$50,000$50,000PADs$5,000,000$5,000,000$5,500,000$5,500,000$5,500,000Total Egresos$45,100,000$46,700,000$50,100,000$52,130,000$55,960,125Saldos (I-E)$4,300,000$7,300,000$5,900,000$3,870,000$2,039,875InversionesPlanta de Desorcin a presin$15,000,000Capacitacin$2,000,000Total Inversiones$17,000,000Flujo de Caja economico$(12,700,000)$7,300,000$5,900,000$3,870,000$2,039,875Financiamiento neto(+) Prestamo$5,000,000(-)Amortizacin$(2,000,000)$(2,000,000)$(1,000,000)(-) Intereses$(825,000)$(495,000)$(165,000)(+) Escudo Fiscal 30%$247,500$148,500$49,500Flujo de Caja Financiero$(7,700,000)$4,722,500$3,553,500$2,754,500$2,039,875Flujo acumulado$(7,700,000)$(2,977,500)$576,000$3,330,500$5,370,375

TIRTasa = 7,93%Aos$2,004$2,005$2,006$2,007$2,008Flujo de Caja Financiero$(7,700,000)$4,722,500$3,553,500$2,754,500$2,039,875VNP$3,420,158TIR30%

EEGG-ProSANTA ROSAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm1,000,0001,000,0001,000,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,00012,900,000DesmonteTm1,654,0671,654,0671,654,0671,906,6671,906,6671,906,6671,862,6671,862,6671,862,6671,869,6671,869,6671,869,66721,879,200OroOz9,8689,8689,86811,43411,43411,43410,92810,92810,92811,28211,28211,282130,534PlataOz5,5485,5485,5486,4296,4296,4296,1446,1446,1446,3436,3436,34373,393Leyg/Tm0.540.540.540.570.570.570.540.540.540.560.560.560.55W.O.RD/M1.651.651.651.731.731.731.691.691.691.701.701.701.70% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO3,694,3973,694,3973,694,3974,280,9114,280,9114,280,9114,091,3834,091,3834,091,3834,223,8104,223,8104,223,81048,871,505PLATA19,29419,29419,29422,35722,35722,35721,36721,36721,36722,05922,05922,059255,234TOTAL3,713,6913,713,6913,713,6914,303,2694,303,2694,303,2694,112,7514,112,7514,112,7514,245,8694,245,8694,245,86949,126,739COSTOSPerforacin Voladura708,520708,520708,520794,904795,204795,204822,983822,983822,983813,892813,892813,8929,421,495Operaciones Mina1,312,4851,312,4851,312,4851,471,3501,471,3501,471,3501,462,8021,462,8021,462,8021,410,4641,410,4641,410,46416,971,304Planta465,870465,870465,870497,946450,832450,832450,832450,832450,832450,832450,832450,8325,502,217Inv. Metalrgica13,00813,00813,30813,00813,30813,60813,30813,30813,70813,60813,30813,308159,795Geologa Mina130,297130,297134,797134,068136,568138,378138,378136,228136,348136,228136,228136,2281,624,044Laboratorio Qumico52,31952,31955,15555,15557,13757,13759,19059,19059,19059,19059,19059,190684,363Matto Elctrico46,35446,86046,53049,71649,13049,10652,17552,16952,35252,31052,26952,297601,270Seguridad Minera y Salud28,17226,57718,89821,01020,26021,98120,88526,55518,46421,46723,74422,482270,495Medio Ambiente9,2918,4449,06511,1639,83516,65710,5089,99310,61410,21215,77014,464136,018Control de equipos29,61429,61329,61329,61329,61329,61329,61429,61329,61329,61329,61329,613355,358Planeamiento Mina36,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,875442,498Administracin Mina175,811175,810175,811170,810170,811171,810170,811170,810170,811170,810170,811172,8102,067,723TOTAL COSTO MINA3,008,6163,006,6783,006,9273,285,6183,240,9243,252,5523,268,3603,271,3573,264,5923,205,5023,212,9973,212,45638,236,579UTILIDAD BRUTA OPERACIONES705,075707,013706,7641,017,6511,062,3451,050,716844,390841,393848,1581,040,3681,032,8731,033,41310,890,159Gastos Administrativos180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,6142,167,374Gastos Financieros2,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,76333,156Gastos de Venta34,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,623415,480TOTAL GASTOS218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,0012,616,009Depreciacin52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Seguros8,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,00096,000TOTAL COSTOS Y GASTOS3,286,6163,284,6793,284,9283,563,6193,518,9253,530,5533,546,3613,549,3583,542,5933,483,5023,490,9973,490,45741,572,588UTILIDAD OPERATIVA427,074429,012428,763739,650784,344772,716566,390563,393570,158762,367754,872755,4137,554,150GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000TOTAL GASTOS DESARROLLO200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000UTILIDAD ANTES DE IMPUESTO227,074179,012178,763514,650359,344297,716241,390188,393145,158487,367604,872605,4134,029,150% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta68,12253,70453,629154,395107,80389,31572,41756,51843,547146,210181,462181,6241,208,745UTILIDAD NETA158,952125,308125,134360,255251,541208,401168,973131,875101,610341,157423,411423,7892,820,405Obs.- Los Gastos Lima proporcionados por la Gerencia de Adm. Y FinanzasPRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$TENTADORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm250,000250,000250,000330,000330,000330,000300,000300,000300,000330,000330,000330,0003,630,000DesmonteTm330,000330,000330,000424,667424,667424,667476,667476,667476,667520,667520,667520,6675,256,000OroOz2,0992,1392,1643,1393,1293,1292,7472,7472,7473,1663,1663,16633,539PlataOz1,9911,5601,4131,7421,6951,6951,4881,4881,4881,7151,7151,71519,704Leyg/Tm0.480.480.480.520.520.520.500.500.500.530.530.530.51W.O.RD/M1.321.321.321.291.291.291.591.591.591.581.581.581.45% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO785,795800,953810,0801,175,3161,171,5591,171,5591,028,5401,028,5401,028,5401,185,2601,185,2601,185,26012,556,662PLATA7,5925,7205,0786,0995,8955,8955,1755,1755,1755,9635,9635,96369,692TOTAL793,386806,673815,1591,181,4151,177,4531,177,4531,033,7151,033,7151,033,7151,191,2231,191,2231,191,22312,626,354COSTOSPerforacin Voladura225,757225,757225,757284,305284,380284,380320,359320,359320,359352,529352,529352,5293,548,999Operaciones Mina238,685238,685238,685340,876340,876340,876374,650374,650374,650405,071405,071405,0714,077,845Planta92,94592,94592,945110,906100,413100,413115,371115,371115,371125,548125,548125,5481,313,323Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina28,47428,47429,45833,65134,27834,73336,27635,71235,74439,02339,02339,023413,868Laboratorio Qumico11,43311,43312,05313,84414,34114,34115,51715,51715,51716,95516,95516,955174,862Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA697,369697,005696,039880,721871,083872,536960,189961,513959,0431,037,4821,038,1281,038,38310,709,491UTILIDAD BRUTA OPERACIONES96,018109,667119,120300,694306,371304,91873,52672,20274,672153,741153,095152,8401,916,863Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS790,036789,672788,706973,388963,750965,2031,052,8561,054,1801,051,7091,130,1491,130,7951,131,05011,821,494UTILIDAD/PERDIDA OPERATIVA3,35117,00026,453208,027213,704212,251(19,141)(20,465)(17,994)61,07460,42860,173804,860GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818TOTAL GASTOS DESARROLLO50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818UTILIDAD/PERDIDA ANTES DE IMPUESTO(46,649)(45,500)(36,047)140,52786,20469,751(107,777)(122,738)(133,904)(21,426)15,42815,173(186,958)% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta0.00.00.042,15825,86120,9250.00.00.00.04,6294,5520.0UTILIDAD NETA(46,649)(45,500)(36,047)98,36960,34348,826(107,777)(122,738)(133,904)(21,426)10,80010,621(186,958)PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$SACALLAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000350,000350,000350,000400,000400,000400,000400,000400,000400,0004,500,000DesmonteTm756,667756,667756,667946,667946,667946,667843,333843,333843,333898,333898,333898,33310,335,000OroOz3,4303,4963,5353,6963,6843,6844,0284,0284,0283,9873,9873,98745,573PlataOz3,2532,5492,3082,0511,9961,9962,1822,1822,1822,1602,1602,16027,178Leyg/Tm0.560.560.560.580.580.580.550.550.550.550.550.550.56W.O.RD/M2.162.162.162.702.702.702.112.112.112.252.252.252.30% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,283,9221,308,6891,323,6031,383,8371,379,4131,379,4131,508,2121,508,2121,508,2121,492,8711,492,8711,492,87117,062,126PLATA12,4049,3468,2987,1816,9406,9407,5887,5887,5887,5117,5117,51196,407TOTAL1,296,3261,318,0351,331,9001,391,0181,386,3531,386,3531,515,8001,515,8001,515,8001,500,3821,500,3821,500,38217,158,533COSTOSPerforacin Voladura225,853225,853225,853266,886267,015267,015240,702240,702240,702240,470240,470240,4702,921,989Operaciones Mina505,080505,080505,080637,171637,171637,171597,070597,070597,070551,575551,575551,5756,872,686Planta213,116213,116213,116247,232223,840223,840204,117204,117204,117216,615216,615216,6152,596,457Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina54,33054,33056,20657,81958,89759,67758,07357,17057,22159,55959,55959,559692,399Laboratorio Qumico21,81521,81522,99823,78724,64124,64124,84024,84024,84025,87825,87825,878291,852Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA1,120,2681,119,9051,120,3941,330,0331,308,3581,310,1381,222,8191,223,8041,221,3531,192,4531,193,0981,193,35314,555,976UTILIDAD BRUTA OPERACIONES176,058198,130211,50660,98577,99576,216292,981291,996294,447307,930307,284307,0292,602,556Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS1,212,9351,212,5711,213,0611,422,7001,401,0251,402,8051,315,4861,316,4711,314,0201,285,1201,285,7651,286,02015,667,979UTILIDAD/PERDIDA OPERATIVA83,391105,463118,839(31,682)(14,672)(16,451)200,314199,329201,781215,263214,617214,3621,490,553GASTOS DE DESARROLLOConstruccin de Pads70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136TOTAL GASTOS DESARROLLO70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136UTILIDAD/PERDIDA ANTES DE IMPUESTO13,39117,96331,339(103,273)(149,899)(167,588)82,13262,96547,235115,263160,072159,817269,417% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta4,0175,3899,4020.00.00.024,64018,89014,17134,57948,02247,94580,825UTILIDAD NETA9,37412,57421,937(103,273)(149,899)(167,588)57,49344,07633,06580,684112,050111,872188,592PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$SEDUCTORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000420,000420,000420,000400,000400,000400,000370,000370,000370,0004,620,000DesmonteTm440,000440,000440,000535,333535,333535,333542,667542,667542,667450,667450,667450,6675,906,000OroOz3,5463,6143,6554,6354,6214,6214,1524,1524,1524,1284,1284,12849,533PlataOz3,3632,6352,3862,5722,5032,5032,2492,2492,2492,2362,2362,23629,418Leyg/Tm0.570.570.570.600.600.600.570.570.570.610.610.610.59W.O.RD/M1.261.261.261.271.271.271.361.361.361.221.221.221.28% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,327,3201,352,9241,368,3421,735,4881,729,9391,729,9391,554,6311,554,6311,554,6311,545,6791,545,6791,545,67918,544,885PLATA12,8239,6628,5789,0058,7048,7047,8227,8227,8227,7777,7777,777104,272TOTAL1,340,1431,362,5861,376,9201,744,4931,738,6431,738,6431,562,4531,562,4531,562,4531,553,4561,553,4561,553,45618,649,157COSTOSPerforacin Voladura218,615218,615218,615243,714243,809243,809261,922261,922261,922220,894220,894220,8942,835,624Operaciones Mina325,976325,976325,976493,303493,303493,303491,083491,083491,083453,818453,818453,8185,292,540Planta123,927123,927123,927139,808126,580126,580131,345131,345131,345108,669108,669108,6691,484,790Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina38,78438,78440,12342,59943,39343,96844,02943,34543,38337,64737,64737,647491,348Laboratorio Qumico15,57315,57316,41717,52518,15518,15518,83318,83318,83316,35716,35716,357206,969Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA822,948822,584822,1981,034,0881,022,0341,023,6081,045,2301,046,4341,043,970935,741936,387936,64211,491,865UTILIDAD BRUTA OPERACIONES517,196540,001554,721710,405716,609715,035517,223516,019518,483617,715617,069616,8147,157,292Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS915,614915,251914,8651,126,7551,114,7011,116,2751,137,8971,139,1011,136,6371,028,4081,029,0541,029,30912,603,868UTILIDAD/PERDIDA OPERATIVA424,529447,335462,054617,738623,942622,368424,556423,352425,816525,048524,402524,1476,045,289GASTOS DE DESARROLLOConstruccin de Pads70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045TOTAL GASTOS DESARROLLO70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045UTILIDAD/PERDIDA ANTES DE IMPUESTO354,529359,835374,554531,829461,669441,005306,374286,989271,271432,548473,948473,6934,768,244% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta106,359107,950112,366159,549138,501132,30191,91286,09781,381129,764142,184142,1081,430,473UTILIDAD NETA248,170251,884262,188372,280323,169308,703214,462200,892189,890302,784331,764331,5853,337,771PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$ANTARKIUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm50,00050,00050,0000.00.00.00.00.00.00.00.00.0150,000DesmonteTm127,400127,400127,4000.00.00.00.00.00.00.00.00.0382,200OroOz4634724770.00.00.00.00.00.00.00.00.01,412PlataOz4393443120.00.00.00.00.00.00.00.00.01,095Leyg/Tm0.520.520.520.00.00.00.00.00.00.00.00.00.52W.O.RD/M0.00.02.552.55% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO173,315176,659178,6720.00.00.00.00.00.00.00.00.0528,645PLATA1,6741,2621,1200.00.00.00.00.00.00.00.00.04,056TOTAL174,990177,920179,7920.00.00.00.00.00.00.00.00.0532,701COSTOSPerforacin Voladura38,29438,29438,2940.00.00.00.00.00.00.00.00.0114,882Operaciones Mina72,74472,74472,7440.00.00.00.00.00.00.00.00.0218,233Planta35,88235,88235,8820.00.00.00.00.00.00.00.00.0107,647Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Geologa Mina8,7098,7099,0100.00.00.00.00.00.00.00.00.026,428Laboratorio Qumico3,4973,4973,6870.00.00.00.00.00.00.00.00.010,681Matto Elctrico0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguridad Med. Amb.0.00.00.00.00.00.00.00.00.00.00.00.00.0Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTO MINA159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD BRUTA OPERACIONES15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830Gastos Administrativos0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos Financieros0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos de Venta0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL GASTOS0.00.00.00.00.00.00.00.00.00.00.00.00.0Depreciacin0.00.00.00.00.00.00.00.00.00.00.00.00.0Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguros0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTOS Y GASTOS159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD/PERDIDA OPERATIVA15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830GASTOS DE DESARROLLOConstruccin de Pads10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000TOTAL GASTOS DESARROLLO10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000UTILIDAD/PERDIDA ANTES DE IMPUESTO5,8636,2937,6740.00.00.00.00.00.00.00.00.019,830% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta1,7591,8882,3020.00.00.00.00.00.00.00.00.05,949UTILIDAD NETA4,1044,4055,3720.00.00.00.00.00.00.00.00.013,881

I-EgPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2004 EN US$Ventas49,126,739Costos(38,236,579)Gastos de Administracin(2,167,374)Gastos Financieros(33,156)Gastos de Venta(415,480)Depreciacin(624,000)Seguros(96,000)Utilidad Bruta Operativa7,554,150Gastos de desarrollo (PADs)(3,525,000)Utilidad antes de participaciones e impuesto4,029,150Participacin Utilid.0.0Impuesto a la Renta (30%)(1,208,745)UTILIDAD NETA2,820,405(+) DEPRECIACIN624,000(+) CAPITAL DE TRABAJO(+) VALOR DE RESCATE(-) AMOTIZACINFLUJO DE FONDOS NETOS 20043,444,405

Flujo cajaPRESUPUESTO DE FLUJO FINANCIERO COMARSA AO 2 004 EN US$SANTA ROSAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm1,000,0001,000,0001,000,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,00012,900,000DesmonteTm1,654,0671,654,0671,654,0671,906,6671,906,6671,906,6671,862,6671,862,6671,862,6671,869,6671,869,6671,869,66721,879,200OroOz9,8689,8689,86811,43411,43411,43410,92810,92810,92811,28211,28211,282130,534PlataOz5,5485,5485,5486,4296,4296,4296,1446,1446,1446,3436,3436,34373,393Leyg/Tm0.540.540.540.570.570.570.540.540.540.560.560.560.55W.O.RD/M1.651.651.651.731.731.731.691.691.691.701.701.701.70% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSVENTAS3,713,6913,713,6913,713,6914,303,2694,303,2694,303,2694,112,7514,112,7514,112,7514,245,8694,245,8694,245,86949,126,739RECUPERACIN DEL IGV939,537623,296613,485615,375695,438707,832708,383681,174675,093672,858644,412611,0988,187,980(+)TOTAL INGRESOS4,653,2284,336,9874,327,1754,918,6444,998,7065,011,1014,821,1344,793,9244,787,8444,918,7274,890,2824,856,96857,314,719COSTOS MINAPerforacin Voladura708,520708,520708,520794,904795,204795,204822,983822,983822,983813,892813,892813,8929,421,495Operaciones Mina1,312,4851,312,4851,312,4851,471,3501,471,3501,471,3501,462,8021,462,8021,462,8021,410,4641,410,4641,410,46416,971,304Planta465,870465,870465,870497,946450,832450,832450,832450,832450,832450,832450,832450,8325,502,217Inv. Metalrgica13,00813,00813,30813,00813,30813,60813,30813,30813,70813,60813,30813,308159,795Geologa Mina130,297130,297134,797134,068136,568138,378138,378136,228136,348136,228136,228136,2281,624,044Laboratorio Qumico52,31952,31955,15555,15557,13757,13759,19059,19059,19059,19059,19059,190684,363Matto Elctrico46,35446,86046,53049,71649,13049,10652,17552,16952,35252,31052,26952,297601,270Seguridad Minera y Salud28,17226,57718,89821,01020,26021,98120,88526,55518,46421,46723,74422,482270,495Medio Ambiente9,2918,4449,06511,1639,83516,65710,5089,99310,61410,21215,77014,464136,018Control de equipos29,61429,61329,61329,61329,61329,61329,61429,61329,61329,61329,61329,613355,358Planeamiento Mina36,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,875442,498Administracin Mina175,811175,810175,811170,810170,811171,810170,811170,810170,811170,810170,811172,8102,067,723(-)TOTAL COSTO MINA3,008,6163,006,6783,006,9273,285,6183,240,9243,252,5523,268,3603,271,3573,264,5923,205,5023,212,9973,212,45638,236,579Gastos Administrativos180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,6142,167,374Gastos Financieros2,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,76333,156Gastos de Venta34,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,623415,480(-)TOTAL GASTOS218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,0012,616,009Depreciacin52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Seguros8,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,00096,000(-) TOTAL COSTOS Y GASTOS3,286,6163,284,6793,284,9283,563,6193,518,9253,530,5533,546,3613,549,3583,542,5933,483,5023,490,9973,490,45741,572,588GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000(-) TOTAL GASTOS DESARROLLO200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000(-) PAGO DEL IGV698,770688,958690,849782,703795,098795,648764,629758,548756,313730,530697,216691,3078,850,5670RESULTADOS DE OPERACIN467,842113,349101,399347,322259,684209,900185,144111,01863,938429,695552,069525,2043,366,563(-)Adelanto Impuesto a la renta996,935(-)Impuesto a la Renta211,810(-) Total Impuesto a la renta1,208,745(+) TOTAL DEPREC. + AMORTIZ.52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000FLUJO SIN INVERSIONES519,842165,349153,399399,322311,684261,900237,144163,018115,938481,695604,069577,2043,778,753INVERSIONES COMARSA 2004Operaciones Mina0.02,0002,0007,8007,8002,0000.00.00.00.00.00.021,600Planta (No Incluye Pad )200,000100,000100,000205,000105,000105,000105,0000.020,00020,00020,0000.0980,000Gologa Mina0.07,50019,0000.00.00.00.00.00.00.00.00.026,500Seguridad y Medio Ambiente0.05,8000.00.025,0000.00.00.00.00.00.00.030,800Exploraciones Comarsa19,81819,81819,818100,000100,00070,00035,00035,00025,00098,39055,5580.0578,403Mantenimiento Elctrico15,0000.00.058,00050,00030,00030,00050,00025,00025,0000.00.0283,000Planeamiento Mina0.0Sistemas y Comunicaciones8,3008,3008,30012,0705,0007,0700.00.00.00.00.00.049,040Laboratorio Qumico0.00.04,0000.00.00.00.00.00.00.00.00.04,000Inv. Metalrgica0.0Administracin Mina0.00.00.00.00.020,00035,00035,00015,00015,00025,00050,000195,000TOTAL INVERSIONES COMARSA 2004243,118143,418153,118382,870292,800234,070205,000120,00085,000158,390100,55850,0002,168,343FLUJO FINANCIERO NETO276,72321,93128116,45218,88427,83032,14443,01830,938323,305503,511527,2041,610,410Incluye Inversiones;Obs.- Los Gastos Lima proporcionados por la Gerencia de Adm. Y FinanzasPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$TENTADORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm250,000250,000250,000330,000330,000330,000300,000300,000300,000330,000330,000330,0003,630,000DesmonteTm330,000330,000330,000424,667424,667424,667476,667476,667476,667520,667520,667520,6675,256,000OroOz2,0992,1392,1643,1393,1293,1292,7472,7472,7473,1663,1663,16633,539PlataOz1,9911,5601,4131,7421,6951,6951,4881,4881,4881,7151,7151,71519,704Leyg/Tm0.480.480.480.520.520.520.500.500.500.530.530.530.51W.O.RD/M1.321.321.321.291.291.291.591.591.591.581.581.581.45% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO785,795800,953810,0801,175,3161,171,5591,171,5591,028,5401,028,5401,028,5401,185,2601,185,2601,185,26012,556,662PLATA7,5925,7205,0786,0995,8955,8955,1755,1755,1755,9635,9635,96369,692TOTAL793,386806,673815,1591,181,4151,177,4531,177,4531,033,7151,033,7151,033,7151,191,2231,191,2231,191,22312,626,354COSTOS MINAPerforacin Voladura225,757225,757225,757284,305284,380284,380320,359320,359320,359352,529352,529352,5293,548,999Operaciones Mina238,685238,685238,685340,876340,876340,876374,650374,650374,650405,071405,071405,0714,077,845Planta92,94592,94592,945110,906100,413100,413115,371115,371115,371125,548125,548125,5481,313,323Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina28,47428,47429,45833,65134,27834,73336,27635,71235,74439,02339,02339,023413,868Laboratorio Qumico11,43311,43312,05313,84414,34114,34115,51715,51715,51716,95516,95516,955174,862Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA697,369697,005696,039880,721871,083872,536960,189961,513959,0431,037,4821,038,1281,038,38310,709,491UTILIDAD BRUTA OPERACIONES96,018109,667119,120300,694306,371304,91873,52672,20274,672153,741153,095152,8401,916,863Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS790,036789,672788,706973,388963,750965,2031,052,8561,054,1801,051,7091,130,1491,130,7951,131,05011,821,494UTILIDAD/PERDIDA OPERATIVA3,35117,00026,453208,027213,704212,251(19,141)(20,465)(17,994)61,07460,42860,173804,860GASTOS DE DESARROLLOConstruccin de Pads 15 Ha50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818TOTAL GASTOS DESARROLLO50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818UTILIDAD ANTES DE IMPUESTOS(46,649)(45,500)(36,047)140,52786,20469,751(107,777)(122,738)(133,904)(21,426)15,42815,173(186,958)% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta00042,15825,86120,92500004,6294,5520UTILIDAD NETA(46,649)(45,500)(36,047)98,36960,34348,826(107,777)(122,738)(133,904)(21,426)10,80010,621(186,958)(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS(29,316)(28,166)(18,714)115,70277,67666,159(90,444)(105,405)(116,570)(4,093)28,13327,95521,042INVERSIONES COMARSA 2003Operaciones Mina0.05005002,3402,3406000.00.00.00.00.00.06,280Planta (No Incluye Pad )50,00025,00025,00061,50031,50031,50028,6360.05,4556,0006,0000.0270,591Gologa Mina0.01,8754,7500.00.00.00.00.00.00.00.00.06,625Seguridad y Medio Ambiente0.01,4500.00.07,5000.00.00.00.00.00.00.08,950Exploraciones Comarsa4,9554,9554,95530,00030,00021,0009,5459,5456,81829,51716,6670.0167,957Mantenimiento Elctrico3,7500.00.017,40015,0009,0008,18213,6366,8187,5000.00.081,286Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Sistemas y Comunicaciones2,0752,0752,0753,6211,5002,1210.00.00.00.00.00.013,467Laboratorio Qumico0.00.01,0000.00.00.00.00.00.00.00.00.01,000Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.06,0009,5459,5454,0914,5007,50015,00056,182TOTAL INVERSIONES COMARSA 200360,78035,85538,280114,86187,84070,22155,90932,72723,18247,51730,16715,000612,338FLUJO DE FONDOS NETOS(90,095)(64,021)(56,994)841(10,164)(4,062)(146,353)(138,132)(139,752)(51,610)(2,034)12,955(591,296)PRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$SACALLAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000350,000350,000350,000400,000400,000400,000400,000400,000400,0004,500,000DesmonteTm756,667756,667756,667946,667946,667946,667843,333843,333843,333898,333898,333898,33310,335,000OroOz3,4303,4963,5353,6963,6843,6844,0284,0284,0283,9873,9873,98745,573PlataOz3,2532,5492,3082,0511,9961,9962,1822,1822,1822,1602,1602,16027,178Leyg/Tm0.560.560.560.580.580.580.550.550.550.550.550.550.56W.O.RD/M2.162.162.162.702.702.702.112.112.112.252.252.252.30% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,283,9221,308,6891,323,6031,383,8371,379,4131,379,4131,508,2121,508,2121,508,2121,492,8711,492,8711,492,87117,062,126PLATA12,4049,3468,2987,1816,9406,9407,5887,5887,5887,5117,5117,51196,407TOTAL1,296,3261,318,0351,331,9001,391,0181,386,3531,386,3531,515,8001,515,8001,515,8001,500,3821,500,3821,500,38217,158,533COSTOS MINAPerforacin Voladura225,853225,853225,853266,886267,015267,015240,702240,702240,702240,470240,470240,4702,921,989Operaciones Mina505,080505,080505,080637,171637,171637,171597,070597,070597,070551,575551,575551,5756,872,686Planta213,116213,116213,116247,232223,840223,840204,117204,117204,117216,615216,615216,6152,596,457Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina54,33054,33056,20657,81958,89759,67758,07357,17057,22159,55959,55959,559692,399Laboratorio Qumico21,81521,81522,99823,78724,64124,64124,84024,84024,84025,87825,87825,878291,852Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA1,120,2681,119,9051,120,3941,330,0331,308,3581,310,1381,222,8191,223,8041,221,3531,192,4531,193,0981,193,35314,555,976UTILIDAD BRUTA OPERACIONES176,058198,130211,50660,98577,99576,216292,981291,996294,447307,930307,284307,0292,602,556Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS1,212,9351,212,5711,213,0611,422,7001,401,0251,402,8051,315,4861,316,4711,314,0201,285,1201,285,7651,286,02015,667,979UTILIDAD/PERDIDA OPERATIVA83,391105,463118,839(31,682)(14,672)(16,451)200,314199,329201,781215,263214,617214,3621,490,553GASTOS DE DESARROLLOConstruccin de Pads 15 Ha70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136TOTAL GASTOS DESARROLLO70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136UTILIDAD ANTES DE IMPUESTOS13,39117,96331,339(103,273)(149,899)(167,588)82,13262,96547,235115,263160,072159,817269,417% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta4,0175,3899,40200024,64018,89014,17134,57948,02247,94580,825UTILIDAD NETA9,37412,57421,937(103,273)(149,899)(167,588)57,49344,07633,06580,684112,050111,872188,592(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS26,70729,90839,271(85,940)(132,566)(150,254)74,82661,40950,39898,017129,384129,205396,592INVERSIONES COMARSA 2003Operaciones Mina0.07007002,4822,4826360.00.00.00.00.00.07,000Planta (No Incluye Pad )70,00035,00035,00065,22733,40933,40938,1820.07,2737,2737,2730.0332,045Gologa Mina0.02,6256,6500.00.00.00.00.00.00.00.00.09,275Seguridad y Medio Ambiente0.02,0300.00.07,9550.00.00.00.00.00.00.09,985Exploraciones Comarsa6,9366,9366,93631,81831,81822,27312,72712,7279,09135,77820,2030.0197,245Mantenimiento Elctrico5,2500.00.018,45515,9099,54510,90918,1829,0919,0910.00.096,432Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Sistemas y Comunicaciones2,9052,9052,9053,8401,5912,2500.00.00.00.00.00.016,396Laboratorio Qumico0.00.01,4000.00.00.00.00.00.00.00.00.01,400Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.06,36412,72712,7275,4555,4559,09118,18270,000TOTAL INVERSIONES COMARSA 200385,09150,19653,591121,82293,16474,47774,54543,63630,90957,59636,56718,182739,778FLUJO DE FONDOS NETOS(58,384)(20,289)(14,321)(207,762)(225,730)(224,731)28017,77319,48940,42192,817111,023(343,186)PRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$SEDUCTORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000420,000420,000420,000400,000400,000400,000370,000370,000370,0004,620,000DesmonteTm440,000440,000440,000535,333535,333535,333542,667542,667542,667450,667450,667450,6675,906,000OroOz3,5463,6143,6554,6354,6214,6214,1524,1524,1524,1284,1284,12849,533PlataOz3,3632,6352,3862,5722,5032,5032,2492,2492,2492,2362,2362,23629,418Leyg/Tm0.570.570.570.600.600.600.570.570.570.610.610.610.59W.O.RD/M1.261.261.261.271.271.271.361.361.361.221.221.221.28% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,327,3201,352,9241,368,3421,735,4881,729,9391,729,9391,554,6311,554,6311,554,6311,545,6791,545,6791,545,67918,544,885PLATA12,8239,6628,5789,0058,7048,7047,8227,8227,8227,7777,7777,777104,272TOTAL1,340,1431,362,5861,376,9201,744,4931,738,6431,738,6431,562,4531,562,4531,562,4531,553,4561,553,4561,553,45618,649,157COSTOS MINAPerforacin Voladura218,615218,615218,615243,714243,809243,809261,922261,922261,922220,894220,894220,8942,835,624Operaciones Mina325,976325,976325,976493,303493,303493,303491,083491,083491,083453,818453,818453,8185,292,540Planta123,927123,927123,927139,808126,580126,580131,345131,345131,345108,669108,669108,6691,484,790Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina38,78438,78440,12342,59943,39343,96844,02943,34543,38337,64737,64737,647491,348Laboratorio Qumico15,57315,57316,41717,52518,15518,15518,83318,83318,83316,35716,35716,357206,969Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA822,948822,584822,1981,034,0881,022,0341,023,6081,045,2301,046,4341,043,970935,741936,387936,64211,491,865UTILIDAD BRUTA OPERACIONES517,196540,001554,721710,405716,609715,035517,223516,019518,483617,715617,069616,8147,157,292Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS915,614915,251914,8651,126,7551,114,7011,116,2751,137,8971,139,1011,136,6371,028,4081,029,0541,029,30912,603,868UTILIDAD/PERDIDA OPERATIVA424,529447,335462,054617,738623,942622,368424,556423,352425,816525,048524,402524,1476,045,289GASTOS DE DESARROLLOConstruccin de Pads 15 Ha70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045TOTAL GASTOS DESARROLLO70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045UTILIDAD ANTES DE IMPUESTOS354,529359,835374,554531,829461,669441,005306,374286,989271,271432,548473,948473,6934,768,244% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta106,359107,950112,366159,549138,501132,30191,91286,09781,381129,764142,184142,1081,430,473UTILIDAD NETA248,170251,884262,188372,280323,169308,703214,462200,892189,890302,784331,764331,5853,337,771(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS265,504269,218279,521389,614340,502326,037231,795218,225207,223320,117349,097348,9183,545,771INVERSIONES COMARSA 2003Operaciones Mina0.07007002,9782,9787640.00.00.00.00.00.08,120Planta (No Incluye Pad )70,00035,00035,00078,27340,09140,09138,1820.07,2736,7276,7270.0357,364Gologa Mina0.02,6256,6500.00.00.00.00.00.00.00.00.09,275Seguridad y Medio Ambiente0.02,0300.00.09,5450.00.00.00.00.00.00.011,575Exploraciones Comarsa6,9366,9366,93638,18238,18226,72712,72712,7279,09133,09518,6880.0210,228Mantenimiento Elctrico5,2500.00.022,14519,09111,45510,90918,1829,0918,4090.00.0104,532Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Sistemas y Comunicaciones2,9052,9052,9054,6091,9092,6990.00.00.00.00.00.017,932Laboratorio Qumico0.00.01,4000.00.00.00.00.00.00.00.00.01,400Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.07,63612,72712,7275,4555,0458,40916,81868,818TOTAL INVERSIONES COMARSA 200385,09150,19653,591146,187111,79689,37274,54543,63630,90953,27733,82416,818789,244FLUJO DE FONDOS NETOS180,412219,021225,930243,427228,706236,664157,250174,589176,314266,840315,273332,1002,756,526PRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$ANTARKIUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm50,00050,00050,0000.00.00.00.00.00.00.00.00.0150,000DesmonteTm127,400127,400127,4000.00.00.00.00.00.00.00.00.0382,200OroOz4634724770.00.00.00.00.00.00.00.00.01,412PlataOz4393443120.00.00.00.00.00.00.00.00.01,095Leyg/Tm0.520.520.520.00.00.00.00.00.00.00.00.00.52W.O.RD/M0.00.02.552.55% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO173,315176,659178,6720.00.00.00.00.00.00.00.00.0528,645PLATA1,6741,2621,1200.00.00.00.00.00.00.00.00.04,056TOTAL174,990177,920179,7920.00.00.00.00.00.00.00.00.0532,701COSTOS MINAPerforacin Voladura38,29438,29438,2940.00.00.00.00.00.00.00.00.0114,882Operaciones Mina72,74472,74472,7440.00.00.00.00.00.00.00.00.0218,233Planta35,88235,88235,8820.00.00.00.00.00.00.00.00.0107,647Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Geologa Mina8,7098,7099,0100.00.00.00.00.00.00.00.00.026,428Laboratorio Qumico3,4973,4973,6870.00.00.00.00.00.00.00.00.010,681Matto Elctrico0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguridad Med. Amb.0.00.00.00.00.00.00.00.00.00.00.00.00.0Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTO MINA159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD BRUTA OPERACIONES15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830Gastos Administrativos0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos Financieros0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos de Venta0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL GASTOS0.00.00.00.00.00.00.00.00.00.00.00.00.0Depreciacin0.00.00.00.00.00.00.00.00.00.00.00.00.0Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguros0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTOS Y GASTOS159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD/PERDIDA OPERATIVA15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830GASTOS DE DESARROLLOConstruccin de Pads 15 Ha10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000TOTAL GASTOS DESARROLLO10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000UTILIDAD ANTES DE IMPUESTOS5,8636,2937,6740.00.00.00.00.00.00.00.00.019,830% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta1,7591,8882,3020000000005,949UTILIDAD NETA4,1044,4055,3720.00.00.00.00.00.00.00.00.013,881(+) TOTAL DEPREC. + AMORTIZ.0.00.00.00.00.00.00.00.00.00.00.00.00.0FLUJO DE FONDOS4,1044,4055,3720.00.00.00.00.00.00.00.00.013,881INVERSIONES COMARSA 2003Operaciones Mina0.01001000.00.00.00.00.00.00.00.00.0200Planta (No Incluye Pad )10,0005,0005,0000.00.00.00.00.00.00.00.00.020,000Gologa Mina0.03759500.00.00.00.00.00.00.00.00.01,325Seguridad y Medio Ambiente0.02900.00.00.00.00.00.00.00.00.00.0290Exploraciones Comarsa9919919910.00.00.00.00.00.00.00.00.02,973Mantenimiento Elctrico7500.00.00.00.00.00.00.00.00.00.00.0750Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Sistemas y Comunicaciones4154154150.00.00.00.00.00.00.00.00.01,245Laboratorio Qumico0.00.02000.00.00.00.00.00.00.00.00.0200Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL INVERSIONES COMARSA 200312,1567,1717,6560.00.00.00.00.00.00.00.00.026,983FLUJO DE FONDOS NETOS(8,052)(2,766)(2,284)0.00.00.00.00.00.00.00.00.0(13,102)

Varios VanProyecto AProyecto BInversin$(3,000)$(3,000)FC1$1,500$400FC2$1,200$900FC3$800$1,300FC4$300$1,500VAN 10%161.32108.66TIR13.1%11.38%Tasa de descuentoVPNaVPNb0800.001,100.005454.89554.00Tasa de corte 8,1267.50267.0010161.33108.6715-90.74-259.2420-309.03-565.97Tir = 20%VAN 12%=71,43-10001200Tir = 20%VAN 12% =-71,431000-1200Comparacin de retornosProyecto AProyecto BInversin$(10,000)$(12,000)FC1$1,000$10,000FC2$6,500$4,500FC3$7,000$1,000VAN 10%1,540.001,561.00TIR16.9%20.27%Tasa exigidaVPNaVPNb0$4,500$3,5005$2,855$2,46910$1,540$1,56115$387$756Proyectos no convencionalesProyecto AInversin$(200)FC1$700FC2$(600)VAN 10%-59.50TIR10.5%TIR21.0%Proyectos independientesProyecto AProyecto BDiferenciaIgual inversinInversin$(3,000)$(1,800)$1,200$(3,000)FC1$200$500$120$620FC2$2,500$1,000$120$1,120FC3$2,300$1,500$1,320$2,820VAN 10%975.96607.96607.96TIR23.9%25.25%18.76%Diferente vida utilProyecto AProyecto BInversin$(1,000)$(1,000)FC1$1,000$1,800FC2$1,000VAN 10%735.53636.36TIR61.8%80.00%Beneficio desigualesProyecto AProyecto BInversin$(3,000)$(3,000)FC1$2,000FC2$2,500FC3$2,300$5,500VAN 10%975.961,132.23TIR53.5%22.39%

P OperatUS$Ventas(S)1650Costo de ventas variable(VC)-1353Utilidad Bruta (GP)297Costos fijo (F)-154Utilidad Bruta(ION)143Ventas en unidades= 110 millonesP. Ventas unitario = $ 15C Variable unitario = $ 12,30Costso fijo = 154 millones(55 deprecia)PE unitario154 millones.=154.= 57,0 millones unidades$15-$12,30$2,70PE $154 millones.=$154.= $855,6 millones.1 -0,82$ 15POUAIIUAIIUAII.=UAIIVentasQVentasQ$$172,7 - $ 143,0$29,7PO$143,0.=$143,0$15,0 (121 - 110)110,100 10%-135.3$15,00(110)110F.=$154$154.=$855.6 MPO1- 0,82P$15,00Operaciones proyectadasIncrementoCambio UnitarioCambio UnitarioVentas en unidades(millones)1101211110%POQ(P -V ).=110($15.00- $ 12,30 )Ventas(S)$ 1,6501.81516510%Q(P -V )- F110($15.0-$12,3)-$154$143Costo de ventas variable(VC)-1.353-1488.3-135.310%Utilidad Bruta (GP)297326.729.710%Costos fijo (F)-154-15400%Utilidad Bruta(ION)143172.729.720.8%Operaciones proyectadasIncrementoCambio UnitarioCambio UnitarioVentas en unidades(millones)11099-11-10%Ventas(S)$ 1,6501,485,0165-10%POQ(P -V ).=65($15.00- $ 12,30 )Costo de ventas variable(VC)-1.353-1.2177-135.3-10%Q(P -V )- F65($15.0-$12,3)-$154$21,5Utilidad Bruta (GP)297267.329.7-10%Costos fijo (F)-154-15400%Utilidad Bruta(ION)143113.329.7-20.8%GRAFICA DEL PUNTO DE EQUILIBRIO1400Ventas totales (PxQ)1200Utilidad Operativa(UAII>=O1000Costos totales855Punto de equilibrio UAII= O800600400200Costos fijos totales154204057 6080100120

P Financ.Operac. ProyectadasIncrementoCambio en DolaresCambio PeridicoVentas en unidades(millones)11012110%UAII143172.729.720.80%Intereses-41.4-41.400%UAII101.6131.329.729.20%Impuestos 40%-40.6-52.5-11.929.20%Utilidad neta61.078.817.829.20%Utilidad por accin(26000 acciones)2.32$3,0$0,6829.20%PF=$143,3.= 1,4UAII-I$143,0 -$41,4101.6$62.= 3,01UAII-I$62 -$41,4$20,6

EVaMargen BrutoMargen OperativoGastos OperativosRSCIRSCI.>=WACC * (Util/ Activos)Rotacion de InventarioCapital de trabajoRotacin de C*Cob.$ millones%Deuda3080.34Rotac de C*PagarCapital5850.66Costo de la Deuda4.68Costo del inversionista15.00EVA.=EBITDA.-Costo del capital empleadoWACC11.45.(15)*0,60)+4,68)(0,70)(0,34)$Costo del capital empleado.=Costo de oportunidad*Capital empleadoEBITDA148a)EBITDA(1-T)114b)Rentabilidad sobre activos51422.17%ActivosWACC11.45%RSCI25.27%.($114)*(22,17%)Factor EVA10.73%.22,17 - 11,45EVA71.(125,27 -11,45)514Millones $Ventas300Costo de Ventas-136Gastos Administrativos-120Intereses-4UAI40Impuesto12Utilidad28PER 10%6.67Beneficio187ao 1ao 2ao 3Valor residualVentas100011001210Costo de ventas650715787Gastos de Admin y Ventas.1892082293 EBITDAEBITDA = UAIIDA161177194582FC descontado792,,Balance ajustadoMillones $Millones $ActivoPasivoCaja5Cuentas por pagar40Cuentas por cobrar8Deuda a bancos10Inventario52Deuda L.Plazo30Activo Fijo150Capital+utilidades135215215Comparacin de metodosmillones de $Valor Contable80Valor Contable ajustado135Valor de liquidacin75Valor de beneficios(PER)173Valor Fondo de comercio213FCD790

CoberuraMercado FisicoMercado Bursatila un costo de $ 360/oz= $3,600,000.contrato d evnata futuro a 3 meses a $ 400/ oz=.= $4,000,00031/03/04 sea de $ 350/oz.10,000 oz al comprador y a su vez , compra laEl Productor cumple con el comprador y vende lasmisma cantidad a $ 350/ oz= 3,500,00010,000 oz a $ 350 la oz= 3,500,000Registra una perdida de $ 100,000Obtiene una ganancia de $ 500,000Su ganancia neta es = $ 400,000

FlujoFoPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$SANTA ROSAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm1,000,0001,000,0001,000,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,00012,900,000DesmonteTm1,654,0671,654,0671,654,0671,906,6671,906,6671,906,6671,862,6671,862,6671,862,6671,869,6671,869,6671,869,66721,879,200OroOz9,8689,8689,86811,43411,43411,43410,92810,92810,92811,28211,28211,282130,534PlataOz5,5485,5485,5486,4296,4296,4296,1446,1446,1446,3436,3436,34373,393Leyg/Tm0.540.540.540.570.570.570.540.540.540.560.560.560.55W.O.RD/M1.651.651.651.731.731.731.691.691.691.701.701.701.70% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSVENTAS3,713,6913,713,6913,713,6914,303,2694,303,2694,303,2694,112,7514,112,7514,112,7514,245,8694,245,8694,245,86949,126,739(+)TOTAL INGRESOS3,713,6913,713,6913,713,6914,303,2694,303,2694,303,2694,112,7514,112,7514,112,7514,245,8694,245,8694,245,86949,126,739COSTOS MINAPerforacin Voladura708,520708,520708,520794,904795,204795,204822,983822,983822,983813,892813,892813,8929,421,495Operaciones Mina1,312,4851,312,4851,312,4851,471,3501,471,3501,471,3501,462,8021,462,8021,462,8021,410,4641,410,4641,410,46416,971,304Planta465,870465,870465,870497,946450,832450,832450,832450,832450,832450,832450,832450,8325,502,217Inv. Metalrgica13,00813,00813,30813,00813,30813,60813,30813,30813,70813,60813,30813,308159,795Geologa Mina130,297130,297134,797134,068136,568138,378138,378136,228136,348136,228136,228136,2281,624,044Laboratorio Qumico52,31952,31955,15555,15557,13757,13759,19059,19059,19059,19059,19059,190684,363Matto Elctrico46,35446,86046,53049,71649,13049,10652,17552,16952,35252,31052,26952,297601,270Seguridad Minera y Salud28,17226,57718,89821,01020,26021,98120,88526,55518,46421,46723,74422,482270,495Medio Ambiente9,2918,4449,06511,1639,83516,65710,5089,99310,61410,21215,77014,464136,018Control de equipos29,61429,61329,61329,61329,61329,61329,61429,61329,61329,61329,61329,613355,358Planeamiento Mina36,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,875442,498Administracin Mina175,811175,810175,811170,810170,811171,810170,811170,810170,811170,810170,811172,8102,067,723(-)TOTAL COSTO MINA3,008,6163,006,6783,006,9273,285,6183,240,9243,252,5523,268,3603,271,3573,264,5923,205,5023,212,9973,212,45638,236,579UTILIDAD BRUTA OPERACIONES705,075707,013706,7641,017,6511,062,3451,050,716844,390841,393848,1581,040,3681,032,8731,033,41310,890,159Gastos Administrativos180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,6142,167,374Gastos Financieros2,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,76333,156Gastos de Venta34,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,623415,480(-)TOTAL GASTOS218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,0012,616,009Depreciacin52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Seguros8,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,00096,000(-) TOTAL COSTOS Y GASTOS3,286,6163,284,6793,284,9283,563,6193,518,9253,530,5533,546,3613,549,3583,542,5933,483,5023,490,9973,490,45741,572,588UTILIDAD OPERATIVA427,074429,012428,763739,650784,344772,716566,390563,393570,158762,367754,872755,4137,554,150GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000(-) TOTAL GASTOS DESARROLLO200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000UTILIDAD ANTES DE IMPUESTO227,074179,012178,763514,650359,344297,716241,390188,393145,158487,367604,872605,4134,029,150% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta68,12253,70453,629154,395107,80389,31572,41756,51843,547146,210181,462181,6241,208,745UTILIDAD NETA158,952125,308125,134360,255251,541208,401168,973131,875101,610341,157423,411423,7892,820,405(+) DEPRECIACIN52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000(+) CAPITAL DE TRABAJO(+) VALOR DE RESCATE(-) AMOTIZACINFLUJO DE FONDOS NETO210,952177,308177,134412,255303,541260,401220,973183,875153,610393,157475,411475,7893,444,405PRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$TENTADORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm250,000250,000250,000330,000330,000330,000300,000300,000300,000330,000330,000330,0003,630,000DesmonteTm330,000330,000330,000424,667424,667424,667476,667476,667476,667520,667520,667520,6675,256,000OroOz2,0992,1392,1643,1393,1293,1292,7472,7472,7473,1663,1663,16633,539PlataOz1,9911,5601,4131,7421,6951,6951,4881,4881,4881,7151,7151,71519,704Leyg/Tm0.480.480.480.520.520.520.500.500.500.530.530.530.51W.O.RD/M1.321.321.321.291.291.291.591.591.591.581.581.581.45% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO785,795800,953810,0801,175,3161,171,5591,171,5591,028,5401,028,5401,028,5401,185,2601,185,2601,185,26012,556,662PLATA7,5925,7205,0786,0995,8955,8955,1755,1755,1755,9635,9635,96369,692TOTAL793,386806,673815,1591,181,4151,177,4531,177,4531,033,7151,033,7151,033,7151,191,2231,191,2231,191,22312,626,354COSTOS MINAPerforacin Voladura225,757225,757225,757284,305284,380284,380320,359320,359320,359352,529352,529352,5293,548,999Operaciones Mina238,685238,685238,685340,876340,876340,876374,650374,650374,650405,071405,071405,0714,077,845Planta92,94592,94592,945110,906100,413100,413115,371115,371115,371125,548125,548125,5481,313,323Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina28,47428,47429,45833,65134,27834,73336,27635,71235,74439,02339,02339,023413,868Laboratorio Qumico11,43311,43312,05313,84414,34114,34115,51715,51715,51716,95516,95516,955174,862Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA697,369697,005696,039880,721871,083872,536960,189961,513959,0431,037,4821,038,1281,038,38310,709,491UTILIDAD BRUTA OPERACIONES96,018109,667119,120300,694306,371304,91873,52672,20274,672153,741153,095152,8401,916,863Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS790,036789,672788,706973,388963,750965,2031,052,8561,054,1801,051,7091,130,1491,130,7951,131,05011,821,494UTILIDAD/PERDIDA OPERATIVA3,35117,00026,453208,027213,704212,251(19,141)(20,465)(17,994)61,07460,42860,173804,860GASTOS DE DESARROLLOConstruccin de Pads 15 Ha50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818TOTAL GASTOS DESARROLLO50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818UTILIDAD ANTES DE IMPUESTOS(46,649)(45,500)(36,047)140,52786,20469,751(107,777)(122,738)(133,904)(21,426)15,42815,173(186,958)% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta00042,15825,86120,92500004,6294,5520UTILIDAD NETA(46,649)(45,500)(36,047)98,36960,34348,826(107,777)(122,738)(133,904)(21,426)10,80010,621(186,958)(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS(29,316)(28,166)(18,714)115,70277,67666,159(90,444)(105,405)(116,570)(4,093)28,13327,95521,042INVERSIONES COMARSA 2003Operaciones MinaPlanta (No Incluye Pad )Gologa MinaSeguridad y Medio AmbienteExploraciones ComarsaMantenimiento ElctricoPlaneamiento MinaSistemas y ComunicacionesLaboratorio QumicoInv. MetalrgicaAdministracin MinaTOTAL INVERSIONES COMARSA 2003FLUJO DE FONDOS NETOSPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$SACALLAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000350,000350,000350,000400,000400,000400,000400,000400,000400,0004,500,000DesmonteTm756,667756,667756,667946,667946,667946,667843,333843,333843,333898,333898,333898,33310,335,000OroOz3,4303,4963,5353,6963,6843,6844,0284,0284,0283,9873,9873,98745,573PlataOz3,2532,5492,3082,0511,9961,9962,1822,1822,1822,1602,1602,16027,178Leyg/Tm0.560.560.560.580.580.580.550.550.550.550.550.550.56W.O.RD/M2.162.162.162.702.702.702.112.112.112.252.252.252.30% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,283,9221,308,6891,323,6031,383,8371,379,4131,379,4131,508,2121,508,2121,508,2121,492,8711,492,8711,492,87117,062,126PLATA12,4049,3468,2987,1816,9406,9407,5887,5887,5887,5117,5117,51196,407TOTAL1,296,3261,318,0351,331,9001,391,0181,386,3531,386,3531,515,8001,515,8001,515,8001,500,3821,500,3821,500,38217,158,533COSTOS MINAPerforacin Voladura225,853225,853225,853266,886267,015267,015240,702240,702240,702240,470240,470240,4702,921,989Operaciones Mina505,080505,080505,080637,171637,171637,171597,070597,070597,070551,575551,575551,5756,872,686Planta213,116213,116213,116247,232223,840223,840204,117204,117204,117216,615216,615216,6152,596,457Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina54,33054,33056,20657,81958,89759,67758,07357,17057,22159,55959,55959,559692,399Laboratorio Qumico21,81521,81522,99823,78724,64124,64124,84024,84024,84025,87825,87825,878291,852Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA1,120,2681,119,9051,120,3941,330,0331,308,3581,310,1381,222,8191,223,8041,221,3531,192,4531,193,0981,193,35314,555,976UTILIDAD BRUTA OPERACIONES176,058198,130211,50660,98577,99576,216292,981291,996294,447307,930307,284307,0292,602,556Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS1,212,9351,212,5711,213,0611,422,7001,401,0251,402,8051,315,4861,316,4711,314,0201,285,1201,285,7651,286,02015,667,979UTILIDAD/PERDIDA OPERATIVA83,391105,463118,839(31,682)(14,672)(16,451)200,314199,329201,781215,263214,617214,3621,490,553GASTOS DE DESARROLLOConstruccin de Pads 15 Ha70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136TOTAL GASTOS DESARROLLO70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136UTILIDAD ANTES DE IMPUESTOS13,39117,96331,339(103,273)(149,899)(167,588)82,13262,96547,235115,263160,072159,817269,417% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta4,0175,3899,40200024,64018,89014,17134,57948,02247,94580,825UTILIDAD NETA9,37412,57421,937(103,273)(149,899)(167,588)57,49344,07633,06580,684112,050111,872188,592(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS26,70729,90839,271(85,940)(132,566)(150,254)74,82661,40950,39898,017129,384129,205396,592INVERSIONES COMARSA 2003Operaciones MinaPlanta (No Incluye Pad )Gologa MinaSeguridad y Medio AmbienteExploraciones ComarsaMantenimiento ElctricoPlaneamiento MinaSistemas y ComunicacionesLaboratorio QumicoInv. MetalrgicaAdministracin MinaTOTAL INVERSIONES COMARSA 2003FLUJO DE FONDOS NETOSPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$SEDUCTORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000420,000420,000420,000400,000400,000400,000370,000370,000370,0004,620,000DesmonteTm440,000440,000440,000535,333535,333535,333542,667542,667542,667450,667450,667450,6675,906,000OroOz3,5463,6143,6554,6354,6214,6214,1524,1524,1524,1284,1284,12849,533PlataOz3,3632,6352,3862,5722,5032,5032,2492,2492,2492,2362,2362,23629,418Leyg/Tm0.570.570.570.600.600.600.570.570.570.610.610.610.59W.O.RD/M1.261.261.261.271.271.271.361.361.361.221.221.221.28% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,327,3201,352,9241,368,3421,735,4881,729,9391,729,9391,554,6311,554,6311,554,6311,545,6791,545,6791,545,67918,544,885PLATA12,8239,6628,5789,0058,7048,7047,8227,8227,8227,7777,7777,777104,272TOTAL1,340,1431,362,5861,376,9201,744,4931,738,6431,738,6431,562,4531,562,4531,562,4531,553,4561,553,4561,553,45618,649,157COSTOS MINAPerforacin Voladura218,615218,615218,615243,714243,809243,809261,922261,922261,922220,894220,894220,8942,835,624Operaciones Mina325,976325,976325,976493,303493,303493,303491,083491,083491,083453,818453,818453,8185,292,540Planta123,927123,927123,927139,808126,580126,580131,345131,345131,345108,669108,669108,6691,484,790Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina38,78438,78440,12342,59943,39343,96844,02943,34543,38337,64737,64737,647491,348Laboratorio Qumico15,57315,57316,41717,52518,15518,15518,83318,83318,83316,35716,35716,357206,969Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA822,948822,584822,1981,034,0881,022,0341,023,6081,045,2301,046,4341,043,970935,741936,387936,64211,491,865UTILIDAD BRUTA OPERACIONES517,196540,001554,721710,405716,609715,035517,223516,019518,483617,715617,069616,8147,157,292Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS915,614915,251914,8651,126,7551,114,7011,116,2751,137,8971,139,1011,136,6371,028,4081,029,0541,029,30912,603,868UTILIDAD/PERDIDA OPERATIVA424,529447,335462,054617,738623,942622,368424,556423,352425,816525,048524,402524,1476,045,289GASTOS DE DESARROLLOConstruccin de Pads 15 Ha70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045TOTAL GASTOS DESARROLLO70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045UTILIDAD ANTES DE IMPUESTOS354,529359,835374,554531,829461,669441,005306,374286,989271,271432,548473,948473,6934,768,244% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta106,359107,950112,366159,549138,501132,30191,91286,09781,381129,764142,184142,1081,430,473UTILIDAD NETA248,170251,884262,188372,280323,169308,703214,462200,892189,890302,784331,764331,5853,337,771(+) TOTAL DEPREC. + AMORTIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000FLUJO DE FONDOS265,504269,218279,521389,614340,502326,037231,795218,225207,223320,117349,097348,9183,545,771INVERSIONES COMARSA 2003Operaciones MinaPlanta (No Incluye Pad )Gologa MinaSeguridad y Medio AmbienteExploraciones ComarsaMantenimiento ElctricoPlaneamiento MinaSistemas y ComunicacionesLaboratorio QumicoInv. MetalrgicaAdministracin MinaTOTAL INVERSIONES COMARSA 2003FLUJO DE FONDOS NETOSPRESUPUESTO DE FLUJO DE FONDOS COMARSA AO 2 004 EN US$ANTARKIUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm50,00050,00050,0000.00.00.00.00.00.00.00.00.0150,000DesmonteTm127,400127,400127,4000.00.00.00.00.00.00.00.00.0382,200OroOz4634724770.00.00.00.00.00.00.00.00.01,412PlataOz4393443120.00.00.00.00.00.00.00.00.01,095Leyg/Tm0.520.520.520.00.00.00.00.00.00.00.00.00.52W.O.RD/M0.00.02.552.55% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO173,315176,659178,6720.00.00.00.00.00.00.00.00.0528,645PLATA1,6741,2621,1200.00.00.00.00.00.00.00.00.04,056TOTAL174,990177,920179,7920.00.00.00.00.00.00.00.00.0532,701COSTOS MINAPerforacin Voladura38,29438,29438,2940.00.00.00.00.00.00.00.00.0114,882Operaciones Mina72,74472,74472,7440.00.00.00.00.00.00.00.00.0218,233Planta35,88235,88235,8820.00.00.00.00.00.00.00.00.0107,647Inv. Metalrgica0.00.00.00.00.00.00.00.00.00.00.00.00.0Geologa Mina8,7098,7099,0100.00.00.00.00.00.00.00.00.026,428Laboratorio Qumico3,4973,4973,6870.00.00.00.00.00.00.00.00.010,681Matto Elctrico0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguridad Med. Amb.0.00.00.00.00.00.00.00.00.00.00.00.00.0Planeamiento Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0Administracin Mina0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTO MINA159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD BRUTA OPERACIONES15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830Gastos Administrativos0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos Financieros0.00.00.00.00.00.00.00.00.00.00.00.00.0Gastos de Venta0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL GASTOS0.00.00.00.00.00.00.00.00.00.00.00.00.0Depreciacin0.00.00.00.00.00.00.00.00.00.00.00.00.0Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORTIZ.0.00.00.00.00.00.00.00.00.00.00.00.00.0Seguros0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL COSTOS Y GASTOS159,127159,127159,6180.00.00.00.00.00.00.00.00.0477,872UTILIDAD/PERDIDA OPERATIVA15,86318,79320,1740.00.00.00.00.00.00.00.00.054,830GASTOS DE DESARROLLOConstruccin de Pads 15 Ha10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000TOTAL GASTOS DESARROLLO10,00012,50012,5000.00.00.00.00.00.00.00.00.035,000UTILIDAD ANTES DE IMPUESTOS5,8636,2937,6740.00.00.00.00.00.00.00.00.019,830% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta1,7591,8882,3020000000005,949UTILIDAD NETA4,1044,4055,3720.00.00.00.00.00.00.00.00.013,881(+) TOTAL DEPREC. + AMORTIZ.0.00.00.00.00.00.00.00.00.00.00.00.00.0FLUJO DE FONDOS4,1044,4055,3720.00.00.00.00.00.00.00.00.013,881INVERSIONES COMARSA 2003Operaciones MinaPlanta (No Incluye Pad )Gologa MinaSeguridad y Medio AmbienteExploraciones ComarsaMantenimiento ElctricoPlaneamiento MinaSistemas y ComunicacionesLaboratorio QumicoInv. MetalrgicaAdministracin MinaTOTAL INVERSIONES COMARSA 2003FLUJO DE FONDOS NETOS

IndicesRazon CirculanteActivo Corriente465.=3,6 vecesPasivo Corriente130Promedio del sector4,1 veces

FlucaFLUJO DE FONDOSMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreVentas$100$125$150$200$250$180$130$100Compras 60% de las ventas del mes sig.901201501087860Entradas de efectivoIngresos en efectivo 20%-2%29.439.24935.2825.4819.6Cobranza mes anterior 70%87.510514017512691Cobranza dos meses anteriores 10%1012.515202518126.9156.7204230.28176.48128.6EgresosPagos por compras al credito 60%901201501087860Sueldo y salarios 22% del ventas mes33445539.628.622Alquileres999999Otros gastos78111054Impuestos1610Pago por construccin de planta20Total pagos en efectivo139181241186.6120.6105Flujo neto Ingresos - egresos-12.1-24.3-3743.6855.8823.6Sado inicial8-4.1-28.4-65.4-21.7234.16Sado final-4.1-28.4-65.4-21.7234.1657.76Saldo de Caja minimo555555Necesidad de Fondos-9.1-33.4-70.4-26.7229.1652.76

VPN-300015001200800300VPN($910.38)-300026001700400110001234Flujo neto de efectivo-300015001200800300Flujo neto de efectivo acumulado-3000-1500-3005008002+300/800 =2,4 aosk=10%01234Flujo neto de efectivo-3000150012008003001363.64991.74601.05204.9VPN161.33TIR = ?01234-300015001200800300Suma de los VP de los flujos =3000VPN =0

COKCalculo de la tasa de descuentoInversinProporcinTasa de interesClase de tasasPrestamo$5,000,00050%4.3Tasa ActivaahorrosAporte$5,000,00050%16.5Tasa PasivavariasTotal$10,000,000100%COK0,50*4,3+0,50-(16.5)(0,70)=7.930.0792Calculo de la tasa activaLiborSpreadRiesgo paisRiesgo sectorTasa totalTasa =1.5$2$5$816.5

FCfinancFLUJO DE CAJA PROYECTADO MINERA PEPITA DE ORO$2,004$2,005$2,006$2,007$2,008IngresosProduccin$130,000$135,000$140,000$140,000$145,000Precio US$ Oz$380$400$400$400$400Total Ingresos$49,400,000$54,000,000$56,000,000$56,000,000$58,000,000EgresosCosto unitario de operacin$280$280$290$305$320Costo de produccin$36,400,000$37,800,000$40,600,000$42,630,000$46,360,125Gastos adminstrativos$3,000,000$3,200,000$3,300,000$3,300,000$3,400,000gastos de ventas$650,000$650,000$650,000$650,000$650,000Gastos financieros$50,000$50,000$50,000$50,000$50,000PADs$5,000,000$5,000,000$5,500,000$5,500,000$5,500,000Total Egresos$45,100,000$46,700,000$50,100,000$52,130,000$55,960,125Saldos (I-E)$4,300,000$7,300,000$5,900,000$3,870,000$2,039,875InversionesPlanta de Desorcin a presin$15,000,000Capacitacin$2,000,000Total Inversiones$17,000,000Flujo de Caja economico$(12,700,000)$7,300,000$5,900,000$3,870,000$2,039,875Financiamiento neto(+) Prestamo$5,000,000(-)Amortizacin$(2,000,000)$(2,000,000)$(1,000,000)(-) Intereses$(825,000)$(495,000)$(165,000)(+) Escudo Fiscal 30%$247,500$148,500$49,500Flujo de Caja Financiero$(7,700,000)$4,722,500$3,553,500$2,754,500$2,039,875Flujo acumulado$(7,700,000)$(2,977,500)$576,000$3,330,500$5,370,375

TIRTasa = 7,93%Aos$2,004$2,005$2,006$2,007$2,008Flujo de Caja Financiero$(7,700,000)$4,722,500$3,553,500$2,754,500$2,039,875VNP$3,420,158TIR30%

EEGG-ProSANTA ROSAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm1,000,0001,000,0001,000,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,0001,100,00012,900,000DesmonteTm1,654,0671,654,0671,654,0671,906,6671,906,6671,906,6671,862,6671,862,6671,862,6671,869,6671,869,6671,869,66721,879,200OroOz9,8689,8689,86811,43411,43411,43410,92810,92810,92811,28211,28211,282130,534PlataOz5,5485,5485,5486,4296,4296,4296,1446,1446,1446,3436,3436,34373,393Leyg/Tm0.540.540.540.570.570.570.540.540.540.560.560.560.55W.O.RD/M1.651.651.651.731.731.731.691.691.691.701.701.701.70% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO3,694,3973,694,3973,694,3974,280,9114,280,9114,280,9114,091,3834,091,3834,091,3834,223,8104,223,8104,223,81048,871,505PLATA19,29419,29419,29422,35722,35722,35721,36721,36721,36722,05922,05922,059255,234TOTAL3,713,6913,713,6913,713,6914,303,2694,303,2694,303,2694,112,7514,112,7514,112,7514,245,8694,245,8694,245,86949,126,739COSTOSPerforacin Voladura708,520708,520708,520794,904795,204795,204822,983822,983822,983813,892813,892813,8929,421,495Operaciones Mina1,312,4851,312,4851,312,4851,471,3501,471,3501,471,3501,462,8021,462,8021,462,8021,410,4641,410,4641,410,46416,971,304Planta465,870465,870465,870497,946450,832450,832450,832450,832450,832450,832450,832450,8325,502,217Inv. Metalrgica13,00813,00813,30813,00813,30813,60813,30813,30813,70813,60813,30813,308159,795Geologa Mina130,297130,297134,797134,068136,568138,378138,378136,228136,348136,228136,228136,2281,624,044Laboratorio Qumico52,31952,31955,15555,15557,13757,13759,19059,19059,19059,19059,19059,190684,363Matto Elctrico46,35446,86046,53049,71649,13049,10652,17552,16952,35252,31052,26952,297601,270Seguridad Minera y Salud28,17226,57718,89821,01020,26021,98120,88526,55518,46421,46723,74422,482270,495Medio Ambiente9,2918,4449,06511,1639,83516,65710,5089,99310,61410,21215,77014,464136,018Control de equipos29,61429,61329,61329,61329,61329,61329,61429,61329,61329,61329,61329,613355,358Planeamiento Mina36,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,87536,875442,498Administracin Mina175,811175,810175,811170,810170,811171,810170,811170,810170,811170,810170,811172,8102,067,723TOTAL COSTO MINA3,008,6163,006,6783,006,9273,285,6183,240,9243,252,5523,268,3603,271,3573,264,5923,205,5023,212,9973,212,45638,236,579UTILIDAD BRUTA OPERACIONES705,075707,013706,7641,017,6511,062,3451,050,716844,390841,393848,1581,040,3681,032,8731,033,41310,890,159Gastos Administrativos180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,614180,6142,167,374Gastos Financieros2,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,7632,76333,156Gastos de Venta34,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,62334,623415,480TOTAL GASTOS218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,001218,0012,616,009Depreciacin52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.52,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,00052,000624,000Seguros8,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,0008,00096,000TOTAL COSTOS Y GASTOS3,286,6163,284,6793,284,9283,563,6193,518,9253,530,5533,546,3613,549,3583,542,5933,483,5023,490,9973,490,45741,572,588UTILIDAD OPERATIVA427,074429,012428,763739,650784,344772,716566,390563,393570,158762,367754,872755,4137,554,150GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000TOTAL GASTOS DESARROLLO200,000250,000250,000225,000425,000475,000325,000375,000425,000275,000150,000150,0003,525,000UTILIDAD ANTES DE IMPUESTO227,074179,012178,763514,650359,344297,716241,390188,393145,158487,367604,872605,4134,029,150% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta68,12253,70453,629154,395107,80389,31572,41756,51843,547146,210181,462181,6241,208,745UTILIDAD NETA158,952125,308125,134360,255251,541208,401168,973131,875101,610341,157423,411423,7892,820,405Obs.- Los Gastos Lima proporcionados por la Gerencia de Adm. Y FinanzasPRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$TENTADORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm250,000250,000250,000330,000330,000330,000300,000300,000300,000330,000330,000330,0003,630,000DesmonteTm330,000330,000330,000424,667424,667424,667476,667476,667476,667520,667520,667520,6675,256,000OroOz2,0992,1392,1643,1393,1293,1292,7472,7472,7473,1663,1663,16633,539PlataOz1,9911,5601,4131,7421,6951,6951,4881,4881,4881,7151,7151,71519,704Leyg/Tm0.480.480.480.520.520.520.500.500.500.530.530.530.51W.O.RD/M1.321.321.321.291.291.291.591.591.591.581.581.581.45% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO785,795800,953810,0801,175,3161,171,5591,171,5591,028,5401,028,5401,028,5401,185,2601,185,2601,185,26012,556,662PLATA7,5925,7205,0786,0995,8955,8955,1755,1755,1755,9635,9635,96369,692TOTAL793,386806,673815,1591,181,4151,177,4531,177,4531,033,7151,033,7151,033,7151,191,2231,191,2231,191,22312,626,354COSTOSPerforacin Voladura225,757225,757225,757284,305284,380284,380320,359320,359320,359352,529352,529352,5293,548,999Operaciones Mina238,685238,685238,685340,876340,876340,876374,650374,650374,650405,071405,071405,0714,077,845Planta92,94592,94592,945110,906100,413100,413115,371115,371115,371125,548125,548125,5481,313,323Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina28,47428,47429,45833,65134,27834,73336,27635,71235,74439,02339,02339,023413,868Laboratorio Qumico11,43311,43312,05313,84414,34114,34115,51715,51715,51716,95516,95516,955174,862Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA697,369697,005696,039880,721871,083872,536960,189961,513959,0431,037,4821,038,1281,038,38310,709,491UTILIDAD BRUTA OPERACIONES96,018109,667119,120300,694306,371304,91873,52672,20274,672153,741153,095152,8401,916,863Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS790,036789,672788,706973,388963,750965,2031,052,8561,054,1801,051,7091,130,1491,130,7951,131,05011,821,494UTILIDAD/PERDIDA OPERATIVA3,35117,00026,453208,027213,704212,251(19,141)(20,465)(17,994)61,07460,42860,173804,860GASTOS DE DESARROLLOConstruccin de Pads 23,7 Ha50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818TOTAL GASTOS DESARROLLO50,00062,50062,50067,500127,500142,50088,636102,273115,90982,50045,00045,000991,818UTILIDAD/PERDIDA ANTES DE IMPUESTO(46,649)(45,500)(36,047)140,52786,20469,751(107,777)(122,738)(133,904)(21,426)15,42815,173(186,958)% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta0.00.00.042,15825,86120,9250.00.00.00.04,6294,5520.0UTILIDAD NETA(46,649)(45,500)(36,047)98,36960,34348,826(107,777)(122,738)(133,904)(21,426)10,80010,621(186,958)PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$SACALLAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000350,000350,000350,000400,000400,000400,000400,000400,000400,0004,500,000DesmonteTm756,667756,667756,667946,667946,667946,667843,333843,333843,333898,333898,333898,33310,335,000OroOz3,4303,4963,5353,6963,6843,6844,0284,0284,0283,9873,9873,98745,573PlataOz3,2532,5492,3082,0511,9961,9962,1822,1822,1822,1602,1602,16027,178Leyg/Tm0.560.560.560.580.580.580.550.550.550.550.550.550.56W.O.RD/M2.162.162.162.702.702.702.112.112.112.252.252.252.30% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,283,9221,308,6891,323,6031,383,8371,379,4131,379,4131,508,2121,508,2121,508,2121,492,8711,492,8711,492,87117,062,126PLATA12,4049,3468,2987,1816,9406,9407,5887,5887,5887,5117,5117,51196,407TOTAL1,296,3261,318,0351,331,9001,391,0181,386,3531,386,3531,515,8001,515,8001,515,8001,500,3821,500,3821,500,38217,158,533COSTOSPerforacin Voladura225,853225,853225,853266,886267,015267,015240,702240,702240,702240,470240,470240,4702,921,989Operaciones Mina505,080505,080505,080637,171637,171637,171597,070597,070597,070551,575551,575551,5756,872,686Planta213,116213,116213,116247,232223,840223,840204,117204,117204,117216,615216,615216,6152,596,457Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina54,33054,33056,20657,81958,89759,67758,07357,17057,22159,55959,55959,559692,399Laboratorio Qumico21,81521,81522,99823,78724,64124,64124,84024,84024,84025,87825,87825,878291,852Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA1,120,2681,119,9051,120,3941,330,0331,308,3581,310,1381,222,8191,223,8041,221,3531,192,4531,193,0981,193,35314,555,976UTILIDAD BRUTA OPERACIONES176,058198,130211,50660,98577,99576,216292,981291,996294,447307,930307,284307,0292,602,556Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS1,212,9351,212,5711,213,0611,422,7001,401,0251,402,8051,315,4861,316,4711,314,0201,285,1201,285,7651,286,02015,667,979UTILIDAD/PERDIDA OPERATIVA83,391105,463118,839(31,682)(14,672)(16,451)200,314199,329201,781215,263214,617214,3621,490,553GASTOS DE DESARROLLOConstruccin de Pads70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136TOTAL GASTOS DESARROLLO70,00087,50087,50071,591135,227151,136118,182136,364154,545100,00054,54554,5451,221,136UTILIDAD/PERDIDA ANTES DE IMPUESTO13,39117,96331,339(103,273)(149,899)(167,588)82,13262,96547,235115,263160,072159,817269,417% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta4,0175,3899,4020.00.00.024,64018,89014,17134,57948,02247,94580,825UTILIDAD NETA9,37412,57421,937(103,273)(149,899)(167,588)57,49344,07633,06580,684112,050111,872188,592PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$SEDUCTORAUnidadEneroFebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreTotal AoPRODUCCIONMineralTm350,000350,000350,000420,000420,000420,000400,000400,000400,000370,000370,000370,0004,620,000DesmonteTm440,000440,000440,000535,333535,333535,333542,667542,667542,667450,667450,667450,6675,906,000OroOz3,5463,6143,6554,6354,6214,6214,1524,1524,1524,1284,1284,12849,533PlataOz3,3632,6352,3862,5722,5032,5032,2492,2492,2492,2362,2362,23629,418Leyg/Tm0.570.570.570.600.600.600.570.570.570.610.610.610.59W.O.RD/M1.261.261.261.271.271.271.361.361.361.221.221.221.28% Rec. Met%57%57%57%57%57%57%57%57%57%57%57%57%57%Cotizacin AuUS$380380380380380380380380380380380380380INGRESOSORO1,327,3201,352,9241,368,3421,735,4881,729,9391,729,9391,554,6311,554,6311,554,6311,545,6791,545,6791,545,67918,544,885PLATA12,8239,6628,5789,0058,7048,7047,8227,8227,8227,7777,7777,777104,272TOTAL1,340,1431,362,5861,376,9201,744,4931,738,6431,738,6431,562,4531,562,4531,562,4531,553,4561,553,4561,553,45618,649,157COSTOSPerforacin Voladura218,615218,615218,615243,714243,809243,809261,922261,922261,922220,894220,894220,8942,835,624Operaciones Mina325,976325,976325,976493,303493,303493,303491,083491,083491,083453,818453,818453,8185,292,540Planta123,927123,927123,927139,808126,580126,580131,345131,345131,345108,669108,669108,6691,484,790Inv. Metalrgica4,3364,3364,4364,3364,4364,5364,4364,4364,5694,5364,4364,43653,265Geologa Mina38,78438,78440,12342,59943,39343,96844,02943,34543,38337,64737,64737,647491,348Laboratorio Qumico15,57315,57316,41717,52518,15518,15518,83318,83318,83316,35716,35716,357206,969Matto Elctrico15,45115,62015,51016,57216,37716,36917,39217,39017,45117,43717,42317,432200,423Seguridad Med. Amb.9,3918,8596,2997,0036,7537,3276,9628,8526,1557,1567,9157,49490,165Planeamiento Mina12,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,29212,292147,499Administracin Mina58,60458,60358,60456,93756,93757,27056,93756,93756,93756,93756,93757,603689,241TOTAL COSTO MINA822,948822,584822,1981,034,0881,022,0341,023,6081,045,2301,046,4341,043,970935,741936,387936,64211,491,865UTILIDAD BRUTA OPERACIONES517,196540,001554,721710,405716,609715,035517,223516,019518,483617,715617,069616,8147,157,292Gastos Administrativos60,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,20560,205722,458Gastos Financieros92192192192192192192192192192192192111,052Gastos de Venta11,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,54111,541138,493TOTAL GASTOS72,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,66772,667872,003Depreciacin17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Amortizacin0.00.00.00.00.00.00.00.00.00.00.00.00.0TOTAL DEPREC. + AMORIZ.17,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,33317,333208,000Seguros2,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,6672,66732,000TOTAL COSTOS Y GASTOS915,614915,251914,8651,126,7551,114,7011,116,2751,137,8971,139,1011,136,6371,028,4081,029,0541,029,30912,603,868UTILIDAD/PERDIDA OPERATIVA424,529447,335462,054617,738623,942622,368424,556423,352425,816525,048524,402524,1476,045,289GASTOS DE DESARROLLOConstruccin de Pads70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045TOTAL GASTOS DESARROLLO70,00087,50087,50085,909162,273181,364118,182136,364154,54592,50050,45550,4551,277,045UTILIDAD/PERDIDA ANTES DE IMPUESTO354,529359,835374,554531,829461,669441,005306,374286,989271,271432,548473,948473,6934,768,244% Impuesto a la Renta30%30%30%30%30%30%30%30%30%30%30%30%30%Impuesto a la Renta106,359107,950112,366159,549138,501132,30191,91286,09781,381129,764142,184142,1081,430,473UTILIDAD NETA248,170251,884262,188372,280323,169308,703214,462200,892189,890302,784331,764331,5853,337,771PRESUPUESTO ESTADO DE GANANCIAS Y PERDIDAS COMARSA AO 2 003 EN US$ANTARKIUnidadEn